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Friday, September 19, 2008
| Is RMI sleeping during emergency? The Marshall Islands government is not doing enough to address the state of economic emergency, a specially created government task force said last week in a letter that was never delivered to the President and Cabinet. Chief Secretary Casten Nemra told the Journal there was “miscommunication” over who was to sign the letter, which is why it wasn’t delivered last week. But he said he will be briefing the Cabinet on the issue at its Thursday meeting. “The most pressing challenge remains the shortage of financial resources (money) available to cover the rapidly rising cost of fuel supplies for electricity generation in the major population centers,” said a report from the Energy Task Force addressed to President Tomeing last week. But little has been done to solve this problem, said the Energy Task Force US Pacific commander to visit The commander of US forces in the Pacific Admiral Timothy Keating will visit Majuro next week Thursday morning. He will meet with Acting President Christopher Loeak and the Cabinet, and have lunch with them before departing Majuro, according to the US Embassy. Chiefs meet in Majuro Large delegations from Pohnpei and Kosrae will headline the fourth Micronesian Traditional Leaders Conference to be held in Majuro next week. More than 35 are expected from the RMI’s FSM neighboring states, with smaller delegations coming from Yap, Palau, Kiribati and other islands. The conference will run from Tuesday through Thursday next week at ICC. Few graduates pass the CMI test High school graduates in the RMI continue to have a difficult time trying to qualify for credit-level courses at the College of the Marshall Islands. In the most recent CMI placement test for incoming freshmen, only five high school graduates out of 673 who took the English test qualified for credit level courses, or less than one percent. The math results were marginally better: eight of 674 who took the test passed with credit level scores, or slightly over one percent. |
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E-mail: |
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Phone: |
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Fax:
(692) 625-3136 |
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Mail:
PO Box 14 Majuro, MH 96960 Marshall Islands |
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In Person:
On the ocean road behind Formosa in Uliga, Majuro |
By GIFF JOHNSON
The American stock market suffered a massive drop Monday (Tuesday RMI date), causing Marshall Islands-related investments to lose millions of dollars on top of losses already experienced during 2008. Marshall Islands Social Security Administration lost $2.1 million in September, most of it from Monday’s drop, reducing from $49.3 million on August 31 to $47.2 million as of September 16. The two Bikini trust funds were down 11.3 and 9.4 percent for 2008 through Tuesday this week, and Rongelap trust funds were down 6.8 percent through June 30, with the latest damage from Monday’s stock market plunge not yet available. The losses “are engulfing everyone who has a trust fund,” said Rongelap Mayor James Matayoshi. “It’s been a huge hit on everyone.” But, he added, Rongelap’s losses have not been as bad as the average for the S&P 500, considered a “benchmark” for comparing performance of stock market investments. The Marshall Islands government’s trust fund A Account was down seven percent for 2008 through the end of August, dropping from $88.5 million to $82.4 million — before Monday’s additional losses. The drop in Social Security’s investments this week came as the Nitijela was debating a new bill to increase payments to retirees and their survivors. “This is why we shouldn’t touch MISSA funds,” MISSA board chairman Jack Niedenthal said in reference to repeated attempts by some Nitijela members to change the MISSA law to provide for larger payments to retirees.
The American stock market suffered a massive drop Monday (Tuesday RMI date), causing Marshall Islands-related investments to lose millions of dollars on top of losses already experienced during 2008. Marshall Islands Social Security Administration lost $2.1 million in September, most of it from Monday’s drop, reducing from $49.3 million on August 31 to $47.2 million as of September 16. The two Bikini trust funds were down 11.3 and 9.4 percent for 2008 through Tuesday this week, and Rongelap trust funds were down 6.8 percent through June 30, with the latest damage from Monday’s stock market plunge not yet available. The losses “are engulfing everyone who has a trust fund,” said Rongelap Mayor James Matayoshi. “It’s been a huge hit on everyone.” But, he added, Rongelap’s losses have not been as bad as the average for the S&P 500, considered a “benchmark” for comparing performance of stock market investments. The Marshall Islands government’s trust fund A Account was down seven percent for 2008 through the end of August, dropping from $88.5 million to $82.4 million — before Monday’s additional losses. The drop in Social Security’s investments this week came as the Nitijela was debating a new bill to increase payments to retirees and their survivors. “This is why we shouldn’t touch MISSA funds,” MISSA board chairman Jack Niedenthal said in reference to repeated attempts by some Nitijela members to change the MISSA law to provide for larger payments to retirees.
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Attorney General Filimon Manoni is appealing the High Court’s ruling in the high-profile Majuro mayor case. High Court Judge James Plasman ruled last month that there does not need to be a special election to replace deceased former Mayor Riley Albertter. Instead, Plasman ruled that acting Mayor Titus Langrine could remain in the post until the next election based on the terms of the Majuro Atoll Local Government constitution. Manoni challenged that decision Monday. Among the questions Manoni wants the Supreme Court to rule on:
• Whether the High Court erred in finding that no special election is required to fill the vacancy in the office of the mayor.
• Whether the High Court erred in finding that no special election is required to fill the vacancy in the office of the mayor.
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The Marshall Islands could become the first energy sufficient country in the Pacific within the next three years. A company prepared to build an Ocean Thermal Energy Conversion (OTEC) plant in Kwajalein and/or Majuro made its pitch to both Kwajalein and Majuro senators on Tuesday, proposing a 10 megawatt land-based OTEC plant at the cost of about $250 million. Robert Nicholson, III, of Sea Solar Power International, LLC and associate Hunter Johnston of Steptoe & Johnson LLP Attorneys at Law told government leaders that the OTEC technology is “ideal for the Marshall Islands” and that the “Marshall Islands participation will lead to the success of the project.” Foreign Minister Tony deBrum has promoted the OTEC plan as a way to power both Kwajalein and Ebeye. Nicholson said the proposed plant would be capable of this. According to Nicholson, OTEC, which is a low temperature reverse refrigeration system, is technology which will not only provide for Ebeye or Majuro’s electricity needs at a much lower cost than a diesel power plant but the proposed 10 megawatt plant will produce as a bi-product three million gallons of fresh drinking water per day. In Majuro, MWSC pumps out one million gallon of water into the city during water days, which is currently only two days a week. Meanwhile, Marshalls Energy Company is capable of producing 24 megawatts in Majuro, but its peak power use now is only 10 megawatts. Ebeye on the other hand only uses only a little over one megawatt.
P1: Preventive measures are being enforced in both Majuro and Ebeye because of the reported 67 new cholera cases, which have been confirmed in Truk, FSM, Secretary of Health Services Dr. Jack Helkena said. Helkena has sent letters to the FSM not to send any passengers to the Marshalls.
