Reported by Star-Bulletin staff & wire
Thursday, January 15, 1998
State signs deal for pump station site
A state agency has approved a development agreement and 40-year lease with developer Richard Weiser to build a $2 million restaurant/microbrewery at the former pumping station at Ala Moana and Keawe Street.The developer must get all permits in 10 months, and then has 1 year to complete construction, which will restore the historic building, the state Hawaii Community Development Authority said yesterday.
Weiser is negotiating with Jean-Marie Josselin, chef and owner of A Pacific Cafe, to be the tenant for the 10,000 square-foot restaurant, which will also feature a produce and flower market.
Thirty-year mortgages drop to 6.89 percent
WASHINGTON - The 30-year mortgage rate fell to an average 6.89 percent this week, the lowest point in more than four years, in another sign the U.S. housing market remains healthy.This week's rate compares with a rate of 6.94 percent last week, according to a weekly survey of mortgage rates from Freddie Mac. The last time the 30-year rate was this low was Oct. 29, 1993, when the rate was 6.86.
Today's report also showed that the average rate on an adjustable mortgage rose to 5.56 percent from 5.50 percent last week. Fifteen-year mortgage rates, meanwhile, fell to 6.46 percent from 6.55 percent.
Kodak reports loss of $744 million
ROCHESTER, N.Y. - Eastman Kodak Co. lost $744 million in the fourth quarter, weighed down by the costs of 16,600 job cuts and a price war with Japanese rival Fuji that contributed to a 13 percent sales drop.The loss worked out to $2.29 per share in the October-December quarter, compared with a profit of $164 million, or 48 cents a share, a year ago. Sales were $3.83 billion, down from $4.42 billion a year ago. Even without the cost of job cuts and other one-time items, profits would have fallen 38 percent to $246 million, or 76 cents per share.
That is slightly higher than the 74 cent per-share profit Wall Street had been expecting, according to a survey of analysts by First Call Corp.
Indonesia's Suharto agrees to IMF reforms
JAKARTA, Indonesia - Under pressure from the West, President Suharto agreed to tough new reforms today that sweep away costly pet projects, monopolies, tax breaks and subsidies - all of which have enriched his family for decades.The reforms, dictated by the International Monetary Fund in return for financial aid, cut out many price controls and some state expenditures.
They could make life tougher for the millions living in poverty as well as the growing ranks of unemployed.
It also raises the risk of social unrest among Indonesia's 202 million people.