Reported by Star-Bulletin staff & wire
Monday, July 13, 1998
Dods named chairman of Tsunami Museum
HILO -- Bank executive Walter Dods Jr. has accepted the honorary chairmanship of the board of the planned Pacific Tsunami Museum.Dods is the chairman and chief executive officer of First Hawaiian Bank, which last year donated a downtown Hilo branch office to house the museum.
A fund-raising drive will be conducted to pay for the renovation of the office and operation of the museum.
The 68-year-old branch withstood the 1946 and 1960 tsunamis that devastated Hilo.
The museum will be designed to educate people about tsunamis and public safety. It will also serve as a memorial to those who have died in tsunamis.
TWA, pilots reach tentative agreement
ST. LOUIS -- Pilots for Trans World Airlines would get significant pay increases under a tentative four-year contract agreement reached after more than a year of negotiations, though airline officials would not release details.Airline officials said the agreement reached yesterday would start pilots on the way to salary parity with pilots for the other major airlines.
"Although our pilots would prefer larger initial pay raises, we also recognize that we didn't get this far behind our industry counterparts overnight," said Joe Chronic, head of the pilots union. He wouldn't discuss financial details.
TWA pilots of narrow-body jets make $103 an hour and pilots of wide-body jets make $110 an hour, as much as 40 percent less than the industry average. All TWA employees made financial concessions while TWA went through two bankruptcies.
TWA still must reach agreement with machinists, flight attendants and passenger service workers.
Chrysler's earnings double in 2nd quarter
AUBURN HILLS, Mich. -- Chrysler Corp.'s earnings more than doubled in the second quarter from a year ago when the nation's third-biggest domestic carmaker was hurt by a strike at an engine plant. The results announced today beat Wall Street expectations.Chrysler continues to benefit from money-making truck and minivan sales even as it offers big incentives.
The automaker earned $1.003 billion, or $1.51 a share, in the three months ended June 30 compared with $483 million, or 70 cents a share, a year earlier.
The profit was higher than analysts who follow the stock expected. The average estimate of 16 analysts surveyed last week by First Call Corp. was $1.41 a share. Chrysler's stock was unchanged at $56.19 in late trading on the New York Stock Exchange.
IMF, Russia agree on bailout package
MOSCOW -- After weeks of negotiations, the International Monetary Fund and other lenders have agreed on a $14.8 billion loan package to help stabilize Russia's financial markets, officials said today.The tentative deal matches Russia's request for up to $15 billion to see it through the latest financial crisis. Millions of Russians have been pushed into poverty by the country's shrinking economy during the 1990s, and the infusion of cash is designed to ward off another big downturn.
The IMF will provide $12.5 billion, while the World Bank will chip in $1.7 billion and Japan will provide $600 million, Interfax reported.
In Japan, where Russian Prime Minister Sergei Kiriyenko is visiting, the two countries put the Japanese loan at $800 million.
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