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PNG Business News - March 23, 2021
NASFUND Releases Audited 2020 Results
The National Superannuation Fund Limited (Nasfund) is delighted to release its full-year 2020 findings. The audited results for the year ended December 31, 2020, as reviewed by the Board at its meeting, included a Net Profit of K222.9 million and a Net Asset Value of K5.57 billion. Following these findings, the Nasfund Board of Directors approved a 4.5 per cent interest-crediting rate for the 2020 Financial Year, amounting to over K235 million, which has already been credited to members' accounts. On behalf of the Board, Chairman Charles Vee indicated that the findings reflected the Fund's most difficult year to date, especially in light of the weakened economy and the effects of the COVID-19 pandemic. “In response to these headwinds, I am pleased that the Fund has demonstrated once again strong resilience and exceeded its budgeted cash profit after tax of K266 million by K15 million due to tight control on operating expenses and lower tax costs,” he said. “The pandemic and other external factors beyond our control adversely impacted the economy which resulted in valuation losses of K155 million across our property and equities investments, including K38 million in additional provisions to comply with international accounting standards (IFRS 9), which was partially offset by foreign exchange gain of K97 million due to the Kina depreciating against other currencies. This resulted in an overall net valuation loss of K58 million which represents an additional 1.10 per cent crediting rate, members have missed out on. While the crediting rate of 4.5% has been achieved for our members, we remind members again of the benefit of locking away savings over a long period. The value of a member’s savings grows significantly through the effect of compound interest and additional contributions. I am pleased to inform our members that we continue to meet our investment target of achieving returns above CPI over a rolling five year period which on average is 5.7 per cent compared to CPI average of 5.4 per cent over the same time. Additionally, over the last five years, Nasfund has paid over K1.27 billion in interest to members and paid out K2.18 billion in superannuation entitlements to its members. We remind members that your long term Nasfund savings does have its benefits to ensure a comfortable retirement after active employment.” Other highlights for 2020 include: Contribution receipts increased by 2%, totalling K575 million. The membership base has grown by 3% to 604,587 contributors. The number of employers has increased by 7% to 2,576. Superannuation withdrawals increased by 22% to K469 million, compared to K384 million in the budget. The launch of a new logo. The opening of a new Member Services Center in Waigani, NCD, with plans to expand to Lae. Hagen and Goroka headquarters are being refurbished. A Memorandum of Understanding was signed with the Provincial Government of East Sepik to provide superannuation services to cocoa and vanilla farmers. The third Employer Awards Evening was a huge success. “In 2021, we are continuing our focus on enhancing our member services, including housing developments while actively seeking to grow our membership and new investment opportunities,” Vee said. “I would like to acknowledge the commitment of our CEO Ian Tarutia, the management team and staff for their hard work and support in delivering commendable results in 2020.” CEO Ian Tarutia said, “During this period of uncertainty, a lot of our employers had to take drastic action to keep afloat. Labour shedding and workforce rationalizing were initiatives taken by employers to remain operational during the COVID State of Emergency imposed last year. Additionally, fall in Oil Prices and the closure of Porgera Mine impacted companies like Oilsearch and Barrick Joint Venture and resulted in a large number of employees being laid off. As a consequence, while this placed pressure on our member services due to the increased volume of applications and enquiries, I am pleased to inform you that we paid all clean applications as and when they became due. On this note I commend our staff for their professionalism and empathy to meet member demands, during these trying times. I also acknowledge those members opting to not withdraw all their savings, managing themselves through other means and retaining a portion for their future benefit.” Tarutia also warned that, while withdrawals in 2020 were well managed, if Porgera is not opened in the near future and other major resource projects are not launched to stimulate the economy, more job losses will occur, and we may see a surge in withdrawals this year that exceeds what we paid in 2020. He added, “COVID-19 prevention and containment requires distancing from one another. This is a problem for our members as a majority do not have their own homes and live with extended family. Secondly, we are already experiencing the inadequacies of our current health system, as COVID-19 transmission rates escalate throughout the country. We already know how to grow members wealth, we have been doing this successfully since 2000 through late Sir Mekere’s superannuation reforms. Now it is timely to look at how we can assist members with quality homes they can afford. Not just release some of their retirement savings for housing, but provide a whole house, land package. The target audience will be first home buyers only. We should also be looking at investments in the health sector to look after members and their families when they are ill. A lot of our members are dying from preventable diseases. What is the point of saving for retirement when their health cannot be looked after?”
PNG Business News - March 19, 2021
Credit Corp Posts K22m Profit
After reporting a Core Operating Profit of K25.66 million for the 2020 financial year, Credit Corporation PNG has posted a net profit of K22 million. Credit Corporation CEO Peter Aitsi released the 2020 results, saying it represents the complexities of the COVID-19 pandemic during the year, as well as the group's determination to actively support PNG's SME business through these initiatives. Higher impairment charges as a result of a drop in economic activity across the Pacific and internationally have had a major effect on earnings. Despite the challenges of FY20, the group's balance sheet remained solid. The group's liquidity position improved by 64% to K230 million, funding rose by 3%, and the loan-to-deposit ratio improved to 92 per cent. The company is well-capitalized, with a liquidity and financing matrix that far exceeds regulatory requirements. The overall risk-weighted capital ratio rose to 32.6 per cent during this period. Due to the conservative approach to lending in the current climate, gross loan receivables (net of unearned interest) decreased by K54 million in 2020. Although stressed exposures as a percentage of gross loans increased, the group took a cautious approach by raising impairment provisions from K64 million to K119 million. In June 2020, the board announced a final dividend of 12 toea per share for 2019. This equated to a 7.1 per cent dividend yield. Given the economic uncertainty, the board agreed not to pay an interim dividend for the 2020 fiscal year. Aitsi said the challenges posed by the COVID-19 pandemic from the start of the second quarter to the end of the financial year had placed the company in an unprecedented position. “2020 has been an abnormal and unprecedented reporting period for us and for many others,” he said. “During the period, governments of countries where the group operates focused on preventive measures to keep people safe. Although essential, these restrictive measures led significantly to a decline in business activity. “Our immediate focus was to ensure the wellbeing of our people and our customers in addition to doing what we could to assist our customers experiencing financial challenges as a result of the COVID-19 situation,” he said. “I am proud of how we all pulled together to deliver service to our customers, and our businesses remained operational throughout this situation. We continue to make positive changes within the group to refocus on our core businesses and key markets, and to improve the group’s performance.” As the global and local economies recover, the group remains focused on maintaining a healthy balance sheet that offers a solid foundation for taking full advantage of growth opportunities. Importantly, with the economy projected to grow slightly in 2021, Credit Corporation is well-positioned to continue to serve customers and recover from the uncertainties of 2020.
PNG Business News - March 18, 2021
Kina Bank supports KTF education program for second year
Kina Bank has pledged support for the second consecutive year to the FODE education program administered by the Kokoda Track Foundation at the Motu Koita FODE centre in Port Moresby. The bank is funding the FODE program and providing mentoring by bank staff to students enrolled at the centre. The one-on-one mentoring program offers students the opportunity to connect with young and seasoned professionals across the bank who provide coaching, and help with their studies, assessments and to prepare for exams. Building on the success of last year, students have direct personal access to a mentor who can guide them on their path to success and help them reach their goals. "Our partnership with Kina Bank is that in every sense of the word. From vital financial support, to their innovative volunteer mentoring program and all of the 'small' ways they assist our work in between, we are proud to partner with Kina Bank and are delighted to continue developing our partnership this year," said KTF CEO, Dr Genevieve Nelson. "In these challenging times, we are poised to deliver a full year of learning to our students, committed to the safety of our students and staff. We are fortunate to have an incredible partner like Kina Bank by our side on this education journey." Kokoda Track Foundation reported to have enrolled 150, an increase in numbers from 2020. “Continuing the partnership with the Foundation for Motu Koita FODE was an easy decision for us, building further on the success of the previous year and to see through some of the students in grades 10 and 11 mentored last year,” said Greg Pawson Kina Bank Chief Executive Officer. “The bank is committed to helping create the workforce of the future by supporting the learning and development of young people in Papua New Guinea. Initiatives such as the Motu Koita FODE program gives a second chance to young people to attain high school certification and progress to higher education and eventually transition into employment with skills and qualifications. At Kina Bank we’re committed to supporting our communities.”
PNG Business News - March 16, 2021
KAML Makes A Profit of K3.3 Million
The Kina Asset Management Ltd (KAML) made a net profit of K3.32 million for the year ended December 31, 2020, thanks to a 6.2 per cent investment return. The achievement was made amid the Covid-19 pandemic and continuing geopolitical conflicts, according to KAML chairman Sir Rabbie Namaliu. Sir Rabbie praised KAML's investment strategy's diversification for providing a substantial measure of stability in a tumultuous year. He said, “Asset allocation was maintained close to the preferred portfolio asset weights of 40 per cent domestic/60 per cent international, the latter being held in Australian stocks and global indexed funds. For KAML, this meant overall capital losses were more than offset by dividend and interest income and strong foreign exchange gains. Bank of South Pacific, KAML’s core domestic shareholding, comprising nearly 20 per cent of the portfolio, generated a return of 13.3m per cent for the year. Credit Corporation also performed strongly.” Sir Rabbie, on the other hand, reported that Oil Quest and Kina Securities had experienced major reversals. “Oil Search, badly affected by the pandemic-related fall in the global demand for oil, reported a negative return for the fund of -39.6 per cent,” he said. “Offshore, the recovery in Australia was less strong than in other markets, notably the United States. The year ended with modest overall capital losses on the Australian component of the portfolio, but the strength of the Australian dollar and a series of gradual reductions in the PGK/USD trading band by the Bank of PNG, more than offset this.” Sir Rabbie reported that the net tangible asset backing per share was K1.59 as of December 31. “However, KAML’s price of K0.90 per share represented a substantial discount to the underlying value of the company,” he said.
PNG Business News - March 15, 2021
Pacific Towing Passes International Safety Audit
Nearly 5 years LTI free and with a record of continuously improving and fine tuning its safety systems, Pacific Towing (PacTow) recently passed its International Safety Management (ISM) Code audit. The voluntary audit was conducted in accord with the International Maritime Organisation (IMO), the United Nations agency specialising in maritime and shipping affairs. The aim of the audit was to assess the effectiveness of PacTow’s Safety Management System with regard to its vessels as well as its shore-based support. The audit was conducted in accordance with a variety of IMO standards and international industry best practice. HSSEQ Manager and Designated Person Ashore (DPA) Richard Hayka reports that the audit, which was conducted by HSE New Zealand, incorporated not only the ISM Code but also the International Convention for the Prevention of Pollution from Ships (MARPOL), the International Convention for the Safety of Life at Sea (SOLAS) and the International Ship and Port Facility Security (ISPS) Code. The audit was conducted online due to COVID-19 travel restrictions. Importantly, Hayka confirmed that the audit verified PacTow’s Safety Management System was in compliance with all mandatory rules and regulations. This is in line with the company’s expectation that it will be certified for ISO standards 9001:2015, 14001:2015 and 45001:2018 by midyear. The audit also found that all annual vessel surveys were up to date and in accord with the National Maritime Safety Authority’s (NMSA) requirements. Furthermore, statutory certificates reviewed as part of the internal audit were found to be valid, and company records verified that all policies were properly implemented. Adding to the safety credentials of PacTow, is the recent employment of an Operations Manager with considerable international oil and gas sector experience, including emergency response – Captain Marcelo Santini. Together, Hayka and Santini are getting ready for another audit; they are preparing PacTow’s dedicated tug base at Motukea, Port Moresby for an International Ship and Port Facility Security (ISPS) gap audit. Hayka says that he expects certification for this next audit to be achieved by the end of Q3 this year. To learn more about Pacific Towing and its safety credentials: www.pacifictowingmarineservices.com
PNG Business News - March 15, 2021
Employee Financial Wellbeing Linked to Profitability
Did you know that employee ‘money worries’ associated with poor financial wellbeing can negatively impact business profitability? Financial literacy training is a relatively easy and cost-effective solution to improving employee financial wellbeing and thus mitigating the negative effects of ‘financially stressed’ staff. Helping your employees access responsible loan products – some of which are now available in PNG via new and ethical personal lending start-ups – also has a role to play in their financial wellbeing. The effects of financial stress and poor financial wellbeing on employees can be as great as physical sickness. Many employees admit that they spend several hours each week dealing with financial issues while at work. A 2020 survey by PwC revealed ‘money worries’ to be the biggest cause of employee stress and that the stress is a major distraction at work. It is estimated that over 80 percent of the PNG workforce is experiencing some level of financial stress. How Does Poor Employee Financial Wellbeing Impact Business Profitability? Financial wellbeing is closely linked to financial stress. It is estimated that employee financial stress is costing Australian businesses $31.1 billion annually. Whilst specific data does not exist for PNG businesses, we estimate it to be high. We also know that financial stress takes a toll on employees’ health—both mentally and physically – as well as on business health. Employee financial stress contributes to increased absenteeism, lower quality work output, decreased productivity, increased staff turnover and associated recruitment and training costs, as well as even workplace theft. Studies show that employee financial stress is costing businesses up to 19% of their payroll costs! A financially stressed workforce is therefore bad for the bottom line. What exactly is financial wellbeing? Financial Literacy Australia defines financial wellbeing as when you are: able to meet expenses and have some money left over; in control of your finances; and feeling financially secure, now and in the future. Financial literacy, that is, a personal’s ability to understand and effectively use various financial skills such as saving, budgeting, investing and responsible borrowing, underpins financial wellbeing. The business solution Financial literacy is key to reducing financial stress and improving financial wellbeing. Providing employees with financial literacy education is also part of being a socially responsible employer as well as an employer of choice. Significantly – and especially in PNG’s current economic climate – equipping staff with the right skills to understand and competently manage their personal finances will also impact positively on your bottom line. Solomon islands business – financial literacy success story In neighbouring Solomon Islands, food manufacturing company SolTuna (one of the country’s largest employers) significantly cut staff absenteeism and consequently improved productivity, increased revenue, and cut costs largely via a financial literacy program. Prior to receiving financial literacy education many staff were taking days off work because they couldn’t adequately manage their pay to last them from one pay cycle to the next. Absentee staff were raising additional money in other ways such as selling produce at local markets in order to make ends meet. On fortnightly paydays, many workers would head to the bank or the market instead of the workplace when their pay checks are deposited to do some much-needed shopping or pay off creditors. Overall, the program was considered a great success by not just SolTuna but also by its employees. Additional ways to improve employee financial wellbeing There are other ways in which employers can facilitate the financial wellbeing of their employees in addition to providing them with financial literacy education. A good benefits package is a must. Performance incentives in the shape of bonuses, and clarity about pay bands are a great starting point. Offer competitive salaries. This one might sound obvious—and expensive—but, it is worth the effort. Give employees time off (or flexible work schedules) to allow them to put their finances in order – be it visiting the bank to set up internet banking or to pay out a high interest loan. Incorporate financial advisers in to your broader wellness or employee assistance program. Assist employees with their tax returns. Even understanding payslips can be complex for some employees—helping employees to understand their payslips can reduce the burden of stress. Encourage (and better still, facilitate) responsible borrowing – especially personal lending which in PNG, can attract interest rates of up to 50 percent per fortnight! Facilitating responsible borrowing Access to affordable credit is a right not available to the majority of PNG employees. As such, and in combination with poor financial literacy, staff often turn to unethical ‘pay-day street lenders’. Street lenders typically charge extremely high interest rates (up to 1000 percent per annum) and often ‘over lend’ exacerbating and perpetuating unsustainable debt burdens. Many PNG businesses offer in-house employee loans to mitigate the risks posed by unethical pay day lenders. However, the administrative burden of managing loan books can be high. An alternative is now available via personal lending start up – Savi Moni. Responsible lender offers financial literacy education Newcomer to the PNG Lending market, Savi Moni’s personal loan solution was developed to help corporate sector employees take control of their finances and enjoy financial wellbeing whilst simultaneously reducing the negative business impact of financially stressed employees. “We want to give employers and employees a beneficial staff lending solution that incorporates financial literacy to help avoid future financial stress” says Founder, Nick Keane. Born and bred in PNG and with several in-country business experiences, Nick understands the problems that staff loans cause for businesses as well as the financial stress generated for many PNG households. He is passionate about creating an improved sustainable solution. Financial literacy education is a central component of the Savi Moni loan product, with a PNG specific formal ‘family money management’ workplace training, delivered by Australian Business Volunteers (ABV) available to interested employers. The training has been developed specifically to suit the PNG context and to help families strengthen skills in planning and saving for the future, as well as seeking advice about money and finance. Savi Moni’s financial literacy education offers a gender inclusive approach, encouraging men and women from family groups to participate collaboratively. In addition, Savi Moni offers ‘Moni Savi’ - a range of free resources and tools on their website, targeting for both employers and employees to help improve financial literacy and reduce financial stress. Summary Improved financial literacy in combination with responsible borrowing contributes significantly to employee financial wellbeing and helps mitigate the negative business impacts of a financially stressed workforce. There is a clear business and social case for supporting employees’ financial wellbeing and for partnering with responsible personal lending services such as Savi Moni – which has financial literacy education firmly embedded in its loan products. To learn more: www.savimonipng.com.
PNG Business News - March 05, 2021
BSP Expecting Positive Financial Results In 2021
Bank South Pacific (BSP) Group expects its financial results to be no less than last year’s.This was according to BSP chief executive officer Robin Fleming, who said that the year started off well for the bank. Ending December 31, 2020, the bank made a net profit of K806.2 million, a 9.5 per cent decrease compared to K890 million in 2019. The decrease was caused in part by the effects of the pandemic. Other highlights for 2020:Total assets up by 12.3 per cent and loans up 3.0 per centCost to income stable at 37.4 per cent, 37.7 per cent in 2019Capital adequacy steady at 23.3 per cent, still well above the Bank of PNG requirement of 12 per centLoan provisions increased to 5.9 per centDividend yield at 11.17 per cent based on the share price at K12Increased profit contributions.Fleming said that even with the challenges of COVID, the bank performed well in 2020. “For 2021, we’ve certainly planned on archiving a result which is no less than 2020,” he said. “And the year has started off well and from an investor perspective always caveat by saying that if there had been any material change in our profitability, we would be compelled under the continuous disclosure (requirement) to announce to the market. Therefore absent of any continuous disclosure announcement, we can say that this year has started off as we would have expected according to plan.”He noted, “There has been no event that gives BSP indication to signal to the market that there’s been a change in our operating performance which would require to make a disclosure to our investors.”
PNG Business News - February 17, 2021
Order Your Pizza Online, With Kina Bank’s Internet Payment Gateway
Port Moresby residents have been ordering pizza from small business Little CEO Pizza with a touch of a button via Kina Bank’s online payment platform. The local pizzeria collaborated with the bank last year to launch their online internet payment platform that enables individuals or families to simply place and pay for their pizza orders on the Little CEO Pizza website while at home. Owned by four-year-old Barack and managed by his mum and Chief Executive Officer of Emstret Holdings Limited, Vani Nades, The Little CEO is a small business that strives to make their customers feel welcome and cared for by pushing boundaries to provide a better customer experience. “As a business need we want to move with technology,” said Vani Nades. “Being able to integrate the Internet payment gateway with Kina Bank makes it a lot easier for our customers to order online - that makes it more efficient and productive. We are grateful for Kina Bank, a bank that truly understands small businesses and helps our business reach our goals and grow together.” The internet payment gateway is Kina Bank’s e-commerce platform that provides a cashless, convenient and more secure way of paying for goods and services. It’s a modern end-to-end payments solution that is safe, fast and secure - enabling an overall better customer experience. Little CEO Pizza is a great example of how businesses can build their capabilities to improve customer service and enjoy a cashless revenue collection system protecting their business from any risk associated with cash. Kina Bank’s Chief Transformation Officer Ivan Vidovich commented on the payment platform saying, “Kina Bank is committed to building PNG’s digital bank of the future and having e-commerce offerings such as the internet payment gateway for our customers is a step in building that digital future.”
PNG Business News - February 17, 2021
Member Engagements Begin
With a focus on engaging more with its membership in 2021, the National Superannuation Fund, Nasfund, has begun its member engagements.In addition to online presentations via Zoom, the Fund’s Client Relations Team has commenced conducting shop-floor presentations, in accordance with COVID-19 protocols. Whilst the shop-floor presentations cover a range of topics, a specific emphasis has been placed on the need for contributing members to ensure that Membership Details are updated and correct. According to the Fund’s Chief Officer Member Services, Anne Wilson, member engagements will be a priority this year.“After a somewhat restricted year in 2020, we are excited to once again begin our physical and online interactions with our members, all across the country. Through our employer engagements, we are providing them updates on how we can all work together to secure retirement savings for our membership, and also how the Fund is adding value to their membership whilst they remain in active employment, through services such as the Membership Discount Program, MDP.This provides the opportunity for us as the custodians of their retirement savings to provide an overview of how we are adding value to their membership, and also get feedback from our members on areas where they think we can improve on, to serve them better.Employers who contribute to Nasfund, and those who want to begin contributing to Nasfund, are encouraged to contact us, to organize a presentation to their staff, at a date and time, that suits their schedule.We are excited at the opportunity to once again meet with our members in 2021, and look forward to working together for the benefit of our membership right across the country.”Contributing employers who would like to know more about what the Fund is doing, are requested to contact the Nasfund Client Relations Team on firstname.lastname@example.org to organize a presentation.
PNG Business News - February 17, 2021
Update Contributions on Time, Utilize Employer Portak
The National Superannuation Fund, Nasfund, is reminding employers to ensure that superannuation contributions are paid on time each month, in line with the Superannuation Regulations.In outlining the Fund’s employer engagements for 2021, Nasfund Chief Officer Member Services Anne Wilson is encouraging employers to ensure that superannuation payments remain a priority for all employers throughout the country.Timely updating of member contributionsUnder Section 78 (1) of the Superannuation Act, “Subject to Subsection (3), an employer shall remit its employer contributions to the ASF within 14 days of the end of each calendar month.”Nasfund is encouraging all contributing employers to remit superannuation contributions before the due date.An entity who fails to do so is guilty of an offence, and can be referred to the Bank of PNG.Employer Online Portal Contributing Employers to Nasfund are encouraged to utilize the Employer Online Portal, EOL, when updating their superannuation contributions as the portal provides a convenient channel for submitting, and updating employer contributions.The portal is available 24/7, and speeds up the process of allocating funds to member accounts.Employers can also utilize the EOL to update their member details for new staff, and exiting members. Employers that do not have access to the EOL are encouraged to email email@example.com or their Nasfund Account Manager to register for this service.According to the Fund’s Chief Officer Member Services, Anne Wilson, it is important that all employers partner with Fund to ensure all contributions are updated, for the benefit of all members.“As the leading superannuation provider, we are providing the platforms for our contributing employers to access superannuation services easily. The EOL is our way of ensuring that employers take ownership of ensuring that their employee details, and contributions are updated regularly, and in line with Superannuation regulations. As part of our engagements this year, we will be encouraging all contributing employers to register, and utilize the Nasfund EOL. We look forward to continuously working closely with all our contributing employers to ensure that our members contributions are updated in a timely manner.Let’s work together so that our members are ready for retirement.”
PNG Business News - February 15, 2021
Moni Plus Seeks Independent Directors
Heduru Moni Limited T/a Moni Plus is welcoming applications from experienced candidates for the role of Independent Board Director. Heduru Moni Limited T/a Moni Plus is a licensed financial institution under the Banks and Financial Institutions Act (amended) 2000, and providing financial services to its clients throughout Papua New Guinea having branches in Port Moresby, Lae, Mt Hagen, Kokopo and Alotau. The company provides the following products and services:Personal Loans SME Financing Asset Finance Term DepositsFinanciers Guarantee Foreign Exchange Loan Against PropertyIn order to enhance its Corporate Governance structure, the company would like to invite qualified and experienced professionals with impressive track records in the fields of Banking & Finance, Business Management, Audit, Risk & Compliance and/orLegal as an Independent Directors. To be considered, an applicant must be able to demonstrate his/her suitability for the role vis-à-vis:Essential Skills Audit and Risk Management preferable in the Financial Sector ICT, Project Management and Disruptive Business Modelling Finance and Investment Management Corporate GovernanceJob Requirements Have a comprehensive appreciation of the responsibilities of a Director, plus the willingness and commitment to devote the time necessary to fulll the required duties Maintain compliance with external regulations and internal policies Be conversant with BPNG prudential standards BPS 300 Corporate Governance Appointing and assessing the CEO Establishing compensation for executives Must be a current member of a professional organization such as PNGID, AICD or GIA Overseeing the Company’s operations including its controls and accountability system Ensuring that the Company has appropriate Board and Management succession plans Approving the Company’s budgets and business plans and monitoring the management of the company’s capital, including the progress of any major capital expenditures, acquisitions, investments or divestments Establishing procedures to ensure nancial results are appropriately and accurately reported on a timely basis in accordance with all legal and regulatory requirementsProviding Strategic direction for HML Providing oversight to the company’s policies and standardsQualifications Minimum BS/BA in business administration or LLB or related eld; master’s degree preferred; Meet the Fit & Proper Requirements of BPNG Be a professional member of the PNG Institute of Directors Have a good understanding of the PNG economy Have a minimum of 5 years’ experience on the Board (preferable) Have experience at a senior leadership level Have a good understanding of PNG’s nancial services sector & PNG’s socio-economic trendsWomen are highly encouraged to apply!Please address all applications to the Nominations & Succession Committee, Moni Plus, PO Box 1748, Boroko, NCD or email firstname.lastname@example.org, Telephone: 313 2900 Fax: 323 3438. Applications close on 31 March 2021.
PNG Business News - February 09, 2021
Weir Minerals Launches New Modular Anti-Abrasion Panels
Fully customisable, high-performance anti-abrasion solutionsWorking closely with customers in the mining and minerals processing sectors, Weir Minerals’ expert engineers have developed high-performance wear panels for use in all medium- to high-wear applications. The new modular anti-abrasion panels are ideally suited for localised impact and wear points, and assist in the suppression of noise and vibration. The modular anti-abrasion panels are manufactured from Linathane® polyurethane or Linard® HD60 rubber, materials engineered for superior abrasion, cut and impact resistance. The Linard® HD60 panels feature compression moulded natural rubber, with embedded high chromium white iron or ceramic wear resistant blocks for long wear life. The all-polyurethane Linathane® panels feature an orange base with a blue wear indicator layer to assist with maintenance scheduling. These modular panels are easy to fit and replace, and use a self-sealing design to reduce both installation time and costs. Each panel measures 300mm x 300mm and is available in 30mm and 50mm thicknesses to ensure the best fit for specific operating conditions. The interlocking plug design ensures easy alignment, and the secure fastening mechanism reduces the chance of fine material ingress between panels to promote even wear patterns. Each modular anti-abrasion panel solution can be customised to suit specific lining requirements, including availability of a range of arc studs attached to plugs and left and right corner panels.Product design featuresModular panels use a premium quality rubber compound providing superior performance in areas of abrasion, impact and wearLinathane® is a premium quality polyurethane that has an anti-friction compound for use in areas where hang-ups and sticky ore occurHard wear surface for use in a variety of applicationsExcellent noise and vibration dampeningMinimal downtime and loss of productivityQuick and easy to fit and replace, utilising a simple panel and plug fixing mechanismSupplied in convenient ‘kit’ form, complete with a range of arc studs attached to plugs to suit the applicationA cost-effective and practical solution for reliningAll panels can be used across a variety of applications to create a truly customised wear solutionProduct rangeHigh Wear Areas - Linard® HD60 rubber panels with embedded high chromium white iron or ceramic wear resistant blocks. Medium Wear Areas - Polyurethane Linathane® panels. Low Wear Areas - Linard® HD60 rubber panels.
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PNG Business News - February 07, 2021
Newcrest Mining’s Community Support Fund: the power of partnerships in PNG
Newcrest Mining Limited recognises the critical role that partnerships play in delivering sustainable outcomes in Papua New Guinea. Since the establishment of its K20 million Community Support Fund (CSF), Newcrest has assisted host communities in their response to the COVID-19 pandemic through partnerships with all levels of Government and major donors. Our relationships with national, provincial and community partners have supported the delivery of much needed assistance to our communities and frontline workers on the ground. To date, approximately K7 million has been disbursed under the Community Support Fund. Newcrest recognises that the impact of COVID-19 is likely to be long term. We are making sure we pace the funding for initiatives to address emerging needs as the pandemic evolves.“Partnerships are essential for our K20 million Community Support Fund, through which we are seeking to do our bit to help Papua New Guinea in this time of need,” said Newcrest Chief Operating Officer (PNG) Craig Jones.Since the Fund was established earlier this year, Newcrest has strengthened relationships with UNICEF, Australian Doctors International (ADI), St John Ambulance and the Provincial Health Authorities. Through these collaborations, essential medical supplies, equipment, and personal protective equipment (PPE) have been distributed to frontline health workers and communities in New Ireland, East New Britain, Morobe and the National Capital District. At the national level, Newcrest has contributed K1.2 million to UNICEF to provide frontline workers with essential PPE across all 22 provinces. An additional K1.1 million will fund life-saving ventilator equipment for the country’s two largest hospitals in Port Moresby General Hospital and ANGAU General hospital in Lae, Morobe Province.The Company recently committed K460,000 to St John Ambulance to provide critical training for ambulance officers in order to meet the high demand for first responder services in NCD, Morobe and East New Britain. This means St John can recruit and train 10 professional ambulance officers for Morobe. This complements the commitment made by Lae Open Member Hon. John Rosso MP, the Lae City Authority, Morobe Provincial Health Authority and the PNG-Australia Partnership towards the establishment of St John services in Morobe Province.On Lihir, Newcrest is working in close partnership with the Nimamar Local level Government (NLLG). Through a co-funding agreement, Newcrest and NLLG are renovating and upgrading nine local aid posts and two community health centres, and providing essential medical supplies and equipment to these facilities. This will ensure that the local communities of Lihir have ongoing access to quality health care services.
PNG Business News - February 03, 2021
Update Details, Get New ID, Benefit from Nasfund MDP
Contributors to National Superannuation Fund, Nasfund, are reminded to update their membership details to ensure important information such as member contact details, address, and more importantly, member beneficiaries are included and are current.Nasfund Chief Officer Member Services Anne Wilson made this call when outlining the Fund’s Member Service engagements for this year. Nasfund intends to increase our engagement with our members throughout the country, through shopfloor presentations within covid-19 safety protocols, and online via Zoom. This will be done regularly to update our members on what the Fund is doing to add value to your membership. The updating of member details and the need for a Nasfund ID card will be at the forefront of our engagements in the coming months.Member Detail Update Exercise + Nasfund IDWith the Fund now increasing electronic and physical engagements with members this year, there will be a focus on getting members to update their details – via the Member Detail Update Form (MDUF). The form can be downloaded on the Fund’s website via the following link: https://nasfund.com.pg/wp-content/uploads/2020/10/Member-Details-Update-Form.pdf Members who update their details are also encouraged to get a new-look Nasfund ID card.In addition to being an official Nasfund member ID card, the Nasfund ID can also be used by our members to save money through the Fund’s Membership Discount Program.This is our way of adding value to our members while they remain in active employment.Member Detail Update Exercise & Nasfund IDAlthough superannuation is primarily for retirement, we recognize that our members need value for their membership in active employment.We are improving our Membership Discount Program so that our members can save that extra Kina now, wherever they are. Our MDP offering is across the retail, wholesale, hardware, transport, tourism & hospitality, and medical sectors. In essence, we are taking care of our members now, so that they are ready for tomorrow (retirement).All you need to do to utilize our MDP is to present your Nasfund Membership ID Card to our MDP providers.
PNG Business News - January 27, 2021
New International Ops Manager at Pacific Towing
International Operations Manager, Captain Marcelo Santini, brings with him 35+ years maritime experience from South America including valuable oil and gas expertise.Pacific Towing – the Marine Services division of Steamships Limited – has added an International Operations Manager to its team. Captain Marcelo Santini will help ‘PacTow’ take advantage of international project opportunities, further increase its salvage capabilities, and add to the company’s Oil and Gas expertise. Captain Santini is a Senior Master and Salvage Master and has 35+ years maritime experience (river and open ocean). He has operated a great variety of vessel types: Ocean Going Tugs, Harbour Tugs, Push Tugboats and 32 barges convoy, AHTS’s, PSV’s, Tankers, Containerships, Dredges, Buoy Tenders, Sand Vessels, Passenger, Mix Passenger, RoRo, and Bulk Carriers.Captain Santini’s last 25 years have been dedicated to towage and salvage throughout South America. He’s worked on salvage projects the scale and likes of which have not been seen in Melanesia, including a multi-vessel river collision resulting in a fire, loss of life and the unloading of 3,000,000 litres of gasoline, as well as requiring towage through water less than 1 metre deep. Importantly, Captain Santini increases PacTow’s oil and gas expertise having not only crewed on LPG vessels but also having towed them.Originally from Argentina, Captain Santini has relocated to PNG with his wife and two young children. He speaks four languages; his native Spanish as well as English, Italian and Portuguese.