Business Briefs

Reported by Star-Bulletin staff & wire

Friday, April 26, 1996

Senate panel approves oil supply plan for isles

WASHINGTON - The Senate Energy Committee has unanimously approved a proposal guaranteeing Hawaii access to the nation's emergency supply of oil in the event of an energy crisis.

The measure, approved on Wednesday, was sponsored by Sen. Daniel Akaka, D-Hawaii. It was prompted by the fact that Hawaii is more dependent on imported oil than any other state. The plan is aimed at keeping oil flowing to the islands even during oil shortages.

A similar proposal was approved by the Senate two years ago but died when lawmakers could not agree on other details of the energy bill.


Boyd Gaming reports $11.4 million profit

Boyd Gaming Corp., whose Nevada properties are popular among Hawaii residents, had a profit of $11.4 million on revenues of $202 million in first quarter of this year, compared with a profit of $11.5 million on revenues of $167 million in the year-earlier quarter.

Per-share earnings were 20 cents in both periods with more shares outstanding this year. The company has six hotels in three distinct markets in Las Vegas: the Las Vegas Strip, the Boulder Strip and Downtown Las Vegas. It also owns or manages gaming properties in Missouri, Mississippi and Louisiana.


Hawaii, U.S. territories want tough shipping rules

Officials from Hawaii and the U.S. territories of Guam, American Samoa, Puerto Rico and the Virgin Islands agreed on Thursday to ask the federal government to make it harder for ocean shipping companies to raise their rates.

The officials met as part of a two-day summit on the impact of the Interstate Commerce Commission Termination Act approved by Congress last year. A provision of that act allows water carriers to increase their rates by up to 7.5 percent plus inflation each year without seeking approval from federal regulators.

Federal law restricts shipping between U.S. ports to domestic carriers, and officials say that keeps prices high by driving out foreign competition.


30-year mortgage rates slip to 7.92 percent

WASHINGTON - Mortgage rates inched down this week, with 30-year, fixed-rate loans averaging 7.92 percent, compared with 7.95 percent last week, according to a nationwide survey by the Federal Home Loan Mortgage Corp.

The average interest rate for 15-year, fixed-rate loans also fell, to 7.43 percent from 7.48 percent. One-year, adjustable-rate loans edged down to 5.74 percent from 5.75 percent.

A year ago, 30-year, fixed-rate loans averaged 8.26 percent, 15-year loans were 7.80 percent and one-year adjustable loans averaged 6.30 percent.


For more local, national and international business news, see the Hawaii Inc. section in today's Honolulu Star-Bulletin.



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