Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, October 9, 1997

Apple's Jobs plans Hawaii trip
to mull permanent title

SAN FRANCISCO -- Apple Computer Inc. co-founder Steve Jobs, who is currently interim chief executive of the struggling company, said today he is thinking about making his title permanent.

While addressing a Macromedia Inc. users conference in San Francisco, Jobs responded to an attendee asking when he would drop the "interim" from his title.

Jobs said it was something he is "thinking about," and that he is preparing to go on vacation to Hawaii, where he plans to "walk on the beach" and think about it.

Jobs was not available for further explanation, and an spokeswoman at Apple headquarters said she could not yet comment.

CPB announces
stock split; share price up

Shares of CPB Inc., parent of Central Pacific Bank, saw some action on the Nasdaq market today after the company announced a two-for-one stock split. CPBI said shareholders of record Oct. 20 will receive one additional share of stock for each share they own. The new shares will be issued Nov. 14.

CPBI, which closed yesterday at $42.25, closed today at $44, after rising as high as $45.75. Central Pacific, with 26 branches, is Hawaii's third-largest commercial bank. The parent CPBI has assets of close to $1.4 billion. The stock split will increase the number of outstanding common shares to 10.6 million.

Work starts on state
housing for elderly

Construction started today on a state-backed $11.8 million affordable elderly housing project near Punchbowl.

The Royal Kinau development on Kinau Street will have 83 rental apartments in a 12-story building when completed in July 1998, the state Housing Finance and Development Corp. said.

The project received more than $11 million in state and federal tax credits and a $1.3 million state loan.

Qualified elderly residents will pay $510 per month for one-bedroom apartments and $720 for two-bedroom units.

The project is being developed by Royal Kinau Partnership, whose general partner is Sea Development Corp.