Mahlon WINSTON

Pacific Balance Fund (PBF) has approved dividend payments totaling just over K25 million to its unit holders for the 2024 and 2025 financial years, Executive Chairman Jordan Paul announced today at the PBF office in Port Moresby city.The Board of Trustees approved a dividend of 96 toea per unit for 2024, amounting to about K10.4 million, and K1.34 per unit for 2025, amounting to approximately K15 million.Together, the payments total K2.30 per unit. PBF expects to pay the dividends in November this year, with payment dates to be announced separately.Paul described the 2024 payment as the highest dividend in the fund’s history since it was established in 1973. The 2025 dividend sets a further record.He attributed the results to improved financial performance since the Government took over the fund in September 2023. PBF’s net profit after tax rose from about K48 million in 2023 to K57 million in 2024 and approximately K122 million in 2025. Its net assets increased from K676 million to K734 million and then K853 million over the same period, with growth of about K177 million in two years.Despite the stronger results, the fund has kept its dividend payout at around 20 per cent of cash operating profit, Paul said. This approach rewards unit holders while retaining capital to support PBF’s future growth.Paul said the fund’s initial priority after the 2023 transition was to strengthen its foundations through improved product management, governance, financial discipline, and investment oversight, while addressing inherited legacy issues. He credited the progress to a team effort, particularly the staff of Weatherman Capital Advisers, as well as the fund administrator, lawyers, professional advisers and other partners.He also acknowledged the support of PBF’s two largest unit holders, NAS Fund and MRDC, and the regulatory oversight of the Securities Commission of Papua New Guinea. Paul thanked the Minister responsible for capital markets, Richard Maru, for his leadership in developing and strengthening the sector.Paul said PBF has about 23,000-unit holders, many of them ordinary Papua New Guineans living outside major urban centres. Including beneficiaries connected to major unit holders such as NEST Fund, MRDC, MRL Capital and the Catholic Church, he said the fund’s reach extends to more than two million people.He described the fund’s assets as representing the hopes and long-term security of individuals, families and communities, and said this placed a significant responsibility on its trustees. Governance, prudence and public trust, he said, would remain central to the fund’s work.A PBF unit-holder meeting is scheduled for November 19, with formal notices to be issued in accordance with the trust deed. The meeting will provide an opportunity to discuss the fund’s performance and future direction.Paul concluded by highlighting three key figures from today’s announcement was basically; the record dividend of more than K25 million, the 2025 profit of approximately K122 million, and net assets of K853 million.He said PBF would continue working to build a strong, trusted national institution that protects and grows the wealth entrusted to it.

Papua New Guinea Professional boxer John “The Ringmonster” Ume says his interim welterweight title is an important milestone, but he is already focused on the work still ahead.Ume returned to Papua New Guinea on Monday after defeating Hamza Perwaisy by seventh-round technical knockout in New Zealand on October 3 to claim the BX-9 interim welterweight title.At a press conference today at the Sanctuary Hotel Resort & Spa in Port Moresby, hotel co-owner and main supporter James Pang congratulated Ume on his victory.Pang said the Pang family and the hotel were proud of the boxer’s achievement and pleased to support an athlete he described as humble and a true champion.Ume thanked the Pang family and the hotel for backing his professional career.He added that the environment of the hotel provides him with the quietness, peace, and relaxing atmosphere, which is something that he likes to engage in as an athlete to regain his composure and strength physically and mentally.The bout was initially scheduled against Riley Allen, who was set to challenge Ume for the title. Allen withdrew after sustaining an injury in a recent fight, and Perwaisy stepped in as his replacement.Ume said he entered the bout with a structured plan, although his team urged him to apply pressure from the opening bell. He worked to unsettle Perwaisy in the early rounds before landing a clean shot to the temple in the seventh, bringing the fight to an end.Talks are now under way between the two camps about a possible fight with Allen, potentially in February or March 2027. Ume said the timing would depend on Allen’s recovery.“There are talks currently going on with my team and Riley’s team for a title fight, maybe early February or March next year. It will all depend on how soon he recovers,” Ume said.For Ume, the interim title is not a reason to slow down. He credited his team for the work behind the victory and said they were still growing as they prepared for greater challenges.“We all worked hard for this. Yes, we won the interim title, but this is only the start. Bigger things may come,” he said.Despite the achievement, Ume said he does not yet consider himself a fully established champion.“People call me an interim champion, but I’m still working to become a champion,” he said.Ume’s approach reflects the discipline expected of a successful athlete: commitment, hard training, attention to detail, and the ability to follow a game plan.With his next challenge still to be confirmed, he says he will keep training while his management handles discussions and promotion for future fights.

Taylor Pacific Group has been announced as a proud Foundation Major Partner of the PNG Chiefs, with a commitment to support the club for five years and beyond.The announcement was made this afternoon by PNG Chiefs CEO Lorna McPherson at the Royal Papua Yacht Club in Port Moresby, today.Both McPherson and John Taylor the Managing Director of Taylor Pacific framed the agreement as a long-term partnership rooted in shared values, national pride and belief in Papua New Guinea’s capabilities.They said the relationship would support the Chiefs’ development while helping build a club and broader opportunities, that Papua New Guineans can call their own.

The Department of Education (NDoE) has launched an Electronic Funds Transfer (EFT) system, marking a significant step away from cheque-based payments and toward faster, more transparent financial processes.The launch was held at the Ministry of Education office at Vulupindi Haus in Port Moresby. It was attended by representatives from the Department of Finance (DoF), NDoE Finance Division staff, and senior management.Education Secretary Dr. Uke Kombra acknowledged the department’s partnership with the DoF, particularly its support for the Government’s priority of delivering the National Free Education Policy. He thanked the DoF and its staff for working closely with the NDoE Finance Division and providing training to help staff use the new system.“The Department of Education is transitioning from manual cheque-based payments to an electronic Integrated Financial Management System (IFMS). This modernisation, effective as of October 1, aims to streamline the delivery of education services and government payroll,” Dr. Kombra saidThe NDoE was an early adopter of IFMS, beginning around 2014–2015, and has continued to prioritise digital systems over manual processes. The EFT rollout replaces the printing and processing of physical cheques.While staff adjust to the change, the department has already recorded successful electronic transfers, including transactions completed the previous Friday.DoF Deputy Secretary for the Support Division, Tom Tiki, said the department was fully prepared and had begun implementing the new payment processes following staff training. He reported that the initial transactions had proceeded without errors.Mr. Tiki said the system aligns with national requirements and financial standards. He described the change as a major shift in public sector financial management and said it would help strengthen financial controls and accountability.NDoE First Assistant Secretary for Finance, Nigl Zerike, welcomed the system and reaffirmed the department’s support for its implementation. She said EFT would enable faster, more efficient payment processing for the department’s high volume of daily transactions, many of which were previously handled by cheque.Ms. Zerike added that moving to electronic payments would improve transparency, accountability, and public financial management.The launch marks a major change in how the Department of Education processes payments, with electronic transfers replacing printed cheques as the new system is implemented.

Three men have been arrested following an armed robbery at Leon Hardware, East New Britain Provincial Police Commander Chief Superintendent Amanda Kates confirmed.The robbery occurred around midday on Saturday, October 3. A group of offenders, armed with homemade firearms, stormed the retail outlet and stole undisclosed property belonging to both the business and its staff. Chief Superintendent Kates stated that the suspects fled the scene in a minibus believed to have been stolen.Following the incident, police investigators utilized CCTV footage and eyewitness accounts to rapidly identify suspects. In the early hours of Sunday morning, October 4, officers launched a targeted raid in Ulagunan, resulting in the successful apprehension of three adult men.Property recovered in the suspects' possession has allegedly linked them directly to the crime scene. The three men are currently detained in the Kokopo police cells, where they are undergoing formal interviews by investigators from the Criminal Investigation Department (CID).Chief Superintendent Kates extended her gratitude to the local community, commending the individuals who provided police with timely intelligence. She emphasized that this public cooperation was vital to the swift operational response and subsequent arrests.The investigation remains active, and police have not released further details regarding the specific nature of the stolen property or the identities of the suspects.

New Ireland Provincial Administrator Dennis Kosam has confirmed the receipt of K2.5 million in disaster relief funding to combat the ongoing impacts of El Niño. The provincial administration will prioritize food and water distribution for affected communities.Mr. Kosam stated that the funding was cleared this week. To ensure transparency and accountability, the funds are held in the dedicated provincial disaster account rather than the Provincial Administration’s primary operational account.The deployment of these resources will be strictly managed under relevant national disaster frameworks and overseen by the Provincial Disaster Committee, which is chaired by the Provincial Administration.The funding aims to provide immediate relief to communities severely impacted by prolonged dry conditions across New Ireland Province. The administration is prioritizing interventions that secure clean water access and mitigate the risk of waterborne diseases."By next week, we will look at all interventions, especially food and water distribution," Kosam said.The receipt of this funding aligns with the province's proactive disaster management strategy. During the recent Independence celebrations, New Ireland officially launched its five-year development plan alongside a comprehensive provincial disaster plan. These blueprints outline mitigation frameworks for El Niño-induced emergencies, including bushfires and critical water shortages.Kosam noted that while immediate interventions are underway, the long-term consequences of El Niño often intensify after the weather event subsides. The province is actively structuring its defenses for these trailing impacts.Furthermore, Kosam clarified that the K2.5 million is part of a larger anticipated financial package. He referenced prior financial directives that include K10 million from the Public Investment Program (PIP), alongside an additional K10 million designated for the Kavieng and Namatanai districts.Unlike the K2.5 million disaster relief injection, those broader developmental funds have yet to be received by the province.

New Ireland Governor Byron Chan says provincial support for senior martial artists is helping rebuild the province’s taekwondo and karate programmes while reintegrating local instructors into international competition and training networks.Speaking at a recent certificate presentation, Governor Chan announced that the New Ireland Provincial Government had sponsored senior instructors Steven Tommy, Lyndon Chan, and Brendan Wengip to undertake four to six weeks of advanced training in Australia.The intensive programme included instructor grading and participation in two high-profile tournaments: the Australian National Open Championship and the South Australian Open. Both Steven Tommy and Brendan Wengip competed in both events, each securing impressive second-place finishes in their respective disciplines.The Governor highlighted that the initiative is part of a broader, collaborative effort with the provincial administrator to revive martial arts across New Ireland.“Taekwondo and karate are internationally recognized sports and are also part of the Olympic programme. New Ireland has missed out for some time, but we are back on track,” Governor Chan said.He added that the immediate priority is to upgrade the skills of the province's senior instructors so they can gain internationally recognized qualifications to effectively train and support the next generation of athletes.While a knee injury prevented Lyndon Chan from competing in the tournaments, he successfully passed his instructor grading in two different forms of karate. Meanwhile, Steven Tommy competed in both tournaments and earned instructor qualifications in both karate and taekwondo. Brendan Wengip also competed successfully, receiving certificates in both disciplines.Steven Tommy confirmed that he and Lyndon Chan completed the rigorous course for third-dan black belts, a level that officially qualifies them as senior instructors, or Senseis, in their respective karate styles.Tommy represents Zen-Duru Karate, which is affiliated with the Duman International Martial Arts Karate Association. He currently serves as the association’s president and holds the rank of a sixth-dan instructor.As a seasoned martial artist who has previously represented Papua New Guinea on the international stage, Tommy expressed his gratitude to Governor Chan and the New Ireland Provincial Government for providing the vital sponsorship."Having gained recognition as a Master and Sensei in my discipline, my focus now is to return to New Ireland and impart this newly acquired knowledge to our upcoming generation of young fighters," Tommy said.Governor Chan concluded that the provincial government’s sponsorship aims not only to recognize the individual achievements of these instructors, but also to build a sustainable foundation for martial arts participation and training throughout New Ireland Province.

Australia’s Prime Minister’s XIII continued their run of dominance over Papua New Guinea, powering to a 60–10 victory after a commanding performance at Santos National Football Stadium.The visitors showcased their depth and quality across the park, with the starting side setting the tone and the interchange players maintaining the pressure.Australia’s relentless first-half attack proved decisive, sending PNG into the break trailing 38–0. PNG fan favorite Ezra Mam was among the top try scorers, crossing for a hat-trick.PNG worked hard to contain Australia after halftime, but the visitors continued to control the contest. They added another 16 points to lead 54–0 by the 65th minute, leaving the home side with a steep challenge.The PNG men finally got on the scoreboard with 12 minutes remaining. Reserve forward Sylvester Namo crashed over the posts to break PNG’s duck.The home side followed up soon after. From the restart, PNG worked their way up field before Jeremiah Ben finished a well-executed move in the corner, bringing the score to 54–10 and giving the crowd something to celebrate.Australia had the final say, scoring again in the closing seconds to complete the 60–10 result.

The Australian Women’s Prime Minister’s XIII continued their dominance over the PNG Orchids, delivering a commanding 66–6 win at Santos National Football Stadium this afternoon.Australia struck first within the opening five minutes, but the Orchids responded quickly. Two minutes later, centre Josephine Howard crossed the line to give the home side an early lift and put their only points on the scoreboard.That try proved to be PNG’s sole scoring moment of the match.Australia took control through the remainder of the first half, exploiting gaps in the Orchids’ defence and building a 32–6 lead by the break.The second half brought more of the same. Australia’s attack was fast and precise, keeping PNG under sustained pressure as the visitors added to their tally.The Orchids struggled to contain the movement and execution of the Australian side, which ran away with the contest to seal a 66–6 victory at full time.For PNG, the result was a difficult one in front of the home crowd. Howard’s try offered an early response, but the Orchids were unable to maintain their momentum against an Australian team that turned its first-half advantage into a decisive win.

The Junior Kumuls’ historic victory over the Australian Schoolboys was the culmination of years of hard work and a moment their head coach, Joe Grima, said was difficult to put into words.Speaking after the 18-10 win, Grima said the team had faced similar situations in previous years. With around 15 minutes remaining, he reminded the players they had been in front late before, but this time felt different.“There was something special about today. It’s really hard to put it into words,” he said.The coach credited the players’ composure, improved execution, and defensive effort. He said the team made fewer errors than in the past and showed a growing understanding of the game.“When you add a little bit of eliteness into a team of Papua New Guineans who are raw-boned, strong and powerful, it just comes together,” he said.He also pointed to the talent and experience within the squad, including players who have competed successfully in strong Australian competitions. That combination, he suggested, offers an exciting glimpse of what could lie ahead for Papua New Guinea rugby league.“It’s scary to think what the next five or six years could be on the back of players like Elijah and the academy and NYC programs,” he said.The coach said the team had spoken throughout the weekend about leaving a legacy for past and future players, recognising those who had helped create opportunities for the current generation.“We’ve got to leave a legacy behind with our past players. What they did to provide us that one step,” he said.The result represents a landmark achievement for the Junior Kumuls and a powerful statement about the potential of Papua New Guinea’s emerging players.

The Junior Kumuls have created history with a determined 18-10 victory over the Australian Schoolboys, led by a double from centre Jason Daniel.Despite being outweighed by their much bigger opponents, Papua New Guinea’s forward pack showed courage and commitment throughout the match, standing firm against Australia’s physical attack.The Kumuls’ defensive effort kept the Australian Schoolboys under pressure and provided the platform for a memorable victory.Daniel opened the scoring for PNG in the first half before second-rower Otto Thomas also crossed the line to give the Junior Kumuls a 10-0 lead at halftime.Australia came out strongly after the break and fought their way back into the contest, but the Junior Kumuls refused to surrender their advantage.With just five minutes remaining, Daniel crossed for his second try of the match to extend PNG’s lead.A successful conversion and a penalty goal three minutes from full-time sealed the 18-10 victory for the Junior Kumuls.The result marks a significant achievement for the young PNG side, who combined disciplined defence, strong forward effort and timely attacking plays to overcome a physically imposing Australian team.

The PNG Junior Orchids have suffered a 32-0 defeat to a determined and well-organised Australian Schoolgirls side.The opening 10 to 15 minutes were evenly contested, with both teams producing strong defensive efforts and keeping the score close.Australia then lifted the intensity midway through the first half, capitalising on its attacking opportunities to score repeatedly and take a 20-0 lead into halftime.The Junior Orchids came out strongly after the break and continued to battle, but struggled to find a way through Australia’s disciplined defence.The Australian Schoolgirls maintained control of the match and added two more tries in the second half to secure a 32-0 victory.The result highlights the challenge faced by the Junior Orchids against a well-drilled Australian side, with the PNG team now looking to take valuable lessons from the match.