Briefs
Business
Micronesia
There’s been much speculation in the Marshall Islands and the Federated States of Micronesia in the past few months about the fate of Bank of Hawaii’s branches. Bank of Hawaii earlier this year (see Pacific Magazine, April 2002) announced it was divesting itself of its operations in the Marshall Islands and FSM. Bank of Hawaii was to have completed its divesture by the end of June. That deadline came and went, and the bank in late June announced in both markets that it was extending its divesture deadline to late September. A First Hawaiian spokesman last month said the bank doesn’t comment on acquisition speculation. Still, the odds of First Hawaiian being a contender appear nil. Its parent company, BancWest Corp., has focused its aggressive acquisition strategy on banks either in the U.S. or in areas, such as Guam and the Northern Marianas, which follow U.S. banking laws.
—FKT
Pacific
The Sydney-based Pacific Division office of the Pacific Asia Travel Association closed suddenly on May 31, placing the organization’s South Pacific operations in limbo, at least temporarily, and making redundant three staff positions, including that of the director. According to Peter de Jong, president and CEO of the association, the unexpected move was “a critical part of a multiphase restructuring for PATA. The Pacific area is of vital importance,” he said. “We will be adopting a new approach to our presence in the Pacific.”
— ND
- ADVERTISEMENT -
Guam
Philippine Airlines reopened service between Guam and Manila on June 21 with its first Guam flight since 1993. Among the passengers on the inaugural Airbus A320 200 flight from Manila were PAL chairman Lucio Tan and airline president Avelino Zapanta.
—FW
American Samoa
Investigators found that the April 20 fire that completely destroyed Laufou Shopping Center, the largest of its kind in the territory, was accidental and caused by an electrical malfunction. There was no evidence of arson. Plans are already in the works to rebuild the shopping facility.
—FS
Samoa
Desico Samoa Ltd., exporter of desiccated coconuts, is expected to
earn $433,000 by the end of the year, according to director Papali’i Panoa Tavita. To keep up with orders the plant is operating day and night shifts, seven days a week with 100 workers.
—FS
— Frank Whitman, Norman Douglas, Floyd K. Takeuchi, Fili Sagapolutele
