Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, October 28, 1999

Ross Home for Less opens on Ward Ave.

A 20,000-square-foot Ross Home for Less store has opened at Ward Gateway, the Victoria Ward Ltd. property that also includes the Sports Authority store in Kakaako. The store employs 50 and sells home goods, gifts and apparel.

Tesoro reports strong earnings

Tesoro Petroleum Corp. today reported a third-quarter profit of $25.3 million, or 58 cents a share, more than three times the profit of $7.8 million, or 15 cents a share, it reported for the 1998 third quarter. The company, based in San Antonio, Texas, entered the Hawaii market in March 1998 with its $325 million purchase of BHP Hawaii, including its Barbers Point refinery and 32 Gas Express retail stations.

30-year mortgages climb to 7.96%

McLEAN, Va. -- The average 30-year, fixed-rate mortgage rate rose to 7.96 percent this week from 7.93 percent last week, mortgage broker Freddie Mac said. The average rate on a one-year adjustable mortgage tied to one-year Treasury bills rose to 6.35 percent from 6.30 percent last week, and the 15-year mortgage average rate rose to 7.57 percent from 7.53 percent.

Maersk-SeaLand to move to L.A.

LOS ANGELES -- A.P. Moeller's Maersk-SeaLand unit, the world's largest container shipper, agreed to move its operations to the Port of Los Angeles from nearby rival Long Beach, making Los Angeles the busiest U.S. container port. Maersk, which in July agreed to buy CSX Corp.'s Sea-Land unit for $800 million, reached an accord on a 25-year lease at a terminal under construction, said Los Angeles Harbor Commissioner Ted Stein.

In other news . . .

Bullet Hawaiian Natural Water Co. said it has appealed a Nasdaq panel's decision that delisted its shares Oct. 5 because they did not rise above the exchange's $1 minimum. The firm said it has asked for a hearing. Since the delisting, the company has traded on the over-the-counter bulletin board.

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