|
PNA reiterates importance of VSA
Representatives from the Federated States of Micronesia, Kiribati, Marshall Islands, Palau, Papua New Guinea, Solomon Islands and Tuvalu, who are Parties to the Nauru Agreement (PNA), have noted improvements in the level of reporting by fishing vessels on the Vessel Day Scheme register since it came into effect on December 2007.
In a special meeting convened at the headquarters of the Pacific Islands Forum Fisheries Agency (FFA) in Honiara, Solomon Islands last month, representatives from the tuna industries in Kiribati, Solomon Islands, Papua New Guinea, and Marshall Islands considered the implementation of the Vessel Day Scheme (VDS) and discussed compliance issues pertaining to the reporting by purse seine vessels on the FFA Vessel Monitoring System (VMS).
The parties noted improvements in the level of VMS reporting by vessels on the VDS Register and progress on the development of an automated system for the calculation of days.
They reiterated the importance of the Vessel Day Scheme to ensure sustainability of stocks.
The parties also noted that the Vessel Day Scheme allows them to exert greater control over skipjack fisheries and agreed to strictly enforce the effort limits under the Palau Arrangement Vessel Day Scheme (VDS) as a fisheries management scheme to conserve tuna stocks in the region.
The parties also received a progress report on a regional Purse Seine Strategy (PSS) study for PNA member countries.
The study reviews various operational models for ensuring that greater economic benefits from the region’s purse seine fisheries rests with the parties.
In this regard, the parties considered a number of options and agreed they will pursue avenues to secure greater rights to the resources and control of the fisheries.
These include amongst other things, seeking greater direct foreign investment in return for access and a phased reduction of foreign fishing allocations under access arrangements.
The parties considered long-term options for the development of their fisheries and highlighted that their development aspirations were matters only they as individual countries and collectively as members of the PNA can determine.
In regards to the WCPF Commission, the parties agreed they would develop conservation and management measures which they would adopt and apply to their exclusive economic zones and work with other coastal states in the region to this end.
The parties agreed to a roadmap and emphasised the need to adopt and implement measures for national waters by coastal states and focus the commission on high seas areas, reconciled by the principle of compatibility within the overall limits established by the commission.
Fiji, PNG politically risky: report
Four countries have been rated as having the highest political risk and two of them are in the Pacific, according to rating firm Standard and Poors.
The four are Fiji and Papua New Guinea in the Pacific and Sri Lanka and Pakistan.
In a report released recently, Standard and Poors (S&P) said a significant number of the 22 sovereign ratings in the Asia-Pacific region face risks on account of political stability and weak policy environment which caps their ratings.
S&P said sovereigns facing the greatest risk to ratings from their political and policy environment are those where administrative and institutional weaknesses coexist with severe domestic political instability, which may include security risks or outright civil conflict.
“Fiji, Sri Lanka, Papua New Guinea and Pakistan fall into this category, where political risk is highest, and not only a credit constraint in itself, but it also poses the greatest risk to credit fundamentals,” the report said.
The S&P report gives Singapore the highest credit rating of ‘AAA’ in Asia Pacific.
As the world economy shifts into a lower gear and liquidity becomes scarcer, the political and policy environments of Asia-Pacific governments, as well as their institutional qualities, will get closer scrutiny, said S&P.
This is because a government’s policy response can either attenuate or exacerbate the macroeconomic challenges.
In the report titled ‘Politics And Policy Environment: Credit Constraint For Many, Support For A Select Few In Asia-Pacific,’ S&P said political and policy environments received less attention during the good times of the past several years when rising corporate profitability and soaring markets buoyed investor sentiment, while governments had scope to boost spending without diminishing their credit standing.
It noted that many Asia-Pacific sovereigns have vastly improved their external liquidities, banking systems, fiscal consolidation and reduced their debt since the Asian financial crisis.
“However, a significant number of the 22 sovereigns rated by Standard & Poor’s in Asia-Pacific continue to face political risks, such as domestic instability, weak policy environment, or in some cases external political risk, which either directly constrain their rating, or negatively affect other credit fundamentals,” the report said.
In eight of the 22 rated sovereigns in Asia-Pacific, political or policy risk feature as an explicit constraining factor for their creditworthiness.
Only two Asia-Pacific sovereigns appear to possess the kind of political stability where its longevity and proven track record make political stability an explicit credit-supporting factor.
“It is likely no coincidence that these two sovereigns, Australia and Singapore, are also the only ones in the region having the highest credit rating of ‘AAA’,” S&P said.
Tax rebates for nickel
The French Government has granted significant tax rebates of some US$230 million for a key mining project located in the North of New Caledonia, according to Oceania Flash. The Koniambo project, in the north of New Caledonia’s main island, represents an estimated investment of some US$3.8 billion.
Project promoters have also recently struck a separate agreement with New Caledonia Government and obtained a tax holiday for the first 15 years of operation. Similar rebates of up to US$500 million have also been granted to New Caledonia’s other major nickel mining project, located in the south of the main island, Goro Nickel, which is mainly driven by Brazilian mining giant Vale (ex-Vale do Rio Doce-CVRD).
The Vale project, known as Goro-Nickel, represents a capital investment of some US$3.2 billion and was expected to be completed and start production by the end of 2008.
Cooks’ new tourism boss
Cook Islands has a new tourism boss. He is John Dean of Australia. He takes over from Chris Wong who resigned last July amid allegations of abuse of public funds.
Giant plastic garbage dump
Scientists from the University of Hawaii are planning to conduct a comprehensive study of a giant floating plastic mass in the North Pacific Ocean. Reports of the floating rubbish dump first emerged in 1997 when American sailor Charles Moore discovered it.
He has since set up the Algalita Marine Research Foundation to raise awareness and a growing number of scientists have become alarmed at the situation.
Expansion of rural banking services
The National Bank of Vanuatu plans to introduce electronic banking services to rural people, bringing banking to tens of thousands for the first time. At the moment, most people in rural areas do not have access to banks, and those that do, often have to travel long distances to reach them. Japan and the Asian Development Bank are assisting the National Bank of Vanuatu to introduce a new smart card system. The system could provide a model for remote communities in other Pacific Islands countries.
Halt minimum wage increase
American Samoa lawmakers have approved a Concurrent Resolution calling on the US Congress to halt escalating clauses in the federal minimum wage law for American Samoa and the Commonwealth of the Northern Mariana Islands (CNMI), according to Pacnews. The resolution also states the Territorial Legislature fully supports a federal measure, sponsored by American Samoa congressman Faleomavaega Eni, to halt any additional hikes in the minimum wage for American Samoa and CNMI. The taskforce report said the total additional cost for all industries in the territory following the first wage hike was US$4.5 million; American Samoa’s two fish canneries had the highest additional cost of US$3.7 million followed by retailing, wholesaling and warehousing with almost half a million extra dollars added to wages.
Tread with caution
Aviation liberalisation could have many disadvantages for Fiji despite the keen interest that has been shown by many in the civil aviation industry—both regionally and internationally. Fiji’s Director for Civil Aviation Akuila Waradi said the deregulation of the civil aviation industry has both advantages and disadvantages.
“In Fiji, if we open up the aviation market, it will have a positive impact on the economy but the main problem is that some routes will not be viable particularly for Air Pacific,” Waradi said. At present there are about 27 Air Services Agreements which dictate whether there should be an airline service operating in any two countries. However, under the new Pacific Islands Air Services Agreement (PIASA) which Fiji was yet to ratify, anyone can fly anywhere. “In the context of profit-making by Air Pacific under an open skies system, it is important to keep in mind the fact that our national airline is the only big air operator in the region. If anything, it would be to our advantage to approach the concept of ‘open skies policy’ with caution.”
Potent anti-cancer drug found in algae
US scientists have identified a potent, anti-cancer drug isolated from an algae found in the South Pacific. A University of California-San Diego team of researchers led by Dr Dennis Carson, a professor of medicine and director of the university’s Moores Cancer Center, said the drug somocystinamide A, or ScA, was isolated from a toxic blue-green algae. “We are excited because we have discovered a structurally unique and highly potent cancer-fighting compound,” said Associate Professor Dwayne Stupack.
AusAID to help cost of remittance
The Australian Agency for International Development (AusAID) wants to create a website that will lower the cost of remittance payments between Australia, New Zealand and nations within the South Pacific. AusAID manages the Australia’s official overseas aid programme with the aim of reducing poverty and achieving sustainable development in line with Australia’s national interest. The body said that official remittances are worth at least US$400 million to the Pacific region and that it wants to help lower the cost of those fund transfers via a simple and low-cost website.
Air Chatham to operate in Tonga?
Air Chatham will most likely replace Peau Vava’u as Tonga’s second domestic air operator starting in April, reported Matangi Tonga. Tonga’s Minister of Transport, Paul Karalus said Air Chatham is taking over as the second domestic airline to replace the Peau Vava’u, which surrendered its Air Operator’s Certificate in January and brought to an end their interest in operating a domestic air service.
The local airline had been out of service since the November 16 riots in 2006, which destroyed their office at the Pacific Royale Hotel. Following 16/11 their only aircraft, a Jet Stream 41, was flown back to New Zealand, and airline staff were laid off. Since then, the domestic air service has been serviced solely by Airline Tonga, a Fiji Air-Teta Tours joint venture.
|
