Reported by Star-Bulletin staff & wire
Monday, December 7, 1998
Hawaiian Air links with Polynesian Air
PAGO PAGO, American Samoa -- Polynesian Airlines and Hawaiian Airlines Inc. have reinstated an airline agreement severed more than four years ago when Polynesian Airlines was in financial difficulty. The interline agreement covers passengers and bags transferring between the Samoan government airline and Honolulu-based Hawaiian, said Ron Lee, a Polynesian Air manager.
Philippine Air plans capital infusion
Philippine Airlines Inc. unveiled a rehabilitation plan that calls for an immediate capital infusion of $90 million, slashing its fleet to 22 planes and a longer repayment period for loans.The plan submitted to regulators does not include a partnership with a foreign airline, as had been originally planned.
Lilly strikes deal for purer Prozac
INDIANAPOLIS -- Eli Lilly and Co. has struck a deal to sell a purer form of Prozac, a strategy intended to counter the huge revenue loss when patents on the best-selling anti-depressant expire within five years. Under the deal announced today, Lilly will pay Sepracor Inc. $90 million plus royalties for the worldwide marketing rights to R-fluoxetine, a modified form of the active ingredient in Prozac.
In other news . . .
New York City Comptroller Alan Hevesi called for a delay in the merger between Deutsche Bank AG and Bankers Trust Corp. until the big German bank resolves billions of dollars of Holocaust claims . . . The U.S. government allowed Northwest Airlines Corp. and Continental Airlines Inc. to proceed with the merger of frequent flier reward programs . . . Scottland's ScottishPower Plc agreed to buy Oregon-based PacifiCorp for about $12.8 billion in what would be the first foreign acquisition of a U.S. utility . . . Lear Corp. will cut 2,800 jobs and close 18 plants . . . Liz Claiborne Inc. is cutting 400 jobs and closing 30 stores.
See expanded coverage in today's Honolulu Star-Bulletin.
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