Reported by Star-Bulletin staff & wire
Friday, August 21, 1998
Cruise line's parent hires president for ship builder
The owner of American Hawaii Cruises has named Jon Rusten to head a new subsidiary that will build two cruise ships that will serve the Hawaiian islands.Chicago-based American Classic Voyages Co. said today that Rusten, formerly an executive with Disney Cruise Line, will become president of Ocean Development Co., which plans to complete the two 1,900 berth passenger ships in 2003 and 2004. The ships will cost a total of $400 million.
Rusten previously was director of development and new buildings for Disney Cruise Line.
IRS to start accepting credit cards for tax bills
WASHINGTON -- Beginning next year, the federal government will accept credit cards for Americans' income tax bills.Although taxpayers will be charged a yet-to-be-determined "convenience fee" for the privilege, the Internal Revenue Service hopes the move will encourage more people to file returns electronically. About 24.5 million did so this year.
"Our responsibility, we believe, is to give folks the widest possible array of payment options," said Steve Holden, the national electronic program director at the IRS. "Many consumers will find it convenient to use their credit cards."
One major question is whether Visa International -- the world's largest credit card issuer -- will get on board. Company officials there will decide this fall whether to give the program a try.
Ford among bidders for Korean automaker
SEOUL -- Ford Motor Co. and three South Korean auto firms submitted bids today for Kia Motors Co., the second biggest Korean automaker before it collapsed under heavy debts last year.The three South Korean bidders were Hyundai Motor Co., Daewoo Motor Co., and Samsung Motors Inc. U.S.-based Ford already owns 16.9 percent of Kia. A 15-member panel will study the bids before it announces the winner on Sept. 1, Kia's creditor banks said.
In other news . . .
LINTHICUM, Md. -- Ciena Corp. shares plunged as much as 54 percent amid concern that Tellabs Inc. will cut its pending $6.86 billion offer for the top maker of equipment used to boost capacity on phone networks. Tellabs, whose products direct traffic on phone networks, postponed its shareholder vote on the Ciena purchase until Sept. 9 after Ciena said AT&T Corp. decided not to buy its equipment. Ciena was looking to AT&T to make up for slower demand at some big customers, and investors expect the lost business to force Tellabs to lower its offer, from a 1-to-1 stock swap.
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