Reported by Star-Bulletin staff & wire
Thursday, April 24, 1997
WASHINGTON -- Thirty-year fixed-rate home mortgage rates dropped to 8.08 percent this week from 8.16 percent last week, according to a national survey by the Federal Home Loan Mortgage Corp. Thirty-year mortgages
drop to 8.08 percentFreddie Mac, in its weekly survey, also found that the average one-year adjustable mortgage rate fell to 5.86 percent from 5.89 percent last week. Fifteen-year mortgage rates averaged 7.62 percent, down from 7.71 percent.
Asa Corp. and Big Island Broadcasting Co. have formed a partnership to purchase seven Big Island radio stations. Seven radio stations
on Big Isle being soldThe Hawaii limited partnership, named Big Island Radio, has agreed to buy KIPA (AM 620, Hilo), KHWI (FM 100.3, Hilo), KLUA (FM 93.9, Kona), KPVS (FM 95.9, Hilo), KAOE (FM 92.7, Hilo), KAOY (FM 101.5, Kona), and KKON (AM 790, Kona). The agreement is subject to approval by the Federal Communications Commission.
Asa Corp. is owned by Honolulu-based Persis Corp, which is headed by Thurston Twigg-Smith, the former owner of the Honolulu Advertiser and several newspapers in the Pacific Northwest.
Big Island Broadcasting is owned by Buddy Gordon, owner and manager of KIPA and KHWI. KAOE, KKON and KAOY are owned by Visionary Related Communications Corp.; KLUA is owned by Hot Spot Communications Corp.; and KPVS is owned by Pacific View Broadcasting Co.
Big Island Radio will be managed by Gordon.
RICHMOND,Va. -- Philip Morris Cos. Chairman and Chief Executive Geoffrey Bible said the company is willing to work with "responsible" government representatives to reach an agreement on the regulation of the tobacco industry, Bloomberg News reported. Tobacco exec willing
to discuss regulationBible, at the annual meeting of Philip Morris shareholders, said the company is willing to "listen and explore all reasonable measures that make sense" to create a "consensus for a regulatory system that will be balanced."
WASHINGTON -- The Justice Department approved the merger of Bell Atlantic Corp. and Nynex Corp. today, concluding that the combination of the two Baby Bells along the Eastern seaboard does not violate antitrust laws. The merger will create a colossus controlling 38 million phone lines from Maine to Virginia. Justice Dept. OKs
Bell Atlantic, Nynex mergerThe deal still must gain approval from the Federal Communications Commission. But federal antitrust clearance was the biggest stumbling block for the $23 billion deal.