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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, July 7, 1999

Isle sales by check rose 4% last month

Sales of goods purchased by check rose 4.2 percent in Hawaii last month, besting the national average by nearly a percentage point, a check acceptance company said today. TeleCheck Services Inc. said same-store sales nationally increased 3.4 percent from a year earlier, with all regions of the country posting gains.

Checks account for about 37 percent of U.S. retail spending, the company said.

Continental Savings buys Realty Finance

Continental Savings Bank said it is acquiring the three Hawaii branches of Realty Finance. No price was disclosed. The deal is subject to regulatory approval.

Seattle-based Continental, which does business locally as Continental Pacific Mortgage, said it will acquire Realty Finance's deposits, which as of June 30 totaled $11 million.

Maui Land vote set on Case deal

Shareholders of Maui Land & Pineapple Co. are scheduled to vote Aug. 23 on America Online Inc. Chairman Steve Case's planned purchase of a 41.2 percent stake in the Maui company.

Under Hawaii law, the transaction needs shareholder approval.

Maui Land disclosed last week that Case, who was raised in Hawaii, was buying about $40 million worth of stock from the Harry Weinberg Family Foundation and related entities.

Subaru recalling Impreza, Legacy

DETROIT -- Subaru of America Inc. yesterday recalled 95,000 Impreza and Legacy cars for removal of front tow hooks to eliminate a flaw that could cause air bags to deploy.

If the tow hooks come in sharp contact with curbs, dips, potholes, railroad crossings or similar road hazards they can cause the air bags to deploy, the automaker said. The recall covers some 1994 and 1995 Imprezas and some 1995 and 1996 Legacys, excluding Outback versions.

In other news . . .

The stock of Waste Management Inc. plunged today after the nation's largest trash hauler disclosed it anticipates second quarter and annual earnings to be 10 percent below expectations.





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