Reported by Star-Bulletin staff & wire
Thursday, July 2, 1998
Banker to lead state's new housing agency
A former Bank of America Hawaii executive was named to head the state's new housing agency.Donald K.W. Lau, previously president of a real estate financing firm and an ex-Bank of America vice president, yesterday was named executive director of the Housing and Community Development Corp. of Hawaii.
Lau's appointment came as the state's housing functions were transferred to the new agency, created by merging the Housing Finance and Development Corp. and the Hawaii Housing Authority. The Rental Housing Trust Fund Commission also became part of the agency. Lau previously served as HFDC chairman.
Gov. Ben Cayetano today said the consolidation will save more than $2 million a year in operating costs. The new agency has close to 400 workers and will handle housing financing, rental development assistance, homeless programs and other housing matters. Wesley R. Segawa, president of a consulting engineering firm bearing his name, was elected chairman of the new agency's nine-member board. He previously served on the HHA board.
Nevada hotel-casino with isle ties opens
A Nevada hotel-casino partly financed from a personal investment by Richard Kelley, chairman of Hawaii-based Outrigger Hotels & Resorts, has opened.NevStar Gaming & Entertainment Corp. opened the Mesquite Star Hotel & Casino in Mesquite, near the Arizona border. The "old West" styled hotel has 210 guest rooms and the property features 452 slot machines and traditional gambling tables.
Kelley, who lives in Colorado but still spends much of his time in Hawaii, lent $3.5 million in start-up financing as a 50-50 partner with Richard Tam, a friend who introduced him to the opportunity. Kelley owns 11 percent of NevStar's publicly traded stock, according to Securities and Exchange Commission files.
Hawaiian Air's Casey returns to CEO job
Paul J. Casey, president and chief executive officer of Hawaiian Airlines Inc., has made a full recovery from a mild stroke and is back on the job, the airline announced yesterday. Casey was hospitalized June 17.Hawaiian Airlines Chairman John Adams told the annual shareholders meeting Monday that Casey had a clogged neck artery that required surgery but quickly recovered and recuperated at home after a few days in the hospital.
Hawaii has 21,490 manufacturing jobs
Hawaii has 1,177 manufacturing plants, providing 21,490 jobs, according to a new Hawaii Manufacturers Directory. Apparel and fabric firms make up the largest class, with 210 businesses or 17.8 percent of the total. Food ranks second with 200 plants and printing/ publishing ranks fourth with 180, according to the directory, published by Manufacturers' News Inc. in Evanston, Ill.
30-year mortgages up slightly to 6.98%
WASHINGTON -- The average rate on a 30-year, fixed-rate mortgage increased slightly to 6.98 percent this week from 6.96 percent last week, according to a survey by the Federal Home Loan Mortgage Corp.Fifteen-year mortgages averaged 6.65 percent, up from 6.64 percent last week. One-year adjustable-rate mortgages averaged 5.66 percent, down from 5.68 percent.
In other news . . .
CHICAGO -- Under an agreement reached with a now-defunct software company, Microsoft Corp. will be able to continue to use the name Internet Explorer for its browser software. Microsoft agreed yesterday to pay $5 million to SyNet Inc. after two days of testimony in a civil lawsuit filed by the Chicago-area company that claimed Microsoft stole the name from them
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