Business Briefs
Business Briefs
American Samoa
The Otto Haleck Sr. family is working on a new venture that could become a big export for American Samoa. The family that currently operates several businesses on island is working on a venture to export dried nonu (noni) and has established a new company called Alofa Nonu Products Inc. Company official Avamua Dave Haleck said they are experimenting with possibilities. -- FS
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Samoa
Fosters Group Pacific, owners of Samoa's only brewery, has declared a pre-tax profit of T$9.5 million (US$3.47 million). Hugh Ragg of Fosters Group Pacific made the announcement when opening the company's new wastewater treatment plant and administration building. Six years ago, the profit was T$3.5 million (US$1.28 million), Ragg said. -- AT
While Pacific Island leaders smart from John Howard's refusal to allow contract workers from Pacific Island countries into Australia, New Zealand companies have started arriving in Samoa to recruit workers under the NZ-Samoa immigration quota scheme. This allows for some 1,100 Samoan migrants every year, provided they meet job and police requirements. Stagecoach NZ is the first company to arrive with others following. -- AT
CNMI
Visitor arrivals for September show a slight decline of over 1 percent as compared to last year, according to statistics provided by the Marianas Visitors Authority (MVA). September's visitor arrivals of 45,859 have surpassed the half million mark for this year, which is still less than one percent behind last year. Japan continues to be the biggest source of tourism. China showed an 11 percent increase in September, as compared to last year with total arrivals of 32,441. -- FSR
Papua New Guinea
Lihir Gold Mine (LMC) is expected to produce only 600,000 ounces of gold this financial year-100,000 ounces short of its 2005 target. A landslide on Lihir Island triggered the expected shortfall in September and led to the loss of two LMC employees' lives. LMC managing director Arthur Hood says the landslide did not directly affect the processing plant and mining infrastructure but interrupted gold processing and production. -- AR
Guam
Two more major purchases in Guam's tourist sector were announced in October. The Hotel Nikko Guam in Tumon was acquired by Creed Corp., a Japanese real estate investment trust. The purchase is the sixth of a Tumon hotel during the last 12 months-all marking the return of foreign investment to the island. The Onward Beach Resort Guam purchased the Talofofo Golf Resort on Oct. 28. The golf course immediately closed for one year to undergo major renovations. -- FW
Fiji
The Reserve Bank of Fiji raised the official interest rate on October 27 from 1.7 percent to 2.25 percent to curb runaway consumer spending. Bank Governor Savenaca Narube said the economic conditions had not changed since the last interest rate hike in May 2004. Narube said consumption was still strong, credit remained buoyant, imports were still rising, while exports were lagging. -- RM
Cook Islands
The Cook Islands Development Investment Board has again put in place a moratorium on all investment applications pending the review of the Investment Code 2003. The review started on October 7 and is likely to continue into November. The review is aimed at policies that would reflect the needs of the Cook Islands while ensuring the sustainability of its limited resources. -- UKM
Contributors: Fili Sagapolutele, Afamasaga Toleafoa, Frank S. Rosario, Ulamila Kurai-Marrie, Frank Whitman, Ricardo Morris and Alex Rheeney.
