Events
At the recent Expo 2020 Dubai, Papua New Guinea celebrated its National Day and used the opportunity to highlight the importance of sustainability goals and having a positive impact on the environment. The National Days at the Expo allow each of the 200-plus attending nations to showcase their culture and achievements. For PNG’s turn, there was a display of traditional Papua New Guinean music, dancing, and ‘bilas’ decorations. The PNG
Papua New Guinean insurance companies contain clauses that expressly state there is no coverage for businesses operating in Bougainville, and this is causing problems for enterprises in the region. The policies are the aftermath of the ten-year civil war (1988 to 1998), where an unfavourable business climate was established. However, even after the Bougainville Peace Agreement was signed in 2001, the policies have remained in place. The lack of coverage
Papua New Guinea’s treasurer, Ian Ling-Stuckey, recently said that modernising the telecoms industry would benefit the country and help the economy to evolve. Ling-Stuckey made his comments in Melbourne while in discussion with Telstra CEO Andy Penn. Telstra is currently in the process of buying Digicel’s Pacific business, including Digicel PNG, for US$1.6 billion – about K5.48 billion. “Broader access for our people to modern, low-cost data and voice communications
The new Civil Aviation Minister, Walter Schnaubelt, has said he’s committed to improving Papua New Guinea’s aviation industry as it is a critical area for the government. The minister is seeking information on the problems and difficulties faced by those in the aviation sector to help them overcome any issues they may face. One such problem is that posed by Covid-19, which the minister has noted makes improvements particularly difficult.
According to PNG National Budget estimates, the economy will grow by 5.4 per cent in real terms in 2022. This follows a slower 2021, which saw an estimated real GDP growth of about 1.3 to 1.5 per cent. The Government’s 5.4 per cent growth prediction is underpinned by significant public infrastructure expenditure. There is potential upside from election-related spending, but there’s also risk from new strains or resurgences of Covid
Robin Fleming, the CEO of Bank South Pacific Financial Group Ltd (BSP), has said that Papua New Guinea has recently seen a significant inflow of Foreign Exchange (FX) currency. According to Mr Fleming, at the end of 2021, FX receipts increased from K9.21 billion to K10.175 billion in the final quarter. This amounts to a rise of K965 million or 10.5%. He said the increase was due to end-of-year dividend
Timor-Leste’s official Oil & Gas event goes online IN-VR is organising the Timor-Leste Oil & Gas Energy Online Summit , taking place completely online and sponsored by SundaGas and Pacific Towing. All the profits will be donated to charity supporting their initiative to provide masks, gloves and necessities to groups in need. The online summit will take place on June 4th 2020, focusing on Timor-Leste’s plans in the current oil price
