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In the same year the Nauru government budget shows that income from licensing foreign fishing vessels was over US$3,000,000. Nauru needs to import almost all basic and capital goods, including food, water, fuel, and manufactured goods, with Australia and New Zealand as its major import sources. In 2004 Nauru's imports totaled about US$19.8 million.
The government puts profits from the mining into a trust for the islanders. This trust reached a peak of A$1 billion, returning approximately 14% annually. Poor investments and corruption have left the trust fund nearly empty and therefore Nauru with little money. In the year 1948, revenues from phosphate mining were A$745,000.
Nauru (/ n ɑː ˈ uː r uː / nah-OO-roo [13] or / ˈ n aʊ r uː / NOW-roo; [14] Nauruan: Naoero), officially the Republic of Nauru (Nauruan: Repubrikin Naoero) and formerly known as Pleasant Island, is an island country and microstate in Micronesia, part of the Oceania region in the Central Pacific.
It seems that a grand paradox of wealth inequality is the fact that it’s more expensive to be poor than it is to be rich. This theory has been called the “Boots Theory,” popularized by a ...
Image credits: Sea_Pop_772 Only 12% of the 3,000 respondents said they consider themselves wealthy and only 4 in 10 people who are objectively wealthy, with assets of more than $2 million, said ...
Nauruan warrior, 1880. Nauru was settled by Micronesians around 3,000 years ago, and there is evidence of possible Polynesian influence. [1] Nauruans subsisted on coconut and pandanus fruit, and engaged in aquaculture by catching juvenile ibija fish, acclimated them to freshwater conditions, and raised them in Buada Lagoon, providing an additional reliable source of food. [2]
On the tiny island nation, which has a land area of just 21.1 sq km (8.1 sq miles), China's state television CCTV has moved even more quickly, filing its first report from Nauru on the same day ...
Thus, Nauru was left to handle the immense and expensive task of restoring large chunks of land which were destroyed by the mining. Nauru demanded compensation from the three nations, but was refused. [citation needed] Finally, in 1993, Nauru was forced to turn to the International Court of Justice at The Hague in The Netherlands. It filed a ...