PNG Haus Bung

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.

New Ireland Governor Sir Julius Chan has expressed sadness at the passing of Wewak Open MP, Kevin Isifu. Sir J said the late Kevin Eziro Isifu, was a strong People’s Progress Party politician for many years and a personal friend. “As the Minister for Inter-Government Relations, the late Kevin Isifu pushed through my agenda for Greater Autonomy among the Governors and the forerunner platform, the Service Delivery Partnership Agreement,” said Sir J. He said, “Through his work, the People’s Progress Party made strong impressions which led to the decision to empower three provinces, Enga, East New Britain and New Ireland to pioneer Autonomous Government Arrangement.” Late Kevin Isifu later joined another political party before the 2022 NGE but Sir J said they shared several hours of private discussions thereafter. To the wife and family of the late Kevin Isifu Sir J relayed,..“I am saddened that I cannot offer words of comfort to you and family at his passing. But God has a reason for everything and I hope you will find peace in the knowledge that your husband and father served his Province and Country well as a faithful PPP advocate on balanced development and autonomy.”

The Voice Inc (TVI), a civil society organization dedicated to empowering citizens to build a sustainable future, has commenced 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 program will run for a total of 12 weeks and has started with a 2-day introductory session at the Hilton Port Moresby which will allow all who are involved to meet one another and go through their first online session with the Building State Capability Team. 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 at the launch of 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 PDIA program is made possible through the Local Leadership and Collective Action Program (LLCAP) of the Voice Inc. The participants departed for their respective provinces on Friday 9th of September and will continue their interaction online until December of 2022.

BSP Finance PNG, an Asset Finance Specialist and a subsidiary of the BSP Group of Companies with the help of a contractor gave an overhaul to the building by replacing the entire roofing iron including ceilings, fly-wires and electrical wiring. Chief Inspector & Manager Operations Dimon Gah said, “With the refurbishment of this building, it will very much ensure a safe, secure and humane facility that will now provide a good healthcare and effective rehabilitation to the 800 detainees we currently have, whenever they need it.” “More importantly, the boost on the facility will encourage Correctional Officers to serve with pride under a more conducive environment for the rehabilitation process of the prisoners and helps them conduct positive daily activities.” BSP Group CEO Robin Fleming when handing over the project said, “It’s a privilege to stand here every time and handover projects like this, but it’s our staff commitments that makes a difference in improving the welfare of our local communities through interventions in education, environment and health.” “As a part of the communities we live in, we would like to build these relationships and strengthen our community involvement. BSP Community Project initiatives provide an avenue for each of our branch staff to contribute to make a difference. This is not only in PNG but also in other Pacific Countries we operate in,” said Fleming. BSP Finance General Manager Andy Roberts also thanked the Bomana Correctional Commanders and Officers for allowing the BSP Finance team to carry out work needed to improve the building facilities, reaffirming that, “Everyone has a right to good health and welfare and these 800 detainees here at Bomana deserve the same.” Meanwhile, BSP Vanimo also handed over a completed Water tank installation project at Lujan Home for Girls in Vanimo East Tower, West Sepik Province. Lujan Home for Girls is a refuge home in Vanimo, Papua New Guinea run by the SSVM Sisters. They take care of girls ranging from 2 years old to 25 years old. The Vanimo branch team delivered four new water tanks which include one 9,000 litres and three 5,000 litres with main fittings of the storage water pump fully installed. This year, BSP has selected 49 projects as part of its 2022 Community Project initiative, all coordinated and organised by the bank’s different branches, departments, units, subsidiaries and the countries BSP operates in.

On behalf of the senior officers and the members of the Royal Papua New Guinea Constabulary, we wish the people of Papua New Guinea a Happy 47th Independence Anniversary. This day not only marks a time for celebrating our nationhood, but marks another milestone for our young nation. We have just completed the 2022 National General Election and the 11th National Parliament has once again given the mandate to Prime Minister James Marape to lead our nation. In the biblical context, we have been wondering in the wilderness for the last 47 years. The Moses Generation has come to an end. We are now in the Joshua Generation and the young leadership of toady will take us into the future and the promised land of “milk and honey”. So it is with sincerity that I call upon all Papua New Guineans, wherever you are and in whatever position of responsibility, to come together, join hands, and move our country forward into peace and prosperity. The Royal Papua New Guinea Constabulary has been an integral part of PNG from the beginning. We helped in the creation of PNG. We took the first steps with PNG and remain committed to a free and secure Papua New Guinea.

As part of continually improving accessibility and services to its members, the National Superannuation Fund, Nasfund, has opened its second Client Service Centre in Lae, Morobe Province. Located on Malekula Street, this centre provides easy access for members within Lae city’s main market and surrounding areas – which includes our members in the Finance & Banking, Manufacturing & Construction, Tourism & Hospitality, Retail, and MSME sectors. Job Inimup, a Nasfund member for over 20 years, employed by Markharm Culverts, was given the honor of opening the new service centre, to signal the start of operations. The occasion was witnessed by Nasfund Chief Executive Officer Ian Tarutia. Mr. Iminup thanked the Fund for opening this new facility. “With the service centre now located in the busy market area, those of us who work within the market area don’t have to go far to access Nasfund services. Thank you Nasfund.” CEO Tarutia said it is a welcome addition, as the fund ramps up its services to members in this part of the country, especially as the province looks set to meet the demands of increasing business activities and economic opportunities on the back of the Wafi Golpu Mine. “We are pleased to add the second Lae Service Centre to our Nasfund branch network. oreso, as Lae and Morobe Province as a whole is the second largest membership base of the Fund. Morobe Province accounts for over 111,000 Nasfund members from across 300 employers, which constitutes approximately 18% of the Fund’s total membership – a good number of whom work within this busy industrial area. We are confident that our membership within the busy Lae market area and surrounding industrial precinct will take ownership of this Service Centre, and utilize the services offered here. The opening of this centre is part of efforts to improve our service to members, all across the country. In the coming weeks, we will also be opening our new and improved service centres in Milne Bay Province, as well as two additional service centres in NCD. Whilst we open this Service Centre, we also encourage our members to utilize our on line electronic channels, which includes our Call Centre, Member Online Portal, the Mobile Phone App, or Mobile SMS facilities.

The New Ireland Government will be hosting the countries 47th Independence Celebrations on the West Coast of New Ireland, Lasiliba this Friday 16th September. It will be a privilege and an honour for the people of New Ireland and West coast to spend Independence day with one of our country’s remaining founding Fathers, Last Man Standing and Governor of New Ireland, Sir Julius Chan. On the occasion Sir J will also officially open the first 500 meters of sealed West Coast Highway to kick start the first phase of 5km of the road sealing. The West coast is a total of 190 kilometers of road, the majority of which Governor Sir Julius Chans intends to seal in this term of office. The West Coast Highway project is the biggest project ever undertaken by any Government in New Ireland. Activities for the day will include announcement of 2022 Village Beautification Awards, LLG Sports Awards presentations entertainment by Choirs, Singsing groups and String Bands.  

Recent times have been tough for humanity, the world has been in a turbulent state, facing multiple crisis’s that require complex solutions, people all over the globe are overwhelmed by unrest, fronting illness, conflict, and disaster. A shift of direction is crucial, to avoid further deprivations and injustices, warns the United Nations Development Programme (UNDP). The newly launched 2021/22 Human Development Report (HDR) by UNDP, spotlights the continuous uncertainty that affects us in unprecedented ways, and argues that in the end, working towards shared goals and doubling down on human development are critical to creating a future in which we can all thrive, however uncertain. UNDP Papua New Guinea Country Office held a media briefing on the launch of the 2021/22 HDR, “Uncertain Times, Unsettled Lives: Shaping our Future in a Transforming World” on 13 September 2022. The report canulates the Human Development Index (HDI) for 191 countries and territories, including Papua New Guinea as well as other indices such as the Gender Inequality Index. The HDI a composite index looking at a nation’s human development, considering health, education, and per capita income, i.e. measuring three key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living. For the first time in the 32 years that UNDP have been calculating it, the Human Development Index has declined globally for two years in a row. Human development has fallen back to its 2016 levels, reversing much of the progress towards the Sustainable Development Goals. Around 90% of countries saw their HDI decrease in either 2020 or 2021, and more than 40 percent declined in both years, signalling that the crisis is still deepening for many. While some countries are beginning to get back on their feet, recovery is uneven and partial, further widening inequalities in human development. The last two years have had a devastating impact for billions of people around the world, when crises like COVID-19 interacted with sweeping social and economic shifts, dangerous planetary changes such as climate change, and increased polarization. “We are facing a high degree of uncertainty. We need to embrace transformation, invest in basic services, institutions, and innovation to navigate through multiple layers of complex challenges. Focussing on a transition to a green and sustainable economy is at the core of this.’’ said Dirk Wagener, Resident Representative, UNDP Papua New Guinea. “This HDR report highlights the speed and level of changes and threats confronting humanity is beyond what we have ever experienced before, and how humanity must double down and navigate through this uncertainty.