Page 5 - IB Dec 2020

Briefs Briefs

“It is crucial to our future.” Loss and damage refers to the Financial losses incurred from the Solomon Trader bunker spill
inevitable consequences of human-caused climate change last year off Rennell Island could be as high as A$40 million
but quantifying this has proved contentious within climate (US$30 million) says a report commissioned by the Solomon
negotiations. Islands government. Local landholders have received no com-
pensation since the grounding. The matter is now headed to
the courts.

New Caledonia
South Korean miner, Korea Zinc, has pulled out of plans to Tokelau
buy the Brazilian-owned Vale nickel plant in New Caledonia. 33 Tokelauans are finally at home after the finalisation of
Korea Zinc had planned to partner with Sofinor in North- repatriation arrangements to fly them from New Zealand via
ern Province, however disputes over the sale have led to Samoa. They spent almost a month in quarantine in Apia,
blockades, riots and widespread arrests in Noumea. Vale has after flying in from New Zealand on November 13. There are
threatened to shut the plant if no sale goes through. no reported cases of COVID-19 in Tokelau.

Niue Tonga
Niue’s new parliament building is expected to be completed A new channel for Tongans in Australia to send remittances
by June 2021, with work resuming after COVID response- home has been launched with support from the IFC and Tonga
related shutdowns. Three DTB workers from New Zealand Development Bank. The contactless service ‘Ave Pa’anga Pau
have been cleared from quarantine to begin laying the has low remittance fees. Remittances to Tonga represent
electrical works in the building. about 37% of GDP. Its introduction coincides with a new de-
ployment of Tongan agricultural workers to Australia to assist
The Manatua cable will now not land until January next year. with harvests.
Telecom says the hold-up is with lawyers working on terms
of the contract with the other parties. Customers have been
assured while they will get faster internet once everything is
online; costs will not rise. Vanuatu
Vanuatu’s Parliament has approved the government’s US$81.6
million supplementary budget. Meanwhile, government has
Papua New Guinea agreed to make a guarantee to Air Vanuatu for VT592, 392,950
The Papua New Guinea Government plans to sell off Datec, (US$5,289,901) to cover aircraft leasing costs, aircraft insur-
EMTV and FM100, according to Kumul Consolidated Hold- ance and its ATR72 return to service.
ings Limited. The National Executive Council has reportedly
approved the sale of “non-core state-owned entities not Residency Permit fees for non-citizens living in Vanuatu have
generating any revenue for the state”. Meanwhile, Air Niugini been reinstated, after earlier being waived in response to
is selling its property portfolio and will outsource its ancillary COVID-19. Residency permits are renewed annually and cost
business operations. The airline received K100 million (US$28 VT57, 600 (US$511).
million) funding from the Asian Development Bank to assist in
restructuring last month.

Region
Solomon Islands Westpac has sold its Pacific businesses to PNG’s Kina Securi-
The Government is looking to amend the nation’s constitution ties. Kina will acquire 100% of Westpac’s Fiji banking opera-
to temporarily restrict land sales to foreigners by individuals tions and 89.91% of the PNG operations. The transaction is
says Prime Minister Manasseh Sogavare. It is also relooking at expected to be finalised by September next year, and is worth
customary land tenure, introducing a customary lands trust up to A$420 million. Kina says the acquisition see it transform
board, and enacting provisions for free, prior and informed “from a leading digital bank in PNG to an “at scale regional
consent by ratifying and implementing the United Nations bank”.”
Declarations on the Rights of Indigenous People.

Islands Business, December 2020 5