GUAM – From performance reports of publicly traded corporations to the latest happenings at local upstarts and every size company in between, Guam Buildup News presents a weekly roundup of notable news for the island’s business community.
China Trade Mission
Guam Governor Eddie Calvo traveled to China last week to promote opportunities for trade and investment in Guam. Gov. Calvo met with Shanghai’s mayor and 30 representatives from the business community, including NIU Property Development Company. The Chinese showed interest in Guam’s tourism offerings, education, prospects for green technology, housing and other real property development, among other business opportunities, the Governor’s office said.
Tan Holdings, the Guam Economic Development Authority, the American Chamber of Commerce in Shanghai and representatives from the U.S. Embassy Foreign Commercial Service organized the meeting.
Gov. Calvo and his delegation also traveled to Beijing to meet other U.S. governors at the National Governors Association U.S.-China Governor’s Forum.
Water Utilities Rating
The Guam Waterworks Authority earned a BB rating for its $212 million water and wastewater revenue bonds, and a “stable” outlook for the agency from credit rating company Fitch Ratings, according to an Oct. 17 report from Fitch.
The report said that while GWA’s “debt levels are high and significant capital needs remain to meet ongoing regulatory requirements and expected military build-up demands,” its confidence comes in part from the fact that the Government of Japan recently approved funding for Guam buildup-related utilities upgrades as well as demonstrated willingness by the Consolidated Commission on Utilities, the Public Utility Commission and the Government of Guam to raise customer rates.
Buy Local Campaign
The University of Guam’s Pacific Center for Economic Initiatives launched its Guam “Buy Local” movement with the help of funding from the U.S. Department of Interior. The yearlong marketing campaign, supported by the Guam Chamber of Commerce and the Guam Economic Development Authority, among other government, business and community organizations, encourages businesses and consumers to buy local products, hire local residents, and use Guam-based businesses instead of outsourcing.
UOG has set a goal of shifting at least 10 percent of combined consumer and organizational spending on Guam to locally supplied goods and services. For more information, visit www.guambuylocal.com.
ANZ has announced that John Wade will be the CEO for American Territories, including Guam and American Samoa. Mr. Wade, who moves to the position in Guam will relocate from New York and will report to Michael Rowland, CEO for the Pacific region.
ANZ employs over 160 staff in Guam and American Samoa.
The U.S. Small Business Administration named Guam’s P&E Construction Inc. the Region IX Subcontractor of the Year. The company competed against nominees from Arizona, California, Hawaii and Nevada for the regional award, which honors small businesses that have provided outstanding goods and services to the government and industry as subcontractors.
P&E was nominated for its work as a subcontractor for dck pacific Guam, completing tile installation at the Fitness Center on Naval Base, Guam and at Coast 360 Federal Credit Union.
Small Business Loans
The U.S. Small Business Administration will conduct a free training workshop on how to apply for an SBA loan on Oct. 26. The workshop will run from 9:30 a.m. to 11:30 a.m. at the Guam Small Business Development Center at the University of Guam School of Business and Public Administration, Room 148.
Participants will receive an overview of the SBA loan application process and the specific requirements for loan eligibility.
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