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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, November 22, 2000

Walking the line

By Ken Ige, Star-Bulletin
Hawaiian Airlines pilots Brad Taylor, left, and Alex McLean,
right, walk the informational picket line at Honolulu Airport
early this morning. The Air Line Pilots Association said it
chose the busy pre-Thanksgiving period to remind the public
that Hawaiian has yet to agree to new contract terms. The
pilots say they want parity with Aloha Airlines pilots who
they say are paid one-third more than they are. The pilots'
contract became amendable in February. The ALPA unit at
Hawaiian today also picketed airports at Los Angeles, Las
Vegas, San Francisco and Seattle. Hawaiian Airlines has
expressed confidence that a settlement will be reached.

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CPB move lessens Sumitomo's stake

CPB Inc., parent of Central Pacific Bank, said it has purchased 250,000 of its shares from Sumitomo Bank, leaving the Japanese bank with a 5.5 percent stake in CPB.

The purchase is part of share buyback program that CPB launched two years ago to enhance the value of its stock. Sumitomo bought 13.7 percent of CPB when the bank-holding company was formed in 1982. In September 1999, Sumitomo sold 300,000 shares back to CPB, reducing its holding to a little over 10 percent.

It has since sold more CPB stock and before the latest transaction was holding 8.5 percent of CPB. The price of the latest sell-back was not disclosed. When the transaction took place Friday, CPB was trading at around $25, making the shares that CPB bought from Sumitomo worth about $6.25 million.

Executive Centre units on the market

One-bedroom and studio apartments in the Executive Centre building in downtown Honolulu will go on the market Monday.

The leasehold units being offered for sale range from 450 square feet to 1,944 square feet and are priced from $37,800 to $94,000, said Frank Leslie of ERA Concepts Unlimited, the sales agent for the units. Monthly lease rent for each unit's share of the ground lease varies widely from unit to unit, he said.

More than 400 units will be sold but sales will be done in phases since many of the units are under contract to the operator of the hotel in the building.

Manoa firm seen as year's hot deal

The Hawaii Venture Capital Association will present a Venture Capital Deal of the Year Award at a luncheon Dec. 5 to hotU, a startup Internet business based at the Manoa Innovation Center. The company, which uses its Web site www.hotU. com as a place for college students, universities and businesses to share information, received more than $6 million in seed money from Ron Higgins, founder of Digital Island Inc. For reservations for the luncheon, which costs $25 for HVCA members and $35 for nonmembers, call 262-7329.