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Business Briefs
Reported by Star-Bulletin staff & wire

Friday, July 6, 2001



State says economy to temper

Hawaii's economy is forecast to grow 2.7 percent this year, according to the latest assessment from the state Department of Business, Economic Development and Tourism.

The growth is slower than the state's 3.7 percent growth last year, but still ahead of the United States as a whole, the report says.

"Hawaii's economy has actually performed well in the face of weakness on the mainland and in Japan," said Seiji Naya, the department's director. "Though we expect growth to slow somewhat, there seems to be a solid base of economic activity."

Next year, Hawaii's economy will slow to 2.4 percent growth, according to the department's Quarterly Statistical and Economic Report, which was released yesterday.

The Hawaii forecast is ahead of the predicted growth for the mainland as a whole, which the department estimates at 1.8 percent this year.

The report notes that construction and tourism activity has slowed somewhat, but that Hawaii personal income grew 4.7 percent during the fourth quarter of 2000, the fastest rate in seven years.

However, the report predicts a 1.4 percent growth in visitor arrivals this year, while thus far, arrivals have fallen 1.4 percent.

The report can be viewed online at http://www.hawaii.gov/dbedt/qser.html.

Review ordered of bargain home sales

WASHINGTON >> The government is reviewing a program that has allowed more than 3,800 police officers and teachers to buy homes at half price in economically depressed neighborhoods after auditors found widespread abuses.

A report by the Department of Housing and Urban Development's inspector general found that a sample audit of home sales found that about 20 percent of the home buyers in four selected cities violated at least some requirements in the program.

The department estimated that as many as a fourth of the participants in the nationwide program may have broken some rules such as one that requires a purchaser to live in the house for at least three years.

Boeing on target to meet 2001 jet deliveries

SEATTLE >> Boeing Co. said yesterday it delivered 141 commercial jets in the second quarter, putting it on target for meeting its delivery goal for the year.

The Seattle-based company said it delivered 73 737s, its popular single-aisle carrier, in the quarter. It also delivered 17 717s, nine 747s, 12 757s, 13 767s and 17 777s.

For the first six months of 2001, Boeing has delivered 263 jetliners. It plans to deliver 530 commercial airplanes this year. Last year, Boeing delivered 489 commercial jets.

Boeing's European rival, Airbus Industrie, said it logged 162 deliveries in the first half of this year.

United Air, Delta report lower traffic for June

CHICAGO >> UAL Corp.'s United Airlines and Delta Air Lines Inc. said passenger traffic fell in June from the year-earlier period, as major U.S. carriers attract fewer business travelers.

United, the second-biggest U.S. airline, said June traffic fell 0.9 percent, measured by the number of miles paying passengers were flown, as seat and flight capacity rose 1.5 percent. Delta Air Lines Inc., the third largest, said traffic last month fell 8.2 percent, in part because of a pilots strike at its Comair commuter unit, and capacity declined 2.7 percent.

Northwest Airlines Corp., the No. 4 U.S. carrier, also said traffic fell 3.6 percent as capacity was cut 1.4 percent, and AMR Corp.'s American Airlines reported a traffic decline earlier this week. Most U.S. airlines said earlier this year that companies were cutting travel spending due to the slowing U.S. economy, causing lower sales of high-fare tickets to corporate clients.

In other news

NEW YORK >> The slowing U.S. economy and weakened consumer confidence is battering U.S. retailers, which face a "bleak" second half this year, a leading credit rating agency said yesterday.

Standard & Poor's said there was a good chance many retailer credit ratings will decline, despite reports last week from the Conference Board and the University of Michigan showing two straight months of rising U.S. consumer sentiment.

[Taking Notice]

NEW JOBS

>> Wilfred Higashi has been named manager of the corporate audit department at Kuakini Health System. He will coordinate internal audits of the company and its subsidiaries. Higashi has also worked as an external auditor at Grant Thornton and an internal auditor at Finance Factors.

>> ADWorks has hired Duane Ikeda as an account coordinator.

>> Castle and Cooke Resorts, LLC has named Jon Revells director of development. He will be responsible for development and real estate operations on the island of Lanai. Revells, who has been in real estate development for more than 10 years, previously worked for SummerHill Homes in Palo Alto, Calif.

Recognition

>> Sonia Shigehara has been awarded her real estate license. She is the office and client services coordinator for "Caron's Team" at RE/MAX's Honolulu office. Shigehara was previously a branch manager for a large real estate company and an office manager for the state Legislature.





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