Reported by Star-Bulletin staff & wire
Wednesday, January 21, 1998
Union: Early retirements could offset sugar layoffs
WAILUKU - The layoff of 38 union employees at Hawaiian Commercial & Sugar Co. may be offset by workers taking early retirement, an ILWU union official said.William Kennison, the ILWU business agent at Hawaiian Commercial, said under the contract with the union, employees 60 years or older can retire early with the same benefits as if they retired at age 65.
Kennison said more than 60 employees are eligible for early retirement.
"If we can get enough employees to retire, that would offset it," Kennison said.
Hawaiian Commercial & Sugar, a subsidiary of Alexander & Baldwin Inc., yesterday announced it was planning to cut 58 jobs, including 38 employees and 20 supervisors.
Stephen Haladay, the company's general manager, said the layoffs represent 5.8 percent of the 1,008 employees at the company.
Haladay said several factors have caused a substantial drop in sugar yields and production, and the company is trying to identify the problems. "This is farming. It is not a perfect science," he said.
He said the company has been producing 200,000 tons of raw sugar annually for the past four years while operating with a cost structure of a plantation producing 225,000 tons.
Shipping firm says more people moving to isles
The sluggish economy and the state's high prices often are blamed for driving people away from Hawaii.But United Van Lines Inc., the nation's largest household goods mover, says it moved more people to Hawaii last year than out of the state.
The company says 542, or 50.7 percent of its Hawaii moves, were for inbound shipments, while 527, or 49.3 percent, were outbound.
First Hawaiian plans to extend branch hours
First Hawaiian Bank says it is extending weekday hours for its branches and opening a few on Saturdays.Effective Feb. 2, the bank says branches will remain open until 4 p.m. Monday through Thursday. The current closing time is 3 p.m.
Eight branches near major shopping centers also will open from 9 a.m. to 1 p.m. Saturdays.
Bank of Hawaii earlier this week announced it also was extending its weekday hours.
Hawaiian Electric's parent hikes dividend
Directors of Hawaiian Electric Industries Inc. have authorized a one-cent increase in the company's quarterly dividend to 62 cents a share. The new dividend will be paid March 10 to stockholders of record Feb. 18.HEI said the dividend is equal to $2.48 a year.
Robert F. Clarke, president and chief executive officer, said a major factor behind the increase was the December acquisition of Bank of America's Hawaii branches, which is expected to help earnings.
Microsoft cutting staff at Sidewalk online unit
SEATTLE - Microsoft Corp. is laying off about one-quarter of the staff members at Sidewalk, its local arts and entertainment online guides, but is expanding its presence to at least 40 more cities this year, a company executive said.Managers at Sidewalk's existing 10 U.S. offices held meetings yesterday to announce the elimination of three to five full-time positions plus several contract workers in each city, said Matt Kursh, Sidewalk business unit manager.
He said the cutbacks will leave each city office with about 10 full-time employees.
A Microsoft spokeswoman said 36 full-time positions would be eliminated. The software giant also has cut back plans to expand Sidewalk's central administrative staff at its Redmond, Wash., headquarters.
U.S. trade gap showed improvement in Nov.
WASHINGTON - America's trade deficit, helped by a big plunge in oil imports, narrowed to $8.04 billion in November - the best showing in eight months. U.S. auto exports climbed to an all-time high and the deficits with Japan and China both shrank.The Commerce Department said today that America's deficit in goods and services was down 11.6 percent from a revised October figure of $9.09 billion.
The improvement could turn out to be a short-term reprieve from an expected deteriorating trade picture over the next year as the U.S. economy is buffeted by the economic crisis sweeping Asia.
Many economists are shaving their economic growth forecasts for this year by between one-half and a full percentage point. They expect currency devaluations in Asia will cause America's trade deficit to widen sharply as Asian products become cheaper and U.S. exporters find it harder to sell their goods in Asia.