Reported by Star-Bulletin staff & wire
Wednesday, October 28, 1998
Starwood's profits rise sixfold in quarter
WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts said third-quarter profit rose more than sixfold as the world's largest hotel owner raised room prices.The White Plains, N.Y.-based real estate investment trust, which owns, manages or franchises about 650 hotels in 70 countries, reported funds from operations of $295 million, or $1.40 a share, up from $49 million, or 80 cents, a year earlier.
Starwood led a record year of acquisitions in the hotel industry last year, buying the Sheraton and Westin hotel chains and the Caesars World casinos. Revenue at its hotels are now growing at a faster rate than their competitors.
In Hawaii, the company manages or markets 13 hotels and is the new owner of the Westin Maui.
SEC steps up effort to fight 'Net stock fraud
WASHINGTON -- In the Securities and Exchange Commission's first widespread crackdown on Internet schemes, the agency charged 44 defendants with falsely promoting small stocks and defrauding investors.In 23 separate enforcement actions, the SEC accused defendants of a variety of schemes to illegally tout small "microcap" securities over the Internet without disclosing that they received payments for their promotion efforts.
The announcement represents the SEC's latest effort to draw attention to the proliferation of Internet stock schemes. The agency set up a special unit earlier this year to scour Internet sites for bogus promotion schemes.
In other news . . .
WASHINGTON -- Orders to U.S. factories for big-ticket durable goods rose 0.9 percent in September, pulled higher by demand for automobiles, communications equipment and military goods. The unexpected fourth consecutive increase brought orders to a seasonally adjusted $192.1 billion, the Commerce Department said today.
See expanded coverage in today's Honolulu Star-Bulletin.
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