Flashback April 2, 1999-2002

[B][U]April 2, 1999[/U][/B] [B]Panel endorses bank-reform legislation[/B]

The House Commerce and Tourism Committee has recommended immediate passage of a legislation overhauling operations of banks and other financial institutions on the island, saying these reforms will safeguard the half-a-billion dollar sector. It will also widen the scope or ownership of Commonwealth banks and simplify the administrative procedures associated with the licensing and operations, according to a committee report. “It provides for a balanced, modern regulatory scheme, one that protects depositors, while encouraging competition in the industry,” it said.

[B]CDA eases terms on loans payback[/B]

The Commonwealth Development Authority has taken steps to help locally-owned businesses weather the current economic crisis through flexible loan repayment terms and other assistance aimed at easing financial burden on their borrowers. Marylou S. Ada, executive director of the chief government chief lending agency, said these measures have been put in place even before a request for assistance from lawmakers came “There is no need for that because we have been doing that ever since CDA was created,” she told in an interview, responding to a recent House resolution asking the agency to refinance loan agreements granted to CNMI residents.

[B][U]April 2, 2001[/U][/B] [B]Harsher penalties against child rights violators eyed[/B]

The CNMI government on Friday stressed the need to expedite approcal of the proposed changes to the existing anti-child abuse law, in hopes to prevent the increasing cases of child rights violation in the Commonwealth. Gov. Pedro P. Tenorio underscored the need for immediate changes to the existing law Friday after he officially designated April as the Child Abuse and Neglect Prevention Month. In an interview with reporters, the governor disclosed moves to give the existing law additional teeth in order to discourage people from committing crimes against the children. He said changes to the law should include stiffer penalties against child rights violators.

[B]Continental looks at 8 new markets for CNMI[/B]

Continental Airlines is reviewing possible deployment of nonstop flights out of eight emerging markets primarily spurred by the slow recovery of the Japanese economy from deep financial upheavals. This, as Continental Airlines yesterday launched its Saipan-Nagoya direct flights with 155 passengers onboard including 10 individuals representing different media entities in Japan. Continental previously abandoned the route due to low demand from the Japanese tourism market. It has consistently said that deployment of flights depends heavily on market demand. Continental Micronesia Staff Vice President for Sales and Promotions Walter Dias said the resumption of direct flights mirrors the increasing demand from the travel market in Japan, as well as the country’s recovering economy.

[B][U]April 2, 2002[/U][/B] [B]Chamber backs Farallon bombing[/B]

Saying that a pullout by the military from the CNMI would be disastrous to its already ailing economy, the Saipan Chamber of Commerce yesterday took the cudgels in defense of the U.S. Navy’s bombing practices on Farallon de Mendinilla. This, as the Navy plans to appeal an adverse decision of a federal court in connection with the military exercises on the island. Mike Schadeck, Chamber’s Armed Forces Committee chair, disclosed that the court case filed by the Center for Biological Diversity against the U.S. Navy and the U.S. Defense Department may still take a long time, since the military would appeal the summary judgment rendered by U.S. District Court Judge Emmett J. Sullivan.

[B]CPA scrambles to meet obligations[/B]

The Commonwealth Ports Authority’s revenue from Fiscal Year 2001 to the first five months of the current financial year fell short of the original projection to merit a full coverage of the agency’s existing financial obligations. This prodded CPA officials to explore the possibility of restructuring payment of loans obtained from the Commonwealth Development Authority. Ports officials will also revisit its revised budget for FY2002 and look into alternative revenue sources, as well as streamline operational costs and other recommendations that would assist the CPA meet its obligations to the Franklin Fund.