May 31, 2023 4:27 am | Posted in Features
On May 9 the Vanuatu Government announced that the minimum wage for workers would be 300 vatu per hour effective from the 1st June. This increase was a 36% increase from the previous rate of 220 vatu.The background to the minimum wage increase.Over the past few years, there has been extensive public discourse regarding the minimum wage. The previous rate, set at 220 vatu since 2019, saw an increase from 200 to 220 per hour. Prior to that, in 2017, the rate had risen from 170 vatu. Due to the economic conditions brought about by the COVID-19 pandemic, any discussions regarding minimum wage increases were postponed. Read more»
April 15, 2023 1:19 am | Posted in Features
Is Vanuatu killing the Goose that lays the Golden Egg?Recently, Vanuatu's Citizenship by Investment programs have faced increased scrutiny due to negative publicity in the international media. Specifically, concerns have been raised over the granting of Vanuatu citizenship to the Gupta Brothers, who are wanted by South African authorities on corruption charges, and allegations that Chinese spies with Vanuatu passports have entered the UK. These programs, which include the Development Support Program (DSP) and the Vanuatu Citizenship Contribution Program (VCP), have been the government's primary source of revenue during the COVID-19 economic crisis. Read more»
March 15, 2023 8:00 am | Posted in Features
Starlink is a satellite-based internet service provider founded by SpaceX, the space exploration company founded by entrepreneur Elon Musk. The goal of Starlink is to provide high-speed, lowlatency internet access to remote and underserved areas of the world through a network of thousands of small satellites in low Earth orbit. The idea for Starlink came from Musk's desire to revolutionize the telecommunications industry by creating a global network of satellites that could provide internet access to anyone, anywhere in the world. Read more»
February 27, 2023 10:43 pm | Posted in Features
An assessment team of aviation experts from Australia arrived in Port Vila on January 13, 2023, to undertake a rapid assessment of the current situation of Vanuatu’s national flag carrier, Air Vanuatu over a 30 -45 day period. This followed the request of the office of Prime Minister (PM), Ishmael Kalsakau, in December 2022 to formally request Australia’s assistance to support Air Vanuatu. The team was led by the Australian Government’s Department of Foreign Affairs and Trade (DFAT) aviation specialist, David Charlton. Read more»
January 31, 2023 12:04 am | Posted in Features
THE WORLD ECONOMIC OUTLOOK IN 2023Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. The developed world will experience a significant slowdown.The global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024. The sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of emerging market and developing economies. Read more»
December 15, 2022 3:18 am | Posted in Features
Vanuatu started 2022 with uncertainty on what the year ahead would bring. There was the ongoing issues of dealing with COVID, the rollout of vaccines and businesses struggling to keep afloat.EU, Vanuatu visa waiver agreement under threatDue to concerns of deficiencies with screening and background check on applicants, the EU proposed a partial suspension of the visa free travel for Vanuatu passport holders. At the time, citizenship sales had exceeded the 2021 budget and was a significant revenue contributor to the Vanuatu Government. Read more»
November 15, 2022 11:14 am | Posted in Features
V-LAB - Helping Grow Vanuatu3 years ago, in November 2019, V-Lab was established in Port-Vila as a charitable association with the view to promote and support entrepreneurship and innovation in the country.For the past 3 years, V-Lab, working hand-in hand with Yumiwork - Vanuatu’s first co-working space, has worked hard to improve and strengthen the local business ecosystem in order to make it more conducive for entrepreneurship, social action and innovation. Read more»
October 15, 2022 10:35 am | Posted in Features
2022 Snap Election overviewThe final results of the 2022 snap election were release on Sunday evening of the 23rd October. 14 out of the 52 sitting Members of Parliament lost their seats with the majority of the existing MPs returned. 10 new MP’s and 4 former MP’s including 2 former Prime Ministers won seats in the new legislature. Read more»
October 4, 2022 1:07 am | Posted in Features
Do we need a National Airline?
I was recently sitting in the departure lounge at the international terminal waiting to board the plane for Brisbane. At check-in, I was told that the plane was full, and looking around, I saw a mixture of passengers. There were tourists, local residents, and a lot of seasonal workers. Full planes mean good loadings and this is good for Air Vanuatu. However, Vanuatu’s embattled airline has had its fair share of problems and the problems go deeper and further back into its thirtyplus years of existence. In its 2020 financial statements, the numbers are quite concerning. As of 31st December 2020, Air Vanuatu has accumulated losses of VT7.785b with a negative equity position of VT3.12b. Its solvency has only been possible with the support of the Vanuatu Government and, therefore, the taxpayers of Vanuatu.
Read more» September 6, 2022 12:26 am | Posted in Features
In July, the Vanuatu Govt published its half-yearly Economic and Fiscal Update. The published report outlines the state of the Economy and how the Vanuatu Government has been managing its fiscal policy. In this article, the VBR will summarize the key points covered in this reportOverview Read more»
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