The Bank South Pacific Financial Group have announced a net profit after tax (NPAT) of K890 million and declared a final dividend of K1.06 per share, that will be payable on 22 March 2024, bringing the full year dividend for 2023 Fiscal Year to K1.43 per share. Mark Robinson, BSP Group Chief Executive Officer, in a statement, noted that whilst this net profit result was 18% lower than the previous year, it reflected the new 45% corporate tax rate in Papua New Guinea that had a direct impact of K209 million on NPAT. “Income increased 8.4% to K2.8 billion, driven by foreign exchange income, which increased 26.3%, as well as lending volume growth that drove a 5.7% increase in net interest income versus the prior year. “ He highlighted that the Group’s cost to income ratio remained relatively stable at 38.5% in FY23, despite a 9.9% increase in expenditure, arising primarily from ongoing investments in technology as well as inflation. Additionally, BSP’s dividend yield on both the PNGX and ASX was 10.4%, the capital adequacy ratio of 24.4% as of year-end was well above the 12% regulatory requirement and the 2023 return on equity of 21.5% compared favourably to other ASX listed banks. Robinson concluded by saying that BSP understood that banking was a vital service for our people in communities all over the nation. “We operate in and remain committed to supporting the prosperity of the South Pacific.” “BSP has embarked on a comprehensive investment program to improve our customer service levels and build a world class bank.”

Puma Energy PNG Limited issued a dire warning today: Papua New Guinea has only four days' worth of aviation fuel left, posing a critical shortage at Jackson's Airport and other airports across the country. This shortage became apparent after the firm failed to restock Jet A1 supplies in PNG. Compounding the issue, Air Niugini obtained a temporary injunction to ensure fuel supply until local stocks run out. Puma Energy is urgently seeking medium- and long-term solutions to secure jet A1 supply in PNG, suggesting international suppliers’ contract directly with local airlines while Puma handles logistics. To mitigate the impact, Air Niugini and government agencies must cooperate, with Puma urging reduced fuel usage and seeking support from the Civil Aviation Safety Authority. Despite clarifying its separate responsibilities from the refinery (Puma Energy PNG Refining Limited), Puma emphasizes the urgent need for swift cooperation to avert disruptions to air travel with limited aviation gasoline, and other vital services in PNG. Puma said collaboration among all stakeholders is paramount to address this looming crisis. It did, however, make clear that Puma Energy PNG Refining Limited and the state bear primary responsibility for matters pertaining to the refinery, which are considered separate. There is a limited amount of aviation gasoline left, therefore swift cooperation is required to avoid possible interruptions to air travel and other vital services in Papua New Guinea. In order to navigate this impending catastrophe, the cooperation of all parties is essential.

The PNG Opposition has called for Prime Minister James Marape's resignation over his alleged involvement in the K162 million Paul Paraka case. Led by Alternative Prime Minister Allan Bird and Opposition Leader Douglas Tomuriesa, they demand a thorough investigation and accountability. Tomuriesa highlighted Marape's avoidance of questions in Parliament, suggesting a cover-up. The prime minister on the floor of parliament claimed the case is sub judicial as it is before the courts and therefore prohibited from public discussion elsewhere. But former Justice Minister, and Sinasina-Yongamulg MP Kerenga Kua disagreed with this view, and criticized Marape for his alleged involvement in the case. Kua also criticized the delay in Marape's arrest despite evidence of his directive for the illegal payment. The opposition asserts that leaders should be held accountable like ordinary citizens, urging the Police Commissioner to act professionally and ensure justice is served. Kua asked why then the police commissioner is, who has held office for over four years, not instituted any investigations into Marape, who was the minister responsible then. Kua also asked why the Internal Security Minister has not issued a directive for an investigation into Marape’s involvement into the Paraka saga. The PNG Opposition demanded the resignation of the Prime Minister, and further urged the police commissioner and his minister to also resign if they could not arrest Marape and conduct this investigation.

In a recent spate of criminal activity in Lae, the Metropolitan Commander Superintendent James Luan has reported significant losses following two separate armed robberies. The first incident occurred on Saturday, 10th at Freddie’s service station located at Lae’s Snack Bar. Luan stated that a group of 8 armed individuals, driving a stolen Toyota Harrier, stormed the service station around 3:30pm. The assailants held up station employees and managed to escape with an undisclosed sum of cash. The exact amount stolen remains unknown. In response, the police acquired CCTV footage from the scene and are actively pursuing leads to identify the perpetrators. Shortly after, another armed robbery transpired on Monday 12th around 9:30am. This time suspects targeted the security station in front of CHM store before proceeding to loot the shop. The perpetrators, travelling in a stolen PMV bus, made off with high-value items including laptops, cameras, and mobile phones totalling an estimated value of K50, 000. Surprisingly, no cash was taken during this incident. CCTV footage provided by the police has provided crucial insights into the identity of the suspects. It was revealed that the perpetrators disguised themselves by wearing secondary school uniforms, posing as students, to carry out the robbery at CHM located in Lae’s top town. Authorities are intensifying efforts to apprehend those responsible for these brazen acts of robbery, urging the public to come forward with any information that could assist in the investigation.

The newly elected Kokopo City Lord Mayor and also the sitting Ward Member for Ula-ulatava in the Kokopo Vunamami Urban LLG (KVULLG) Phillip Tale was officially sworn in a week following his election during the by-election in early February. The Swearing in of the mayor-elect was facilitated by ENB Senior Provincial Magistrate (SPM) Samuel Lavutul on the 15th of February. Acting Chief Executive Officer (CEO) for the Kokopo City Authority (KCA) John Talele declared Honorable Philip Tale. A total of 19 Ward Members took part in a secret ballot that was officiated by the ENB Provincial Electoral Office. Mr. Tale won by 11 votes, over the 8 votes for the other candidate and Bita-reba-rebe Ward Member Diuvia Kopman. Mr. Talele congratulated the new Mayor and encouraged the Ward Members to perform their responsibilities in Kokopo city and in their wards. Speaking on behalf of the ENB Provincial Administration (ENBPA), Deputy Provincial Administrator for District & LLG Services Nicholas Larme congratulated Mr. Tale on his election as the new Lord Mayor for Kokopo. “The display of exercising our democratic right was shown today. Civility, maturity and leadership are important and without this three, nothing good will happen,” Mr Larme said. He said that Ward Members should be the first change in their communities. Though Kokopo City now has a Mayor, his term will only last until May, because the LLG Elections will start in June this year. Mayor Tale then appointed Marcello Vagaia, the Ward Member for Gunanba as his deputy. In his maiden speech, Mayor-elect Tale said that he was part of some projects that was initiated by the Ward Development Committees (WDC) and his ward piloted a solar water supply project for Takabur village. “We will roll out the solar water supply project to other parts of KVULLG, other LLGs and Kokopo District. I will push for the LLG budget to be approved,” he said. The Kokopo Mayor’s seat was left vacant since the former Mayor Isidor Bonga was convicted of Dangerous Driving causing death and was sentenced to 2 years imprisonment by the Kokopo District Court last year. Ward Member for Malakuna No.4 Francis Reiner, who was the former Deputy Mayor, was acting on the Mayor’s position until the By-Election this year.

Local construction company, Gugu Construction has initiated a significant project to build fencing for the Rakunat United Church and the adjacent Rakunat Elementary School, in a show of commitment to community development in the local community of Gelagela Resettlement in Kombiu LLG of Rabaul District. The project aims to enhance the safety and security of these important community hubs while demonstrating the company's dedication to its social responsibility. The fencing project is a part of Gugu Construction’s ongoing efforts to give back to the local community in which it operates. By providing a secure perimeter for both the church and the school, the project not only helps safeguard the properties but also contributes to creating a conducive environment for worship and learning. "We are thrilled to be able to support Rakunat United Church and Rakunat Elementary School through the construction of this fencing project.” “As a company deeply rooted in this community, we believe it is our responsibility to contribute positively to its well-being," stated the Managing Director of Gugu Construction, Mr Laurie Warium. The collaborative effort between Gugu Construction, the Rakunat United Church, and Rakunat Elementary School showcases a partnership aimed at promoting the welfare and security of the local residents. “The project is seen as a symbol of unity and a tangible reminder of the positive impact that businesses can have on the communities they serve.” Meanwhile through initiatives like this fencing project and other completed projects in East New Britain, Gugu Construction continues to demonstrate its commitment to being a responsible corporate citizen and a partner in the progress and development of Rakunat, its residents and other local communities.

The Marape-Rosso Government plans to strengthen the Royal PNG Constabulary over the next decade by increasing police numbers to 10,000 from the current 6,300 and involving PNG Defence Force members in special situations. Prime Minister James Marape emphasized this during Parliament, responding to concerns raised by Member for Vanimo-Green, Belden Namah, about rising law and order issues. Marape acknowledged the severity of the situation and assured that his government is committed to addressing it through increased budgetary support and administrative measures. The government aims to recruit and train more police officers each year until reaching the target of 10,000 personnel, with 500 recruits currently undergoing training and plans for continuous recruitment. But Opposition’s Alternative Prime Minister Allan Bird, in a press conference, responded that with certain regions having continual law and order issues, it is not enough to wait for police recruits to undergo training. He said the country needs to have a disciplinary force ready to deal with quelling law and order issues such as a current massacre events in Enga. Similar sentiments were expressed by Vanimo Green MP Namah and Opposition Leader Douglas Tomuriesa. Marape however, in parliament reassured the public that budgetary allocations have been substantially raised to K200 million annually, totalling K400 million, for police force rehabilitation. Marape highlighted the need for a stronger police force, given the disproportionate ratio of officers to citizens, and emphasized continuous training to enhance capacity. Additionally, the government plans to involve the Defence Force in domestic security operations and collaborate with international partners like the United States and Australia. Beyond police reform, efforts are underway to rehabilitate the Magisterial Services and expand the judiciary system to address case backlogs and improve access to justice. Through bilateral agreements, Australia will support the appointment of additional judges to expedite legal proceedings. Marape affirmed the government's holistic approach to addressing the law and justice sector's challenges, emphasizing ongoing efforts to rebuild and strengthen the system.

Minister Soroi Eoe, in charge of Provincial and Local Government Affairs, clarified that creating new Local-level Governments (LLGs) and Wards in Papua New Guinea must follow a specific procedure without taking shortcuts. He mentioned instances where courts rejected new LLGs and Wards due to not following proper processes. According to Eoe, the process starts at the LLG level, where the need for new Wards and LLGs is identified, discussed, debated, and approved. If approved at this level, it goes to the provincial assembly for further deliberation and endorsement before reaching the Minister for DPLGA with all required documents. In a statement, he explained that the Minister for DPLGA then submits it to the National Executive Council (NEC) for the final approval. He emphasized the legal requirements and processes outlined in Sections 26, 27, and 28 of the Organic Law on Provincial Governments and Local-level Governments, 1995. The Minister stressed that any submissions not complying with due process won't be considered. Additionally, submissions for new LLGs and Wards must be made 8-10 months before Election Writs issuance. With the 2024 LLG election preparations underway, new submissions won't be accepted. Eoe noted that approved submissions will go through NEC approval, official proclamation by the Head of State, and Gazette publication. Then, the PNG Electoral Commission will conduct the LLG elections from June 27th to September 27th, 2024.

The Papua New Guinea Defense Force (PNGDF) recently announced that its members will receive a much-awaited salary increase. Acting Chief of Defense, Commodore Philip Polewara, issued a statement to reassure staff about the timely payment of increments and addressed concerns about the process. There were rumors and assumptions following the first announcement of the 2022 pay raise that the anticipated 3 percent increase would not happen or would take longer to happen. The assurance from the leadership provides a much-needed sense of security to the workforce, paving the way for them to anticipate the positive changes the raise will bring to their financial well-being. The announcement reflects the PNGDF's commitment to prioritizing the welfare of its members and fostering transparency and open communication within the organization. The statement further said that this proactive approach fosters a supportive environment where staff members feel valued and heard, further strengthening the bond between the organization and its personnel. The confirmation of the salary increase reaffirms the PNGDF's dedication to honoring the achievements of its members and securing their well-being amidst ongoing challenges. Despite initial doubts, the leadership's assurance brings relief to personnel, paving the way for positive changes in their financial situation.

Madang’s Provincial Police Commander, Acting Superintendent Robert Baim, has shed light on the daunting task of combating crime with limited resources, underscoring the challenges faced by law enforcement in the region. Addressing the pressing issue, Baim stressed on the lack of resources stating that police are really struggling to serve the people of Madang. He further emphasized the strain caused by insufficient utilities, despite their best efforts to maintain law and order. Grateful for the support from the Madang Provincial Government and the Provincial Administrator, Baim highlighted the invaluable assistance, particularly in the provision of hire cars to aid in crime-fighting endeavours. However, he lamented the shortage of police vehicles for local law enforcement in Madang, prompting a plea to the Madang Governor and the Provincial Administrator for additional backing. Thankfully both responded affirmatively. “The Madang provincial government have hired 16 vehicles for Madang police to help combat crime.” Regarding the hire cars, Baim revealed that while they were initially due last Saturday, 12 of them will be extended for another month, as advised by the Madang Governor. In a bid to bolster resources, Madang Police are collaborating with the Australian Federal Police to establish a new headquarters for the Jomba police station. Baim outlined plans to secure funding from the national government and the police department for the construction project, underscoring the commitment to enhancing law enforcement infrastructure in the province. Meanwhile, the recent addition of four new police vehicles provided to Madang police by the RPNGC on Friday will significantly aid in crime-fighting efforts. With concerted efforts and ongoing support, Madang police remain resolute in their mission to ensure the safety and security of the community.

The Bougainville region's quest for independence from Papua New Guinea was discussed in Parliament on Tuesday this week. Minister for Bougainville Affairs, Manasseh Makiba, explained the process for ratifying the referendum on Bougainville's independence, highlighting the need for parliamentary approval. He outlined the steps taken, including meetings and negotiations, to address issues such as voting procedures and decision-making majority. Despite some unresolved matters, such as the required majority for decision-making, efforts are underway to reach a consensus. The Minister emphasized the complexity of the issue and the need for thorough deliberation in Parliament to ensure a fair decision for both Bougainville and Papua New Guinea. He also addressed questions from fellow Members of Parliament regarding the government's handling of the process and assured them that progress is being made towards a resolution. The ultimate goal is for Parliament to adopt a sessional order outlining the referendum's ratification process, paving the way for a decision on Bougainville's political future. The Minister expressed hope that the 11th Parliament would reach a decision on the referendum this year, signalling a significant milestone in the Bougainville peace process. Once Parliament adopts the sessional order, it will remain in effect until a decision is reached or Parliament decides otherwise. While challenges remain, there is a commitment from both sides to work towards a resolution and bring closure to the longstanding Bougainville peace process.

Air Niugini, Papua New Guinea's national airline, marked its 50th anniversary with a steadfast commitment to providing reliable air transport services to the nation's people. However, recent online articles published by Pacific Guardian attempted to undermine the integrity of the airline, its management team, and Board of Directors. The report, titled "AIR NIUGINI CANCELS LEASE AGREEMENT AT COST OF REPUTATION OF FUTURE LEASES," published on February 17, 2024, contained several false and misleading allegations, according to a statement issued by Air Niugini. Air Niugini swiftly responded, refuting the claims, and setting the record straight. Key points addressed by Air Niugini include clarifications on the lease agreement with SkyUp Airlines, and contrary to the report's assertions, Air Niugini emphasized that the agreement is being honoured in full, with no early termination. Additionally, the airline underscored its satisfaction with the aircraft's performance, despite limitations at domestic airports preventing full utilization. Moreover, Air Niugini reiterated that it did not pay K30 million for 'extra two engines' as alleged, clarifying that the engines were provided free of charge by the lessor, and further dismissed claims of being on a 'lease blacklist,' emphasizing that no such list exists. Air Niugini also reaffirmed its dedication to overcoming challenges stemming from mismanagement and poor decision-making, reiterating that the management team, supported by the board of directors and Kumul Consolidated Holdings, vowed to introduce new aircraft to PNG by 2025. Meantime, Air Niugini warned against the spread of fabricated news and baseless accusations and emphasized its commitment to safeguarding its reputation and taking legal action against those responsible for disseminating falsehoods. As Air Niugini prepares to celebrate PNG's 50th anniversary of independence in September 2025, the airline remains focused on providing reliable air transport services and upholding its commitment to the nation and its people.