Ratings agency Standard & Poor’s says Papua New Guinea’s banks operate in a ‘high risk’ environment in spite of LNG revenues and increased infrastructure spending by Govenrment. S&P analysts also suggest PNG needs more policies which promote economic growth beyond the resources sector. Three banks dominate Papua New Guinea’s banking system—BSP, ANZ and Westpac. According to the latest Standard & Poor’s Banking Industry Country Risk Assessment for PNG, this limits competition and results in a

Papua New Guinea’s economy is now emerging from a period of hiatus following the completion of its massive liquefied gas project. Andrew Wilkins talks exclusively to some of PNG’s top executives to find out their views on the economy. In May 2014, Papua New Guinea achieved what some thought it would never do—it joined the exclusive club of liquefied natural gas-exporting countries. The US$19 billion ExxonMobil-led PNG LNG project, which achieved financial completion in early

The new CEO of Digicel PNG believes the company is evolving into a provider of content as well as supplying connectivity. Maurice McCarthy tells Business Advantage PNG his first priority is to increase access to Digicel’s expanded network. Business Advantage PNG (BAPNG): In Fiji, you built up Digicel’s corporate business as well as its retail structure. What are your priorities in PNG? Maurice McCarthy (MMcC): In line with Digicel’s global approach, we in Papua New

The fall in global oil and gas prices will reduce the Papua New Guinea government’s revenue by at least K1.1 billion in 2016. A new Budget strategy is needed, argue economists Stephen Howe and Paul Flanagan, who suggest a solution may lie in the government selling its Oil Search shares. The extent to which falling international commodity prices will hit the PNG has been revealed by the ANZ Bank’s Pacific Quarterly Review. While the authors

The next 12 months or so is a time to digest and consolidate, says Peter Langslow, the incoming head of one of Papua New Guinea’s largest and oldest companies, Steamships Trading Company. He told Business Advantage PNG, however, it is also a time to prepare for fresh opportunities. Peter Langslow is a 30-year veteran with London-headquartered John Swire and Sons, which owns 72% of Steamships. He took up the CEO/MD position with Steamships in mid-January,

Major changes to Papua New Guinean company law have important ramifications for company directors, company secretaries, and those involved winding up a company. Richard Kriedemann and Sarah Kuman report on the impact of the new laws.The PNG parliament has passed amendments to the PNG Companies Act and introduced a new Business Names Act (2014).Directors need to familiarise themselves with their new duties under the changes. Companies Act Directors and company secretaries must be aware of

Papua New Guinea’s central bank has moved to stop offshore foreign banks, which don’t operate in PNG, trading in the Kina. From this month, people and companies wanting to trade in Kina and foreign currencies will only be able to use one of six authorised dealers. Since July last year, after the Bank intervened to peg the Kina against the US dollar and define a tighter trading range, individuals and companies have been opening offshore

Papua New Guinea’s largest retailer, the CPL Group, does not plan to allow a slowdown in the marketplace to get in the way of its strategy for growth, Chairman Mahesh Patel tells Business Advantage PNG. Despite a challenging retail environment, CPL Group Chairman Mahesh Patel explains says the diversified retail group is not just aiming to consolidate its position, but is seeking further expansion. ‘Since 2008 and 2009, we’ve just been busy growing, and we’ve