Solomon Islands
It seems that Solomon Islanders like to hear the jingle of coins in their pockets - to the tune of SI$7 million. As a flow-on from an
improving economy, the Solomons are now facing a proliferation of stall-holders, who are hoarding the coins to use as change in
transactions for beetle nuts, coconuts and cigarettes. But the country's Central Bank fears that unless the SI$7 million cache of coins is
returned to the banking system, the Bank may have to absorb the cost of minting more.
Pacific Beat
Hawaii
A United States federal appeals court has struck down Hawaii's Kamehameha Schools' policy of admitting only Native Hawaiians, saying it
amounts to unlawful racial discrimination. Overturning a lower court, a panel of the 9th U.S. Circuit of Appeals in San Francisco ruled that only allowing native Hawaiians to attend violates the 14th amendment to the US Constitution, which outlaws discrimination on the basis of race.
Pacific Beat
PNG
Papua New Guinea's small financial services industry held its annual public awareness event, the Money Show, in Port Moresby over the
weekend. Since the Port Moresby Stock Exchange became fully operational in 1999 there has been a gradual increase in listings and the total
market capitalisation is now worth some sixteen billion Kina, about seven billion Australian dollars.
Pacific Beat
Nauru
A Parliamentary Committee in Nauru is to investigate the collapse of the
country's once mighty investment fund. Twenty years ago, the Nauru
Phosphate Royalties Trust had a property portfolio worth an estimated
two billion Australian dollars. After the recent fire sale of properties
in Australia to pay off a loan to America's GE Capital Corporation, the
Trust Fund might be left with only A$98 million. But there are some
outstanding claims that could reduce the residual funds of the Trust
even further.
Pacific Beat
Vanuatu
A conference for south sea islanders was held in the north eastern
Australian state of Queensland last week, dealing with the 19th century
practice known as "black birding." The phrase describes how south sea
islanders were brought to Queensland to work as cheap labour in the
state's fledgling sugar industry. Many of the Islanders settled in the
Far North Queensland sugar regions, and their story is being told at an
exhibition currently showing at one of the state's Galleries.
Whaling
Questions continue to be raised about the behaviour of a number of other
nations at last month's meeting of the International Whaling Commission
in South Korea. Solomon Islands in particular failed to uphold its
commitment to Australia on how it would vote at the meeting, later
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