Two respected former PNG prime ministers have called for investigations into "possible corrupt activities" involving Prime Minister Peter O'Neill and his government's acquisition of a $1.2 billion stake in ASX-listed Oil Search, which was financed by the Australian arm of Swiss bank UBS.
John Garnaut is Fairfax Media's Asia Pacific editor. Most recently he was China correspondent. John graduated in law and arts from Monash University and worked for three years as a commercial lawyer at Melbourne firm Hall & Wilcox before joining the Sydney Morning Herald as a cadet in 2002. He became the Economics Correspondent in the Canberra press gallery and in 2007 was posted to Beijing.
Just how did the PNG government end up with what is arguably the most important blocking stake in corporate Australia?
Until now, the tribal chiefs in Papua New Guinea have been happy to host a hugely profitable natural gas project on their mountainous land.
The death of China’s bull market is a sobering wake-up call for the princelings of the Politburo.
Each day China's strongman president, Xi Jinping, puts his broad shoulders to the Shanghai Composite Index and pushes it up the mountain.
The ongoing "train wreck" on the Shanghai Stock Exchange shows how China's economic reform plans have been derailed, says a leading expert.
Australia's nearest neighbour could be on the brink of a Greek-style fiscal crisis following one of the most spectacular budget blow-outs in regional history.
The trans-Pacific partnership deal is likely to hinge on old-style trade questions such as tariffs and quotas, but the main game is freeing up the flow of data across borders.
Political control and market economics continue to collide in China and it's not yet clear that either of them can win.
The gang of plain-clothed Guangzhou city police arrived at Matthew Ng's apartment with a show of force in the evening, when they knew his family would be watching.