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Papua New Guinea News

  • El Niño takes its toll on Papua New Guinea’s agricultural output

    PAPUA NEW GUINEA, 2016/02/14 Efforts to promote agricultural self-sufficiency in Papua New Guinea saw a setback in 2015, with droughts and supply chain disruptions impeding sector increase. To allow for lower prices and better market competition, Tommy Tomscoll, minister for agriculture and livestock, announced plans in mid-January to lift restrictions on a range of agricultural imports, inclunding fresh produce and poultry, for three months, sparking resistance from a lot of businesses and retail operators.
  • Papua New Guinea pursues value-added tuna processing

    PAPUA NEW GUINEA, 2015/12/28 A regulatory overhaul is paving the way for Papua New Guinea to focus on developing the processing side of its fisheries industry, supporting the country’s plans to become a major downstream player in the world tuna market. The new policy, which includes a requirement that 100% of tuna caught in PNG’s archipelagic waters be processed locally, is expected to boost the sector’s contribution to GDP through better price-added production, higher exports and job creation. The regulations could as well bring about tighter control of the country’s territorial waters, helping authorities address concerns about unregulated fishing practices and preserve business-free access to the EU market.
  • Niche targets for Papua New Guinea’s tourism industry

    PAPUA NEW GUINEA, 2015/12/28 A rise in historical battlefield tourism across a variety of international destinations has shone a spotlight on a key niche market with potential for Papua New Guinea, as the country begins preparations for a series of events commemorating the 75th anniversary of strategic battles fought during the Second World War. The country’s unspoilt wildernesses and close proximity to key regional markets are also likely give the tourism industry an added boost in the coming years, though its total contribution to the national economy will remain relatively modest, at around 2% of GDP. PNG’s tourism industry is expected to expand by 6.7% this year, with annual growth averaging 5.3% through to 2025, according to the World Travel & Tourism Council, placing it in the top 10% of the 184 countries surveyed in terms of forecast growth. Some 172,000 international visitors are expected to visit by year’s end, climbing to 238,000 per annum by 2025, the council noted.
  • APEC economies growth slows to 3.1 pct in Q2

    BRUNEI , 2015/11/18 Increase among the 21 Asia-Pacific Economic Cooperation (APEC) economies softened to 3.1 % in the second quarter of 2015, down from 3.2 % in the initial quarter and 3.4 % a year ago, according to an APEC economic analysis released on Tuesday. The statement said the increase slowdown reflected the prolonged weakness in world economic activity as the modest recovery in advanced economies was matched by a general slowdown in emerging market economies. The moderation in GDP levels could be attributed to declining investments and lacklustre exports, according to the statement. "Economies across the Asia-Pacific continue to grow but find themselves in a holding pattern of lower increase in the absence of high trade volumes," said Alan Bollard, Executive Director of the APEC Secretariat.
  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.
  • Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016

    AFGHANISTAN, 2015/01/20 The richest 1 % are likely to control additional than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday. The warning about deepening world inequality comes just as the world’s business elite prepare to meet this week at the annual World Economic Forum in Davos, Switzerland. The 80 wealthiest people in the world all own $1.9 trillion, the statement found, nearly the same all shared by the 3.5 billion people who occupy the bottom half of the world’s gain scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 % of the people, who number in the millions, control nearly half of the world’s total wealth, a share that is as well increasing.
  • Philippine Airlines planning Papua New Guinea service

    PHILIPPINES, 2015/01/05  Philippine Airlines Inc (PAL), the country’s flag carrier is looking at mounting flights to Papua New Guinea to accommodate the growing number of passengers. The Philippines Star reported that PAL has filed with the Civil Aeronautics Board an application for re-allocation of additional entitlements on the Manila- Port Moresby from the unutilised seat entitlements before allocated to budget airline Cebu Air Inc. (Cebu Pacific). The Tan Group is crafting a strategic plan that would pave the way for the entry of a foreign strategic partner into PAL within the next three years next successfully retaking back the national flag carrier from diversified conglomerate San Miguel Corp (SMC).
  • ExxonMobil Funds $3.1 Million Maternal and Child Health Initiative in Papua New Guinea

    PAPUA NEW GUINEA, 2013/12/08 PNG LNG Project partnering with Texas Children’s Hospital and Baylor College of Medicine rogram will strengthen education and training in maternal and pediatric health care Intended to improve evolution in reducing infant mortality rates PNG LNG Project partnering with Texas Children’s Hospital and Baylor College of Medicine Program will strengthen education and training in maternal and pediatric health care Intended to improve evolution in reducing infant mortality rates Exxon Mobil Corporation, on behalf of the PNG LNG Project, today announced a $3.1 million, two-year initiative intended to improve maternal health and reduce child mortality rates in Papua New Guinea. The program, which began this month, is led by Texas Children’s Hospital and its partner, the Baylor College of Medicine, both based in Houston.
  • Exxon, InterOil Discuss PNG Assets

    PAPUA NEW GUINEA, 2013/05/31 Exxon Mobil Corp. is in exclusive talks with InterOil Corp. to invest in the latter's natural gas assets in Papua New Guinea, a move that could cement the impoverished Southeast Asian country's position as a new significant energy exporter. International energy companies are upping their bets on regions that have formerly played only small roles in the world energy industry in response to Asian request for clean fuels. Papua New Guinea, better known for its jungles and tribal society, is due to start receiving a major revenue windfall next year at the same time as the Exxon Mobil-led $19 billion PNG LNG project starts up.
  • PNG to take over Ok Tedi, but how?

    PAPUA NEW GUINEA, 2013/05/28 The PNG PM has announced that the government will not allow for Ok Tedi’s lease renewal under current ownership arrangements. The mine requires a change to its legislation to allow underground mining if it is to remain in production beyond the next couple of years.