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City Pharmacy Group (CPL) has announced a K23million trading profit.

In a statement, CPL said the Group declares a full and final dividend of 4toea per share after recognizing a K23m trading profit.

This they said is a 15% increase in comparison to 2020, despite increased competition, substantial surges in the cost of purchases, freight costs and Covid-19.

Total Group sales were 0.3% lower than 2020, yet the business was able to exceed the prior year’s trading profit whilst maintaining the net gross profit margin in line with 2020.

From its subsidiaries, key brands City Pharmacy generated 12.3% revenue growth compared to 2020 and Hardware Haus successfully attained a 4.2% increase in revenue.

Supermarket brand, Stop & Shop reflected a decline in sales but continues to be the preferred shopping destination in Port Moresby.

Chairman of CPL Group, Stan Joyce said the Board remains confident that despite the operational challenges and future growth prospects, CPL Group remains positive and will continue to promote opportunities for sustainable business in our day to say operations and advocacy through the CPL Foundation.

Key highlights from 2021’s challenging year saw Mr Navin Raju promoted as Group CEO taking over from Sir Mahesh Patel.

Joyce said CPL Group brands will continue to be the preferred shopping destination by delivering, outstanding value and exceptional customer service for our communities, customers, suppliers, and team members and will keep focused on ensuring shareholder value as we venture into the next 12 months.

Susurunga Primary School in New Ireland has a new hall.

The hall was recently opened by Namatanai MP, Walter Schnaubelt witnessed by students, teachers, school board and locals in Matalai LLG.

The hall is a commitment by the Open MP.

The school hall cost K70,000 and is funded by the Namatanai District Development Authority.

MP Schnaubelt expressed gratitude to the Susurunga school Board and Administration for utilizing the fundS for a vital facility.

“The hall is built as a result of prudent management and priority planning by the school authority”, said MP Schnaubelt.

“This is a classic example of building a better future for our children, the hall must be used wisely for the benefit of students, teachers and the local community”, said MP Schnaubelt.

The Namatanai MP said if schools in the District perform to expectations by using funding intended for development and improve learning, the DDA will step in to assist in building schools.

Susurunga School Head Teacher, Bruno Willie thanked the Namatanai DDA for funding the new school hall.

Mr Willie said the project team and local LLG President, Augustine Topi ensured the project was completed successfully.

Willie also mentioned additional projects include a new library, teachers houses, toilets and fencing around the school premises.

Meanwhile, MP Schnaubelt announced a commitment of K100,000 for Susurunga Primary School and K20,000 for Litoron Elementary School.

A recently retired Papua New Guinea Defense Force Soldier on Friday announced his intention to compete in the National General Elections 2022 in the National Capital District.

Chief Warrant Officer, Allan Nanguromo made the announcement in front of family and close friends.

“I have reached the pinnacle of my career in the military, securing the highest rank in the Non Commissioned Officers rank and file.

“It’s now time for me to move on, ” he said.

Nanguromo has spent over thirty seven years with the Papua New Guinea Defense Force.

He joined the force in the 80s’ as a young private and made his way up the ranks.

Chief Warrant Officer is the highest rank among the Non Commissioned Officers rank and file.

The conviction to contest the National General Elections 2022 sprung from reflections on what the future will be like for today’s children.

“Countless leaders have come up with policies after policies that they haven’t lived up to.

“The number of youths who are unemployed continue to rise as we don’t have a plan for them.

“We need to start planning the future of the children who are currently in primary schools.

“We have plans but you can only do so much. Getting into parliament is the only way to push these plans and help secure a sound future for the future generation of PNG.

Nanguromo will contest the Moresby North West Electorate with the theme “For the Children of Tomorrow”.

A Memorandum of Understanding signed today between Nasfund and the Center for Excellence in Financial Literacy (CEFI) is desired to produce advocators of the savings culture.

Sixty (60) employees from Nasfund will undergo a Training of Trainers Program and then provide financial literacy training to over 62,000 Nasfund members.

This program is aimed at equipping and upskilling Nasfund Staff on planning, delivering and monitoring financial literacy for Nasfund members.

The MOU is for a 12 month period and was signed by Nasfund CEO, Ian Tarutia and CEFI Director Saliya Ranasinghe.

“The importance of saving for retirement is a priority for the Fund when engaging with our members right across the country.

“This is why working with CEFI is especially meaningful for our staff to drive financial literacy to our members, ” said Nasfund CEO Mr. Tarutia.

Funding of K8 million has been committed by the National Government to build a road linking Maramuni in Enga Province and Karawari in East Sepik Province.

The announcement by Prime Minister James Marape comes three weeks before the Issuing of Writs for the 2022 National Elections.

Speaking at the launching of yet another road link connection Maramuni and Wabag in Enga, PM Marape said his Government is connecting rural Papua New Guinea like never before under its signature ‘Connect PNG’ program.

“We are trying to connect all rural areas right throughout the country, in this year’s Budget, we have allocations for 163 roads throughout the country,” PM Marape said.

The 57km road linking Maramuni and Wabag crosses some of the most-rugged and difficult terrains in the country and was done at minimal costs by the Wabag District Development Authority (DDA) and Enga Provincial Government.

The Maramuni Health Centre Project was also launched during PM’s visit.

Sixty-two participants in Talasea District have completed a SME training in West New Britain.

The training was facilitated by Small to Medium Enterprises Corporation in partnership with Buvusi AOG Church.

Speaking during the closing SMEC Managing Director Petrus Ralda said the training is necessary for people to start or improve their business. He said people cannot continue to depend on Government systems to improve their livelihood.

“We are blessed with many opportunities but yet we do not make wise decisions”, said MD Ralda. He said the training is designed to evolve in this challenging business environment. Mr. Ralda echoed concerns of cultural obligations as a key factor in many businesses drowning.

“We can change this”, said Ralda. He urged participants to take initiative and be creative and innovative following this training.

“Discipline in business is very important for any individual to startup a business”, said MD Ralda.

The SME training was conducted in Kaibo outside Kimbe Town and other at Buvusi. 20 participants attended at Kaibo while 42 at Buvusi.

Late last year West New Britain did a ground breaking ceremony for a SME Incubation Centre to be built in Kimbe. This would see interested individuals to seek help to broaden their business or how to start a business.

The Incubation Centre is expected to be completed this year and opened for business.

SMEC also signed an agreement with the West New Britain Provincial under the Commerce Department.

Nasfund Board Chairman, Charles Vee has clarified the facts surrounding the daily newspaper’s headline dated 30th March 2022 with reference to the acquisition of 50% share in State Owned Entity Telikom Limited.

He says Nasfund is undertaking an Independent Due Diligence exercise of the offer at this point in time to ensure it satisfies the investment objectives and investment criteria of the Fund and no formal offer has been given to the Vendor as yet.

He added that the focus of discussions and consultation to date are situated around the determination of a fair transaction value of the newly proposed merged Telikom and B-Mobile businesses.

Vee said discussion around equity participation and governance framework required by Nasfund to make the proposition attractive, shall not happen until the “Due Diligence” process is completed.

Independent findings of the due diligence alongside Nasfund’s Licensed Investment Manager and Nasfund’s Investment Committee and Board of Nasfund as required under the Prudential Standards from the Central Bank of Papua New Guinea is still work in progress.

Chairman Vee highlighted that the fund is pleased to engage in Nation Building and this proposal provides that opportunity for the fund to make a positive contribution as an Institutional Investor.

However, the Fund has a robust investment process to follow and unless and until the fund gets to the end of that process; the newspaper article does not fully represent the Fund’s interest and position to participate in the transaction.

Over 11,000 BSP SME Deposit customers will see a reduction in bank charges starting tomorrow (1st April 2022)

Despite the National Government introducing the Company Tax under which BSP will now pay K190 million per year, BSP CEO Robin Fleming said BSP recognizes the importance of providing its customers with cost effective services.

“Our SME BSP customers will enjoy a reduction on their Monthly account service fees by K7, from the current fee of K15 per month to K8 per month. They will see a reduction in the fees for an in Branch Eftpos Withdrawal fee from K4 to K2 and Branch Withdrawal Fee from K3 to K2,” BSP CEO Robin Fleming said.

SME Current customers will see a reduction of K2 from the K10 and will only be charged K8 for the Monthly Service Fee. In Branch Eftpos Withdrawal fee from K4 to K2 and Branch Withdrawal Fee reduced from K3 to K2.

Similar reductions will be applied to BSP Personal Account Customers starting tomorrow.

The reduction of fees doesn’t mean BSP will increase fees in other products and services.

Nambawan Super Limited (NSL) has finally received a physical title over a portion of land for which it has been fending off ownership claims over the last two decades.

Lands Minister, John Rosso, presented the title to portion 2158 at 9-mile to the Deputy NSL Chairperson, Dame Meg Taylor, marking an end to one chapter over the 20-year long dispute.

The presentation follows a court decision in 2020 which, basically, recognized the superfund as the legitimate owner of the land portion.

Minister Rosso said this will pave way for the possibility of new housing for NSL members if the fund decides to go that route. But he has also, called for NSL to work in partnership with NCDC to relocate settlers currently living on the land.

“We have had 10 meetings with NSL to make sure all stakeholders are involved to get a win-win for everyone. The title should be restored to NSL and we also have to deal with the people residing on that land.

“So I’ve encouraged NSL to talk to NCDC and to find a win-win for those particular parcels of land.”

NSL has also had to battle against the inefficiencies within the lands department over the last 20 years which prevented the official recognition of the superfund as legal landowners.

Even after the court ruled in their favor, it took another year before the matter was finally actioned by the Lands Minister.

“We’ve worked very closely with the Lands Department, the NCDC and the Member of Parliament for Moresby North East to look at how you deal with people who have settled on this land.” said Deputy Chairperson, Dame Meg Taylor.

“They are citizens of this country and NSL is very sensitive to this and there has been a lot of consultation.”

Nambawan Super Limited legally owns three other land portions – 2156, 2157, 2159. The fund says any future development on the land will be discussed in detail.

However, there’s the possibility of the fund, with the ability it now has, to infuse the current housing market with more affordable housing for its members and others who may be interested.

It is something they will decide on later.

This is one of three important title handovers this year.

The first was for the Development of the Tuhava township where Roku landowners received a land title over the Tuhava township. Newcrest Mining also received a land title for the state land it owns which will be used for the development of a new township and the resettlement of local people displaced by the mine.

The newly opened Jimmy Uguro sports precinct at Walium in the Usino-Bundi district of Madang Province is accessible to all and can cater for all sporting codes.

Local MP and Minister for Education, Jimmy Uguro said, people can utilize the sports precinct and create opportunities and contribute to sports development in the province.

He appealed to his people to take care of the facility as it cost the district over K2million.

Young men and women were also challenged to use the opportunity to take part in sporting activities in order to expose their talents.

“Stop holding up vehicles, and stealing from people. The sports precinct was built to help you, young people expose your skills and export it to the outside world. There is money in sports. The facility is there to help you make money out of it, so make use of it,” said Minister Uguro.

The Jimmy Uguro sports precinct was opened by Prime Minister James Marape two weeks ago and witnessed by sports Minister Wesley Raminai.

To mark the opening of the precinct, Prime Minister James Marape launched the Prime Minister’s Cup tournament with four sporting codes taking part in the tournament. The codes included Rugby 9s, Volleyball, Basketball and Soccer. A total of 184 teams for women and men took part in the tournament.

Madang Governor, Peter Yama who was present at the event committed K150,000 to the tournament while the Sports Minister also committed another K100,000.

Meanwhile, Minister Uguro said the Prime Minister’s cup is a start for more sporting competitions to be held at the precinct.

He officially closed the tournament yesterday.

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