THE PNG Government must do something to fix the foreign exchange (FX) issues in the country, before business credibility with suppliers is lost, says City Pharmacy Limited (CPL) Group founder Sir Mahesh Patel.
“We sent an order to our supplier in the Philippines in August, and today is November going to December,” he said.
“They have not started processing the order.
“They said ‘unless you pay your bills, we will not process (the order)’.
“We have got Kina to pay, but no US dollars to send.
“That is the biggest concern that we have right now. We (businesses) are losing credibility with our suppliers.
PAPUA NEW GUINEA CHAMBER OF RESOURCES & ENERGY
The industry peak body representing the mineral, resources and energy sectors today officially announced its new name, and new logo.
The former Papua New Guinea Chamber of Mines and Petroleum (“The Chamber”) this morning formally transitioned to its new name, the Papua New Guinea Chamber of Resources and Energy (“PNG CORE”).
This followed the approval of this change by its membership at a recent Special General Meeting.
According to PNG CORE Chief Operating Officer, Pansy Taueni-Sialis, this change is timely, as PNG positions itself as a leader the global resources and energy market.
BANK South Pacific Financial Group Limited (BSP) recorded a net profit of K187.3 million in the third quarter (Q3) of 2023, according to chief executive officer Mark Robinson.
Robinson told a Q3 investor update in Port Moresby yesterday that BSP was still the largest bank in the South Pacific with more than 3.5 million customer accounts and 16.3 million mobile and online transactions per month.
“This 16.3 million is the average and that is growing at an annual rate of over eight per cent,” he said.
“The 3.5 million customer accounts, the 125 branches – it is the largest network of financial institution across the South Pacific.”
Net profit after tax in Q3 last year was K275.4 million.
By Ishmael Long
Banks and lenders require new homeowners to contribute equity before approving home loan applications because it shows that the homeowner is financially committed to the purchase. Equity is the homeowner's own money invested in the property, which reduces the bank's risk. When homeowners have their own money at stake, they are more likely to make mortgage payments responsibly and protect the bank's investment. This equity also acts as a buffer in case the property's value decreases; it ensures that the homeowner has something to lose if they don't fulfill their mortgage obligations. So, it's a way for banks to ensure responsible and committed homeownership.
Let's imagine you want to buy a flat screen TV at Brian Bell that costs K1,000, but you only have K200 in cash. You ask your friend to lend you K800, and you promise to pay them back over time. To show that you're serious about buying the flat screen TV and paying back your friend, you decide to use your own K200 as your part of the purchase. This K200 is like the equity in buying the flat screen TV.
K92 Mining Incorporated has secured a US$100 million (about K365 million) loan from Trafigura Pte Limited, a market leader in the global commodities industry, according to chief executive officer and director John Lewins.
“We are extremely pleased to be expanding our partnership with Trafigura, with a US$100 million ( about K365 million) loan and amended off-take agreement,” Lewins said in a statement.
“Trafigura has been our offtake partner since the start of operations at the Kainantu Gold Mine, and these agreements reinforce our strong relationship with Trafigura.”
Commentary By Ishmael Long
Purchasing a rental property after buying your first home under the homeowner-occupied scheme can be easier due to a few reasons. One key factor is the use of equity and lease agreements. Let's break it down with simple examples:
Using Equity - When you own a home and have been paying your mortgage, you build up something called "equity," which is the difference between your home's value and the remaining mortgage amount. This equity can act like savings that you can use to invest in another property.
For example, if your home is worth K300,000 and your remaining mortgage is K200,000, you have K100,000 in equity. You might be able to use a portion of this equity as a down payment for a rental property.
Lease Agreements - Having a lease agreement in place for the property you're living in can help with purchasing a rental property. A lease agreement is a contract where someone pays you rent to live in your property. Banks look at this rental income as extra money you can use to pay off your new mortgage. For instance, if you're renting out a one bedroom unit in your first home for K2,000 a month, banks may consider that as extra income when deciding if you can afford a mortgage for the rental property.
Nambawan Super Limited (NSL) has confirmed the receipt of K79.8 million from the State to
complete the retirement exercise for batches 2 to 4 of the 2022 Government Retirement Program.
NSL’s Chief Executive Officer Mr. Paul Sayer said that the Fund is very pleased to have received these funds as it enables NSL to process the benefit payments for 951 Members from various Government Departments that have been eagerly awaiting the remainder of their
“We are pleased to have received the K79.8 million on behalf of our Members and we thank the State, through the Departments of Finance and Treasury, for recognising the needs of our retirees as they look to make the most of the next chapter of their lives after retirement”, Mr. Sayer stated.
“NSL appreciates that the State has given priority, amongst its other liabilities, to the retirement outcomes of Nambawan Super’s Members who deserve a dignified retirement after having committed their entire working lives to supporting the social and economic development of this Nation”.
“I am sure that our Members will be pleased to hear that the State is working to honour its commitment to ensuring they are paid the benefits owed to them.
A GROUP of business leaders and government officials from the Pacific and Papua New Guinea are in Brisbane to meet with Australian and Asia-Pacific business representatives and financiers.
They will discuss the forecast by Australia and New Zealand Bank economists on a “tsunami” of new investment in the country.
New mining, petroleum and infrastructure projects are expected for PNG.
The contingent will be led by International Trade and Investment Minister Richard Maru, State Enterprises Minister William Duma, and Bank of PNG (BPNG) acting governor Elizabeth Genia.
They will be addressing the 2023 Business Advantage PNG Investment Conference, at the Brisbane Convention and Exhibition Centre today and tomorrow.
CHINA Southern Airlines could soon open direct flights between Port Moresby , Papua New Guinea and Chinese city of Guangzhou, according to a local governor.
Guangdong province governor Wang Weizhong, who hosted International Trade and Investment Minister Richard Maru at a function, said this would be great for tourism and business connectivity.
Wang said the Chinese private sector and enterprises in PNG raised a concern that it took relatively long for them to get visas.
He suggested that the PNG Government establish a consulate in Guangzhou to help facilitate visas for not only business travellers but for tourists too.
He said tourism was a huge and untapped market.
Improved farmer training is key to the sustainability of farming practices
Papua New Guinea (PNG) smallholder farmers are the backbone of food production, feeding the nation by growing most of the food using farming practices developed over many generations. However, the farmers face many challenges and they are increasingly turning to agricultural extension and development agencies to support and guide them in adapting their agriculture to improve the soil and increase productivity.
The National Research Institute (NRI) Spotlight Volume 16, Issue 12 titled Innovative soil improvement training for increasing semi-subsistence farmers sweet potato production: lessons for application and sustainability written by Dr Elizabeth Kopel, PNG NRI and Professor Barbara Pamphilon, University of Canberra outlines key factors that contributed to improve farmer learning, application and transfer of soil improvement skills which can contribute to increased productivity, incomes and enhance livelihoods.
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