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Shells, significantly the Kina and Toea, were not solely mediums of commerce but additionally symbols of wealth, social status, and cultural practices. “Deeply embedded in our traditions and cultural practices, shell money additionally represented social status, and it was utilized in marriages, deaths, and other significant ceremonies and occasions,” Genia defined. The arrival of colonisers marked a turning level within the nation’s economic history, leading to the introduction of up to date currencies on 19 April 1975. “These modern currencies served as both economic instruments and nationwide emblems of our independence and unity as a nation,” Genia noted. She offered insights into the cultural significance of the Kina and Toea, explaining that the word “Kina” is found in each the Pidgin and Kuanua languages and describes the priceless pearl shell extensively traded in PNG’s Highlands and Coastal regions.

Global funding firm Fidelity has cut back the value of its holding in Elon Musk-run X by a large seventy eight.7 per cent, which means that the X social media platform is in all probability going valued at simply $9.four billion. National provider Air India on Wednesday mentioned that flights operated by Vistara will begin utilizing the flight code ‘AI2’ after the merger of the 2 airlines next month. Budget carrier SpiceJet on Wednesday mentioned it has amicably settled a USD 132-million dispute with plane Business News leasing firm Babcock & Brown Aircraft Management . Asia shares sank early on Wednesday, catching up with the sell-off on Wall Street after Iran’s ballistic missile strike on Israel provoked fears of a wider regional battle, while crude oil pushed greater on the chance of supply disruptions. The ASX200 fell 0.7 per cent on Friday after Joe Biden made a casual remark suggesting Israel would possibly assault Iran’s oilfields.

The Bank of Papua New Guinea formally launched the Kina and Toea Exhibition, a show celebrating the nation’s wealthy financial historical past and the 50th anniversary of Papua New Guinea’s forex. This occasion, held as part of the Bank’s fiftieth anniversary celebrations, coincides with the upcoming fiftieth anniversary of PNG’s independence in 2025. The Kina and Toea Exhibition was launched on 29 August and continued from 30 August to six September 2024 at the National Museum & Art Gallery in Port Moresby. The exhibition offered an opportunity to discover the fascinating history of PNG foreign money and its unique place within the nation’s growth.

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