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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, September 9, 1999

Cheap Tickets signs hotel 'Net partner

Cheap Tickets Inc., a Honolulu-based company that sells discounted air travel, said it has reached a joint marketing agreement with Hotel Reservations Network, a successful Internet hotel booking business.

Each company will offer the other's reservations service on its Internet site. Cheap Tickets says it has more than 1.6 million people registered to use its site, www.cheaptickets.com. Hotel Reservations Network is part of USA Networks Inc., a Dallas-based broadcasting, Internet and film business.

The Hotel Reservations Network site is http://www.hoteldiscount.com.

Case nominates dad for Maui Land board

America Online Inc. Chairman Stephen M. Case, who now owns 41.2 percent of Maui Land & Pineapple Co., has nominated his father, Honolulu attorney Daniel H. Case, and Campbell Estate trustee David A. Heenan to represent him on the ML&P board of directors.

They will replace Samuel R. Himmelrich Sr. and Morton B. Plant, who resigned from the board effective Aug. 31, as part of the company's agreement with Honolulu-born Case.

Case paid $39.2 million cash for the ML&P shares, which he bought from companies and foundations set up by the late Harry Weinberg.

Isle women's center receives SBA grant

The U.S. Small Business Administration has issued a $147,000 grant to the Hawaii Women's Business Center, a nonprofit corporation in Honolulu that provides eight-week training courses for women in entrepreneurship and financial management. The organization, headed by Laura Crites, formerly was known as the Women's Financial Resource Center. It is one of 25 organizations across the country to receive five-year grants from the SBA's Office of Women Business Owners.

Mortgage rates rise to 7.88 percent

McLEAN, Va. -- The benchmark U.S. home mortgage rate rose to 7.88 percent this week, Freddie Mac said. The average rate on a 30-year, fixed-rate mortgage with 1 point rose this week from 7.83 percent last week, according to a weekly survey by the U.S. mortgage broker. The average rate on an adjustable mortgage rose to 6.21 percent from 6.18 percent last week, and the 15-year mortgage average rate rose to 7.49 percent from 7.45 percent, Bloomberg News reported.

In other news . . .

The Hawaii Visitors and Convention Bureau said the National Association of Mortgage Brokers will bring 3,000 delegates and guests to the isles for a June 2001 meeting at the Hawaii Convention Center. The bureau estimates the convention will result in $6.9 million in direct spending in Hawaii.





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