Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, July 31, 1997

Thirty-year mortgage
rates decline to 7.36%

WASHINGTON -- Average interest rates on 30-year, fixed-rate mortgages fell this week to the lowest level since early last year, according to the Federal Home Loan Mortgage Corp.

The average declined to 7.36 percent, down from 7.43 percent a week earlier, Freddie Mac said today. It was the lowest since the week ended Feb. 22, 1996, when the rate averaged 7.32 percent.

Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 6.90 percent this week, down from 6.98 percent a week earlier and the lowest since the week ended March 7, 1996.

On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.49 percent this week, down from 5.54 percent last week and the lowest in five months.

Renovated Mauna Lani reopening tomorrow

The Mauna Lani Bay Hotel and Bungalows is scheduled to reopen tomorrow after a $10 million renovation.

The Big Island hotel was closed May 8 for the work, which included upgrading the entryways and bathrooms of all 350 hotel rooms, retiling the pool and a redesign of the Ocean Grill restaurant.

A new cashier-concierge area also was installed, along with new gardens and landscaping throughout the property, said Don Dickhens, general manager.

American Classic posts
big increase in earnings

American Classic Voyages Co. today reported second quarter earnings of $1.2 million, or 8 cents per share, more than double its year-earlier profits. Revenue for the parent of American Hawaii Cruises fell 13.5 percent to $42.4 million.

The company attributed its higher income to improved operations and good passenger loads. American Hawaii, which operates the SS Independence, operated at 92 percent of capacity, well ahead of 1996 levels, the company said. American Classic said revenue was down partly because the Independence was out of service for four weeks.

Reports: Jobs rejects
offer to head Apple

SAN FRANCISCO -- Steve Jobs has turned down an offer to become Apple Computer Inc.'s next chairman and chief executive officer, published reports said today.

Jobs, chief executive of the animation company Pixar, told his employees of his plans in an e-mail obtained by the San Francisco Chronicle.

Jobs said Apple's board of directors asked him three weeks ago, after the July 9 ouster of Gil Amelio, to head the company he co-founded in 1976.

Jobs said in the message he declined the offer because he loves working for Pixar.

The Wall Street Journal also reported Jobs turned down the offer, citing people close to Jobs. But The Journal said Jobs is essentially running Apple anyway.