The Bank of Papua New Guinea’s move to strengthen the value of the Papua New Guinea kina against the US dollar has taken business by surprise, with some business leaders saying it will impact on primary industry producers. Key business leaders say that while importers will benefit, the Bank of Papua New Guinea’s move to restrict commercial transactions of the kina to between $US0.405 and US$0.4200, significantly higher than recent valuations, will adversely affect exporters.

BEWARE OF PORT MORESBY TAXIS Are you going on a trip to Port Moresby? Then take care if you take a taxi! The Road Safety Inspectors are conducting road safety Inspections in Port Moresby at the moment as they are indeed doing in Lae. There are random road blocks throughout Port Moresby checking vehicles. One of the groups they are targeting is the illegal taxi operators. More than one Lae traveller has been in a

The Bank of Papua New Guinea this week made a surprising move to support a weakening currency, at the same time acting to restrict the margins being made by the country’s foreign exchange dealers. Responding to what its Governor Loi M Bakani described as ‘a market failure in the trade and transacting of foreign currency,’ the central bank issued an instruction to the country’s banks, and other foreign exchange dealers, to restrict their US dollar

A Lae truck parts supplier has risen from the ashes to be back in business within days of a blaze destroying the company’s warehouse. Transparts International, a supplier of essential truck parts to the PNG resources industry, shifted the business to managing director Justin Connolly’s home as staff worked to ensure customers’ orders were met. The company had just celebrated 10 years at the corner of Milforhaven Road and Malaita Street when a fire started

Preparations are well underway for the Port Moresby 2015 Pacific Games but the benefits will continue long after the event itself. With more than 3000 competitors, 500 team officials and 1000 technical officials and dignitaries from 21 neighbouring Pacific nations due to converge on PNG’s capital city, organisers have been busy behind the scenes planning a world-class sporting event. Key to the event’s success is the investment of almost 1 billion kina ($A378 million) for

The European Union and the Secretariat of the Pacific Community have provided assistance to Amruqa – an exporting company in the East New Britain Province of Papua New Guinea – for upgrading its virgin coconut oil processing facility. The upgraded facility will help improve efficiency and enable the company to produce up to ten tonnes of coconut oil per month for the export market. The assistance, worth around USD 70,000, has been facilitated through the

Dekenai Update: Dekenai have temporally opened the esplanade section past the SP Compound to the Stadium this week, to ease the  horrific traffic congestion in the industrial area. This will be closed later for proper line markings, road furniture and drainage works. Shorncliffe Update: Butibam Road: Section closed between Nestle and Able Computing for Pavement Preparation Works, Kerbing Section remains closed between Able Computing and Voco Point for Concrete Works All the traffic from China

ROAD CHECKS: Members must be aware that the Road Transport Council Inspectors are currently conducting road blocks in and around Lae, to check on vehicle registrations, licences and the roadworthiness of the vehicles etc. The LCCI commends the RTC for conducting this exercise, as we all sick and tired of seeing far too many vehicles on the road that should not be there. What I am referring to are those vehicles especially PMV buses that

Last week, Business Advantage News reported on several issues which the LCCI would like to provide further follow up to.  Government considers lift in minimum wage Last week, Business Advantage News reported that “Cabinet considers a rise in the minimum wage Papua New Guinea’s cabinet is reportedly considering a recommendation to increase the country’s minimum wage from K2.29 to K 3.20. The Post Courier reports that after 12 months the wage will then increase again to K3.36 an