Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, August 28, 1997

30-year mortgages
increase to 7.58%

WASHINGTON -- Average interest rates on 30-year, fixed-rate mortgages rose to 7.58 percent this week, the third increase since the end of July, when the average hit a 171/2-month low.

The average increased from 7.46 percent a week earlier, Freddie Mac said today. This year's peak in mortgage rates was 8.18 percent during the week ended April 3, after the Federal Reserve tightened monetary policy. The low was 7.36 percent during the week ended July 31.

Fifteen-year mortgages averaged 7.12 percent this week, up from 6.99 percent a week earlier. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.62 percent this week, up from 5.56 percent last week.

Aston unit will handle
Asia-Pacific expansion

Aston Hotels & Resorts has formed a management unit to service its expansion into the Asia-Pacific markets.

The new company, Aston International, plans to open six new hotels and resorts in Australia, Bali, Guam and the Philippines over the next year.

Aston International will operate the company's offshore hotels and properties and will work as a design consultant for other hotels and resorts.

Aston is one of the state's largest resort management companies in Hawaii, with management of over 30 hotel and condominium complexes statewide.

Burger King to offer
own version of Big Mac

NEW YORK -- Burger King is preparing to unleash a Big Mac attack of its own.

The company today announced the introduction of a version of McDonald's Corp.'s signature Big Mac burger. To be called the Big King, it will be available Monday at all 7,277 Burger King restaurants in the United States.

As might be expected, the Big King has two all-beef patties, special sauce, lettuce, cheese, pickles and onions on a sesame-seed bun.

McDonald's is not about to be dethroned without a fight. It has laid the groundwork to strike back at Burger King by test-marketing its own version of Burger King's flagship Whopper.

Called the Big and Tasty, it has yet to make its national debut.