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Fund Realizes $52M Earnings

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Fund Realizes $52M Earnings iiI 1.' i UNIVERSITY OF HAWAII U6RAR\". ar1anas• CIT.- vc1r1et~~ • .. · Micronesia's Leading Newspaper Sine.• 1972 . · ~ . ~ ===·=-""•""-""'u ::::.lil!Sii:.:..:.!t:ti~..,.~:::t:-DSC.• .:..:.:::.=r~.,-·-·•:::,c·~p~-:--~,-.:.,.,....::::!::.:'.::'i~~ 1 • C ' .. :Fa1.sao eyes ongress [1 Fund realizes !help on shipping rates (i [1~1 , :. F aisao· sa1"dh e h as a1 so wntten. '',: ~ .·· the U.S. Federal Maritime Com- \j rl· • mission to step in and establish ,, $52M earnings [, · whethertheshippingcompanies ;i :1 are charging the right fees. ,; By Haidee V. Eugenio preciation. and increased its assets tremen­ Ll Faisao explained this will in Variety News Staff For the closure of FY 1999, the· dously, raising the funded level to t1 tum establish whether the high ,, STOCK market investments of Fund eyes greater dollar value for . 60 percent of its total require­ ~ cost of merchandise in the com- n the NMI Retirement Fund grew its off0 island assets. ment. ~ monwealth are caused by unfair , by some $52 million in an 11- Fund Board chairman Vicente All these, the governor added, shipping rates. [j month period ending last August Camacho assured members of a have been the result of hard work "I have already sent a letter to ~ 31, bringing its fiscal year-to-date stable pension system, c;iting in­ and dedicated efforts of the Board, the chairman of the Federal Mari- tj (FYTD) assets to over $334 mil­ vestment earnings which add up the (acting) administrator and the time Commission to assist us in D.• lion, it was disclosed on Friday. to the resources available for pen­ staff. I Melvin 0. Faisao determiningwhetherCNMI'sin- !l The amount still excludes Fund sioners' benefits. Despite some $52 million By Jojo Dass coming and outgoing tariff rates investments funnelled into the "The Fund continues to have FYTD earnings, however, the Variety News Staff are patterned under internaticmal local community. sound operations," said Camacho Fund suffered a $3.7 million loss REPRESENTATIVE Melvin category, or interstate," s;:i.id Under the Fund's newly-re­ during Friday's celebration of the in August due to fears the federal 0. Faisao (R-Saipan) is consid- Faisao. leased Investment Report, the Retirement Fund month. government might be consider­ ering the possibility of seeking "At the same time, I am also FYTD profits grew by 18.36 pe.r­ Gov. Pedro P. Tenorio, for his ing an interest rate· hike to head . assistance from U.S. Congress asking them what will be the cent amounting to $51,838,100 in part, said. the Fund has generated off potential economic overheat- indeterminingwhethershipping proper route to take. Is it either . net realized and unrealized ap- excellent returns on investments Continued ~n page 26 lines serving the Northern throughthemorU.S.Congress," Marianas are charging proper added Faisao. .· freight rates. .~c-0-n=u-n-u-ed-,--o_n_p_a_g_e-.2-=s ll ~c:::r...:::z...-,_._.....:.!..1£!.. ··~'!c::r:::r:::::.r:rrns;~__,..,....:. ...-r--'w"'Z: · .c..~·.-:::::::::::.:-....:;;.::1 Palau's labor force is now.pegged at 8,343 By Eileen 0. Tabaranza tration sector, which captured For the Variety 29.5 percent of the total labor KOROR (Palau 'Horizon) - force. This was followed"by the Total employment in the tour­ services sector which accounted ism sector has gone up to 1,511 for 20.3 percent; and trade, res­ or 18 percent of the total labor taurants and hotels, 18. 7 per­ force as a result of the incre&sed cent. development of tourism-related The survey was carried out in industries on Palau, according July this year by a group of Sum­ to the Palau Visitors Authority mer Work Educational Program (PVA). participants whose careers are The latest manpower survey on tourism, and the PVA. The report made by PV A, shows the survey involved 118 entities with total labor force on Palau reached combined 1,511 employees. 8,343, with total employment Of the total direct employ­ pegged at 7,759 and unemploy­ ment in the tourism sector, ma­ i'i' ment at 584. jority of the labor force is em­ Gov. Pedro P. Tenorio (center) spends time with retirees and their relatives during a gathering Friday in The biggest employment was ployed in the lodging sector, celebration of Retirement Fund Month in Capitol Hill. Photo by Haidee v. Eugenio recorded in the public adminis- Continued on page 2-6 Boat crewman in alien Bill to make CUC sole sm.uggling gets 21 mos. provider of power eyed By Marian A. Maraya megawatt project is not a practi­ By Ferdie de la Torre jail term considering Ruan' s co­ Variety News Staff Variety News Staff cal one for the utility to pursue. Variety News Staff operation with the investigators TNA-Japan Travel Bu­ COMMONWEALTH Develop­ This is because there will no HAGA THE US District Court sen­ and the government. reau (JTB ), Japan's biggest travel mentAuthority (CDA) Chairman assurance that all households and tenced another boat crewman to Ruan was among six boat agency, has announced the lifting Juan S. Tenorio said Common­ structures (commercial or resi­ 21 months' imprisonment for crew indicted with conspiracy ofa ban on New Year's tour pack­ wealth Utilities Corporation's dential) in the CNMI will hook up smuggling 141 undocumented to commit an offense against ages to Guam. (CUC) should push for legisla­ with the government-owned util­ Chinese immigrants into G.uam. the U.S._:_alien smuggling for JTB earlier canceled bookings tion that. would make CUC the ity. District Court for the NMI financial gain, attempted alien for travel on Dec. 31 and Jan. l only providerof electricity for the "Such a public law does not Judge Alex R. Munson said that · smuggling for financial gain, out of fear that the so-called mil­ CNMI. exist right now. That's why we're after completing his jrul sen­ . and attempted alien smuggling lennium bug, also known as Y2K, Tenorio made the suggestion to concerned. What would happen if tence, Zhi Jian Ruan shall be to a place other than at a desig­ would wreak havoc on the com­ ensure CUC achieves financial CUC awarded the contract to any turned over to Immigration au­ nated port.. puter systems of airports, travel stability once the controversial of the five companies and the thorities for deportation proceed- The defendant signed a plea agencies, and airlines. SO-megawatt project becomes a other one.who won't get the con­ ings. agreement with·the government Aside from JTB, two other big reality. tract would say, 'Hey I have the Ruan accepted responsibility and admitted committing. at­ Japanese travel agencies are lift­ The CDA chair stressed that machinery, why shouldn't I just for committing a crime. :...- tempted .alien smuggling to a ing the ban on millennium travel. unless a public law is enacted put up another power plant,'" said Assistant U.S. Attorney Kevin place other than at a designated Nippon Travel Agency and Seely recommended a 21-month . · Continued on page 26 making CUC the sole source of Tenorio. power in all three islands, the 80- C~o-n-t~in_u_e_d~o_n_p_a_g_e 2o Continued on page 26 PAC NBIJSPAPER STACKS ·_ 11'-' ~, i, • ,, ... ,, r, WORLDINATION , , ,'. • t l \I •t 1,,, 2-MARIANAS VARIETY NEWS AND VIEWS-MONDAY - OCTOBER 18 1999 MONDAY, OCTOBER 18, 1999 -MAl,UANAS VARIETY NEWS AND VIEWS-3 NeWs-·Briefs . U.S., Russia may Gaza strip passage may be delayed \·_, t Y2K panel eyes Rota Tinian JERUSALEM (AP)-The opening of a land link between the West l ',i Bank and Gaza Strip has been delayed for the second time in two ~ By Haldee V. Eugenio "There's not much of systems be given presentations and dem­ emphasis on incident/unified row on Tinian and will stay there weeks because of disagreements over how to operate it, Palestinian alter arms treaty Variety News Staff in there but we really would have onstrations on methods of testing command system. until Wednesday. On Thursday and Israeli officials said Saturday. ~• WHILE computer systems of gov­ to pay attention to it," said Webb computer systems, including Earlier, the task force disclosed until Friday, the group will be NEW YORK (AP) - The changing the ABM treaty our Senior American officials in­ The so-called safe passage was to have opened Sunday, allowing ernment offices in neighboring who is also the governor's special BIOS, Operating Systems and several "emergency responses" in Rota. Clinton administration is offering sist that the Clinton administra­ answer is 'thanks but no thanks.'" Palestinians to move relatively freely for the first time between the Tinian and Rota are not as big and assistant for telecommunications. Software. once Year 2000 strikes, includ­ Y2K, or the Millennium bug, to help Russia complete a large tion is not aiming to nullify the Spokesmen for the White two Palestinian areas, which lie on either side of Israel. critical as those in Saipan, the Among others, the task force Remediation is also included in ing requiring certain govern­ threatens systems run by old missile tracking radar if it agrees 1972 pact. Rather the goal is to House and the State Department But the Israelis and Palestinians were unable to agree Saturday on CNMI Y2K Task Force said they will hold presentations explain­ the task force's agenda. The group ment officials to report to.EMO computer programs which.will to renegotiate an arms control update the accord so the United did not return calls seeking com­ where in the Gaza Strip to place a joint office that would issue travel should also be on alert against ing the possible effects of the will provide copies of commonly on 10 pm of Dec.
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