Category Archives: Business

Cost of rice will not increase: Trukai

Source: Loop PNG

 

PNG’s leading rice supplier, Trukai Industries, says it will not increase the cost of rice in the country.

 

Trukai Industries CEO, Greg Worthington-Eyre, said while Trukai understands and is deeply concerned over the current economic conditions in PNG, and the pending inflationary impact of fuel price increases, currency devaluation and reduced consumer spending power, it has no plans at this point of passing on the impact of these issues to PNG consumers.

 

Worthington-Eyre says Trukai’s focus on food security, which includes affordability and quality, is at the forefront and they will be making every effort to support the people of PNG.

 

Trukai is the oldest and largest rice distribution and manufacturer in PNG, having been established in February 17th, 1970.

 

Apart from rice, they also supply stockfeed.

Author: Charmaine Poriambep

NZ boosts PNG’s APEC Prep with K35m

Picture: New Zealand High Commissioner Sue Mackwell officially signed the documents with APEC Minister Justin Tkatchenko in Port Moresby.

Source: Loop PNG.

The New Zealand Government yesterday signed several official documents with the Government of Papua New Guinea in Port Moresby. The documents signed were related to a total of NZ$ 15 million (K35 million) NZ’s support towards PNG as the hosts for the Asia Pacific Economic Cooperation (APEC) Summit in November of this year (2018).

 

The document was signed by the NZ High Commissioner Sue Mackwell and with Papua New Guinea’s APEC Minister Justine Tkachenko.

 

New Zealand was one of the first economies to support PNG’s bid for APEC 2018.

 

In 2017, the New Zealand government established a NZ$ 8 million APEC’s Fund to support PNG.

 

“We are pleased to be able to support eight proposals which will see funding directed to water policing, cyber security, activities to support the PNGDF which includes support for incident response group preparations, defence intelligence training and the contribution of New Zealand Defence assets and staff for Leaders’ week.”

 

The Fund is available to PNG, New Zealand and international partner agencies to submit proposals for funding towards initiatives to support the planning and delivery of APEC 2018 across security, logistics and policy areas.

 

Meantime, APEC Minister Tkatchenko thanks New Zealand for their continuous support and friendship with PNG.

 

The funding includes support to PNG’s APEC Business Advisory Council (ABAC), protocol and liaison training, the contribution of a senior New Zealand Police contingent of 11 officers working under PNG-Australia Policing Partnership in support of the Royal PNG Constabulary’s training and preparations.

 

APEC Meet To Boost Local Businesses

Source: Post-Courier

 

BY MATTHEW VARI

The APEC summit this year is expected to boost the country’s economy through direct spending anticipated at K200 million by more than 15,000 international delegates.

 
This is according to APEC PNG 2018 Co-ordination Authority CEO, Christopher Hawkins on the gain for local businesses during the summit this year.

 
“There is a few different areas for business, one is throughout the year with more than fifteen to eighteen thousand delegates coming, and that is not just the people attending the meetings, but those who arrange for their delegations and ministers and leaders, we estimate there will be a cash injection of around K200 million straight through that,” Mr Hawkins said.

 
He said the estimate covers airfares, accommodation, setting-up temporary offices for delegates to support their ministers, presidents and prime ministers.

 
Mr Hawkins said the spending indicated in the 2018 Budget appropriation of K300 million will also be spent in the local economy, with a major portion also focused on security preparations for that budget.

 
“Then there is the direct spending. We break that into consumables for the meetings that includes booking venues for meetings, the papers used to the signage to bottle of water to the transportation around the city.

 
“That comes out of the APEC budget this year, but don’t forget the big part of the APEC budget is security. That is investing in capacity we should have been advancing many years ago and now our government is in preparation for APEC investing in that capacity.”

 
Mr Hawkins said progress into the year will see more and more tender opportunities posted on the APEC tenders website.

 
“Areas like production of shirts hospitality and catering. We engaged a lot last year that went up on the APEC tenders website.”

Deal made for fishing businesses to recieve loans

By MARK HAIHUIE 


THE National Fisheries Authority has paid K1 million to the Peoples Microbank Limited as part of an arrangement to provide a loan facility to fishing businesses.

 
Bank’s head of credit Danny Koka said it was an installment of the K5 million agreed to in 2014.

 
Koka said the agreement with NFA since 2014 was the commitment of K5 million which would be used as a revolving fund for fisheries business loans.

 
“So far they have given usK3 million and from that we have already lent out K4.2 million to customers,” he said.

 
“The maximum we disperse is K25,000 for fisheries-based business such as to those who want to buy dinghies for their businesses or equipment for fishing and across a range of needs.

 
“This next installment will go a long way in supporting the success we have had with the loans from this arrangement.”

 
NFA provincial support and industry development executive manager Welete Wararu said similar arrangements were in place with other organisations.

 
She said it was important to have timely reporting on funds used to enable funding from NFA.

 
“We are not in the banking business but rather come in with funding to create an enabling environment for fisheries businesses to get funding with ease,” she said.

 
“It is important for us at NFA to have reports on the funds so that funds committed through our agreements either for PML or others to be given early so that we can maintain the support for those in the fisheries sector by getting the funding.”

Chan reaffirms stance against Solwara 1 project

24/12/2017

The views of Governor Sir Julius Chan and the New Ireland Provincial Government have not changed, they have always been against the experimental seabed mining.

This was reaffirmed by NIPG after Loop PNG published an article questioning the governor’s stance.

 

In response, Loop PNG was told that the provincial government has been demanding that an independent environmental impact study be conducted and the findings be made known to NIPG.

 

“It will be worthwhile to note that the decision for Nautilus minerals to mine undersea had been made by the national government and as it is under the Mining Act, everything in the earth, in and above the sea belongs to the State,” clarified the government.

 

“Sir J recognises this and is working on amendments to the act, so mama and papa graun can be fully recognised as owners of these minerals.

 

“The amendments have gone before Parliament as a private member’s bill.”

 

NIPG further said as Nautilus is doing business in New Ireland waters using the road and land as access to its ships, etc, they have demanded that Nautilus give back to the community in projects, which it is doing on the west coast.

 

“Nautilus had so far shown good corporate responsibility but this is not enough to convince NIPG that seabed mining is safe.”

 

Meanwhile, non-governmental organisations have been advised to visit Sir Julius’ Kavieng office and dialogue with their government.

 

Author: Jemimah Sukbat

Source: Loop PNG

Picture Credit: Loop PNG File Pic.

Airline hails increase in transport subsidies

ONE proposed Government action that should clearly benefit PNG Air is the proposal to increase subsidies for the transport of perishable agricultural products in the country, says chairman Murray Woo.

 
He said this was a sensible economic policy, promoting growth in the agricultural sector, and potentially leading to export markets as well as some import substitution.

 
“It fits particularly well with PNG Air’s decision to convert one of its Dash 8 aircraft to a freighter configuration,” Woo said. “Increased vegetable carriage would provide a steady revenue stream from this aircraft, importantly on flights into Port Moresby.

 
“The aircraft is also able to carry relatively large one-off loads by charter, and to make other regular cargo runs.

 
“The board has not been content to rely on re-fleeting and an upturn in the PNG economy alone to improve the company’s performance.”

 
He said Nasfund, as one of the airline’s major shareholders, had commissioned a report on the company’s business and strategy from the major aviation consultants Aviado.
“The board looks forward to seeing what they may recommend,” he said.

 
“The company has also been the subject of a report from board and governance consultants appointed by the Bank of PNG to look at the board functioning and corporate governance of all companies in which superannuation companies such as Nasfund have substantial holdings, and some recommendations from those consultants to further improve the company’s governance are being implemented.

 
“While there are these positives, certain challenges remained in 2017 due in particular to the weak economic conditions and deteriorating exchange rates.

 
“The falling world commodity prices of the past four years have seen exploration activity remain low and as a result the charter business was flat.”

 

Source: The National

Mori invites NZ to invest in agro sector

COMMERCE and Industry Minister Wera Mori has invited New Zealand to invest in Papua New Guinea’s agriculture sector.

 
Mori went to New Zealand to seek investments in the renewable sector, seek support and networking between co-operatives in PNG and New Zealand in agro industries.

 
He held talks with Cooperatives Business New Zealand, Fonterra Dairies and the New Zealand Business Council.

 
PNG provides the largest market for Fonterra’s dairy products.

 
Mori said Fonterra was looking at increasing its global market share, and was an opportunity for PNG to create the incentives which would attract such a large global player in agribusiness and co-operatives in PNG.

 
Fonterra produces dairy products in New Zealand with 10,500 co-operative farmers.
It is willing to extend its social responsibility to PNG through its one-milk one-child per day programme next year.

 
“Fonterra Dairy produces 22 billion litres of milk annually to supply two billion of its customers around the world,” Mori said.

 
“Such opportunities should be considered in the Sepik plain, Markham Valley, Central and parts of the Highlands.”

 
Co-operative Business New Zealand chief executive officer Craig Presland invited Mori and other government institutions to participate at the week-long summit on Feb 27 next year in Auckland.

Source: The National

Photo Credit: Loop PNG.

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