The future of bitcoin is anyone’s guess, but one academic has warned that the world’s most popular cryptocurrency could fade out in the near future. Eswar Prasad, senior professor of international trade policy at Cornell University, told CNBC’s “Squawk Box Europe” earlier this month: “Bitcoin itself may not last that much longer.” Bitcoin’s price has been highly volatile over the last few years and in the last month the price of one coin has fallen from around $58,000 to less than $46,000. At 10:15 a.m. ET on Friday, the price of a bitcoin was $45,637. While there used to be just a few cryptocurrencies, today there are hundreds and some of them are more useful and more environmentally-friendly than bitcoin. Blockchain is the underlying technology behind most cryptocurrencies. It’s essentially a digital ledger of virtual currency transactions which is distributed across a global network of computers. “Bitcoin’s use of the blockchain technology is not very efficient,” said Prasad, who is the author of ’“The Future of Money: How the Digital Revolution is Transforming Currencies and Finance.” The cryptocurrency “uses a validation mechanism for transactions that is environmentally destructive” and “doesn’t scale up very well,” he explained. Indeed, bitcoin’s carbon footprint is bigger than the whole of New Zealand. Prasad said some of the newer cryptocurrencies use blockchain technology far more efficiently than bitcoin does. He believes blockchain technology will be “fundamentally transformative” in the way that finance is done and in the way we conduct our day-to-day transactions, like buying a house or buying a car. “Given that bitcoin is not serving well as a medium of exchange, I don’t think it’s going to have any fundamental value other than whatever investor’s faith leads it to have,” Prasad said. More generally, cryptocurrencies have “lit a fire under central banks to start thinking about issuing digital versions of their own currencies,” Prasad said. He added that such digital currencies could be beneficial as they may provide a low-cost payment option that everyone has access to, thereby increasing financial inclusion and potentially financial stability. “Much as you might not like bitcoin, it has really set off a revolution that ultimately might benefit all of us either directly or indirectly,” Prasad said. SOURCE: CNBC NEWS

The Biden administration said Thursday it imposed trade restrictions on more than 30 Chinese research institutes and entities over human rights violations and the alleged development of technologies, such as brain-control weapons, that undermine U.S. national security. The Commerce Department accused China’s Academy of Military Medical Sciences and 11 of its research institutes of using biotechnology “to support Chinese military end uses and end users, to include purported brain-control weaponry,” according to a notice in the Federal Register. The notice does not elaborate further on the alleged brain-control weaponry. “The scientific pursuit of biotechnology and medical innovation can save lives. Unfortunately, the PRC is choosing to use these technologies to pursue control over its people and its repression of members of ethnic and religious minority groups,” U.S. Secretary of Commerce Gina Raimondo wrote in a statement referring to the People’s Republic of China and human rights abuses in China’s far-west region of Xinjiang. The State Department has previously described the abuse of Uyghurs and members of other Muslim minorities as in the Xinjiang region as “widespread, state-sponsored forced labor” and “mass detention.” Earlier this month, the White House announced a diplomatic boycott of the 2022 Winter Olympics in Beijing, citing “ongoing genocide and crimes against humanity in Xinjiang and other human rights abuses.” Beijing denies that it has abused religious and ethnic minorities in Xinjiang. The Commerce Department listed four additional Chinese corporations to its Entity List for their role in modernizing China’s military, which runs contrary to U.S. national security and foreign policy interests. The department also added five other Chinese companies for allegedly “acquiring or attempting to acquire technology from the United States to help modernize the People’s Liberation Army.” U.S. officials have long complained that Chinese intellectual property theft has cost the economy billions of dollars in revenue and thousands of jobs. They have also said that it threatens national security. Meanwhile, Beijing maintains that it does not engage in intellectual property theft. Later Thursday, the Treasury Department announced sanctions on eight Chinese tech entities for “biometric surveillance and tracking of ethnic and religious minorities in China, particularly the predominantly Muslim Uyghur minority in Xinjiang.” The entities cited by Treasury are: Cloudwalk Technology, Dawning Information Industry, Leon Technology Company, Megvii Technology, Netposa Technologies , SZ DJI Technology, Xiamen Meiya Pico Information and Yitu. The Chinese Embassy in Washington, D.C., dismissed the U.S. moves as “unwarranted suppression” of Chinese entities. “The facts and truth on Xinjiang-related issues are very clear. China’s development of biotechnology has always been for the well-being of mankind. The relevant claims of the US side are totally groundless,” embassy spokesperson Liu Pengyu said in a statement provided to CNBC. The Commerce Department also took action against entities located in Georgia, Malaysia and Turkey for allegedly “diverting or attempting to divert U.S. items to Iran’s military programs.” “Specifically, these entities are a part of a network used to supply or attempt to supply Iran with U.S-origin items that would ultimately provide material support to Iran’s defense industries, in violation of U.S. export controls,” the notice said. In total, the Commerce Department took action against 34 entities in China, three in Georgia, one in Malaysia and two in Turkey. SOURCE: CNBC NEWS

Well over 2000 Small to Medium Enterprises (SMEs) have applied for loans under the National Government supported loan facility, the SME Credit Enhancement Scheme Loan (SME CESL) through BSP Financial Group Limited (BSP) with over K115m funded as at 15th December 2021. Of the 2100 SMEs that have applied for loans through the SME CESL facility, over 50% have been successful, with close to 30% of loans in the application stage and 20% have been declined through the Bank’s normal credit assessment process, according to BSP Group CEO Mr Robin Fleming. Mr Fleming added that BSP Financial Group Limited has continued to fund loans using its own funds under the SME CESL facility despite exceeding the K100m support funding provided by the National Government. “BSP continues to lend through the festive period to our SMEs and we are able to do this with run-offs from funded loans and by maintaining loan delinquencies within the Bank’s delinquency thresholds,” said Mr Fleming. “The festive period has been hectic so far with an increased number of applications coming through, and already we have over K90m in value from applications under processing, as the numbers pick up from all around our regions and the three SME Business Centres in Lae, Goroka and Vision City in Port Moresby,” said Jeffrey Singer Head of SME BSP. Mr Singer added that BSP was able to exceed the K100m funding support before year end with  the reduction of equity requirement from 30% to 10%, and the change in the maximum loan amount from K3m to K5m, enabling more SMEs to be eligible to access the SME CESL facility. “It’s obviously been a challenging year for our SMEs in particular but as they say, tough times don’t last, tough people do. We’d like to wish all our SMEs throughout PNG a fantastic festive with a holy Christmas and a prosperous New Year 2022.” The BSP SME Credit Enhancement Scheme Loan is open to all SME owners including non-BSP customers and it does include the ability to refinance existing loans. Customers can enquire at all BSP branches throughout the country and particularly at the three dedicated BSP SME Business Centers, at Vision City - Port Moresby, Goroka and Lae.  

Adolescents from Buna and Kokoda in Oro Province recently graduated from Kokoda Track Foundation’s (KTF) Kicks 4 Kokoda sport for development program. To great excitement, 168 students from schools in Kokoda (116 participants) and Buna (52 participants) from age ranges of 12 to 19 years, graduated from this health awareness and soccer-based skills training program. After a nine-week program of activities focused on topics ranging from gender equality to changing adolescent bodies, the graduation of participants took place on the 27th and 28th of November in the respective locations of Buna Primary School ground and Kokoda Primary School ground to adhere to COVID-19 protocols. Celebratory songs, or Kicks 4 Kokoda ‘KILOS’ rang out during the ceremonies. Kicks 4 Kokoda uses the power of soccer to connect young women and men with the mentors, information, and health services they need to grow, develop, and thrive. KTF partnered with the PNG Olympic Committee and Grassroot Soccer to deliver the adolescent-focused sports program that has educated, inspired, and mobilised the youths to overcome their greatest health challenges, live healthier, more productive lives, and become agents of change in their communities. The Kicks 4 Kokoda program, through the Team Up partnership, is supported by the Australian Government. KTF Health Programs manager, Kate Donnellan shared her thoughts about the positive impacts of the program. “The program has obviously created a special bond for the participants and Kicks 4 Kokoda coaches who now have each other for support with the challenges faced by adolescents in rural PNG. This demonstrates the importance of running such a program, even under COVID restrictions,” she said Semi-Semi-professional soccer player and KTF Kicks 4 Kokoda Project Coordinator, Basil Jofari, has seen participants’ progress through the program. "The best part of the Kicks 4 Kokoda program is seeing the kids coming out and expressing themselves during the activities. There was good feedback from the children in terms of their participation. At first, they were shy, but then the safe space was created which made it much easier for them to participate." The program was inclusive, promoting equal participation by male and female participants, as well as persons living with disabilities. Participant with additional needs, 12-year-old grade four student from Buna Primary School, Rose, was excited to be part of the cohort that recently graduated. “The program has really helped me to be on the same level with my friends. I know and believe that my future is bright,” Rose said. Kicks 4 Kokoda aims to leverage the transformative power of sport to support a positive shift in social norms that contribute to increased gender equality and improved wellbeing, all while having fun. Meanwhile, the graduating participants are looking forward to the Kicks 4 Kokoda sports tournament involving PNGOC hero athletes and the local community, which will take place early next year in the province.

PNG Motors representatives handed over the keys of a brand new Hyundai Mighty Dump Truck to representatives of the Mt Hagen Urban Youths United Volunteer Association this week at the headquarters of Western Highlands Province . The truck will greatly assist the 4000 plus volunteer “army” in their mission to clean up Mt Hagen. “The Association is a part of a changing trend in Western Highlands Province which is seeing people ‘doing it for themselves’ rather than sit back and wait for Governments to do it for them,” said PNG Motors Marketing Manager, Stephen Lane, at the handover. “We are proud to be associated with an organisation staffed by people with passion, drive and ambition – people who are prepared to stand up and make things happen instead of simply complaining”, he added. The Right Hon. Paias Wingti, Governor of WHP was in attendance along with representatives of PNG Motors Mt Hagen branch - Tom Allen, Branch Manager and Sani Bona, Sales Executive for PNG Motors - as well as Christopher Philip, Provincial Minister for Youth, Women, Religion and Sport, members of the Association Executive and a group of enthusiastic and grateful volunteers who had decorated the truck for the handover. The volunteer organisation is just a part of the Governor’s vision for Western Highlands Province to demonstrate to the nation what can be done when local people take ownership. “Show us you can do it, demonstrate your passion, become engaged and we, the Government, will be there to assist”. That approach has seen local communities build 28 high schools in the past 10 years, enrolments rise to 90% and plans for another 40 plus new schools as well as the delivery of Science Blocks, Libraries, Satellite access once communities complete construction. Meanwhile members of the Association are hitting the streets of Mt Hagen to clean up the city and make it a welcoming place for visitors with the help of PNG Motors and Hyundai.

Police in the Nations Capital, Port Moresby will continue with an eviction exercise that started this week at the Garden Hills removing illegal settlers. In a statement, police said they were acting on a legally obtained court order which must be respected unless there is a restraining order preventing the eviction. “Anyone who attempts to or stops an eviction exercise based on court orders is liable to be held for contempt of court.” The statement said. This is the stance the NCD police command is taking at the back of an attempt by Prime Minister James Marape to halt the eviction exercise and allow Lands Department and City Hall to intervene to ensure a plan is in place for the resettlement of the displaced families in the demolished settlements. The Prime Minister said his instructions are now with the Department of Lands to find vacant state land and put into motion the relocation of settlers as part of the programme to convert settlements into suburbs. He said this is the government policy and is in line with the National Capital District Commission efforts to convert settlements to suburbs for existing settlements. The Prime Minister said people who are misplaced would be relocated properly if they are employed or have lived in city for more than one generation. "I understand the frustrations proper title holders have with respect to settlements over their respective titles but ample warning and time must be given to people as well as working with city authorities to ensure minimal or no social and welfare issues will affect displaced families, especially at this time of Christmas,” Mr Marape said. “For Garden Hills, I have been informed of the court order and have instructed my office to intervene to halt the eviction until we are able to move the people properly to new sites if they are employed or have SMEs.” "For those second to third generation settlers, we will also give due consideration. "Recent city immigrants will be relocated back to their respective home districts so we can ease pressure on the socio-economic life in Port Moresby.” Meanwhile, PM Marape is setting up a task force to be headed by the Housing and Urbanisation Minister to look into converting settlement properties into titled properties for those who can fully justify their living in cities and towns. Picture: courtesy: Lawrence Lai Aipit

The Bulldogs have announced the release of winger Nick Cotric, just 12 months into a three-year deal with the club, with the 23-year-old confirming a return to the Canberra Raiders. "I'd like to thank Nick on behalf of the club, for the great effort and level of professionalism he has shown while here at the Bulldogs," said chief executive Aaron Warburton. "He has been a fantastic ambassador for the club, on and off the field, and we greatly appreciate the way that he has carried himself through this process." Cotric has signed a three-year deal with Canberra, the club where he made his NRL debut in 2017, playing 93 matches for the Raiders. "We're looking forward to having Nick re-join the club for the next three seasons," said Radiers CEO Don Furner. "Nick is a local boy who made his way through the local rugby league pathway program to the NRL, NSW and Australia while playing for us and we know the skills and capability he has as a player." "Nick has indicated to us that he's really excited about returning to Canberra and the Raiders, and we're confident he can play his best football for us." "The Raiders are a proud development club who invest heavily in our pathway program and to have a top-level player like Nick Cotric who has been through our system return to the club is a show of faith in this." Cotric will resume training with Canberra as early as next week. His move is the final piece in a complex jigsaw puzzle that saw the Eels pickup both Josh Hodgson and Bailey Simonsson from the Raiders. Simonsson will join Parramatta immediately, while Hodgson will switch clubs at the end of the 2022 season. Cotric's release gives the Bulldogs some breathing room under the salary cap, having signed a host of new players in recent weeks. SOURCE: NRL NEWS

Commissioner of Police David Manning has directed an investigation into the social media posting of National Planning Minister Rainbo Paita who was featured in a video firing a high powered semi-automatic rifle. As the matter involves a national member of parliament and state minister the Commissioner has directed Deputy Police Commissioner Operations Anton Billie to lead this investigation. He will be ably assisted by a senior detective from the NCD command and a senior officer from the Police Internal Affairs Directorate. The Commissioner’s decision to investigate was a matter of course to ascertain the facts surrounding the incident before recommending further action. Mr Billie and his team are expected to report their findings to the Commissioner with recommendations by Friday December 17. Meanwhile the Commissioner commended Mr Paita for stepping aside from his ministerial duties to allow for the investigation to proceed smoothly.

The PNG Chamber of Mines and Petroleum has partnered with the world’s largest volunteer service club association, Rotary, on a humanitarian project to ship a total of 3.3 million medical-grade respiratory face masks, to medical workers in Papua New Guinea. The Chamber, which represents major stakeholders in the mining and petroleum sector, received a donation of 3.3 million KN95/P2 respiratory masks from Rotary Australia, to distribute to medical workers in the country, through the National Department of Health, and the National COVID-19 Control Centre in Port Moresby. The Chamber received funding donations from its members, to ensure the shipment of six 40ft freight containers, containing the masks, valued at around K5.5m. [caption id="attachment_17666" align="aligncenter" width="660"] Rotary, NCC and Chamber representatives, standing in front of the first shipment of pallets of KN95 masks.[/caption] The Rotary Clubs involved in this massive logistical project, are the Rotary Club of Greater Springfield in Brisbane, and the Rotary Club of Boroko in Port Moresby, along with Rotary Australia World Community Services (RAWCS). Chamber Member, Ok Tedi Mining Limited were first to commit to the Mask Project, agreeing to facilitate the shipping costs of the masks to PNG. Upon the landing and delivery of the first of the six containers of masks in Port Moresby, OTML Managing Director and Chief Executive Officer, Musje Werror, said, “OTML is pleased to work with the PNG Chamber of Mines & Petroleum and its members to deliver essential personal protective equipment to PNG during these unprecedented times, and we will continue to provide support where appropriate to combat COVID-19.” At the official handover of the first shipment to the National Control Centre (NCC) for distribution this week, Executive Director of the PNG Chamber of Mines and Petroleum, Albert Mellam, acknowledged the support of all the Chamber member companies who donated to the project. “We have worked with Rotary Australia and Rotary PNG on this important project, and we acknowledge the support from our members who have given generously to this project which we hope will go a long way in helping to stop the spread of COVID-19 in our country. Without the support of our members, the Chamber would not have been able to be involved in this project,” Dr. Mellam said. Rotary PNG Representative, Suresh Shetty, who was present at the handover of masks to NCC, said the masks donation was one of several other initiatives the Rotary community in Australia and PNG, had committed to in the fight against COVID-19. “On behalf of Rotary Australia, and Rotary Club of Boroko, we would like to say thank you to the Chamber and its members for helping us move these masks to PNG. Thank you also to Chamber Councillor and Rotarian, Mark McMonagle who helped us a lot in coordinating this project.” Rotary Governor for PNG, Togaro Adiba, who was also at the handover event, was equally appreciative. “We thank the Chamber of Mines and Petroleum and their members for this partnership, and we look forward to working closely with the Chamber in any future projects that we have, which will help contribute to the health of our people,” Mr. Adiba said. NCC representative who received the masks, Megan Gaure, explained where the masks would be distributed to. “These masks will be distributed to provincial health authorities, through our provincial control centres, to send out to all health facilities for the health workers on the frontline, who are treating COVID-19 patients,” Ms. Gaure said. [caption id="attachment_17667" align="aligncenter" width="644"] The first of six 40ft containers of KN95 masks being unpacked for storage in the NCC storage facility in Port Moresby. This storage facility houses all donated COVID-19 medical supplies and personal protective equipment (PPE) for distribution to all medical health facilities around the country.[/caption] Sun Engineering Chief Executive Officer, Chamber Council Member, and passionate Rotarian, Mark McMonagle who was instrumental in coordinating this project, acknowledged the support from Chamber members. “We would like to give special thanks to Rotary for the masks and to Musje Werror and OTML for committing to the shipping of the masks from Australia to PNG. We would also like to thank the below listed companies for their generous donations which covered port costs, road transport and logistics,” Mr. McMonagle said. While the Chamber’s members play significant philanthropic roles in their own resource areas, they also give generously to assist in national aid and humanitarian programs, as members of the country’s mining and petroleum sector.

Sister in Charge for the Gordons Clinic Sr Delma Hombunaka has called upon the National Department of Health (NDOH) to reconsider their decision and allow the Nurse Stations to remain open. She made this call following a circular released by the NDOH giving the Nurse Stations 14 days to close down. Sr Delma said the drug shortage issue in hospitals and clinics is an ongoing issue with limited staff over the past few years and these burdens are somewhat eased when there are Nurse Stations to share the load. “We have run out of antibiotics drugs and other essential drugs in our NCD clinics and we don’t have enough manpower to cater for the population in the city so why are we closing the Nurse stations when they are helping so many patients we cannot help with our allocated resources.” Sr Delma said the timing also is not right for NDOH to make such drastic decisions when it is the peak period where accidents and illnesses are at the highest. She said most clinics are expected to scale down during the festive period as most of the staffs usually go on leave with a handful of them staying behind to attend to emergency cases only. “This is the festive period when we will have a lot of sick people filling up our clinics and if the Nurse Stations do close down, how are we supposed to serve the huge population in the city.” Sr Delma said the Health Department should sort out the drug shortage issue and start recruiting more health workers if they do decide to go ahead with their decision to close down the Nurse Stations.  

More than 250,000 people that have accessed the City Pharmacy (CPL) Nurse stations since the start of the COVID-19 pandemic will be greatly affected with the recent directive from the National Department of Health (NDOH) to close up all Nurse Stations throughout the country. Founder of CPL Group Sir Mahesh Patel revealed this when questioning the Health Department’s motive in closing the Nurse Stations. Sir Mahesh said there was no proper dialogue between the NDOH and the CPL Group before coming to this decision which leaves the question as to what the reasons are behind closing down a service that has helped a lot of sick people at a time when they cannot access efficient and effective health care. “When you talk to our customers and patients, you will find that they are very grateful that we provide this service because firstly it’s unaffordable for grassroots to seek treatment at private clinics because of how expensive it is and secondly, if you have minor illnesses and such, you’ll get to wait 3 hours or so to be served at public clinics or hospitals.”  Sir Mahesh said they have written to the NDOH since late last year requesting for their license to be renewed, however they never got a response until 7 months later in July stating their refusal to renew their (CPL) operating licence for the nursing stations. He said they were shocked to receive a letter on the 9th of December advising them to close down the Nurse Stations followed by the recent circular published in the media. Sir Mahesh and the CPL Board have written another letter to the Health Secretary Dr Osborne Liko last Friday and have copied the Health Minister and the Prime Minister on the matter. The letter was sent to request for a meeting between the parties concerned and find a way forward for the Nurse Stations to remain open and for NDOH to clarify if the nurse stations have breached certain protocols. “This has come to a point where we really need to sit down and say, what’s the real intention here? What’s the motive?  Who is going to win by closing the nurse stations down? And that’s the simple humanitarian question that needs to be answered,” Sir Mahesh said. The CPL Group has also handed the matter over to their lawyers to take legal proceedings should there be a need to. City Pharmacy Limited has operated in the country for over 35 years and they have over 20 Nurse Stations throughout the country that have been able to serve 250,000 people from all over the country. The pharmacies have been given 14-days’ notice to close down the nurse stations.

Twelve homes in Mambuan village along the Bogia coastline were destroyed last Tuesday due to the tidal flooding caused by king tide. Community leader, Edward Kasailo, says most of their properties were also swept into the sea. The villagers are urging the local disaster office to assist them to build sea walls to protect them against similar events in the future. It was daytime when the high tide hit Mambuan village in ward 11 of Yawar LLG of Bogia District, Madang. The shoreline was occupied with debris, fallen coconut trees, and plants, even stones and sand. They were thrown onto the coastline after the tide. This is what remains of the 12 houses destroyed by the flooding. Even kitchen utensils were swept back into the sea living most of the families without basic cooking utensils. Most families are now taking refuge with the community leader. In the neighboring village, Samusamu, the villagers had also lost their properties while a number of their houses were destroyed.  Community Leader, Edward Kasailo, says the disaster office and the local DDA should look into the concern of building a sea wall. He adds for now families who lost their properties and have no house are taking shelter at his house. He says their village is right in the middle of a road construction project that would take 10 kilometers of their inland leaving them with limited land. Hence it is important that the disaster office including the DDA help to start building seawalls.