Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, July 10, 1996

Maui Park no longer under
Aston management

In line with what it says is a move to upgrade its inventory, Aston Hotels & Resorts said it has dropped an economy hotel at Kaanapali, the 288-room Maui Park, from the list of properties it manages.

Earlier it dropped out of management at a budget hotel on the Big Island, the Kona Islander Inn, and an economy condominium in Kihei, the Maui Vista.

However, Aston has recently picked up management contracts for the Aston Wailea, formerly the Maui Inter-Continental; the Waimea Plantation Cottages and the Embassy Vacation Resort Poipu Point, both on Kauai; and the Park Shore in Waikiki.


Motorola shares plunge on weak earnings

SCHAUMBURG, Ill. - Motorola Inc. shares plunged as much as 15 percent today after it reported that its second-quarter earnings dropped by almost one-third because of weak sales of computer chips and cellular telephones.

The company's shares closed down $8.621/2, or 13 percent, at $57.871/2 in Wednesday's trading of 18.5 million shares, making Motorola the most active stock on U.S. markets, according to Bloomberg Business News. Earlier, shares dropped to as low as $56.371/2 on the New York Stock Exchange. Motorola dragged down other chipmakers and cellular phone providers.

The Schaumburg, Ill.-based company is being hammered by poor performance in its two largest businesses, where pricing pressure has cut profits. Motorola is the largest maker of cell phones and one of the biggest computer-chip makers in the world.


P&G plans to buy back $1 billion in stock

CINCINNATI - Procter & Gamble Co. said Wednesday that it plans to buy back up to $1 billion of its outstanding common stock during its current fiscal year.

Based on the company's recent stock price, the buyback represents up to 11 million shares, or nearly 2 percent of P&G's 686 million shares outstanding.

P&G shares ended the day up 25 cents at $88.50 in trading on the New York Stock Exchange.

The buyback is in addition to a program P&G began last year to buy back 4 million to 5 million shares annually.


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



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