Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, June 15, 1999

Isle developer sells Kapiolani land

Developer Jack Myers has sold land at Kapiolani Boulevard and Ward Avenue that was planned for the Symphony Park condominium project which later was changed to a retirement project proposal. Myers yesterday talked about the sale on television and said the sale price was much less than the $40 million paid by Myers/Daichi Midtown Partners. The buyer is Honolulu-based MacNaughton Group which is looking at the site for a possible retail or condominium project.

CPB increases dividend 7.7%

CPB Inc., holding company of Central Pacific Bank declared a second-quarter cash dividend of $0.14, up $0.01 per share or 7.7 percent over the previous quarter. The dividend is payable July 16 to shareholders of record as of June 30.

Hawaii pineapple production up 2%

Hawaii pineapple production in 1998 totaled 332,000 tons, up 2 percent from 1997, according to the Hawaii Agricultural Statistics Service. Fresh pineapple sales were estimated at 111,000 tons, 8 percent higher than 1997. Processed pineapple was at 221,000 tons, the same as 1997.

'Net porn giant eyes Caesars properties

LAS VEGAS -- A company that boasts it leads the Internet sex business wants to bet billions on expanding into casino gambling.

Ocean Fund International, a British Virgin Island Mutual Fund that claims to be the owner of the world's largest pornographic Internet site,, said today it has submitted a $3.6 billion cash offer to purchase eight Caesars gambling properties. Park Place Entertainment is currently completing negotiations to buy those Caesars properties from Starwood Hotels and Resorts Worldwide, Inc. for $3 billion.

"We have never heard of Ocean Fund International," said Starwood spokesman Jim Gallagher.

In others news . . .

REDWOOD SHORES, Calif. -- Oracle Corp. posted earnings of 36 cents a share, beating forecasts by 4 cents.

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