PNG Prime Minister, Hon. James Marape, MP intends to open up the country for business despite the threat of Coronavirus (COVID-19) globally.
“The COVID-19 disease must not kill the country’s economy and the Marape-Steven Government’s service delivery to our people. Under the National Pandemic Act, specifically on localised control based on medical evidence will now be exercised but our people’s livelihood, commerce and trade must continue on in our country,” the Prime
Minister Marape said.
Papua New Guinea Kina Bank recently announced to the market PNG’s lowest ever home loan rates of 5.47% fixed interest rate and a standard variable rate of 5.59%. This has raised the level of competition in the fast growing home loan market in PNG.
The new rates come with attractive features and benefits and no hidden costs at all.
Barrick Niugini Limited (BNL), majority owner and operator of the Porgera Gold Mine in the Enga province in Papua New Guinea , has refuted claims that it had sought to unlawfully export gold as alleged in a public release issued recently by the Papua New Guinea (PNG) Minerals Resources Authority (MRA).
The Public Statement made by the MRA and its Managing Director Mr. Jerry Garry, based on unnamed “intelligence” alleging attempts were by Barrick Niugini Limited (BNL) made to unlawfully export gold, is incorrect.
THE Bank South Pacific (BSP) recorded a net profit of K890 million in the 2019 financial year – an increase of K46.3 million from 2018.
It means a total dividend payment of K1.34 per share, generating 11 per cent yield, according to the bank.
The full-year dividend represents K626.10 million to BSP shareholders.
Chief executive officer Robin Fleming said 2019 was a very positive year for the bank.
Papua New Guinea STATE Enterprises Minister Sasindran Muthuvel says the reform of State-owned enterprises has resumed, starting with Air Niugini.
Muthuvel said in a statement the Covid-19 crisis had put the domestic aviation sector under pressure, and that decisions on Air Niugini had to be made in an industry-wide context.
“We are now looking at the impacts of the crisis on every area of the industry, including domestic carriers such as Air Niugini and PNG Air,” he said.
PEOPLE will be allowed to fly within the country from this week with the National Operating Command Centre (NOCC) the only authority to issue clearance to travellers, says state of emergency (SOE) Controller David Manning.
Comm Manning, also the Police Comm, said during day 21 of the Covid-19 SOE update yesterday that clearance would be issued to students, citizens returning to their homes, essential workers and essential businesses only.
“There will also be emergency clearance given for special flights which may include the repatriation of (the) dead,” he said.
Air Niugini flights for the domestic sector will recommence on Monday 06th April.
The decision to recommence domestic services follows advice yesterday from the National Government lifting the two-week lockdown period for domestic travel on 06th April.
Air Niugini is rolling out additional safeguards on all domestic flights to avoid the chance of COVID 19 being carried, and further enhanced requirements in the border provinces of Vanimo, Sandaun Province and Daru in Western Province. This will include heightened security and health checks at these airports.
Air Niugini Destinations Loyalty Program and CPL Group’s Real Rewards have partnered to launch a joint redemption program to create and add value for their members.
The redemption program will give more options for both Destinations Loyalty and Real Rewards members to redeem their points for products and services in both programs.
With the inclusion of the Real Rewards program, it now brings ANG’s Destination’s redemption partners to a total, eight.
BILATERAL trade between China and PNG reached US$3.834 billion (K12.8bil) last year, according to a Chinese official.
Sun Jia, the director of political affairs at the Embassy of the People’s Republic of China in PNG gave The National an update on the trade level between the two countries.
He said the trade level was up 6.2 per cent year on year with a surplus on the PNG side.
According to the general administration of Customs in the People’s Republic of China, the volume last year of PNG’s exports to China reached US$3.033 billion (K10.13bil).
It was increase by 7.3 per cent compared to the previous year.
It grew by nearly US$203.181 million (K678.7mil).
“The main products that PNG exports to China are LNG (liquefied natural gas), wood and nickel smelting products,” he said.
FOREIGN exchange (FX) liquidity in the country is expected to tighten, and volumes fall, after stronger foreign exchange inflows last December, according to Bank South Pacific.
Group general manager treasury Rohan George highlighted in the BSP Economic and Market Insight December quarter publication that: “FX inflows are expected to taper from the larger volumes seen in December 2019, into the seasonally subdued first Quarter of 2020.”
George said reduced FX inflows and growing New Year import flows as importers restock, would see FX liquidity tighten and a consequent increase in outstanding orders in the PNG FX market.
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