According to Sports and APEC Minister Justin Tkatchenko, the sports ministry has presented K5 million to the preparation for 7th PNG Games in Kimbe which the PNG Games Committee had collected two weeks ago .“Due to complaints of delay in construction, this funds will help them for the new mini stadium and also assist them to upgrade their facilities and building new sporting facilities for the Games in November,” says Tkatchencko.“The money is from the K60 million of the Pacific Games Authority savings where K20 million was used for upgrading facilities for the FIFA and OFC football matches while K5 million was given to the PNG Games Committee for the PNG Games in Kimbe,” Tkatchenko added.Adding that the West New Britain Governor Sasindran Muthuvel also pumped in K50 million from the provincial budget alone to facilitate and host the event.The funds will be used to upgrade school facilities as most schools in the area will be accommodating provincial teams and athletes.The WNB Host Organizing Committee is working to meet deadline as they are coordinate all preparation and works set before officially opening of the PNG Games on November 26.
160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SAN FRANCISCO – Netflix Inc. on Wednesday posted the highest first-quarter profit in its eight-year history, but the online DVD rental pioneer’s performance flopped on Wall Street. Investors turned their thumbs down largely because Netflix had trouble attracting and retaining subscribers amid stiffer competition from Blockbuster Inc. during the first three months of the year. To make matters worse, Netflix management warned its service may continue to be upstaged by Blockbuster through the remainder of the year. As a result, Netflix expects to finish 2007 with 600,000 to 700,000 fewer customers than the Los Gatos-based company had projected when the year began. Those dreary developments overshadowed Netflix’s first-quarter profit of $9.9 million, or 14 cents per share, during the first three months of the year. That more than doubled from net income of $4.4 million, or 7 cents per share, at the same time last year. Revenue rose 36 percent from last year to $305.3 million. The earnings fell 2 cents below the average estimate among analysts surveyed by Thomson Financial, one of the reasons that Netflix Chief Financial Officer Barry McCarthy described the showing as the most disappointing quarter since the company went public in May 2002. McCarthy expressed his dismay during a Wednesday conference call. The letdown punished Netflix’s stock, which plunged $2.26, or 9.4 percent, to close Wednesday at $21.70 on the Nasdaq Stock Market. Netflix tried to bolster its shares by announcing plans to buy back $100 million worth of stock through the rest of the year. This is hardly the first time that investors have gotten queasy about Netflix’s prospects. Similar doubts arose in 2003 when Wal-Mart Stores Inc. entered the online DVD industry, a threat that evaporated last year when the world’s largest retailer handed off its subscribers to Netflix.