Reported by Star-Bulletin staff & wire
Tuesday, February 24, 1998
Continental to link Oahu, Okinawa service
Continental Airlines on April 6 will start three Guam-Okinawa flights a week by its Continental Micronesia subsidiary, timed to connect with Continental's Honolulu-Guam flights.The airline will use Boeing 727 jets for the Okinawa flights.
Ron Wright, Continental's Hawaii sales and marketing managing director, said the airline expects the flights to be popular among Hawaii's large Okinawan population and with Okinawa-based U.S. military personnel traveling to various U.S. destinations.
From the start of this year Continental has been adjusting the timing of its flights to improve the convenience of connections between Hawaii and Manila, Taipei, Hong Kong and Indonesia, Wright said. The Okinawa-Honolulu service is part of an ongoing effort to bring more Asia-Pacific travelers to Hawaii, he said.
Matson Navigation hires local advertising agency
Matson Navigation Co. has switched is advertising and marketing agency from a San Francisco firm to a Honolulu agency, Milici Valenti Ng Pack.Starting March 1, MVNP will handle traditional advertising, community relations, direct marketing and public relations support for Matson, the biggest subsidiary of Alexander & Baldwin Inc. Matson said the Honolulu agency offered an integrated approach and good creativity. Matson did not disclose its promotional budget.
Starwood completes $14 billion ITT takeover
PHOENIX -- Starwood Hotels & Resorts Trust completed its $14.6 billion acquisition of ITT Corp., making it one of the largest hotel and casino companies in the world.The purchase gives Phoenix-based Starwood a total of more than 650 hotels, including the Sheraton and Westin chains, in more than 70 countries, and the Caesars casino chain.
The transaction comes about four months after New York-based ITT agreed to be bought by Starwood, fighting off a hostile bid from Hilton Hotels Corp.
Under terms of the acquisition, each share of ITT common stock outstanding was converted into 1.543 paired shares of Starwood. Some shareholders chose to convert their ITT shares into cash.
J.P. Morgan to cut staff, explore possible merger
NEW YORK -- J.P. Morgan & Co., the nation's fourth-biggest banking company, is cutting about 5 percent of its work force and is examining merger possibilities.Joseph Evangelisti, a spokesman for Morgan, declined today to specify how many jobs are being cut but said it would involve about 5 percent of Morgan worldwide work force, which totaled 16,800 people at the end of 1997. That would mean as many as 840 jobs could be eliminated.
Japanese stock market tumbles 2.48 percent
TOKYO -- Japanese stocks today plunged to their lowest level in six weeks as comments by government officials cast cold water on hopes Japan would move to revive its economy. The U.S. dollar slipped against the yen.The benchmark 225-issue Nikkei Stock Average dropped 411.49 points, or 2.48 percent, to close at 16,198.00 -- its lowest since Jan. 16. Yesterday the average dropped 146.75 points, or 0.88 percent.
The dollar bought 128.00 yen in late afternoon trading, down 0.64 yen from late yesterday in Tokyo.
Hopes for new economic stimulus dimmed after Finance Minister Hikaru Matsunaga said today that an upcoming market rescue package would probably not include new spending.