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Saturday, July 04, 1998
IN BRIEF
Japanese leaders
endorse tax cuts
TOKYO -- Japanese leaders signaled their readiness Friday for a permanent tax cut to jump start the country's moribund economy, a day after announcing a long-awaited plan to deal with Japan's banking crisis.
Such a move would take advantage of momentum generated by the new "bridge bank" financial stabilization plan and answer calls from the United States and other trading partners for bolder stimulus measures.
Modeled after the United States' bailout strategy for savings and loans in the 1980s, Japan's "bridge bank" plan is designed to keep credit flowing to healthy corporate borrowers while the government takes over insolvent banks.
Prime Minister Ryutaro Hashimoto, speaking Friday at a campaign rally ahead of July 12 parliamentary elections, indicated for the first time his support for permanent tax relief instead of the current policy favoring one-time tax breaks.
"I hope we will not have temporary tax cuts, but so-called permanent tax reforms. I think we'll move in that direction," he said.
Hashimoto's remarks were echoed by Kan Kato, the head of an influential government tax research panel. He also called for tax cuts now that the "bridge bank" system has been formally adopted.
A chief lieutenant in Hashimoto's ruling party, Koichi Kato, said legislation for making the "bridge bank" package into law likely will pass Parliament by early September, Kyodo News reported.
Scenic gets contract
for Ely-LV service
Scenic Airlines has been awarded a two-year contract to provide service from Ely to Las Vegas and Elko, Sen. Richard Bryan announced.
"Those flights will allow more tourists and residents access to Las Vegas, Reno and Carson City," Bryan, D-Nev., said. "This is good news on the economic front as it will bring more business and tourists to Ely as these new flights are added."
Scenic will provide one round-trip flight a day to Las Vegas and two flights a day to Elko, which also services Reno and Salt Lake City. There are currently two round-trip flights a day to Ely from Salt Lake City.
Bryan is a member of the Senate Aviation Subcommittee.
Pittsburgh woman
wins $1 million
Caesars Palace awarded a $1,041,000 slot machine jackpot to Merle Ann DeSantis of Pittsburgh.
She won the jackpot on a $1 million, three-reel progressive slot machine Thursday.
"Vegas was nice to me on my birthday one year, but not this nice," Desantis said.
DeSantis was on vacation in Las Vegas with her husband, Bob, and son when she won the jackpot.
"I like to gamble, but my wife really likes to play the slots, and she wins," her husband, a retired police detective and state parole officer, said.
Silver State Bank
offers stock rights
Silver State Bank has authorized a $5 million common stock rights offering to fund the bank's future growth plans.
The stock rights will be offered to existing shareholders, new directors and employees. The offering is expected to commence in late August.
Silver State Bank operates two branches, at 691 N. Valle Verde Drive in Henderson and 170 S. Rainbow Blvd. in Las Vegas.
"We believe this stock offering will allow Silver State Bank to move ahead with development plans that include expanding the bank's branch network and loan portfolio," said Silver State Bank Chairman Tod W. Little. "We fully expect this offering to go quickly."
Little said subsequent to the sale, the bank will have approximately $15 million in capital.
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Stock and other financial listings are not available for today's edition because the markets were closed for the Independence Day holiday.
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