Tuesday, 4 March 2014

Paradigm Shift and Paralysis


Uncover the plague of modern education system in PNG

By Ian D. Hetri 

UPNG students
 Every country on earth at the moment is reforming public education. There are two reasons for it. The first is economic. People are trying to answer the question, how do we educate our children to take their place in the economies of the twenty first century. How do we do that, given that we can’t anticipate what the economy will look like at the end of the next week? The second is cultural. Every country on earth is trying to answer the question: How do we educate our children so they have a sense of cultural identity that enables us pass on the cultural genes of our communities while being part of the process of globalization.

The problem is we are trying to meet the future by doing what we did in the past. On the way we are alienating millions of children who don’t see any purpose in going to school. The story is just the same. Go to school, earn a degree and get a well-paid job. Parents unknowingly kill the creative genius and the future of their children well before they become part of the modern education system that even does more damage to their creative genius. As a result, PNG Universities creates tens of thousands of graduates every year that are nothing but simply EMPLOYEES of the poor government and rich multimillion corporations here and abroad.  Our universities should be creating more EMPLOYERS instead. Only then, will we achieve true economic independence.

“Go to school, get a degree and earn a well-paid job”. To which I say wake up and smell coffee PNG! Many of our children don’t believe that and they are right to by the way. “You are better having a degree than not, but it is not a guarantee any more, particularly not if the route to it marginalizes the things you think are important about yourself. Every academics in all universities around PNG are saying we have to raise standards as if this is a breakthrough. And yes we should - why would you lower them?

The problem is the current system of education was designed, conceived and structured for a different age. It was conceived in the intellectual culture of the enlightenment and in the economic circumstances of the industrial revolution. Before the middle of the nineteenth century there were no systems of public education, though you could have been educated by Jesuits if you had the money. Public education paid for from taxation, compulsory for everybody and free at the point of delivery was a revolutionary idea.

Many people objected to it. It is not possible for many street kids and children from working class backgrounds to benefit from public education. Many thought their children were incapable of learning to read and write, so why spending time on them. There were a whole range of assumptions about social structure and capacity built into this thinking. It was driven by an economic imperative of the time, and running right through it was an intellectual model of the mind, which was essentially the enlightenment of youth intelligence. Real intelligence consists of a certain type of deductive reasoning and knowledge of the classics, what we have come to think of as academic ability.

Deep in the gene pool of public education is that there are two types of people - academic and non-academic, smart people and non-smart people. The consequence of that is many brilliant
people think they are not, because they have been judged against this particular view of the mind.


Twin pillars, economic and intellectual

We have twin pillars, economic and intellectual. My view is this model has caused chaos in many people’s lives. It has been great for some: many people have benefited wonderfully from it, but most people have not. Instead they suffered what I term the ‘Modern Education Epidemic’, which is as misplaced as it is fictitious. This is the plague of the current modern education system. I am not qualified to pass judgment on the modern education system but I do know a great number of Melanesian thinkers Like late Dr. Bernard Narokobi and as well as Dr. Steven Winduo and Sakarepe Kamene of UPNG have disused this a great deal in their writing.

What I do know for a fact is the modern education system is not an epidemic. All I can say is that our children are being medicated as routinely as we have our tonsils taken out. On the same whimsical basis and for the same reason - medical fashion. Our children are living in the most intensive and most stimulating period in the history of the earth. Dr. Robert Rosen described this economy as young and borderless in his book Global Literacies. Our children are being besieged with information and calls for attention from computers, iPhones, advertising hoardings and from hundreds of television channels and then being penalized for being distracted. These are distractions from the most boring stuff - at school for the most part.

It seems no coincidence to me that incidences of the modern education system have risen in parallel with standardized testing. Unfortunately and quit logically, true intelligence has no tangible standard of measurement. It helps to note that most of the very successful people in the world have never completed their college education. Are their lessons to learn from these genius lot?

Settlers at Morata Settlement 
Metaphorically speaking, our children are being given Ritalin and other quite dangerous drugs in order to get them focused and to calm them down. The Arts in particular are victims of this mentality, though it is also true of science, language and math. The Arts especially address the idea of aesthetic experiences. An aesthetic experience is one in which your senses are operating at their peak, when you are present in the current moment, when you are resonating with the excitement of this thing you are experiencing - when you are fully alive. An anesthetic is when you shut your senses off and deaden yourself to what is happening. A lot of these drugs are an anesthetic. We are getting our children through their education by anesthetizing them with the standardized education system. We, the parents and even the ill-informed teachers from play school up to university professors are telling misguiding our children by telling them “To be successful in life, you must pass the exams and score good grades”. This shallow and stupid advice, however, has become generational.



Instead of anesthetizing them with the prospect of well-paid job which turn out to be a pay check to paycheck struggle for most of our children, we should be waking them up so they can see what is inside themselves. I am talking about self- awareness or self- realization, a subject which is less well taught by the Buddhism religion and poorly taught in our education system as and even our churches. Children of this age are more informed and display greater creativity and talents.

The million dollar question to the Government of PNG is; HOW DO WE HARNESS THESE CREATIVE POOL OF GENIOUS AND TURN IT INTO A NATION BUILDING VEHICLE?

Where is my future?
We have a situation where education is modeled on the interests of industrialism and in the image of it. For instance schools are still pretty much organized on factory lines, ringing bells, with separate facilities and specialized subjects. We still educate children by batches and by age groups. Why do we do that? Why is there this assumption that the most important thing children have in common is how old they are? It is as though their date of manufacture is the most important thing!

I know children who are much better than other children at the same age and different disciplines, or at different times of the day, or better in smaller groups or large groups. Sometimes they just want to be on their own. If you are interested in the model of learning, you don’t start from this production line mentality. It is essentially about conformance and it is increasingly about conformance when you look at testing and standardized curriculums. Instead of it all being about standardization, I believe we have to go in the opposite direction - that is what I mean about changing the paradigm.

Divergent thinking

There was recent study into divergent thinking. Divergent thinking is not the same thing as creativity. I define creativity as the process of having original ideas that have value. Divergent thinking is not a synonym. It is an essential capacity for creativity. It is the ability to see lots of possible answers to a question and lots of ways of interpreting the question. “As Edward De Bono says it is the ability to think laterally – not just in linear or convergent ways, to see multiple answers, not just one. For instance, how many uses can you think of for a paper clip? Most people will come up with ten to fifteen uses, while people who are good at these types of exercise might come up with two hundred. They do that by asking, “Could the paper clip be 60 meters tall and made out of foam rubber? Does it have to be a paper clip as we know it?”

In a book titled, Break Point And Beyond, one thousand-five hundred kindergarten children were tested for divergent thinking and if they scored above a certain level they would be considered geniuses. Sir Ken Robinson, an internationally recognized leader in the development of education, creativity and innovation posed an interesting question about this test. He asked
“What percentage of the people tested for divergent thinking do you think would return a genius score?” Amazingly ninety-eight percent returned a genius level score. This was a longitudinal study, so the same children were tested at a later at five-year intervals when they were aged eight to ten, and again when they were aged thirteen to fifteen. Many readers will not be surprised to learn that the results deteriorated as the children grew older.

Here is the critical observation: As the children grew older their education levels increased and they were taught at school that there was just one answer to every question, usually at the back of the text book - ‘but don’t look and don’t copy because that is cheating.’

Firstly, outside of schools and in the real world, there are infinite answers to one question. In the world of business, one can always copy or duplicate a successful business concept or model as long as it fits your situation. In the world of business, Law of Opposites come into play. That one can challenge long held beliefs of wealth creation. For example. Buying a car on loan for personal use is buying a liability since it takes money out of your money through bank deductions. On the contrary, buying an investment property on loan is buying an asset since it puts money back into your account when all debts are cleared. Therefore you can say, then banks definition of a car being an asset is a lie since it takes money out of your pocket for fuel, tyre repairs and general running cost. Isn’t that simple enough to help you understand the pitfalls of our modern education system?

It isn’t because teachers want it that way, it’s just because it happens that way - it’s in the education gene pool. We have to think differently about human capacity. We have get over this old conception of academic, non-academic, abstract, theoretical, vocational and see it for what it is - a myth.

Secondly, we need to recognize that most great learning happens in groups - collaboration is the stuff of growth. If you atomise people and separate them and judge them separately we form a kind of disjunction between them and their natural learning environment.

Thirdly, it is crucially about the culture of our institutions, the habits of our institutions and the habitats they occupy.”

Paradigm shifts

A Paradigm Shift is a change from one way of thinking to another. It's a revolution, a transformation, a sort of metamorphosis. It just does not happen, but rather it is driven by agents of change, such as: when hunter-gatherers learned agriculture, the development of the wheel and of Architecture, the use of currency, and the printing press, which enabled the Scientific Revolution.

These paradigms and the ones ushered in by Copernicus, Galileo, Newton, Darwin, and Einstein, each progressively diminished our identity and at the same time increased it. We no longer perceive ourselves as being the center of the physical universe, and in fact there apparently is no center.

A paradigm gives way to another. Something is taken away and something new comes into being, both are vital parts of the human landscape, determining how we are identified--deeply affecting how we perceive who we are, and our sense of entitlement.

The historian of science Thomas Kuhn defines a scientific paradigm as: Universally recognized scientific achievements that, for a time, provide model problems and solutions for a community of researchers," i.e.,
·         What is to be observed and scrutinized
·         The kind of questions that are supposed to be asked and
probed for answers in relation to this subject
·         How these questions are to be structured
·         How the results of scientific investigations should be
interpreted
·         Alternatively, the Oxford English Dictionary defines paradigm
as "a pattern or model, an exemplar."
Thus an additional component of Kuhn's definition of paradigm is:
·         How is an experiment to be conducted, and what equipment
is available to conduct the experiment?

 Paradigm paralysis


Perhaps the greatest barrier to a paradigm shift, in some cases, is the reality of paradigm paralysis: the inability or refusal to see beyond the current models of thinking. This is similar to what psychologists term Confirmation bias. Examples include rejection of Galileo's theory of a heliocentric universe, the discovery of electrostatic photography, xerography and the quartz clock.

Authors note: This paper was selected as opening address during the 2013 Literacy Conference hosted at University of Papua New Guinea, PNG.

More of Ian's work can be read here...

Monday, 3 March 2014

What is an investment club? How we started Grow Wealth Investment Club in PNG

Executives of  GrowWealth Investment Club
To clear any air of doubt on the investment club we formed, I share with you what investment clubs are and how it started. I believe the brief history will amaze you just as it did me.

Investment as we know it today really took off in America around 18 years ago when a group of ordinary women decided they wanted to learn about investing. They called their group the Beardstown Ladies Club after their home town in Illinois. With no prior knowledge of the stock market they set about learning how to invest, and decided each member would contribute $25 a month to their investment fund.

Over 10 years, their investment portfolio averaged a return of 23%, better that twice the performance of the Standard and Poors 500 Index (A measure of 500 of America’s top companies’ share price) over the same period.

Today in all over the world investment clubs are growing at a steady rate as people learn the benefits of being part of this wonderful movement.

What is more exciting is that The World Federation of Investment Clubs (TWFIC), formed in early 1960s, holds conferences every two years, where members from all over the world meet and exchange investment information.

The Beardstown Ladies started with a simple philosophy: they wanted to LEARN, they wanted to have FUN, and of course they wanted to make some MONEY.
They succeeded in all counts.

Here in PNG, GrowWealth Investment club is the first of its kind to be started by a group of young investors.

Their aim is to Learn, Have Fun and Make Money.


The club is growing from strength to strength and we have more good stories to tell.

Investing in Shares in PNG


“Don’t you know that stock market has created more millionaire and billionaires from thin air from all around the world?”

If you don’t, then this article is written for you.  Unfortunately, stock market, to many Papua New Guineans is a game only the rich and powerful play. That is a great lie many Papua New Guineans were led to believe as you shall discover in this article. This article gives a step by step method in investing in Port Moresby Stock Exchange (POMSox) which is only exchange in PNG and the biggest in the Pacific region.

Investing in shares

The myth that investing in shares is the game of the already wealthy people is taking a twist in the wake of 21st century with information becoming available.  Today more and more people in Papua New Guinea (PNG) are realizing the absolutely vital importance of sound investment in their longterm future. There are many pathways to growing your wealth to retire wealthy. Generally, all investment boils down to Cash, Shares or Property. This article only covers investing in shares, particularly for aspiring PNG investors who wish to invest in shares in POMSox.

“What are shares?” This is one question I often get asked in my business seminars.  

Start with a Wealth creation strategy

Nobody wants to work for 30 years and retire broke, stupid and sick as America’s foremost business philosopher Jim Rohn once said. Nobody wants that to happen
But so many people fail to prevent that to happen and so many work for pay check all their lives and when retirement catches up, reality burns them like tongues of fire in hell.

“So what do you do to change all this around?” Start with a wealth creation plan. I am not saying this just for the sake of saying it. Infect when I first approached two stock brokers in PNG, the BSP Capital and Kina Securities, one of the first questions I was asked was my wealth creation strategy.

In my case, I had it all thought out many years ago and got my self-educated to a point that I felt I was ready.

Building wealth for future takes time. But if you start now, 5 years from now, you will never be the same you today. Who knows in 20 years’ time, you will be a PNG’s stock market millionaire.

Whatever your stage of life, you will have hopes and plans for your future. Your goals may be long term and include financial wellbeing for you and your family. Alternatively, there may be immediate goals such as saving for a home deposit, setting up your own business or planning for your child’s education. It is never too late to establish a regular savings plan and develop an investment portfolio.


Author's Note** Next article will be on Steps in investing in POMSox. 

Sunday, 2 March 2014

A trip to magical Aroma coast

By Kels Lua



The festive season is always my favourite time of the year because I get to spend time with my family and the best part is, going home to my home sweet home Maopa Kwalu Raga Rage village in the Aroma Coast natively known as KEAKALO. Aroma Coast or Keakalo is located in the East coast of the capital of Papua New Guinea, Port Moresby with about 3-4 hours’ drive (depends on the road condition) and is made up of more than 15 villages starting from Paramana to Vuru.    

The road is a dirt road and gets a bit rough when heavy rains falls and the rivers get flooded but otherwise it is in a good condition for travelling.

During the festive season all the PMV’s from village always make two trips to the village and back. The PMV’s drop off the first load of passengers then return to town to pick up the afternoon passengers and return in the night to do the same for the next day because everyone wants to go home for the festive season.

There is no electricity and water supply in the village so generators, solar and Coleman or hurricane lamps are used for lights and water from the well, mountains, kulau or young coconuts and rain are used as water supply. I love not having electricity supply because you really get to see the pure beauty of the great southern sky. The night sky is just magnificent with all these beautiful stars shinning down on you and when the moon comes out, that is the most romantic moon you will ever see. No disturbance from the city lights and you can almost feel the presence of the moon so pure and bright reflected by the cold sand.

We have a lot of freedom of movement in my village and everyone stays up till whenever they feel like sleeping then they do so. Others go about visiting families, friends or just hanging out in public.
Most of us look more Polynesian than Melanesians and share some of the traditions and culture with other Polynesian and Melanesians countries. Our land is blessed with a beautiful long beach, fertile land and rivers and of course beautiful people. My people are mainly hard working subsistence farmers who work the land, hunt the forest and fish the sea for survival.

We have visitors from the other provinces and also overseas who enjoy their stay with us because the people are very friendly and the food is great. One of the best features of my home is the endless long beach that could take you days to walk it and it is always crowded. I believe it is one of the best and longest beach in Papua New Guinea. Also there are two icons or should I say guardians we have out at sea and they are the only island Wailaivele and the everlasting tree called Nawale. 

Walaivele is the only island with white sandy beach and is not inhabited; it is one of our sacred places that is respected by everyone. Nawale is a lone mangrove which has stood out at sea for centuries and I believe will stay there still when my generation perishes. 

We have surplus of food and you won’t go hungry. Bananas, Taro, Kaukau, Yams, Tapiokas or cassava, singapore, breadfruits, watermelons, cucumbers, pineapple, greens, seafood, wild pig, birds, bandicoot, wallabies and many more fruits and vegetables and of course lots of betelnut. I love and enjoyed my betelnuts and had lots of them while on my holiday. The best part when it comes to food is the traditional Aroma Dish called RIGA that comes in the traditional wooden dish called RIVU made out from a special tree. This dish is always prepared in special occasions like bride price, headstone kaikai, village gathering, big church activities, welcome special visitors etc.

A lot of festive season activities like church activities, traditional dancing, canoe racing, food displays etc take place and the two main events that stand out during the festive season are the Aroma Coast Rugby League Tournament and the Junior Aroma Coast Rugby League which follow in sequence of each other. This event features the local talents in rugby and pulls in big crowd to the village. The other event that will be revived this year is the Aroma Coast Netball Tournament for the ladies and also pulls in big crowds to the village.

During the New Year’s Eve before the clock strikes 12, everyone is ready to make noise or throw water at anyone they see. I love this part of the festive season because you will have so much fun. Traditionally we have string bands who go around singing from house to house to collect money and the songs are so beautiful to hear. Parties go on and most people head on to the beach to wait for daybreak so they can throw anyone they see out into the sea, this is one of the fun parts of the New Year’s Eve. I got chased and thrown out and could not help but laugh as I saw the others get thrown out too. Whether you are old, young, married, single or a visitor, you get thrown out if captured. It is part of our tradition that has been going on for generation where we say we are washing off the past year for the New Year.

I always enjoy my holidays at the village because it is the great getaway from the busy and noisy city life. I miss my home and can’t wait to see it soon, my home sweet home Keakalo – Aroma Coast.


FIRST TIME INVESTOR SEMINAR

Aspiring investors living in Port Moresby, Wewak, Madang and Lae will have the chance to attend this very important seminar.

Very basic ideas on share market and government securities investment is shared in this seminar.

Port Moresby Stock Exchange in collaboration with Kina Securities and BSP Capital, the two stock brokers in PNG run this seminar

What to Learn;
Understand the share market
Learn more about investing in shares
Invest in Dynamic PNG and International based companies
Learn more about Govt securities
Find out how you can invest in treasury bills and Inscribed stocks

Dates and Venues

Thursday 6th March 2014-Pom. Hideaway Hotel (9 am -12 pm)
Monday 10th March 2014 –Lae International Hotel (9 am -12 pm)
Wednesday 12th March 2014 –Madang Resort (9 am -12 pm)
Friday 14th March 2014-Sepik Center of Hope (9 am -12 pm)

FEE is K150
Contact 320 1980
Email: pomsox@pomsox.com.pg

Understanding Sovereign Debt

FOCUS on ECONOMY

Central Bank of Papua New Guinea the issuer of government securities. Picture by Raksy Heron

Standard and Poor (S&P) last month released the credit rating of Papua New Guinea (PNG) and Pacific Business Review reported the rating to be maintained at B. Before that, there have been intense debates recently on the 2014 deficit budget passed down by government in November last year. In the midst of all those intense discussions, the phrase sovereign debt seems to randomly appear. However, many people still don’t understand what sovereign debt is all about and how PNG is evaluated by international organizations about its credit worthiness. I cover in this article, sovereign debt and tie it to PNG’s credit rating given by S&P recently.

Sovereign debt

Sovereign debt is simply money or credit owed by a government to its creditors. These debts typically include securities, bonds or bills with maturity dates ranging from less than a year to more than ten years.  A source in Central Bank told me that the bank is the only issuer of government securities including the treasury bills and inscribed stocks. In another context, the phrase sovereign debt can also be used to describe future obligations like pensions, entitlement programs, and other goods and services that were contracted but not paid. Concerns around sovereign debt have been growing since World War II. During that time, many countries went into debt to finance either the war itself or the rebuilding efforts afterwards. The government of PNG, through the treasury department supports a fairly high level of public debt to pay for public investment in lean times under the premise that it can be paid back by the growth that follows. That is the reason the O’Neil Dion led coalition government pass down an historical 2.3 billion deficit budget.

Measuring Sovereign Debt

Speaking during the recently concluded Leaders Summit held in Port Moresby, acting secretary for treasury Mr Dairi Vele confirmed the credit rating of PNG to be maintained at B. How is the sovereign debt of a country measured and its credit rating given? Sovereign debt is can be measured using a variety of different metrics. Often times, these metrics are used in order to determine if a country's sovereign debt is too high given its gross domestic product (GDP) or abilities to tax its citizens. But these factors should also take into account a country' GDP growth rate, which can dramatically influence its future ability to repay debt.

The three most popular metrics are:

Total Public Debt - The total public debt is the total amount of debt outstanding. But without context, this figure isn't very informative and can be misleading. As a result, most experts look towards Debt-to-GDP and Debt per Capita as common measures.

Debt as a Percent of GDP - Debt as a percentage of gross domestic product is simply the total public debt divided by GDP. Countries with a debt greater than their GDP (or a ratio over 100%) are generally considered to be over indebted.

Debt per Capita - Debt per capita is simply the total debt divided by the number of citizens. A debt per capita that is in excess of per capita income reduces the likelihood that the government will be able to make up its shortfall through traditional taxation. Sovereign debt statistics for individual countries since World War II has been widely documented and you source them on or offline.

Sovereign Debt Ratings

Sovereign debts ratings can help investors determine the credit risks associated with a given country by taking into account not only debt levels, but political risk, regulatory risk and other factors. Some studies have shown that these ratings can influence debt costs by as much as 25% per notch. The three most popular credit rating agencies are Standard & Poor's, Moody's Investor Services, and Fitch Ratings.

Credit rating

A credit rating is an evaluation of the credit worthiness of a debtor, in this case, the government of PNG. The rafting given by S&P shows the government of PNG’s ability to pay back its debt and the likelihood of default. Credit ratings are not done using mathematical formulas. Instead, the analysts of credit rating agencies like S&P use their judgement and experience in determining what public and private information should be considered in giving a rating to a company or organization. That is how S&P came out to give the government of PNG a credit rating of B.

Excessive financial risks in Govt debt portfolio



From left to right- Prime Minister Peter O’Neill, Treasurer Don Polye and Governor Loi Bakani 
 
  
 
The government of Papua New Guinea has piled up excessive financial risks in its debt portfolio.
The move by the incumbent government to update the Medium Term Debt Strategy (MTDS) 2013 – 2017 may be regarded by the unsuspecting eyes as a smart move by the O’Neill Dion government to effectively manage its debt at a sustainable level and ensure continues growth in the country’s economy.

To the prying eyes, what is left unsaid speaks volume that the government has piled up excessive risks in its debt portfolio that it must act swiftly to manage the risks. Failure to so could result in appalling consequences.

It has to be critical for Prime Minister Peter O’Neill to pull out the shelved MTDS 2013 – 2017 and update three important strategies which Treasurer Don Polye said would maintain the Government’s debt at a sustainable level, reduce the excessive debt portfolio, and to gradually make improvement in its domestic debt, which has a lot to improve.

A daily paper reported late last year on the government’s budget blow up due to overspending. Treasurer’s statement confirms that the government’s spending has gone out of hand and requires urgent measure to maintain the debt at a sustainable level and to continuously grow the economy.
“The first strategy is to maintain the government’s debt at a sustainable level. The next strategy is to reduce the excessive financial risks in debt portfolio” Treasurer Polye said.

Given the high level of debt the government has, its financials risks are also very high.
While the government brags on uninterrupted economic growth over the years, effective management of the financial risk remains a mammoth task for the government.
The high level of financial risks has forced the government to issue the biggest ever recorded inscribed stocks through Central Bank to collect enough revenue to manage its debts.

This paper was advised by Central Bank governor Loi Bakani that issuance of K1.9 billion inscribed stocks is the biggest ever.

The IS issuance program for 2014 is a huge one, and gives the opportunity for PNG companies, businesses and ordinary people or mums and dads to participate” Mr Bakani said.

The issuance of the inscribed stocks has already begun according to Mr Bakani and is based on the 2014 projections as Treasurer Polye noted in his statement. Treasury Polye advised that any changes that results will be treated as part of the 2014 supplementary budget.


Despite, the update of the three key strategies of MTDS 2013-2017 and issuance of the historical K1.9 billion inscribed stocks, the financial risks in government’s debt portfolio remains excessive.  
 


Dibb resigns as CUE director

Timothy Dibb has recently resigned from his role as a director with CUE energy. Mr Dibb joined Cue board in November 2011 and has made a substantial contribution to the Company’s strong foundation for further growth until his recent resignation to take a senior role overseas.

Dibb is an Earth scientist with 28 years of experience in the oil and gas industry, both upstream and downstream. His experiences include working with Texaco, Amoseas, Fletcher Challenge Energy Ltd, Santos Ltd and most recently as New Ventures Manager for Upstream Energy and Resources Division of the Todd Corporations and also as consultant.

 Chairman Geoffrey King expressed his gratitude to Mr Dibb for his contribution to CUE in a recently releases statement.

“The Board thanks Tim for his contribution and commitment to the Company since he joined the Board. He leaves the Board with our best wishes. 
On a personal level, I would like to record my thanks to Tim for his commercial and geological insights, support and friendship during the past two years. 


We wish him well in his future personal and business endeavours for his contribution and commitment to the Company since he joined the Board” Mr King said. 

OSH performance at POMSox remains strong despite Arab takeover hype

The recent hype about fears of Oil Search Limited (OSH), a PNG based resource company being taken over by Arab overseas interest had no major impact on the performance of company’s ordinary shares at Port Moresby Stock Exchange (POMSox).

The managing director of Oil Search, Peter Botten, in a teleconference hosted in Brisbane, responded to a question raised by this paper that share performance at POMSox was not affected by the speculations.

“POMSox being a small market, there was not much difference in the share performance as compared to ASX (Australian Stock exchange)” Mr Botten said.
Oil Search on Tuesday, 25 February 2014 requested POMSox for an immediate halt in trading of its ordinary shares.

The request for a trading halt was made to allow Oil Search maintain orderly market in its shares prior to release of a major announcement which Mr Botten made on Thursday 27, February 2014. 
As a result, OSH’s share price at POMSox since Tuesday remained at K17.53 till Thursday.
The trading halt is believed to have prevented volatility in trading which could have happen if trading continued with the market speculating outcomes of the announcements which Mr Botten made on Thursday.

Another key announcement made was the acquisition of 22.835% gross interest in PRL 14, containing the Elk/Antelope gas discoveries, through the acquisition of the Pac Group for US$900 million.

The acquisition is believed to further improve the performance OSH’s share price in both POMSox and ASX. 
New woman chamber of commerce and industry


Board of PNGWCCI with Hammad Siddiqui (Back row, center). Picture by Raksy Heron

Leading Papua New Guinea woman entrepreneurs have taken a step forward in forming a new woman chamber of commerce and industry, the Papua New Guinea Woman Chamber of Commerce and Industry (PNGWCCI).

The PNGWCCI, which is the only woman chamber in PNG, seeks to empower and strengthen woman entrepreneurs and leaders to build their capacity, business networks and advocate innovatively to create wealth and prosperity in an enabling environment.

While the chamber is new, it has already received local and international recognition according to an international expert.

“You have been recognised by the local media. The US embassy and international organizations like CIPE. ” said Hammad Siddiqui, the senior program manager of the Center for International Private Enterprise (CIPE).

The Center for International Private Enterprise, an internationally recognised organization with over 30 years of accumulated experience and expertise in chamber formation and management is taking a keen interest in supporting and developing PNGWCCI to be one of the internationally recognised woman chambers in PNG.

The board of PNGWCCI received a special one week training from CIPE experts this week. The training exclusively covered topics on chamber formation, member recruiting and retention to strategic planning and management of the chamber.


The president of the PNGWCCI, Avia Koisen, vice president Janet Sios and the board members expressed gratitude to the CIPE for reaching out to help PNGWCCI.

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