Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, August 7, 1996

But Lanai will see a hike because of adjustments in energy cost and a surcharge on integrated resource planning, the company said.

Maui residential bills will decrease by $2.81 to $76.41 and Molokai's, by $1 to $98.74, the utility said. Lanai residential customers will see a hike of 88 cents to $93.71. The calculations are based on a typical customer using 500-kilowatt hours a month.

The National Geographic Television Inc. partnership announced yesterday involves the six IMAX theaters owned by Destination Cinema Inc. of Ogden, Utah. The other five are located at the Grand Canyon, Yellowstone National Park, Niagara Falls, Hearst Castle in California, and Seattle.

The new theaters will be renamed National Geographic Destination Cinema, merging the technology and giant-screen advantages of 70mm film with the scientific and exploration expertise of National Geographic.

Dole, the world's largest producer of fresh fruits and vegetables, said July 10 that Murdock would sell between 3.6 million to 4.14 million shares through a public offering. The sale of 5.75 million shares would amount to about 9.6 percent of the company's stock.

After the sale, Murdock would still own about 14 percent of Dole's 60 million shares.

Murdock said he's selling the shares to repay debt and increase the liquidity of his portfolio.

"I have great confidence in Dole and will continue to be actively involved in its future," he said.

The Westlake Village, Calif.-based company has extensive land and resort holdings in Hawaii.

The large budget increase is the central feature of a settlement that the Securities and Exchange Commission is expected to announce this week in its two-year investigation of the NASD, parent company of Nasdaq, according to a source briefed on the case who spoke on condition of anonymity.

The settlement is expected to include a report with harsh criticism of the NASD for lax regulation of brokers and their firms.

The SEC probe focuses on allegations that the NASD failed to punish Nasdaq dealers who don't honor their quoted prices for stocks, a serious offense known as "backing away." Another charge involves failing to punish firms for reporting trades late. In addition, the NASD's district business conduct committees, where disputes are first aired, have faced allegations of being lenient