Saturday, July 18, 2009

Expect improvements in trade finance, say APEC members

Singapore, 17 July 2009 – A survey among the APEC economies has shown that 10 out of 18 surveyed APEC economies expect that the trade financing situation should ease over the next six months.  Nevertheless, the situation still bears watching given continued uncertainty in credit conditions.
The trade finance survey was conducted by Singapore, which chairs the APEC meetings this year, following the discussion on trade financing at the APEC Senior Officials’ Meeting – Senior Finance Officials’ Meeting (SOM-SFOM) Dialogue held in Singapore in February 2009.
The survey found that trade finance was an area of concern for most APEC economies, with 16 out of 18 economies surveyed saying that they faced some problems in trade financing.  The most commonly cited reasons for tightness in trade financing were increased risk aversion of financial institutions towards companies, higher perceived counterparty risks, and general liquidity shortage in the economy.  In particular, of the 16 economies that faced trade financing problems in their economies, 13 economies noted that risk aversion of financial institutions towards companies had increased since the onset of the global economic crisis late last year.  In contrast, only 2 economies felt that the trade financing problem was precipitated by higher capital costs or increased capital requirements of banks.
The survey also found that APEC economies had the general mechanisms to tackle the trade finance challenge. 17 of the 18 surveyed APEC economies already had existing programmes to support trade finance in their economies.  In response to the crisis, 15 of the 18 surveyed economies had implemented new programmes, or enhanced existing schemes, to support trade finance in their economies. In particular, half of these 18 economies implemented new or enhanced export credit insurance schemes.
The survey results on trade financing were presented at the APEC SOM-SFOM Symposium held in Singapore on Friday, 17 July 2009. APEC Officials and Ministers will further discuss the survey results over the next few days of the APEC meetings in Singapore, as part of their broader deliberations on APEC’s response to the global economic crisis.

For more information, contact:

Carolyn Williams at cdw@apec.org or at (65) 9617 7316

Anita Douglas at ad@apec.org or at (65) 9172 6427

 

 

 

SCHOOL FUNDRAISING RAFFLE TICKETS

Dear Parents and Friends,

 Zion Zeal Christian Preschool wishes to announce that it is doing its major fundraising drive in the form of "Raffle Ticket Sales" to build new classrooms and requests if parents and friends working in different corporate and public bodies can assist by buying the tickets and/or support to sell the tickets.

 PRIZES:

Grand Prize - CRV Honda - Supplied by Wheels PNG Limited

 2nd Prize - 15 Horse Power Suzuki Speed Boat - Supplied by PNG Motors

 3 rd Prize - Airline ticket for 2 to any destination in PNG with K500 spending money.

 4th Prize - Computer Set  and many more consolation prizes.

 TICKET - ONLY K2.00

 Current parents can collect the books at the school. Others who wish to help the school in its fundraising can do so by indicating the number of book you wish to sell (100 tickets in a book) for us and give us your contact and location of work and we will drop it off.

 You support in this worthy cause will go a long way in promoting "Charater Development Education in PNG through Godly Principles".

 Contact Michael Kumung - School Chairman on this email and or by phone on 326 0247 or Mobile 715 71386.

 Thank you and God Bless.

 Michael

 

APEC 2009 Leaders' Week - Media accreditation begins 27 July

Media wishing to access meeting venues and facilities at APEC 2009 Leaders' Week meetings must be registered and accredited.  This will take place from 27 July – 9 October 2009.

Please visit the APEC 2009 website (www.apec2009.sg) for more information.

Details for the booking of media booths and related facilities at the International Media Centre will be released at a later date.

In the meantime, queries should be directed to:

Ms Crystal Neo at 6837 9347 or at crystal_neo@mica.gov.sg or Mr Goh Chian Hao at 6837 9611 or at goh_chian_hao@mica.gov.sg

 

Friday, July 17, 2009

Pipe dream becomes a reality for Ilaita Gigimat

Ilaita Gigimat warming up for the wedding in Lae
Ilaita Gigimat (left) in a bagpipes session with former members of the PNG Defence Force Pipes and Drums

Ilaita Gigimat (fourth from right) and his group doing a presentation at the 2007 Summer School for Pipers & Drummers in Christchurch, New Zealand





It was at the wedding in Lae two weeks ago of Dobbin Laka and Evelyn Faunt that the groom’s uncle Ilaita Gigimat blew a tune on his bagpipes at the Cassowary Road United Church.
Mr Gigimat, for those who came in late, is a former champion basketballer who represented PNG at the 1975 South Pacific Games in Guam and the 1979 SPG in Fiji.
He would have liked to have blown longer, having brought his beloved bagpipes all the way from Port Moresby for the occasion, however, time did not allow for this.
Bagpipes are normally associated with Scotsmen and kilts, and are also synonymous with the Pipes and Drums of the PNG Defence Force, but this 54-year-old New Ireland man has taken to the instrument like a duck to water.
He has even paid for his own travel to New Zealand in 2007 just to further his skills in playing the bagpipe.
This is what is called the National Summer School and brings together bagpipers from Australia and New Zealand.
Mr Gigimat has already registered two associations - PNG Pipe Band Association and Port Moresby City Pipes and Drums – and is regularly invited to play at weddings, parties and even funerals.
Later, as we chatted at the Lae International Hotel, Mr Gigimat told me of how he had had first taken to the instrument at the age of 50.
Everything has a beginning, and it all started in the late 1960s while he was growing up in his village on Nusalik Island, and the isles overlooking the sleepy town of Kavieng.
This period of pre-independence saw the establishment of some strategic development programmes for the Territory of PNG by the colonial administration.
One of the thriving government institutions in those days that captured the imagination of Papua New Guineans was the Pacific Islands Regiment.
Kavieng was one of the ports of call for the Regimental Pipes and Drums from the 1st and 2nd Battalions of Taurama and Moem Barracks, and it was then that the young Mr Gigimat was exposed to the sound of bagpipes.
He came to love the sound of this Scottish instrument, and from thereon, wished to be in the army and become a piper.
The best he could do was to join the Rabaul High School Cadet Unit.
But following the Caribou crash involving several cadets in Wau, Morobe province in 1972, he was advised by his elder brother not to continue in the cadet unit and his dreams were put on hold until several years later.
As fate would have it, during the Christmas of 1997, while Mr Gigimat and his wife were in Canberra, they met a Scotsman who put him in contact with Pipe Major Vic Groehert of the Canberra City Pipes and Drums.
Major Gorhert showed him how to play a wooden practice chanter, which is a replica of the bagpipes, on which the beginner starts to play.
To cut a long story short, after the Gigimats returned to PNG in early 1998, he was on the practice chanter for five years on his own.
It was in 2003 that he bought a secondhand set of pipes for K2, 000 from Andrew Johnson, who had his origins in Scotland.
So keen was Mr Gigimat to buy the instrument that he took out a K2, 000 loan for this purpose.
The pipes were sent to Brisbane for repair, thanks to the generosity of Moresby South MP Dame Carol Kidu, who paid for the cost of repair.
“I was a late starter but I pursued my interest,” Mr Gigimat recalls.
“And I’m still learning.
“The bagpipes is a very difficult instrument to play because it requires the full coordination of your body.
“My first attempt was in 2004.
“That was in Port Moresby.
“I was then working with Pangtel when I started playing.
“It was by sheer trial and error.
“When I was with Pangtel, I’d wait for everyone to leave work, so that I could lock up the place and play.”
Following the guidelines step by step, he was able to produce the sound on the bag, and although wavering at first, he learned to control and maintain the steady sound of the bagpipes.
This so amazed Mr Gigimat that he continued this for the next three weeks, eventually being able to play a simple tune called Amazing Grace.
At home, while the family was asleep, he’d take the bagpipe and close off the drones so that he could hear what it sounded like.
Mr Gigimat also met an ex PNGDF piper, Tony Tore, who taught him more about handling and blowing the bagpipes.
“I now knew that I could play,” he remembers.
“I had to continue to practice and practice.”
One day, a now-confident Mr Gigimat suggested to Mr Tore that they go to Taurama Barracks and use the band hut to try out a few tunes that he had already learned by memory.
He wanted to surprise his mentor that he could already play these tunes on the bagpipes, and at the band hut, suggested tunes that he’d already practiced silently the previous week: My Home, Going Home, Morag of Dunvegan and Liklik Boy.
So, in January 2005, Mr Gigimat could hear himself playing these tunes alongside one of the best pipers the PNGDF Pipes and Drums had ever produced.
He had graduated as a self-taught civilian piper and fulfilled his lifelong childhood dream of playing the Scottish bagpipes.
And what of the future?
“I think there’s a lot of future in pipes and drums,” Mr Gigimat says.
“I’m just trying to show that it’s possible to have a civilian pipe band, with the opportunity to provide tuition to those who want to learn.
“It’s a great opportunity, however, for the association to move forward, it needs a lot of funding from business houses and the government.
“Once you have funding, you can do anything, such as teaching young people the basics of playing pipes and drums.
“I’d be appreciative of any financial assistance, as well as support I can draw from ex member of the PNGDF Pipes and Drums.
“At this point in time, I haven’t received any assistance, but I haven’t given up.
“I’m also looking at the National Capital District Commission to take ownership of the band so that they can use it for their promotional purposes.”
Mr Gigimat can be contacted on email igigimat@iccc.gov.pg.

World Bank to support coffee

Coffee Industry Corporation chief executive officer Ricky Mitio has called on all industry stakeholders to face the realities of social and economic decisions they make to advance the industry.
Mr Mitio made the call at a recent meeting with World Bank representatives who were in the country to gauge the view of coffee stakeholders.
The meeting included coffee farmers, processors, exporters, donor partners and government officials.
The bank is looking at opportunities to invest in the cocoa and coffee industries.
After financing oil palm, the bank believes that these industries involve smallholder growers; therefore, its support would have a huge impact on rural livelihoods.
The meeting was timely as CIC is unpacking its three key pillars in the strategic plan which was launched in 2008.
The review of the plan includes realigning programmes and projects so that they are outcome-based.
The CIC will consider and include programs that the World Bank proposes as part of the review.
However, Mr Mitio cautioned that contributions of partners, especially donors, must synergise and were not duplicated so that resources including finance were meaningfully deployed towards targeted programmes of the National Agriculture Development Programme.
“It also allows for priorities of the coffee industry to take precedence over those with pre-occupied negative interests,” he said.
“In addition, these interventions must be consistent with the government development agenda.
“Stakeholders need to communicate and forge strategic partnerships and use the opportunities presented by the National Agricultural Development Plan and other donor agencies.”
Mr Mitio said there was a need to conduct socio-economic studies to ascertain grower behavior so that services and incentives were tailored and relevant to their needs and aspirations.
“More so, interventions pursued must be context-based,” he said.
“The industry is blessed with experiences which can be used to foster and advance the sector using innovative approaches.”

Tobacco causes mouth diseases

Papua New Guinea minister in Samoa deals

Caption: Papaloloa House in Apia, Samoa, which Forest Minister Belden Namah reportedly bought for S$1.49 million (about K1.4 million), according to the Samoa Observer newspaper. Mr Namah says he merely facilitated an investment for his overseas business partners.

 

From The National, Papua New Guinea’s No. 1 daily newspaper

 

Namah denies top Apia properties are his

 

A SENIOR Papua New Guinea Government minister has been linked to the purchase of prime properties in the South Pacific nation of Samoa.

Forest Minister Belden Namah was named by the Samoa Observer newspaper in a front page report yesterday as the major buyer of prime properties, worth more than K4 million, in the capital, Apia – a claim he denied.

The Government of Prime Minister Sir Michael Somare is already embroiled in a similar controversy back home, with the Government gagging debate in Parliament last week about the circumstances surrounding Public Enterprises Minister Arthur Somare’s purchase of a K1.2 million property in the far north Queensland town of Trinity Beach, near Cairns, recently.

The Opposition said last night it would demand answers from Sir Michael on Mr Namah’s property dealings in Samoa.

Mr Namah’s lawyer yesterday threatened to sue the Samoa Observer over the report, saying: “He has merely facilitated an investment arrangement between one of his overseas business partners and his local Samoan partner.

“Mr Namah’s association with these property investments has been with and through his local partner and as the contact for his business partner abroad,” his lawyers, Tuala & Samau Lawyers, said in Apia.

The Samoa Observer reported yesterday: “Eyebrows were raised recently when it emerged a Papua New Guinea Cabinet Minister has started buying prime properties around Apia.

“This week it has been revealed Belden Namah, PNG’s Minister of Forests, has spent and committed a total of more than S$5 million buying local properties.

“He arrived in Samoa several months ago and started negotiations to purchase those properties.”

“Included in them is Chan Chui Co Ltd on Taufusi Road, one of Apia’s oldest companies. It was bought for ‘more than S$2 million’, confirmed Mr Namah’s lawyer in Apia, Siaki Tuala, on Wednesday.

“Mr Paul Chan Chui, who is understood to be the person to speak to on this purchase, could not be reached for a comment.

“But Chan Chui’s two-storey building has since been pulled down. It looks as if a new building will be built to replace it.

“The second purchase is of a two-storey home at Papaloloa which Mr Namah bought for S$1.49 million,” the Samoa Observer reported.

However, Tuala & Samau Lawyers said yesterday that none of the investment properties named in the newspaper story were registered or held in Mr Namah’s name.

“This is because he has merely facilitated an investment arrangement between one of his overseas business partners and his local Samoan partner, whom his business partners have met and trust.

“Mr Namah’s association with these property investments has been with and through his local partner and as the contact for his business partner abroad.

“They have viewed and negotiated for the properties together and hence the misconception that you have further fuelled that he is the buyer for all these properties.

“His role in all this is to facilitate the investment arrangements with his local partner and provide advice and feedback regarding the properties back to his overseas business partners.

“This investment in property is in no way illegal or unusual and is a positive benefit to our economy and for all those concerned,” Tuala & Samau Lawyers said.

Attempts by The National to contact Mr Namah for further comments yesterday were unsuccessful.