Reported by Star-Bulletin staff & wire
Thursday, April 2, 1998
GST Telecom Hawaii plans to boost staff
GST Telecom Hawaii, which is developing a fiber-optic telecommunications network to compete with GTE Hawaiian Tel, says it is moving in the opposite direction to some Hawaii companies and government departments that are cutting staff.GST said it expects to hire 26 employees this year to bring its staff to 88, from 62. The jobs are in the technical, sales and administration areas. The company, a subsidiary of GST Telecommunications Inc. of Vancouver, Wash., said more hiring will come later as it moves ahead with its $50 million investment to build 500 miles of fiber-optic lines.
Quitting Cannery lease costs Horizon $30 mil
Horizon Group Inc. said its first-quarter earnings will include a $30 million charge from the termination of its lease at Dole Cannery. As part of a deal to sell itself to competitor Prime Retail Inc., Horizon announced in February that is was turning over its lease at the struggling Iwilei outlet center to property owner Castle & Cooke Inc.Castle & Cooke has since said it will change the focus of Dole Cannery from an outlet center to a value-retail center with an entertainment component, most likely a major theater complex.
Norton Shores, Mich.-based Horizon operates 37 outlet centers in 20 states.
Local firm wins award for Ala Moana store
AM Partners Inc., an architecture and design firm based in Honolulu, has won the "Store of the Year" grand prize for the design of La Pelle, an upscale leather goods store in the Ala Moana Center.The award was presented by the National Association of Store Fixture Manufacturers at its 27th annual reception in Chicago.
AM Partners, headed by Charles Lau, also recently won a grand prize from the National Commercial Builders Council for its design of the new library and cafetorium for the Hanalei elementary school on Kauai.
Aquila Management changes name of fund
Aquila Management Corp., founder of Hawaiian Tax-Free Trust and the Cash Assets Trust series of money market funds, has changed the name of one of its funds. The Pacific Capital U.S. Treasuries Cash Assets Trust is now the Pacific Capital U.S. Government Securities Cash Assets Trust.Its investments include short-term direct obligations of the U.S. Treasury, other federal government obligations with remaining maturities of one year or less, and selected repurchase agreements secured by U.S. government securities.
Thirty-year mortgages rise to 7.15 percent
WASHINGTON -- The average rate on 30-year fixed-rate mortgages rose to 7.15 percent this week, according to a weekly survey released today by the Federal Home Loan Mortgage Corp.The increase, from 7.08 percent last week, brings the average near a four-month high of 7.19 percent, reached at the start of March. It had hit a four-year low of 6.89 percent in mid-January. Fifteen-year mortgages averaged 6.79 percent this week, up from 6.69 percent last week.
On one-year adjustable-rate mortgages, lenders asked an average initial rate of 5.68 percent, down from a nine-month high of 5.70 percent.
Woolworth to become Venator Group Inc.
NEW YORK -- Woolworth Corp., one of the oldest names in American retailing, said today it will change its name to Venator Group Inc. in a bid to better align its moniker with its business.Pending shareholder approval, Woolworth intends to adopt the new name on June 12, the day after its annual stockholders meeting, the New York-based retailer said in a statement.
The name, which is Latin for "sportsman," better fits its corporate focus on sports retailing, the company said. Woolworth operates Foot Locker stores.