Friday, November 30, 2001
Bank of Hawaii completes South Pacific salesThe parent of Bank of Hawaii, which has been shedding assets to focus on a smaller market, has completed a deal to sell operations in Papua New Guinea and Vanuatu to Australia & New Zealand Banking Group Ltd. for approximately $50 million.
Honolulu-based Pacific Century Financial Corp. said yesterday it also expects to close the sale of its Fiji operations to ANZ by the end of the year, bringing the total value of assets sold to $180 million.
Court upholds Nansay title to Big Island landThe state Supreme Court has upheld a ruling that would-be Big Island developer Nansay Hawaii Inc. rightfully owns a 445-acre shoreline property in Kailua-Kona, but the court still has until Dec. 31 to rule on a motion for reconsideration.
The Oct. 30 decision follows more than a decade of legal battles between Nansay and native Hawaiians, who have been seeking access rights. In September, Nansay agreed to pay $3.9 million in back taxes to Hawaii County.
Federated to reorganize Internet businessesCINNCINNATI >> Federated Department Stores Inc. will scale back its Web sites and shut down the Macy's By Mail catalog, cutting 100 jobs, to keep its Internet and catalog division on pace to break even in 2003. The changes will cost $50 million to $60 million, including a $40 million writedown of assets and software, and will be booked in the fourth quarter, the company said.
Federated will cease most commerce on bloomingdales.com and remove some apparel from macys.com.
Hilton's Schall named Salesperson of the YearPeter Schall, senior vice president and managing director of the Hilton Hawaii Village Beach Resort and Spa, has been named Salesperson of the Year by the Sales and Marketing Executives of Honolulu.
Schall, originally from West Germany, began his career in 1965 at the Hilton Washington and Towers where he served in the food and beverage department. In 1980, Schall was promoted to resident manager of the 1,639-room Palmer House Hilton in Chicago.
His first assignment as general manager came at the Hilton Seattle Airport in 1982. From there he moved to various positions in the chain, eventually becoming general manager of the Hilton Hawaiian Village in 1986. He now oversees the general operations of Hilton Resorts Hawaii.
In other news ...WASHINGTON >> The House passed legislation yesterday to help the insurance industry cover the cost of claims from any future terrorist attacks.
The vote was 227-193, mostly along party lines. The bill would commit the government, for at least a year, to cover 90 percent of losses from a major terror attack. Insurers would be required to repay the the aid.