The Bank South Pacific wishes to clarify key facts regarding media reports about Puma Energy’s decision to lo close its account with BSP, dated Monday 22nd January 2024. Bank South Pacific (BSP) in a statement today said that they had given Puma a 90 days’ notice to close its company account on 9th June 2023 BSP states that the reasons for BSP’s decision are known to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit and have been communicated to the Government. At the request of the Government, BSP extended the deadline to 8 March 2024…
Author: Kerebi DAVID
The CPL board has come out to express its concern regarding the civil unrest and its effects on CPL, with Mr Stan Joyce Board Chairman of CPL Group highlighting that the seriousness of the current situation in PNG and the gravity of its impact. Mr Joyce stated that he is lost for words to describe the senseless criminal acts which have resulted in the destruction of 3 of their shops and the theft of merchandise on a scale never seen before in Papua New Guinea. He added that the rule of law is a prerequisite for operating a business in…
CPL the biggest retail network in PNG, operating since 1987 faced its worst day on Wednesday 10th January 2024. In light of the civil unrest in the Nation’s Capital on Wednesday 10th January 2024, CPL group of Company suffered devastatingly, which saw Stop and Shop Rainbow and Stop and Shop North Waigani looted and burnt down in flames, whilst Stop and Shop Badili and Harbour City looted and destroyed. Despite the devastation faced by CPL Group, Sir Mahesh Patel, OBE, and his team decided to open few of their shops that were not destroyed in the unrest, Stop and Shop…
Some Pacific nations are feeling the bite of El Niño through dry conditions, while others in drought get relief through above average rainfall. The southern Cook Islands has received below average rain for the last six months, despite rain last week. Meteorological Service director Arona Ngari said dry conditions are affecting the whole of the southern group, including Rarotonga. “What is normal for us is about 100 to 200 millimetres of rainfall per month, but that has actually gone well below 50 percent of the norm,” Ngari said. The met office had asked the community to conserve water, he said.…
NCSL is pleased to launch its new look and improved website today Friday 05, January 2024 at its Head Office in Port Moresby. The website is designed to provide an enhanced and user-friendly experience for its valued members. NCSL understands the importance of staying ahead in providing accessible and convenient financial services and in line with its digital transformation, the new website aims to meet the needs of its members by offering a seamless online platform to explore a range of financial products and services. Some key features of the website include: 1. Enhanced User Interface: The new website has…
Kumul Petroleum Holdings Limited has finalised all finance arrangements to conclude the purchase of an additional 2.6% equity in the PNG LNG Project. Kumul Petroleum Holdings Managing Director, Mr Sonk, highlighted that the Kumul Petroleum has been able to raise sufficient funds to close the deal for an additional 2.6% interest in the PNG LNG Project in a very tough international finance environment where the interest rates have risen to levels not experienced for a long time and an environment where the appetite for funding of any hydrocarbon project is becoming increasingly scarce. “This capital raising is a major transaction…
With PNG Games just two weeks away, provincial teams and clubs are hard at training preparing for these long-awaited games. Here in Port Moresby, the Enga Port Moresby Based Combat Kickboxing Club is also gearing up in preparations for the PNG Games. President Nelson Walen stated that some of his senior and top fighters will be representing Enga Province in the PNG Games which will be happening next year January 10th -20th 2024. With the Club registering over 13 wins in all the fights this year and being winner of the raising of the Champion Kickboxing Showdown recently in Bomana,…
The 6th Congregation of Toaripi circuit, Papuan Gulf Region had a wonderful Boxing Day celebration on Tuesday with the opening of their new Popo Luluapo United new Church Building. After 24 years of sweat, dedication, and prayer the people of Popo were finally able to see the opening of their new church building. The Official opening and Commissioning of the church building was done by Gulf Governor Sir Chris Haiveta and the ribbon cutting was done by Member for Kerema Open, Thomas Opa and Kerema Town Mayor Mr Sam Koraea. During the opening remarks Governor Sir Chris Haiveta highlighted that…
Climate change poses a serious existential threat to humanity especially for the Pacific Island Countries including Papua New Guinea (PNG), they remain the most vulnerable in the region. In response to this challenge, China and Pacific Island countries in the last two weeks converged in two significant events to address climate challenges in the Pacific under the China-Pacific Island Countries Climate Action Cooperation. These events, the ‘Second China-Pacific Island Countries Workshop on Climate Change’ and a ‘High-level Pacific Island Countries Climate Action Dialogue,’ were held in Liaocheng City, Shandong Province, China where representatives from Pacific Island Countries including PNG participated.…
Moresby North East Holdings, the business arm of Moresby North East District and National Capital District Commission have officially opened a Betelnut Wholesale market at 6-mile recently. The 6-mile market next to the Incubation centre was licensed by NCDC to operate as a wholesale for betelnut sellers from Mekeo and Kairuku to sell their betel-nut produce. The wholesale license was presented to Mr Peter Philip Director of Moresby North East Holdings by Ms Janel Awa, Director for NCD Community and Social Service. During the launching Moresby North East member John Kaupa said it took them 6 months of tireless efforts…