FLASHBACK – July 16, 2012

July 16, 2001

Mobil vows to share with cleanup costs

Mobil Oil Marianas Islands Inc. has requested the environmental consultants in charge of remediation work at the Saipan International Airport to continue cleanup action in relation to the January 2001 jet fuel leak. Mobil Oil Marianas leases facilities at the Saipan airport from the Commonwealth Ports Authority in order to supply the airport with jet fuel. In January 2001, it was discovered that around 6,000 gallons of fuel had leaked from a tank as a result of a faulty gasket.

Bill boosting status of CPA cops, firemen goes to Teno

One signature more and Commonwealth Ports Authority police officers and firefighters will now be considered at par with other CNMI law enforcement officers. This, after the House of Representatives passed on second and final reading Senate Bill 12-094 that will accord CPA police officers the same statutory authority to carry firearms and make arrests and enjoy the same benefits enjoyed by other law enforcers of the Commonwealth. The measure, which was authored by Sen. Edward U. Maratita, now goes to the desk of Gov. Pedro P. Tenorio for his signature. The Senate earlier passed the bill on January 25 this year.

July 16, 2002

Fund investments drop to $323M

Reflecting the backlash arising from a string of corporate scandals in the U.S. markets, the market value of the Northern Mariana Islands Retirement Fund’s overseas investments nose-dived in June by 5.2 percent, plunging by more than $17 million when compared to May figures. The bearish mood in the U.S. stock markets drove down May’s $340.85 million to $323.14 million in JuneÑjust over two million dollars higher than the October 2001 figure of $321.70 million. Surprisingly, though, large capital equities did well, posting a 5.15 percent growth from month-ago figures. This translates to an increase from $198.54 million to $208.77 million. Much of the losses were absorbed by investments in small capital and international equities. Small caps slid from $40.92 million in May to $39.84 million in June, or a drop of 2.63 percent, while international equities posted an even steeper dive of 5.39 percent, from $24.58 million to $23.26 million.

Fund to liquidate $3M of its investments

The Board of Trustees of the Retirement Fund has decided to liquidate $3 million of its equities investment for emergency purposes and to minimize its exposure on a poorly performing money manager. This follows in the wake of a Merrill Lynch presentation in yesterday’s board meeting, where the remaining four trustees were updated on the current status of the Fund’s investment portfolio. With the Fund unable to access its $5.5 million in Time Certificates of Deposit at the Bank of Saipan, Fund Administrator Karl T. Reyes said it would be prudent to have some other liquid assets that are easily accessible as a form of emergency fund.

July 16, 2003

CPA: Inbound passengers still answer SARS questionnaire

The Commonwealth Ports Authority would continue to implement its monitoring and surveillance procedures on inbound passengers from others countries, particularly those hit by the severe acute respiratory syndrome virus. CPA executive director Carlos H. Salas said that, despite the lifting of the travel ban against SARS affected countries, the ports authority, together with the airline companies and the Department of Public Health, will continue to check on arriving passengers to determine whether they are suffering from any of the symptoms of SARS. Salas explained that CPA and airline personnel will continue fielding questionnaires while airlines are en route to the Northern Marianas, a procedure that has been enforced since April 2003, after the CNMI government imposed the travel ban.

CUC sues Rota waterline contractor

With the construction of a government waterline system on Rota still lagging, the Commonwealth Utilities Corp. has taken to court the contractor that had won the contract for its failure to complete the project. The CUC is asking the court through lawyer Brien Sers Nicholas that it be awarded damages to be assessed against the contractor, Western Equipment, Inc. The utility firm also seeks damages from California firm American Contractors Indemnity Company, which had issued a performance bond to ensure that the project would be completed.