This is an excellent opportunity for BCL; this time there is no uncertainty of judicial or political nature. It bodes well for a stable regime who will want to press the accelerator on a development agenda.
Posted at 04:41 on 03 August, 2012 UTC
Peter O’Neill has been elected as Papua New Guinea’s Prime Minister by newly-elected MPs.
PNG’s ninth parliament convened today despite three of the 111 MPs having yet to be declared as vote counting for the general election in three regional seats is yet to be completed.
Mr O’Neill was voted in by 94 MPs.
Mr O’Neill’s People’s National Congress won the most seats of any party in the general election and has formed a coalition government with several other political parties.
Earlier, MPs elected a new speaker, Theodore Zurenuoc.
Mr Zurenuoc is from the People’s Progress Party of a former Prime Minister Sir Julius Chan which is part of Mr O’Neill’s coalition.
Mr Zurenuoc received votes from 88 MPs while the only other candidate, Francis Marus of the PNG Party, received 17.
BOC Price at posting:
85.0¢ Sentiment: ST Buy Disclosure: Held
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