Kina Bank will increase business lending rates by 0.25% effective from 1 October 2022. Kina Bank’s CEO Greg Pawson confirms the changes in rates reflects not only the macro environment in PNG but the global inflationary pressures. The changes in the lending rates are in line with the Central Bank increase of the Kina Facility Rate (KFR) from 3.00% to 3.25% due to the rising pricing of domestic goods and services owing to imported inflation. Kina will apply a 0.25% increase in the Indicator Lending Rate (ILR) to reflect current market conditions. Mr. Pawson said, ‘As the country comes out of a very challenging COVID and ongoing global supply crisis, fears of a global recession have taken centre stage in decision making.’ Initial forecasts for PNG’s inflation in 2022 was 5.00%, however first quarter inflation was higherthan-expected at 6.90% as per the Consumer Price Index (CPI) in March. Much of this inflationary pressure is imported, given the rising fuel prices and volatile commodity prices amidst a complex and unpredictable geopolitical environment. “Kina Bank’s ILR aims to provide our business customers with a transparent and competitive approach to pricing our loan book. We have worked to ensure the lending landscape remains productive. The increase from 6.25% to 6.50% reflects an increase in our cost of funds due to the inflationary environment”, said Mr Pawson. The ILR impacts business loans and overdraft facilities. Kina will make no changes to other loan products such as personal loans, home loans and SME loans. We continue to maintain the most competitive deposit product pricing and product offerings amongst commercial banks. An example if this is our recently launched Tomorrow Savings product paying a market leading rate of 4% as an incentive to promote retail saving.

Hearing the words ‘Finals Week 2’ might be enough to bring on cold sweats among some Eels fans this week, as Parramatta look to avoid their season ending in the second week of the playoffs for the fourth year in a row. On each of their four trips to the finals since their Grand Final appearance in 2009, the Eels have failed to advance past week two, and after losing 27-8 to the Panthers in last week’s Qualifying Final they find themselves in familiar territory once again this season. Parramatta skipper Clint Gutherson said while that unwanted record may be daunting to some, he is using it as motivation ahead of taking on the Raiders at CommBank Stadium on Friday night. “Every player is different, every person, every team is different. I sort of use it as motivation personally, you know where you have been, you know what you have got to do to try and get out of it,” Gutherson said. “We have been here before, a lot of players have been further, but you have just got to go out there and take it a week at a time, it’s do or die now. “We were in the game until probably the 65th minute on the weekend and then a few things just didn’t go our way and it sort of got away from us. We didn’t play anywhere near the footy we wanted to play… you’ve got to learn from it, they taught us how to play the 80-minute game. - Clint Gutherson The recent finals run is just another source of anxiety for a fanbase who have endured a 36-year wait since their last Premiership in 1986. But in better news for the Eels, their record of bouncing back from a defeat this season is impeccable, with Brad Arthur’s side having not lost back-to-back games at any stage in 2022. Prop Junior Paulo said that comes from the squad being able to process and move on from losses quickly. Source: NRL.com

It gives me the greatest pleasure to be here this morning on behalf of Prime Minister Marape to officiate at this flag raising ceremony to commemorate and celebrate Papua New Guinea's 47 years as an Independent Nation. Our Prime Minister is unable to make it as he is away attending to the funeral of our Queen in England, accompanied by the Governor General. He sends his apologies. This occasion provides yet again, that opportunity for us to reflect on our development achievements and challenges over the past 46 years and rechart a meaningful course for progress in the next 50 years and beyond. I want to give thanks to the Merciful and Almighty God for His continued presence and guidance upon us over the past 46 years. On this day 47 years ago, our forefathers raised the flag for the first time. It signaled the end of over 90 years of colonial rule. Australia's flag was not torn down. It was lowered with dignity, which marks the peaceful transition of rule, which is a major achievement in and of itself for a nation of such diversity of a thousand tribes. Our forefathers gave us political independence. On this occasion we must also acknowledge the passing of our head of state, Queen Elizabeth II, who our constituent assembly in 1974 invited to become the Head of State, of a newly emerging nation of Papua New Guinea. We were graced 47 years ago by the presence of His then Royal Highness Prince of Wales Prince Charles, who we have all have collectively proclaimed as the new Head of State for Papua New Guinea. Thus we remain a member of the Commonwealth family of nations. Later today, London time, our Prime Minister and His Excellency the Governor General will have an opportunity to convey our nation's congratulations to His Majesty King Charles III. We mourn the passing of Her Majesty, Queen Elizabeth II and herald the accession to the throne of His Majesty King Charles III. Following the recent National Elections, our people overwhelmingly returned our government to power, and this is evident in that most of our candidates scored 60% of the actual total votes regardless of whether they came first, second or third in the preferences. This is an indication of the trust and confidence that our people have in the governing coalition of PANGU Pati and our partners, in our position on good governance, sound fiscal and economic management and for socio-economic development to be inclusive so that we leave no one behind. The stability and continuity in Government only strengthens our resolve to continue to do more for our country, to ask more for our resources, and to ensure that we sustain our economic recovery plan going forward and at the same time giving confidence to our investment partners so that they too can prosper with us fairly. We are not a new government. We are a continuing government that is now better prepared and positioned to effectively coordinate and deliver on its development priorities in the next five years. This Government is now more targeted and focused on critical areas that will spur future economic growth, and bring much needed development to all of us, particularly the unreached in rural Papua New Guinea especially through our "Connect PNG" program. We have embarked on current key policy and legislative reforms including Budget Repair and Maintenance Program which focuses on getting the economy back on track. The approach undertaken was geared towards debt reduction and prudent management as well as amendments to legislations and policies in key economic sectors to draw maximum outputs and benefits from our resource development sector. The 2019 Loloata Outcome continues to serve as the blueprint and guiding beacon, capturing all the targeted sectoral reforms aligning them with our overall development policies and plans. We cannot just keep talking about concepts, we already have the appropriate policies in place and what we need now is total and unequivocal commitment and hard work to practically realize and implement key concepts to achieve industrialization and economic growth for our people. These policy concepts have been translated into Key Result Areas (KRAs) and Key Performance Indicators (KPls) for respective ministries to implement. This complements the recent restructuring of Government including the creation of new ministries namely International Trade and Investment, Livestock, Oil Palm and Coffee. We are restructuring all our functions of government and harnessing the potential of various sectors such as the Renewable and Non-Renewable sectors that have been lying dormant for the last 46 years. Now is the time to anchor these vast and abundant renewable resources to be the combustion for manufacture and draw maximum profit outputs to sustain our development agenda, especially service delivery to all our people. Our people must also be included and empowered and be participants in this economic growth. No one will do this for our people, we must do it for our children and for our future generations to come. Let us all build Papua New Guinea together - public servants, private sector, business, low- and high income earners, formers, fisherman and ordinary citizens throughout this great nation must play their individual parts. Whilst our focus in years gone by was mainly on the non-renewable resources sector which is depletable and only serves 10% of the economy, we are now giving equal attention to the renewable sector that serves 80% of our people who can be empowered and meaningfully engaged when we appropriately harness the Agricultural Industry. Agriculture is the major priority of our government, and we will extend support to include the Fisheries, Forestry and Tourism sectors whose potential are yet to be fully realized. This Government notes the abundance of our vast natural resources that need to be utilized. More emphasis in the next three years will be placed on harnessing the agriculture sector through introduction of innovative farming methods in cash crop production, livestock, and poultry. We have a large expanse of grassland and arable land in Markam, Ramu Valley and the Sepik Plain. We also have plenty of river streams for irrigation flowing out of Brown River, Purari, Ramu, Sepik, and the Fly River, which can be harnessed foragriculture purposes. The rural masses who are engaged in Agriculture, are our biggest asset that can be easily employed in the sector once we provide them with support and workableinitiatives to toil their land. Our government will continue to provide price support and freight subsidy for major commodities such as cocoa, coffee, rubber, and copra for ease of market accessibility. In the long run, we will re-establish the Price Stabilization Fund to support the rural farmers. This Government realizes the importance of harnessing this sleeping giant and its potential to employ most of our rural population. There is an urgent need for passage of the Agriculture Adjustment and Agriculture Investment Corporation Draft Bills. This includes the proposal to restructure and transition the Oil Palm Industry Corporation (OPIC) into an Authority to effectively deal with all aspects of the Oil Palm Sector such as investing into mills, research and development and market access. The Livestock Industry is in the process of being revived with the reopening of cattle ranches such as Launakalana and abattoirs throughout the country to improve import substitution and domestic food security, thus the creation of specific ministries to drive these agendas. In the forestry sector, the Forest Strategic Plan, 2021 to 2030 was launched last year, which is basically aimed at increasing tax on round log export and eventually banning round log export by 2025. This plan is timely and is in line with government's announcement in 2021 to ban round logs to enable resource owners to venture into downstream processing of our round logs and encourage Plantation development. The Forestry Act is also under review which will give emphasis to the establishment of the State Marketing Agency and to exercise the State's 25% Purchase Option of timber which has been idle since the Act's inception. Our government is committed to give equal opportunity to resource owners to also operate and own business in the medium to long term in the forestry space. The Fisheries Sector through National Fisheries Authority (NFA) is undertaking a major re-focus on its domestic activities to encourage domestication and export of fisheries products to ensure that we receive maximum benefits. In particular, emphasis has been placed on artisanal and inland fisheries programs such as re-stocking of the Highlands River system with trout and farming of mud crabs to build our stock for domestic consumption including export to overseas markets. To secure and protect the vast marine resources we have at our disposal, National Fisheries Authority has beefed up its fisheries surveillance operations to curtail Illegal, Unreported and Unregulated (IUU) fishing in our waters. Papua New Guinea has pristine and untouched locations such as Lake Kutubu, Surunki and other places that are unique and not found anywhere else in the world. There is clearly untapped potential in PNG for a thriving tourism industry, which would accelerate economic growth through increased employment and market opportunities. A review of the Tourism Promotion Authority Act is underway to ensure that this sector’s potential is appropriately harnessed in order to draw positive economic outcomes. Climate change continues to adversely impact our people and across the Pacific Region, and we must look at innovative technology in climate change adaptation and mitigation. We must reclaim the land that we are losing to rising sea levels and which is causing displacement to our people. The Managalas Conservation area is an opportunity to preserve and conserve our forest resources for real and practical developments for our future generations. This will be replicated in other areas to further conserve our forest resources for our future generations to come. Though we are not satisfied with the underwhelming outcomes of COP 26, we are continuing to progress efforts to regulate the use of fossil fuels in sectors such as energy generation. The reduced application of sulphur concentrated fuels such as heavy oils will also be accelerated. With the endless markets, domestically and internationally particularly in neighbouring Asian countries such as Indonesia, Singapore, Malaysia, Japan, China, India and Korea, our government now has strategic plans to enter these lucrative and niche markets including to export our vast organic produce and non-renewable resources. These will be done through carrying out substantive market analysis and placement of trade commissioners in PNG Diplomatic Post/Missions in the Asian Region. Partnership through Foreign Direct Investment are highly encouraged and will assist in developing our value-add and down-stream processing facilities locally in our special economic zones to bring in much needed revenue streams to support the National Budget. PNG continues to be guided by 'Friends to All and Enemies to None' an Active and Selected Engagement Foreign Policy in conducting its international relations. Our Foreign Policy must be immediately reviewed to enable a strategic outlook and focus with our bilateral and multilateral partners to draw and source development assistance and Foreign Direct Investment that will complement and support our Development Agenda. This will also support our efforts to link up our Provinces and Districts and provide market access and basic services to the many unreached people of our country. Review of the Mining Act 1992 has been completed and once endorsed by NEC, and Parliament will ensure fair and equitable returns to our resource owners, the State and our Developer. Other Amendments that have been passed include Mineral Resource Authority Amendment Act and certain sections of the Mining Act 1992 to accommodate necessary situations. The long-awaited re-opening of Porgera mine will happen during this tenure of this government and Wafi-Golpu project will commence construction phase very shortly. For Ok Tedi, I am proud to say that it continues to pay dividend to the State because of prudent management and favourable weather conditions that allow shipment of ore. Other Mines are in operation and are in preparation for reviews such as Ramu because of increase in output and Lihir which the SML will expire in 2023. In the gas and oil sectors, P'nyang and Papua LNG projects have been successfully negotiated, and are entering the Front-End Engineering Design (FEED) stage. Other Projects such as Elk Antelope and Pasca are being reviewed and pending the satisfaction of the state's project parameters, they will proceed as planned. Review of Oil and Gas Act 1998 is progressing well with necessary changes on benefit sharing arrangements. Other necessary amendments have been completed to accommodate situations. Our economy cannot develop and progress if our service industries are not reliably functioning. To support our economy, we have embarked upon major reforms of our State-Owned Enterprises (SOE) to improve their overall performance in terms of service delivery and revenue generation to complement the National Budget. These reforms are also intended to ensure profitability, improved services in the airline industry, water, electricity, and telecommunications and ensure independence of the SOE's as well as create gender balance in appointment of the Board of Directors to encourage good governance. In 2021, Telikom and Bmobile were merged into a single retail business, allowing our government to approve the partial privatization of the merged entity, to raise much needed capital to support the National Transmission Network (NTN) Project. This was followed by the merging of Water PNG and Eda Ranu. The reforms exercise has also expanded to include the restructuring of the PNG Power Limited and establishment of National Energy Authority (NEA) to regulate energy development that will see the rollout of the National Electrification Roll Out Program (NEROP). This effort has been complimented by our development partners through the PNG Electrification Program (PEP) by connecting 70% households by 2027. Aside from that, Air Niugini has embarked on major recovery programs to bolster service levels and revenue generation at the cost of K120 million following the advent of COVID-19. The Connect PNG Program also, which is expected to cost up to K20 billion which is K1 billion a year and will be funded by the Government and its development partners. Priority road projects under construction in the first phase will include major seven national economic road corridors which will cover 4,244.6 km of roads that connect our people to basic government services and markets throughout PNG. The construction of these key quality road infrastructure development projects will enable the creation of businesses, with job opportunities for our people to utilize to sustain and improve their livelihoods. Trade and Investment are also key ingredients to our growing economy as can be seen from revenue generated from PNG exports that totalled USD 9.34 Billion while Foreign Direct Investment for 2020 was at USD 0.94B, a 3.87% increase from 2019. This is an exciting time to increase trade revenue and harness business and investment opportunities. The creation of the recent Trade and Investment Ministerial Portfolio will take carriage and coordination of our investment priorities to grow the economy, bring in innovation and state of the art technology and facilities, transfer of skills and knowledge and increase Foreign Direct Investment. All these development plans and initiatives will not be achieved without a safe and secure environment and this Government, your government will therefore be addressing law and order problems head on. I call on all men of this great nation to be responsible in carrying out their duties to respect and protect our womenfolk, children, persons with disabilities and the vulnerable within our societies. This is critical in ensuring a safe and secure environment for all our citizens to live in peace, harmony, and work to grow the economy of this country. If you continue to commit crime and illegal activities, you are considered an enemy of our State and will be severely tried for your crimes under our laws. Our government is also paying full attention to industrializing the economy leading into our 50th Anniversary of independence. We invite existing and potential multilateral and bilateral donors to partner with us in value-adding and downstream processing of our vast natural resources for fair and equitable returns for our resource owners, state, and developers. This will also generate revenue streams that will increase our foreign exchange and complement our national budget. Industrialization is a very bold undertaking by this Government, and it requires the concerted effort of all our people, business and investors and the Government and Development Partners. We also want to dispel the common perception that Papua New Guinea is incapable of embarking on major industrialization projects. We cando it. The Government as I mentioned earlier is now better positioned to see through its plans and initiative's, including the policy and legislative amendments through reforms, restructuring and readjusting of our Cabinet and Public Service. The future is promising and requires our collective resolve and commitment to make us a modernized society that is structured and ensuring its people are positively impacted by the Government's development plans. Until such time that our people in remote Lagai village in Menyamya, Mougolu village in Western Province and Pataku Island in Manus, can access a fully stocked aid post and a fully resourced school, only then can we have a reason to celebrate. Let us celebrate our 47th year peacefully with our families and with a reinvigorated outlook and approach to improve for the better in the road to our 50 years of Nationhood in the next three years. It gives me great pleasure today to come here this morning. This is also my first time to attend Independence Ceremony here in Port Moresby, I usually go back home to my people of Lae, But, It gave me a lot of pride when I walked inside this morning and I saw all our people, including young children, come to celebrate independence, carrying our flag, that shows pride and it made me, as a Member, Deputy Prime Minister and Acting Prime Minister, a very, very proud Papua New Guinean. We must all unite. It is our 47 years today. It shows our growth and resilience as a Nation. When we all come together, it shows our pride as Papua New Guineans. When I travel to other places and I get on the plane and travel back and land at Jacksons International Airport, I get a feeling of peace in me, that I have arrived back home in my own country. And when I see our people, despite hardships, despite everything, we have overcome so much. We will overcome all adversities, all negativities and we will prosper as a nation and show everyone else that we are Papua New Guinea and we are here to stay. With this, I would like to wish you, all the people of Papua New Guinea, Happy Independence. God Bless you all.

The 28-year-old Papua New Guinea international established himself as a favorite with the Broncos’ fanbase during his inaugural season in the capital and scored two tries in 15 appearances. Next year will mark Albert’s fifth season in the UK after moving from his homeland in 2018. And the Papua New Guinea international revealed he is thrilled to have the opportunity to play at the Cherry Red Records Stadium again. “I really enjoyed my first season in London,” said Albert. “Playing for the Broncos in 2023 was something I was keen to sign up to, so to be approached by Mike (Eccles, Director of Rugby and Performance) and reach an early agreement is very pleasing. “I’m happily settled in London and have a great balance of Rugby League and home life which I believe allows me to play to my true potential. “This season didn’t pass without its challenges, but the spirit and togetherness of the dressing room never faltered and that’s testament to everyone who works so hard behind the scenes. “With a strong pre-season and extra focus on strengthening our already solid combinations, I believe we’ll be well placed to challenge for the play-offs next year which is our short-term objective. “I’m already excited to get started and look forward to seeing the fans again in the new year.” The Broncos’ Director of Rugby and Performance Mike Eccles shared Albert’s enthusiasm when confirming the news. He added: “Wellington has fantastic size and power. His experience will be invaluable to our squad next season too, so we’re really pleased to have agreed terms. “He’s become a cult figure, and the supporters love him. On the field he has an incredible presence and a lot of our middles are learning so much from his physicality and overall ability. “Off the pitch Wellington is a real coup for us as well. He gives it 100% when playing, but after the game he’ll be the final player in the changing room sweeping the floor, which is testament to his character. “Wellington epitomizes what I want a Broncos player to be. He’s tough and aggressive when playing, but a real gentleman outside the field. Source: London Broncos Website

Prime Minister Hon. James Marape today reaffirmed Papua New Guinea’s relationship with United Kingdom and the Commonwealth calling it “very important” after he had a conversation with PNG’s new Head of State and Monarch, King Charles III. While in London and getting ready to join the formal events that are part of the funeral rites for Queen Elizabeth, Prime Minister Marape will join Governor-General Sir Bob Dadae in the events with other world leaders to farewell the late Monarch – Britain’s longest-serving royal who has served for 70 years as head of state in the UK and the Commonwealth of Nations. After signing the Condolence Book at Lancaster House with his wife Mrs Rachael Marape, the Prime Minister said the old ‘republic’ debate might pick up again after the burial of the Queen as to whether PNG should retain its current status with England’s monarchy or choose to leave this path as other nations with links to United Kingdom have done. However, the Prime Minister was clear about his position on this matter. “This might seem outdated to some who say it is of history, but in this modern world, belonging to a family of nations is very important,” said PM Marape. “Closer to home, we belong to the Pacific Islands Forum nations; we belong to the Asia Pacific group of nations; and we are an associated member of ASEAN. “For us on the global stage, being a member of the Commonwealth group of nations, more importantly closest group of nations to the monarchy and to be among the 14 nations, the Queen and now the King remain as our Head of State. “While this remains as a symbolic role, the family of nations is linked to a bilateral relations with the United Kingdom and the outside world as we move forward in contemporary PNG and modern times. “Nation-to-nation relationship through the Commonwealth gives us access to 57 other nations.” The Prime Minister said his government was now placing emphasis on bi-lateral relations by expanding existing political ties in the areas of commerce and trade, and would like to move into the trade of Agriculture produce and products besides the usual ones of mineral, oil and gas. “There is always a benefit of having close ties with one of the G5 Nations, and so maintaining a relationship with United Kingdom is very important going forward into the future. “For me to receive a call from the King is very important. It is symbolic but King Charles is no ordinary king. He has visited PNG four times in his lifetime. The Queen is known to have said that the prince (now King) was fond of PNG. So we have someone who has a very close association with us, Papua New Guinea, who is now the King. “So for us coming here and participating goes a long way. It consolidates and cements our relationship with the Monarch and the United Kingdom going forward,” said PM Marape. The phone call today directly from the King to the Prime Minister was for the Monarch to advise PM Marape of the change in meeting dates from 16th to 17th September between the leaders.

On behalf of the Nambawan Super Board, Management and staff it is my pleasure to wish all of Papua New Guinea a very happy 47th Independence Day. PNG is known as one of the world’s most culturally diverse countries with nearly 850 languages and hundreds of different tribes, but every year on the 16th of September we witness an amazing show of unity in diversity when all our people come together to celebrate this day. It is this unity that the Fund aspires to embody in our work as the Trustee for our over 214,000 hard-working Members who come from all walks of life and all Provinces. Regardless of the differences in our languages, traditions, professions and homes, Nambawan Super is committed to providing the best retirement outcomes for everyone. This year 2022, also marks Nambawan Super’s 60th Anniversary of service to the people of PNG. As PNG’s longest serving superannuation fund, Nambawan Super is proud to have been contributing to the growth of the Nation and building better futures for Papua New Guineans over the last 60 years. As we celebrate these milestones we should also take time to reflect on the values upon which this Country was founded and consider how we can all work together to build a free, peaceful and prosperous Nation as our founding fathers had intended. PNG is blessed with rich natural resources, fertile soil and a population of over 9 million resourceful Papua New Guineans, including 2.8 million skilled workers, that are willing to support the growth of this Country. Nambawan Super aims to utilise these resources through our investments and projects as we continue to support the socio-economic growth of the Nation for the benefit of everyone. We also remain committed to maintaining our high level of Member services through the upskilling of our staff, delivering more superannuation awareness, and continuing the rollout of our Financial Literacy Training to better enable our Members to take advantage of our superannuation products and services for a better retirement outcome. We pledge to continue working with the futures of our Members at the forefront of all our endeavours, as we have done so for the last 60 years. Once again I would like to wish you all a safe and happy Independence Day

The Voice Inc (TVI), a civil society organization dedicated to empowering citizens to build a sustainable future, has successfully completed its two-day induction, on Thursday the 8th of September, to the Problem Driven Iterative Adaptation (PDIA) Online Action-Learning Program with 30 of its Coalition Members and Partners from around the country to build local leadership and collective action for change. The PDIA Program is offered by the Building State Capability at the Center for International Development at Harvard University. The two-day induction and introductory session which was hosted at the Hilton Port Moresby allowed all who are involved to meet one another and go through their first online session with the Building State Capability Team. The program will run for a total of 12 weeks and will come to a close in December of 2022. All partners whom are participating in the PDIA Program work in the spaces of Sorcery Accusation Related Violence, Education, Higher Education, Decentralization and Youth Employment. TVI has taken this step to ensure that through its partners and extensive network, policy reforms and action can be taken within these priority areas. Speaking during the 2-day session, Executive Director of TVI, Maliwai Sasingian, stated that the organization is thrilled to be able to provide such an enriching opportunity to its partners and looks forward to seeing how best TVI can support the work that partners take on as a result of their participation in the PDIA program. “We thank all our partners for accepting our invitation to participate in this program and ultimately joining TVI in our journey to address key issues within Papua New Guinea. The network that this program will create is invaluable and one which we will continue to strengthen. We are grateful to the Australian Government for their generous support and funding for this program”. The program culminated with an official launch event for the Local Leadership and Collective Action Program (LLCAP) which was attended by Heads of Diplomatic Missions, Corporate Supporters and Civil Society Partners. The PDIA program is an integral component of the Local Leadership and Collective Action Program (LLCAP) of the Voice Inc. The participants have departed for their respective provinces on Friday 9th of September and will continue their interaction online until December of 2022.

Credit Corporation PNG is pleased to announce it has declared an interim dividend of 10.2 toea per share in respect of its 1H22 performance, continuing the Group’s strong track record of dividend payments over the past 43 years. This compares to an interim dividend of 4.6 toea per share in the prior corresponding period, representing an increase of 122%. The dates for dividend payment are as follows: • Ex-date: 19 September 2022 • Record Date: 27 September 2022 • Payout Date: 18 November 2022. Credit Corporation Chairman Mr Richard Sinamoi said the Board’s decision in relation to the 1H22 interim dividend reflected the Group’s continued commitment to ensuring shareholder return. The Group achieved a 27% increase in Core Operating Profit and an increase in NPAT of 19% in 1H22 compared to the previous corresponding period. “Our decision in relation to the 1H22 dividend is supported by our strong capital position and the current business outlook, while balancing our commitment to support our shareholders given ongoing market and economic uncertainty.” Mr Sinamoi said looking ahead, as Credit Corporation progresses through its transformational journey, growth opportunities, managed spend on cost, disciplined approach to the quality of its loan book and maintaining an overall strong and resilient balance sheet will remain focus areas for the Group. “We will continue to invest in the simplification of our business, new capabilities, technology and our people, which will allow us to become more innovative and agile in responding to our customers’ needs as we continue working towards our strategic objective” Mr Sinamoi said.

Electric robots will soon be crawling along the sea floor and sucking up precious metals through a giant straw in a controversial trial to mine some of the ocean's deepest, most pristine environments. Deep-sea mining operator The Metals Company has been granted approval by the International Seabed Authority to begin testing its collection system in Pacific waters. It will be the first time since the 1970s that this has been allowed to occur. Deep seabed mining companies want to collect deposits of minerals and precious metals that can be used in the production of products like smartphones and computers. The Metals Company chief executive Gerard Barron told the ABC it was a very significant step towards deep-sea mining at a commercial scale. "We'll be mobilising in the coming days," Mr Barron said. One of the company's vessels is now preparing to leave Mexico, while another is already surveying the lucrative mining zone located between Mexico and Hawaii. "It's a really exciting expedition," Mr Barron said. [caption id="attachment_26655" align="alignnone" width="862"] The company hopes the trial will pave the way for deep-sea mining at a commercial scale. (Supplied: The Metals Company)[/caption] The trial involves a robot that will crawl along the sea floor, collecting nuggets of rock that contain cobalt, nickel and other rare-earth metals used to make electric batteries. These rocks will be sucked up to the water's surface through a device called a riser. "Think of that as a big, long straw," Mr Barron said. The company expects to collect around 3,600 tonnes of material between now and December. Concerns over ecosystem disturbance About 100 people, including scientists, will be on board another vessel, observing the environmental impact of the work. Mr Barron urged people to not jump to conclusions about what those impacts may be. "Our view is 'can we just do the science'," he said. "The evidence that we're seeing … is indicating that we can collect these rocks … at a fraction of the environmental and societal impacts compared to land-based alternatives." Mr Barron said rare metals collected from the seabed were essential in the transition to a carbon-neutral planet. [caption id="attachment_26656" align="alignnone" width="862"] The mining company's subsea collector will crawl along the seafloor, collecting nuggets of rock that contain rare-earth metals. (Supplied: The Metals Company)[/caption] But some scientists argue the true risks of deep-sea mining are not fully understood. Gavin Mudd, an associate professor of environmental engineering at RMIT University, said the ecosystems where mining would occur had taken centuries, or even millennia, to form. "We're dealing with a part of the ocean that has incredibly unique biodiversity. And we're only just starting to understand that," Dr Mudd said. "I think there are real concerns around any disturbance of deep-sea ecosystem like this." Dr Mudd said the environmental impacts should be monitored over decades. "That's often not the way that regulators and companies approach things," he said. "They do a trial for a short time, and then they extrapolate." 'We're not dealing with equatorial rainforests' Mr Barron said environmental monitoring would take place over decades, but expressed urgency to push forward with extraction. "We don't have the luxury of sitting back now and saying, 'well, we should be monitoring this for another 10 years'," he said. "We've been studying this part of the ocean … since the late 1960s. "So the notion that we don't know much about this is just plain wrong." Mr Barron said 80 per cent of fauna living on the seabed was bacteria. "That doesn't mean it's not important, and that we shouldn't do everything we can to understand it, and to protect it," he said. "But it helps that we're not dealing with equatorial rainforests." [caption id="attachment_26659" align="alignnone" width="862"] Nodules collected from the seabed can contain essential battery metals. (Supplied: The Metals Company)[/caption] However, Pacific countries are divided in their opinions about deep-sea mining. Tuvalu Minister of Foreign Affairs Simon Kofe said there should be consultation within the region before any exploration or extraction takes place. "I note the numerous procedures that were followed toward the approval of the pilot trial, but I feel that the Pacific i Pacific nations watching closely The government of Nauru is sponsoring The Metals Company's activities in the Clarion Clipperton Zone – a part of the international seabed reserved for Pacific states. s quite divided on the issue," Mr Kofe said. "Nations have declared or proposed moratoriums, citing the unknown risks of mining to our ocean and its biodiversity." Last year, Nauru also pushed the International Seabed Authority to fast-track the creation of deep-sea mining regulations. "We understand why countries are moving in this direction, but the risks are immense, and it is a matter that can affect our entire Pacific family," Mr Kofe said. "I believe further consultation should be undertaken among our Pacific nations before these trials begin." Kiribati and Cook Islands have also been exploring the possibility of seabed mining in their own domestic waters. The seabed minerals commissioner for the Cook Islands Seabed Authority, Alex Herman, said her organisation would be watching the trial closely. [caption id="attachment_26660" align="alignnone" width="862"] Mr Kofe, who became widely known for giving a COP26 statement in water to highlight climate change threats, is concerned about the mining. (Reuters)[/caption] "The Cook Islands is only allowing exploration at this stage," she said. "We currently don't have enough information to support moving to the next phase, which would be harvesting nodules." Ms Herman believes individual countries should be able to make autonomous decisions surrounding seabed mining. "Some of these moratorium calls are confusing, ambiguous, arbitrary and cut across the sovereign rights of our country," she said. Last year, Nauru also pushed the International Seabed Authority to fast-track the creation of deep-sea mining regulations. "We understand why countries are moving in this direction, but the risks are immense, and it is a matter that can affect our entire Pacific family," Mr Kofe said. "I believe further consultation should be undertaken among our Pacific nations before these trials begin." Kiribati and Cook Islands have also been exploring the possibility of seabed mining in their own domestic waters. The seabed minerals commissioner for the Cook Islands Seabed Authority, Alex Herman, said her organisation would be watching the trial closely. "The Cook Islands is only allowing exploration at this stage," she said. "We currently don't have enough information to support moving to the next phase, which would be harvesting nodules." Ms Herman believes individual countries should be able to make autonomous decisions surrounding seabed mining. "Some of these moratorium calls are confusing, ambiguous, arbitrary and cut across the sovereign rights of our country," she said. Allegations of backdoor deals Others have expressed concern around transparency within the industry. Greenpeace Aotearoa seabed mining campaigner James Hita said they were concerned about discussions between mining companies and the regulator, the International Seabed Authority. "They meet behind closed doors," he said. "There is a huge issue with us not being able to scrutinise and not being able to hold to account these companies and the licenses they hold to mine." A New York Times report alleged the International Seabed Authority provided The Metals Company with information, which helped it secure licences to lucrative mining zones. Mr Barron denied the claim. "We are absolutely certain that no information exchanged hands between the regulator and between The Metals Company around the permits," he told the ABC. Mr Barron also raised eyebrows when he represented Nauru at an International Seabed Authority assembly in 2019. He said it was "naive" to suggest his company was influencing the government. "If you've ever met anyone from Nauru, you will know that no one pulls their strings as a nation," Mr Barron said. "They are very proud. They're very forthright, and they're nobody's puppet." Source: ABC Pacific

In form Raiders rookies Matthew Timoko and Sebastian Kris may be playing for a World Cup berth in Friday night's semi-final against Parramatta after being named in an extended Kiwis squad. Timoko, 22, and Kris, 23, are the only two members of the 34-man squad yet to pull on a New Zealand jersey, with Bulldogs hooker Jeremy Marshall-King and Eels winger Bailey Simonsson having played in the 2019 World Nines. The pair have earned their selection after being instrumental in Canberra's surge into week two of the NRL finals after eliminating Melbourne Storm 28-20 last Saturday night. The No.1 ranked Kiwis boast a strong forward pack and spine but are light on for outside backs as coach Michael Maguire playing Parramatta's Marata Niukore at centre in the mid-season Test against Mate Ma'a Tonga. Among the players added to the squad chosen for the Tonga Test are Kiwis veterans Shaun Johnson, Kodi Nikorima and Jared Waerea-Hargreaves, who may not be available until the knock-out stages of the World Cup due to suspension. Canberra's Corey Harawira-Naera and Charnze Nicoll-Klokstad, and Cronulla prop Braden Hamlin-Uele also join the squad, along with Marshall-King, Simonsson, Kris and Timoko. Gold Coast hooker Erin Clark isn’t included after being ruled out following knee surgery. Seven of the players are yet to make their Test debuts for the Kiwis – Kris, Timoko, Marshall-King, Simonsson, Griffin Neame, Jordan Riki and Scott Sorensen – but Neame, Riki and Sorensen were in camp for the Tonga Test. “We wanted to name a wider squad so we have all options covered while the NRL finals are playing out,” said Kiwis head coach Michael Maguire. “We’re excited about the depth of players available and the form they’re in. The vast majority of them are in sides that made it into the finals which is a real positive as we look ahead to the tournament.” The Kiwis are due to assemble in Sydney on September 27 where they’ll train for two days before flying to England on September 30. Players selected from the two teams in the grand final will travel separately the following week. The Kiwis will warm up for their World Cup campaign with a match against the Leeds Rhinos at Headingley on October 8 when 2008 World Cup winner Thomas Leuluai will be guest captain in the final match of his decorated career before retiring. The Kiwis will then move to their RLWC base in York. Their opening Pool C match is against Lebanon in Warrington on October 16 followed by Jamaica in Hull on October 22 and Ireland in Leeds on October 28. Source: NRL.com

Red Cross volunteers are struggling to access remote parts of Papua New Guinea to assess the impact of a 7.6 magnitude earthquake. At least seven people have been confirmed dead as a result of the earthquake, which struck the country's eastern highlands region on Sunday morning. Red Cross PNG secretary general Valachie Quagliata said the full scale of the damage is not yet understood. "Papua New Guinea is a very geographically tough location to attend to the impacted areas," he said. Source: ABC Pacific

Community members in Morobe Province have expressed mixed reactions and have publicly cried foul over the first-of-its-kind government allocation of funds to mark and celebrate the 2022 National Independence Day tomorrow. Most of them did not support the government's resolution to allocate K1million to each districts just to observe the national event. They said the funds could have been prioritized on other vital services that were lacking in the remote parts of the country. The Marape/Rosso government has announced it had sourced K1million from respective District Development Authority funds throughout the country which are yet to be disbursed to their accounts for them to celebrate the 47th Independence Day which falls this Friday. Only minority of the citizens aired their views supporting the government's resolution saying it's important the government allocated funds to celebrate independence as its the country's national event and should be celebrated using public funds. Already schools, churches and communities started hosting sporting activities leading up to the observation of 16th September. Dramas, traditional dances and other fun activities are part of the local organizers programme contents to witness. Most local organizers said their planned activities are not to observe the national event just because government has announced funding. They said the hosting of activities have been part of their annual celebration of independence day over the years without public funding support.