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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, April 21, 2000

Maui hotel, union reach contract deal

The management of the Grand Wailea Resort & Spa on Maui and the union representing 900 of its employees said they reached agreement last night on terms of a new labor contract.

Details of the agreement will not be made public until after a ratification vote by the union, Local 142 of the International Longshore & Warehouse Union, the parties said in a joint announcement. Both sides said mediation efforts by Maui Mayor James "Kimo" Apana and other community leaders helped them reach the tentative settlement. The union has been seeking a new contract since KSL Recreation Group took over the hotel in December 1998.

In other news . . .

TOKYO -- The benchmark 225-issue Nikkei stock average plunged 3.7 percent today, and traders said the fall was related to next week's planned change in stocks making up the index. The Nikkei index fell 706.64 points to 18,252.68. Investors sold industrial stocks that will be removed from the index starting Monday.