SYDNEY (Reuters) – Soaring demand for Vanuatu’s controversial passport scheme has kept the South Pacific island nation’s budget in surplus despite the COVID-19 pandemic and a damaging cyclone crippling its dominant tourism sector, budget papers show.
Vanuatu late on Thursday reported a budget surplus for the first six months of 2020 of 3.8 billion vatu ($34.16 million), led by 32% rise in sales of citizenship, worth 7.1 billion vatu.
The jump in passport sales has helped Vanuatu avoid the mounting debts some Pacific island states have racked up with China and other lenders, but experts warn the practice risks harming Vanuatu’s beneficial relationship with countries such Australia.
“Some of the people buying these passports have been on Interpol red notices and the more that happens, the more it undermines the value of the passport,” said Jonathan Pryke, Director, Pacific Islands Program at the Lowy Institute.
Vanuatu charges $130,000 for local citizenship, giving access to a passport that is highly valued as holders can travel visa-free to over 100 countries and territories including the European Union, Britain, Russia and Hong Kong – countries that can be difficult to visit for some nationalities.
There are no residency requirements on people who acquire Vanuatu citizenship.
The Vanuatu government did not immediately respond to requests for comment.
The scheme is controversial, however, with four Chinese people stripped of their citizenship last year after records showed they were on Interpol’s wanted list.
But Vanuatu, which has no personal or corporate income tax, says the scheme has allowed it to issue a 4.2 billion vatu stimulus package – one of the most generous in the Pacific – amid estimates that tens of thousands of locals have lost their jobs after the closure of the country’s border.
(Reporting by Colin Packham; Editing by Lincoln Feast.)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
