Honolulu Star-Bulletin Local News
Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, August 29, 1996

Thirty-year mortgages
rise to 8.09 percent

WASHINGTON - Thirty-year, fixed rate mortgages averaged 8.09 percent this week, up from 7.93 percent last week, said a national survey released today by the Federal Home Loan Mortgage Corp.

On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.75 percent, down from 5.79 percent last week. Fifteen-year mortgages averaged 7.60 percent this week, up from 7.45 percent a week earlier.

Convention center adviser
forced to quit Hawaii post

Los Angeles Convention Center manager Dick Walsh has stopped working as a consultant for the Hawaii Convention Center Authority after Mayor Richard Riordan ordered him to quit, saying the outside work conflicted with his job.

Walsh said he was paid $80,000 for working 48 days on his own time over the past two years, helping the planners of the Hawaii facility. He also served as chairman of a selection committee that chose the Hawaii center's management firm.

Riordan has asked the Los Angeles city Ethics Commission to investigate a possible conflict of interest. Riordan approved Walsh's outside employment in 1994.

Longshoremen reject
contract settlement

PORTLAND, Ore. - West Coast longshoremen rejected a tentative contract settlement, raising the possibility of the region's first dock workers strike in 25 years.

Shipping industry negotiator Terry Lane said he was told by union officials yesterday that the necessary 60 percent approval vote had not been reached. However, he expressed confidence there would be no walkout. Union officials would not comment. The contract calls for a 13 percent wage hike. Hawaii longshoremen are negotiating their own contract.


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



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