Business Briefs
Business Briefs
Hawaii On Oct. 7 Matson Navigation Company unveiled its newest vessel to Honolulu media. The MV Manukai had just completed its maiden voyage, traveling from the Kvaerner Philadelphia Shipyard, through the Panama Canal and on to Long Beach, Calif., where it picked up its first load of container cargo. The Manukai is one of two vessels ordered by Matson from Kvaerner at a cost of US$220 million. It is the first addition to the Matson fleet since 1992. - ADVERTISEMENT -
In addition to its ability to carry large container sizes, such as 40, 45 and even 53-foot boxes, the 712-foot vessel is also equipped with enough generator capacity to support the refrigerated container requirements of the Hawaii trade. Other features include a more fuel-efficient diesel engine, modern shipboard technology and a number of "green," environmentally friendly design elements. The vessel was also designed for speed and fuel efficiency. -SW
Micronesia Continental Micronesia has awarded free tickets to young artists within the region as part of its 35th Anniversary Art Contest. The promotion was a collaboration between the airline and schools from Saipan, Palau, Yap, Chuuk, Pohnpei, Kwajelin, Kosrae, Guam and Majuro. Winners from each of the islands are: fifth grader North Edwight Mengirarou from Palau; fourth grader Daniella Vuniwaga from Yap; fourth grader Sue Ann Nazareth from Chuuk; Veronica Pangelinan from Pohnpei; third grader Batol Batlo from Kwajelin; fourth grader Aelinda J. Charley from Kosrae; fourth grader John Vegara from Saipan; and third grader Daeun Cho from Guam. The top five artists overall are Choe, Pangelinan, Batlok, Lee Ann M. Actalle, a fourth grader from Guam, and Aelinda J. Charley from the SDA school in Kosrae, respectively. The top prize includes four roundtrip tickets to Cairns, Australia. -OW
CNMI The Board of Directors of the Bank of Saipan announced on Oct. 8th the appointment of Jon Bargfrede as president and chief executive officer. Board Chairman Paul Calvo, former Governor of Guam, made the announcement at the Bank's Chalan Kanoa office. He said Bargfrede worked in various banking and financial institutions during the past 20 years, including 10 years with First Hawaiian Bank on Guam as its vice president. The Bank of Saipan closed early in 2002 and reopened four months ago. Three top bank officials, including Tomas B. Aldan, its president and chief executive officer, were convicted in federal court on June 20th of money laundering charges and defrauding the Bank of Saipan. Aldan, who is convicted of one count of conspiracy to commit wire fraud and one count of wire fraud, faces a maximum prison term of ten years. -FR The Marianas Visitors Authority attended the 26th PATA Travel Mart in Suntec, Singapore in October, promoting the CNMI as a destination of choice. The Pacific Area Travel Association meeting kicked off with a welcome dinner hosted by Best Western International known as "The World's Largest Hotel Chain." This year the Mart played host to 213 seller organizations from 33 Asia Pacific countries and 190 registered buyers from 46 countries, with more 100 members of the press covering the event. This year also marked the participation of the world's newest nation, Timor-Leste (formerly known as East Timor), since independence in May 2002, with President H.E. Xanana Gusmao inviting delegates to experience the new nation. In addition to assembling an exhibit of the CNMI, the MVA also conducted several meetings with buyer delegates and travel planners pre-matched by PATA. The MVA booth area had images of golf, diving, and family posters, which led to some unexpected meetings and inquiries about CNMI. -MVA
Guam The Bank of Guam agreed to pay US$15 million to the government of Guam to settle a dispute concerning the government's efforts to tax income the bank received from U.S. Treasury investments. The bank contended that such income is not taxable and a trial on the matter was scheduled for November. Of the $15 million, the Guam Legislature had already appropriated $5 million; a significant portion of the remaining $10 million will most likely go to the Department of Education. -FW Cost-U-Less announced that its store in Tamuning, Guam benefited from the temporary closure of the Dededo, Guam store that suffered significant damage from Supertypohoon Ponsona that hit the island in December 2002. On Oct. 3, the company reopened the Dededo store in Guam. The company's president and CEO, J. Jeffrey Meder, who came to Guam for the opening, said, "We are thrilled to be back to two stores in this market. We have prospered in the Guam market for over 10 years, and we also felt an obligation to the residents and employees in Guam to rebuild." Cost-U-Less currently operates 11 stores in the Caribbean and Pacific regions. In the Pacific it has stores in Hawaii, American Samoa, Guam and Fiji. -SW
American Samoa Phase One of the new Laufou Shopping Center, the only real shopping center in American Samoa, officially opened on Oct. 7th. Phase Two will open in April next year. The original Laufou was burnt to the ground in April last year, displacing close to 20 businesses, including Forsgren Store. More than 150 workers lost jobs. The center is owned by Andy and Leone Forsgren and their children-who hold management positions with the company. The two-story Phase One houses Forsgren Store and about three quarters of the space is for retail, while the rest is warehouse and office space. Fully air conditioned, it boasts computerized cashier service, modern shopping carts, and the building has its own sprinkler system, serviced by a 75,000-gallon water tank and a diesel-driven pump. The clothing and shoe departments take up a major portion of the retail space, and the house wares department, electronics, floral supplies and fabric center, shares the rest. Eighty percent of the store's goods are imported from the U.S. mainland. The cost of the new Forsgren Store is around $1.7 million, but for both phases the total price tag will be between $3.6 million and $4 million. Forsgren will continue to maintain its store in Fagatogo. Phase Two will house a variety of businesses with a walkway connecting the two phases. -FS A Lihue, Hawaii aviation firm is planning to launch domestic flights within the islands of American Samoa at year's end using an aircraft that can carry both cargo and nine passengers. Later the company expects to apply for Federal Aviation Administration approval to carry 18 passengers and cargo. Safari Aviation Inc. President Preston S. Myers and two company officials were in Pago Pago in late September, meeting with senior government officials, including territorial Gov. Togiola Tulafono. They also applied for the necessary local businesses licenses and permits. "I enjoy developing new ventures as part of helping the public," says Myers, who is no stranger to tropical climates after living in Southeast Asia for a number of years. "And this is one of the best ventures that would further assist travelers within American Samoa." His company hopes to secure business lost to the temporary shutdown of Samoa Air while its only airplane undergoes a major overhaul. -SW
Kiribati The CEO of Kiribati Air says its international service may be discontinued shortly because of a lack of funds. Baraniko Baaro says the government has supported it, despite high maintenance costs of the French-built ATR, the airplane that is maintained by contract with Air New Zealand. Baaro says the airplane cost about US$100,000 a month to operate and that, at this rate, the airline may be broke by late December. Kiribati Pres. Anote Tong says the airline need to earn its keep, but that it has lost $5.5 million since it began operations a year ago. -SW, Radio Australia
PNG Pongera Joint Venture has warned of an early closure of the rich Pogera gold mine if serious crimes persist. The company has also appealed for support from the community and government to ensure the mine sees out its full life span. PJV community affairs manager Ken Vincin appealed for a concerted effort to curb crime on the Highlands Highway, the sabotage of electricity from Tari and illegal fishing. He commended organizers of a summit in Wabag. -Post-Courier, PINA Nius
Vanuatu A group of new investors for the failing Port Vila Presse, who call themselves The Independent Foundation, say they will rescue the community newspaper. The Presse has been renamed The Independent. Editor Bob Makin says Vanuatu needs another newspaper to provide balanced coverage. The paper will include a French language section, since both English and French are taught in Vanuatu schools. -RNZI, PINA Nius According to the Vanuatu Post, Vanuatu Brewery Ltd. won a gold medal at the New Zealand Beer Cup, an annual competition with judges from New Zealand, Australia and from other countries around the world. Vanuatu Brewery entered the international section for a "class three premium lager," which the Post described as "the hardest competition of all classes because it is open for lager beer from every country in the world." Lagers make up two-thirds of beer sales world wide. -VP
Cook Islands A tourism operator on Aitutaki in the Cook Islands is calling for more control over development. Michael Henry says Aitutaki island has reached a point where it cannot sustain itself environmentally or socially. He says infrastructure, solid and liquid waste disposal, and even the water supply can't keep pace with development. He is calling on the Captain Cook Hotel development to be scrapped. However, Chamber of Commerce president Ewan Smith says as long as development is done in a planned and sustainable way, there is still room for the tourism industry to expand. -RA
Region The Asian Development Bank is forecasting a modest economic upturn for the developing countries in the Pacific region. A 2.5 percent uptick is forecast for this year and 2.7 percent is predicted for 2004. The newly-released Asian Development Outlook 2003 Update says that after an initial global decline due to the conflict in Iraq and the outbreak of SARS in Asia, tourism picked up by the end of June, favoring growth in the subregion. Tourism, a critical income earner, should continue to expand in 2003 and 2004. -SW, ADB |
