Business Briefs

Reported by Star-Bulletin staff & wire

Friday, January 1, 1999

Hawaii banker joins Fed panel

Walter A. Dods Jr., chairman of BancWest Corp., will serve on the Federal Reserve's Advisory Council in Washington D.C. during 1999. The group meets quarterly with the governors of the Federal Reserve system to evaluate the state of business on a regional basis.

Dods was selected by the directors of the Federal Reserve Bank of San Francisco to serve as the bank's representative on the council, which has members from the nation's 12 reserve bank districts. Dods, 57, became president of First Hawaiian in 1984 and became board chairman five years later. First Hawaiian merged with California's Bank of the West last year to create BancWest Corp.

Hilton splits gambling unit

BEVERLY HILLS, Calif. -- Hilton Hotels Corp. has completed its split into two separate hotel and gambling companies. The split was intended to boost Hilton's stock price, which had been depressed amid uncertainty over the rapidly consolidating Las Vegas market and general volatility in the gambling industry.

The newly formed gambling company, which now becomes the world's largest with casino operations in New Jersey, Mississippi and Las Vegas, is known as Park Place Entertainment Corp. It will trade on the New York Stock Exchange.

Disney delays ship's launch

PORT CANAVERAL, Fla. -- Disney Cruise Lines, a unit of media giant Walt Disney Co., said its second cruise ship would begin service Aug. 15, five months later than planned, because of construction delays on its first ship.

The Disney Wonder's maiden voyage originally had been scheduled for March, a spokeswoman said. The ship is being built by an Italian shipbuilder, Fincantieri Cantieri Navali Italiani SpA. Disney and the shipbuilder faced delays in completing the first ship, the Magic, which began service on July 30.

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