|
Nauru Phosphate Royalties Trust
The Nauru Phosphate Royalties Trust (NPRT) was a sovereign wealth fund developed by the government of the Republic of Nauru in which the government invested money from the state-owned mining company, Nauru Phosphate Corporation. This money was then re-invested in a real estate portfolio, among other things, to provide the government with a reliable national income following the depletion of minable phosphates on the island. Although at one time successful, mismanagement and corruption later essentially bankrupted the fund, thus virtually bankrupting the entire Republic. Responsibility for the Trust rests with the Ministry for the Nauru Phosphate Royalties Trust, a Cabinet position. At present, the office is exercised by the Nauruan Minister of Telecommunications Shadlog Bernicke. Beginnings In 1970, the newly independent government of Nauru purchased the mining rights to the island's lucrative phosphate mines from their previous colonial ruler, Australia, for A$21 million. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Wealth Fund
A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management. The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruben Kun
HE Ruben James Kun (30 March 1942 – 21 September 2014) was a political figure from the Pacific nation of Nauru and was president of the Republic of Nauru. Early career Kun was a lawyer before becoming a political figure. He was the minister assisting the president of Nauru in the cabinets of Lagumot Harris in 1978 and 1995–1996. He was the speaker of the Parliament of Nauru from August 1981 to December 1986. He was Minister of Finance under Bernard Dowiyogo and Lagumot Harris from January 1978 to May 1978, and again in the cabinet of Lagumot Harris from November 1995 to November 1996. President of Nauru Kun succeeded Kennan Adeang as president of Nauru from 19 December 1996 to 13 February 1997, and was succeeded by Kinza Clodumar. Post-presidency Kun was again Minister of Finance under Bernard Dowiyogo from August 1998 to December 1998. Under the Pacific Solution asylum policy, Australia has an arrangement with Nauru that allows asylum seekers arriving in Australia t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tuvalu Trust Fund
The Tuvalu Trust Fund is an international sovereign wealth fund established to benefit Tuvalu, a small, central Pacific island nation, by providing income to cover shortfalls in the national budget, underpin economic development, and help the nation achieve greater financial autonomy. The Tuvalu Trust Fund was established in 1987 by the United Kingdom, Australia and New Zealand. The International Monetary Fund (IMF) 2014 Country Report noted the market value of the Tuvalu Trust Fund dropped during the global financial crisis; however, the IMF 2016 Country Report estimates the total value of the fund had recovered to be AUD$131 million in 2012. The policy of the Tuvuluan government has been to grow the maintained value of the Consolidated Investment Fund (CIF), from which the government can draw funds for government expenditure; during 2016-2020 the government was able to save an average of 6.6% of GDP into the CIF. In the thirty years since the creation of the fund, the Govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Nauru
The economy of Nauru is tiny, based on a population in 2019 of only 11,550 people. The economy has historically been based on phosphate mining. With primary phosphate reserves exhausted by the end of the 2010s, Nauru has sought to diversify its sources of income. In 2020, Nauru's main sources of income were the sale of fishing rights in Nauru's territorial waters, and revenue from the Regional Processing Centre (an offshore Australian immigration detention facility). Nauru is dependent on foreign aid, chiefly from Australia, Taiwan and New Zealand. Economic performance In the years after independence in 1968, Nauru possessed the highest GDP per capita in the world due to its rich phosphate deposits. In anticipation of the exhaustion of its phosphate deposits, substantial amounts of the income from phosphates were invested in trust funds aimed to help cushion the transition and provide for Nauru's economic future. However, because of heavy spending from the trust funds, inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phosphate Mining In Nauru
The economy of Nauru and Banaba has been almost wholly dependent on phosphate, which has led to environmental catastrophe on these islands, with 80% of the islands’ surface having been strip-mined. The phosphate deposits were virtually exhausted by 2000 although some small-scale mining is still in progress on Nauru. Mining ended in 1979 on Banaba. First discovery of phosphate In 1896, a cargo officer (supercargo) for the Pacific Islands Company on the ''Lady M'', Henry Denson, found a strange-looking rock on Nauru during a brief stop on the island. He originally believed it to be a piece of petrified wood. Denson, according to legend, had planned on making children's marbles from it but, as fate would have it, it ended up as a door stop in the company's Sydney office. In 1899, Albert Ellis, a management official of the phosphate division of the Pacific Islands Company, was transferred to the Sydney office to "analyse rock samples coming from the Pacific Islands." Ellis not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martin Hunt (Nauruan Politician)
Martin Porky Hunt is a Nauruan politician. Hunt has been a member of Nauruan Parliament and Minister Assisting the President of Nauru and Minister of Finance of Nauru since 29 August 2019. He still holds these positions as of August 2022. Hunt studied economics, history and politics at the University of the South Pacific between 1989 and 1991 and graduated with a bachelor of arts degree. In March 2008, Hunt was replaced by Clarissa Jeremiah as Nauruan Consul General based in Brisbane, Australia. Hunt then worked, as Chief Executive Officer of the state-owned Nauru Rehabilitation Corporation (2012 to 2014) and as Secretary for Finance at the Nauruan government (2013 to 2019). Hunt ran for the first time as an MP in the 2019 Nauruan parliamentary election in the Boe Constituency and came first out of five candidates, ahead of incumbent MPs Asterio Appi and Baron Waqa and former MP Mathew Batsiua. A few days later, Hunt was appointed Minister Assisting the President, Minister of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kieren Keke
Kieren Aedogan Ankwong Keke (born 27 June 1971) is a Nauruan politician and medical doctor. He is a member of the Parliament of Nauru and former Minister of Finance and Minister of Foreign Affairs. Background He is currently a leading figure of the Nauru First (Naoero Amo) party, and is one of the few medical professionals on the island (others are Dr. Mark Kun, Dr. Ludwig Keke—Kieren's father, a dentist, Dr. Godfrey Waidabu—now living in the Marshall Islands), and Dr. Kiki Thoma). He was Minister of Finance in the cabinet of Ludwig Scotty in 2003. In 2004, he was not allowed to take his parliamentary seat. The speaker of Parliament, Russell Kun claimed that Keke, having Australian nationality as well as Nauruan, could not sit in Parliament. Keke was also arrested along with Baron Waqa, David Adeang and Fabian Ribauw in April 2004 and charged with sedition after a protest at Nauru's airport, but the charges were soon dropped. The charges were dropped following a resolution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baron Waqa
Baron Divavesi Waqa (; born 31 December 1959) is a Nauruan politician who was the 14th President of Nauru from 11 June 2013 until 27 August 2019. He previously served as Minister of Education from 2004 to 2007. Political role Waqa was elected in the May 2003 elections to the Parliament of Nauru, representing the constituency of Boe. Under President Ludwig Scotty, he served as Minister of the Interior and of Education; however, he had to leave the post upon Scotty's replacement by René Harris. He kept his seat in Parliament. On 23 April 2004, Waqa and his colleagues Kieren Keke, David Adeang and Fabian Ribauw participated in protests at the Nauru International Airport in Yaren; these were meant to show displeasure regarding government policy against Afghan asylum-seekers in Australia and the Flotilla of Hope, as well as against the deadlock then encountered in Parliament. All four faced up to fourteen years in jail because of their participation in the protest; charges were dr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Adeang
David Waiau Adeang (born 24 November 1969) is a Nauruan politician, former Speaker of the Parliament of Nauru, and Nauru's Minister of Finance and Justice, as well as the Minister Assisting the President of Nauru. He is a founding member of the Naoero Amo (Nauru First Party), currently the only successful political party on the island. Background and early career David Adeang's father is Kennan Adeang, who served three times as President of Nauru. David Adeang began his political career as a lawyer. After all Ubenide seats had been vacated on 6 November 2001, Adeang won a seat in the following by-election, ousting Joseph Hiram while the other three previous MPs regained their seats. In the parliamentary elections of May 2003, amidst political and economic turmoil, the Naoero Amo won 3 of the 18 seats, and Adeang was one of the elected members. The Naoero Amo entered a coalition with Ludwig Scotty and his supporters. Scotty became president and Adeang became minister of finance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Scotty
Ludwig Derangadage Scotty (born 20 June 1948) is a Nauruan politician who twice served as President of Nauru and was Speaker of Parliament five times between 2000 and 2016. He served as president from 29 May 2003 to 8 August 2003 and again from 22 July 2004 until his ousting in a vote of no confidence on 19 December 2007. He was elected as president in 2003, again from November 2010 to April 2013, and from June 2013 to June 2016. Background and earlier career Scotty grew up in Anabar in the north of Nauru; he attended secondary school from 1960 until 1964 and studied law at the University of the South Pacific in the Fijian capital city Suva. On 15 March 1983 he was first elected to the Parliament for his district Anbar; in his longtime tenure as parliament member Scotty was the chairman of the Bank of Nauru, the Nauru Rehabilitation Corporation and in the board of directors of Air Nauru. He served as Speaker of Parliament from April 2000 to March 2001, May 2001 to December 2002 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remy Namaduk
Remy Gerard Namaduk (born 1949) is a Nauruan politician and former member of the cabinet and member of parliament. He represented the Anetan Constituency. Namaduk participated in the parliamentary elections in 2003, 2004, 2007, 2008 and in the April elections of 2010, but only the 2003 elections gave him a place in the Parliament of Nauru. He lost his parliamentary mandate to Vassal Gadoengin in 2004. He held several portfolios in the cabinets of René Harris, including Minister of Education and Minister for Economic Development and Minister for Transport and Telecommunications. He served as Minister Assisting the President of Nauru in all of the cabinets of René Harris between 1999 and 2003. He also served as Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ... ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vinson Detenamo
Vinson Franco Detenamo (born 1954 in Buada) is a Nauruan politician. Since the 1980s, Detenamo has been a member of the Parliament of Nauru for Buada. He served as the Minister of Interior and Finance. He served as Minister Assisting the President of Nauru in the cabinets of Kenas Aroi, Bernard Dowiyogo, Ruben Kun and Kinza Clodumar in 1989–1995, 1996 and 1996–1999. He was Minister of Finance under Bernard Dowiyogo from June 1994 to November 1995. In his role as sports minister, Detenamo was involved in the founding of the Nauru Olympic Committee in 1991 and became the first president of the committee, until Marcus Stephen Marcus Ajemada Stephen (born 1 October 1969) is a Nauruan politician and former sportsperson who previously was a member of the Cabinet of Nauru, and who served as President of Nauru from December 2007 to November 2011. The son of Nauruan par ... succeeded him by 2009. Detenamo was most recently elected to the Nauru parliament for the Buada consti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_-_ribbon_bar.gif "Click for more on -> Baron Waqa")