Although its a priority of the Government to ensure tax revenue is adequate to fund priority development projects, the increase Corporate Tax for Commercial Banks to 45% was put through without proper consultation, and will in the long run, see commercial banks struggle with its services to customers. That’s from Kina Bank Chief Executive Officer (CEO) and Managing Director Mr. Greg Pawson when highlighting the potential impacts on Kina Bank as a result of this increase in Corporate Tax. “The reality is that we are a public listed company, and we rely on our shareholders to continue to invest, we…
Author: Emmanuel MAIPE
The BSP Financial Group Limited (BSP) continued to record yet another profit in 2022 despite all the challenges the year brought . The BSP group Acting Chief Executive Officer (CEO) Mr. Ronesh Dayal, said the group recorded a net after profit of K1billion, which is up 5.7% from 2021. He made these remarks today when presenting the group’s 2022 Full Year Results Mr. Dayal said, “This good result is attributed to the reopening of the borders post COVID and the improved economic activities.” “Although the results were good for 2022, it could have been better.” “The results were impacted by…
Prime Minister James Marape has made a call to the criminals responsible for holding hostage Australian Professor Bryce Barker, alongside fellow members of his research team in the Southern Highlands province, to surrender to police immediately before the law catches up with them. He said what had happened was serious and now the second phase of this operation will be to have those criminals arrested and charged accordingly. Marape said the first phase of the operation was completed with the release of the three hostages, including the Professor Bryce Barker. Prior to their release, the criminals had released the first…
Home at last, the last remaining hostages taken by criminals in the Southern Highlands have been released unharmed by their captors and are now back safe in Port Moresby with their families. Prime Minister (PM) James Marape was at hand to receive them this afternoon at the APEC Terminal. Marape said the work to have them released was a joint effort by police, the defense force and the provincial governments of Southern Highlands, Western and Hela provinces. “I want to thank the police commissioner, his men and women, the defense force commander and all his men, governor Undialu and all Hela leaders and a host of…
Home at last, the last remaining hostages including Professor Bryce Barker taken by criminals in the Southern Highlands have be released unharmed by the criminals and are now back in Port Moresby with their families. PM James Marape was at hand to receive them this afternoon at the APEC Terminal. Marape said the work to have them released was a joint effort by police, the defense force and the provincial governments of Southern Highlands, Western and Hela provincial governments. Marape also said a sum of cash was given to secure their release, but it was not the full amount of…
The proposed media policy, although the government said its to help improve media reporting in the country, contains some provisions that have raised concerns from the Papua New Guinea (PNG) Media Council, the mainstream media and think tank organizations such as the PNG Institute of National Affairs (PNG INA). The Executive Director of PNG INA Mr. Paul Barker said that there are some parts of it that are relatively harmless, but he certainly believes that there are issues that are related to media control, which is problematic. Mr. Barker pointed out that one topic mentioned in the policy that he is questioning is defamation, which he said does not need to be…
Thousands of city residents in Port Moresby will continue to endure the water rationing and power load shedding for an indefinite period. According to PNG Power Limited, the system operations team reported that power load shedding will continue in the city until the blockage at the Rauna power station, caused by the recent heavy rains, is fully cleared. That work is ongoing with no confirmation yet as to when it will be completed because the blockage is quite big. The power company stated that the blockage was caused by huge boulders and debris that were washed down from the PNG…
The rate of life insurance coverage in Papua New Guinea (PNG) is very low and it’s a concern because workers should at least have some form of insurance to cover them and their families should there be any emergency cases, or in the event of a death. This was the message from BSP Life PNG Country Manager Mr. Nilson Singh, who revealed that less than 3% of the country’s population have some form of life insurance coverage. He said that life insurance is important and people who are employed must at least have one. “Life insurance is all about protecting…
The cluster of debris at the PNG Power Limited Rauna one and Rauna three upstream gate at the Hydro power station has resulted in water shortage experienced this morning in the city of Port Moresby. This has been confirmed by PNG Power Limited this morning. This situation is usually experienced after heavy rains during a period of time, causing the dam to overflow and forcing PPL to release the access water, which then lead to debris in the water. Thousands of city residents this morning woke up to no water in many parts of the city. It is still not…
The government had remained silent over the fuel shortage issue until the final hours of today that the Acting Prime Minister John Rosso assured the nation of the governments intentions to restore the much-needed fuel supply by this evening. Before the assurance came from the government, PNG Power Ltd warned people living in the outside centers of the country that they had no choice but to brace for the worst, should the fuel crisis continued to remain unsolved. That was the word from the PNG Power Limited (PPL) Chief Executive Officer (OIC) Mr. Obed Batia, who said that the power…