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The PNG Ports Corporation has announced the payment of a K27.5 million dividend to its shareholder, Kumul Consolidated Holdings, for the 2023 Fiscal Year. This dividend follows Net Operating Profit After Tax exceeding K110 million for 2023, marking the third consecutive year that PNG Ports has reported profits surpassing K100 million. The significant profit increase reflects a positive recovery from the adverse effects of the COVID-19 pandemic on the maritime industry. Over the past three years, PNG Ports has achieved nearly K320 million in total profits, with previous profits recorded at K102.6 million in 2021 and K104.5 million in 2022. 2024 has begun on a strong note, according to PNG Ports with expectations for continued good results. CEO Neil Papenfus attributed this success to efficiency improvements and prudent financial management across core revenue streams, including wharfage, berthage, storage, pilotage, and terminal leasing, alongside an increase in vessel traffic. Papenfus, who took over as CEO in May following the passing of former CEO Fego Kiniafa in 2022, expressed gratitude to the Board and staff for their dedication to PNG Ports' ongoing profitability. He also paid tribute to Kiniafa's legacy and acknowledged the support of partners, customers, port users, stakeholders, and the public in achieving these results.

The PNG Customs Service under the leadership of Chief Commissioner David Towe, has reported impressive growth in its mid-year performance for 2024. Following a record revenue collection of K3.9 billion in 2023—the highest under any government—PNG Customs Services has set its sights on achieving the ambitious targets outlined in the 2024 National Budget. Prime Minister James Marape commended the agency earlier for its resilience and dedication, highlighting that the K3.9 billion revenue figure represented a significant increase of K672.08 million, or 21%, compared to 2019, the first year of his administration. Over the past five years, the agency has maintained an average revenue collection of K3.34 billion annually, achieving an average growth rate of 12%. Despite a dip in collections during 2020 due to the COVID-19 pandemic, the trend has remained positive, with the first four months of 2024 indicating continued growth. By April 2024, the agency had recorded revenue collections of K1.2 billion, signaling another year of robust financial performance. For the first half of 2024, the agency reported total revenue collections of K1,860.32 million, representing 44% of the annual target against the 2024 National Budget projection of K4,250.15 million (K4.2 billion). This target reflects a 13% increase from the previous year’s budget. The mid-year collections also indicate a growth of K264.5 million, or 17%, compared to the same period in 2023. In addition to revenue collection, the agency facilitated K642.16 million in import duty and tax exemptions conferred by the State through project agreements, viewed as indirect investments into the economy. This figure marks an increase of K15.01 million, or 2.4%, compared to the previous year. Customs processed a total of 60,991 trade entries for imports, exports, and local excise declarations, reflecting a 12% growth from the first half of 2023. However, the first half of 2024 was not without challenges. PNG Customs Service faced domestic and global headwinds that resulted in revenue collections falling 6% below projections. Limited resources have also hindered the agency's ability to effectively conduct border surveillance and compliance enforcement activities. Despite the challenges, the agency remains committed to fulfilling its core mandates of border security, trade facilitation, and revenue collection.

Fiji and the United States (US) have forged an Open Skies Agreement (OSA) to boost travel and business in Fiji. The partnership, unveiled by Fiji's Deputy Prime Minister and Minister for Civil Aviation, Viliame Gavoka, opens up more opportunities for tourism, trade, and exports, particularly in Fiji. The agreement provides Fijians with a broader global gateway through Dallas-Fort Worth International Airport, one of the busiest airports in the world. With connections to 193 domestic destinations within the U.S. and 67 international destinations across 26 countries, the airport will serve as a major transit point for Fijian travelers. This increased accessibility is expected to enhance travel convenience for both leisure and business travelers, making the U.S. more reachable than ever before for Fijians. Fiji Airways has been proactive in ensuring that this new agreement translates into tangible benefits for the country. The airline is strengthening its partnerships with travel agents, online platforms, and influencers to increase the visibility of Fiji as a premium destination, aiming to attract travelers from around the world to experience the country's natural beauty while also promoting it as a hub for business activities. While there are concerns about potential competition from U.S. carriers entering the Fijian market, Gavoka reassured that this does not pose any significant threat to Fiji Airways' competitiveness. Instead, the agreement enhances the airline's strategic position, making it a key player in international travel to and from the Pacific region. The increased competition could push Fiji Airways to further innovate and improve its services, ultimately benefiting travelers. This dynamic could also foster collaboration with American carriers, leading to codeshare agreements and expanded flight options for passengers. For global travelers, the partnership between Fiji and the U.S. introduces more convenient and cost-effective travel routes, especially for those exploring the Pacific region or looking to connect between the U.S. and Asia. Fijians, in particular, now have more streamlined access to a significant number of U.S. cities, opening up opportunities for business expansion and personal travel. This connectivity will likely appeal to U.S. travelers looking for unique vacation destinations, further boosting Fiji's tourism sector. The ripple effect of increased tourism will benefit local businesses, create jobs, and stimulate economic growth. On the business front, the OSA also facilitates easier trade between the two countries. Businesses in Fiji can now explore new markets in the U.S., while American companies may find it easier to export goods and services to Fiji. The agreement thus opens up more possibilities for economic collaboration between the two nations.

James Seeto, a prominent businessman and the Governing Director of the Seeto Kui Group of Companies, passed away peacefully on September 6, 2024, leaving behind a remarkable legacy in Papua New Guinea (PNG). The Seeto family's journey in PNG began in 1938 when they arrived in Salamaua, Morobe, from China. Seeto Kui, the patriarch, was among the early Chinese immigrants who were recruited to work in various trades. His son, James Seeto, first joined his father in Salamaua that same year, along with his mother and sister, Joyce. This marked the beginning of a legacy that would see the family navigate the challenges of war and rebuild their lives in a new land. Seeto Kui, having traveled from Canton, China, at the age of 13, had established himself as a trade store manager in Salamaua before the war. After enduring the horrors of World War II, including a harrowing evacuation, the family returned to Lae in 1948, where Seeto Kui founded a trade store with only 100 Australian Pounds in his pocket. This modest beginning laid the groundwork for what would become a multi-million Kina business, now known as the Seeto Kui Group, employing thousands of Papua New Guineans across various sectors, including grocery, hardware, and construction. The late James Seeto took over the family business in the early 1950s, continuing his father's vision and dedication to the community. His leadership helped transform the Seeto Kui Group into a thriving enterprise that has significantly contributed to the local economy and provided countless job opportunities. Deputy Prime Minister of PNG and Member for Lae, John Rosso expressed his condolences to the Seeto family, emphasizing the deep impact James had on Lae and the entire nation. "Late James was more than just a prominent figure; he was a true pillar of our society whose contributions to business, employment, and the development of PNG will be remembered for generations to come. "As a distinguished leader and businessman, the late James’ vision and hard work helped shape Lae into the thriving community it is today. His tireless efforts in various sectors, coupled with his generous spirit and deep sense of civic duty, have left an indelible mark on our city and our country. "Through his leadership, business, and service, he played a pivotal role in creating opportunities for countless Papua New Guineans, uplifting lives, and fostering a spirit of community that will continue to inspire us all" Rosso stated. This loss comes just weeks after the passing of another influential businessman, Sir Soekandar Tjandra, the founder of the Papindo Group of Companies. Prime Minister Marape expressed his sadness over the deaths of both leaders, noting the profound impact they had on the business community in PNG.

The PNG Prime Minister James Marape has invited other Pacific Island leaders including Nauru President David Adeang, Tonga Prime Minister Hu'akavameiliku, and Vanuatu Prime Minister Charlot Salwai to meet with His Holiness Pope Francis during his Apostolic Visit to the country. The meeting between the Pacific leaders and Pope Francis took place in Port Moresby, the capital of Papua New Guinea. Photo Credit: Pacific Island Forum

Travel Series: Traveling is a brutality. It forces you to trust strangers and to lose sight of all that familiar comfort of home and friends. You are constantly off balance. Nothing is yours except the essential things: air, sleep, dreams, sea, the sky – all things tending towards the eternal or what we imagine of it. -Cesare Pavese Image: Arial view of Holiday Inn pool  

TRAVEL SERIES: Have You Been to Tufi Resort Before? Tufi Resort is a boutique resort located in Oro Province, Papua New Guinea, renowned for its stunning fjord setting and panoramic views of the sea and mountains. Situated 250 miles east of Port Moresby and close to the Kokoda Trail, the resort has been operational for over 30 years and is recognized as a premier destination for scuba diving enthusiasts. Visit their website tufiresort.com for more details Photo Credit: Tufi Resort

Kina Securities Limited has announced the appointment of Ian Clough as an independent, non-executive director, effective July 30, 2024, further strengthening its board with extensive retail expertise. Mr. Clough brings over three decades of experience in the retail industry, having held senior management roles at some of Australia's largest retail giants. He served as the General Manager of Target Australia, where he was responsible for overseeing the company's operations and driving growth. Prior to that, he held key positions at Coles Supermarket, Coles Liquor, and Kmart Australia, contributing to the success and transformation of these organizations. In addition to his impressive corporate career, Mr. Clough currently serves as the Chairman of the Brian Bell Group, Papua New Guinea's leading retail, wholesale, and distribution firm. He also holds the position of director at the Sir Brian Bell Foundation, a philanthropic organization dedicated to supporting education, health, and community development initiatives in Papua New Guinea.Mr. Clough's commitment to public service extends beyond his business roles. He serves as the Council Co-Vice Chair of St Johns' Ambulance and is the Honorary Consul General for Sweden and Norway in Papua New Guinea, demonstrating his dedication to the community and international relations. Kina's Chairman, Isikeli Taureka, expressed confidence about Mr. Clough's appointment, stating, "We are delighted to have Ian join the Board given his extensive experience in delivering a diverse portfolio of high performing retail businesses as well as contributing to organisational transformation across multiple businesses and development.” Kina Securities is focused on delivering a best-in-class banking experience for all Papua New Guineans and will continue to invest in developing new products and services to provide its customers with accessible, reliable, and convenient banking solutions. The appointment of Mr. Clough is expected to further strengthen Kina's strategic direction and contribute to its ongoing success in the financial services sector.

BREAKING: Exepreneur Magazine to Host "Exepreneur Leadership Excellence Awards 2024"