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Business Briefs
Reported by Star-Bulletin staff & wire

Wednesday, May 8, 2002



What price of paradise? Apparently it's a deal

Compared to New York City, Honolulu is a bargain for the business traveler.

A new study of 300 cities around the world by Runzheimer International says a business traveler would spend about $457 a day for meals and lodging in New York City, but $209 in Honolulu.

The Rochester, Wis.-based consulting company surveyed costs for single-rate lodging in a business-class hotel as well as prices for breakfast, lunch and dinner.

Among per-diem rates in other cities: Tokyo, $374; Los Angeles, $259; Beijing, $282; Vancouver, Canada, $187; Sydney, Australia, $188; Paris, $305; and London, $430.

Bankrupt American Classic sells remaining assets

A company in upstate New York said yesterday it was the successful bidder for the last remaining assets of bankrupt American Classic Voyages Inc. -- three riverboats belonging to New Orleans-based Delta Queen Steamboat Co., an American Classic subsidiary.

Delaware North Companies, headquartered in Buffalo, said it is buying the 285-foot Delta Queen, the 418-foot American Queen and the 382-foot Mississippi Queen, subject to court approval. It will also get the Delta Queen name. Delaware North is a privately held hospitality, retail and food-service business with annual revenues of $1.6 billion.

American Classic Voyages went into Chapter 11 bank- ruptcy in October and lost two cruise ships it had in Hawaiian waters as well as a $1 billion project for two new ships.

BioAstin test results positive, Cyanotech says

Biotech firm Cyanotech Corp. said yesterday a clinical study of its BioAstin microalgae product showed a reduction in severity and duration of pain caused by carpal tunnel syndrome.

Researchers are preparing the results for publication, Kona-based Cyanotech said. The company received a U.S. patent in July 2001 for BioAstin's ability to ameliorate carpal tunnel syndrome, which is otherwise known as repetitive stress injury.

Tricon finalizes purchase, plans 2-for-1 stock split

Louisville, Ky. >> Tricon Global Restaurants Inc., operator of Taco Bell, KFC and Pizza Hut, completed its purchase of Long John Silver's and A&W All-American Food restaurants. The company also said it will split its stock 2-for-1.

The $320 million acquisition of the seafood and hamburger chains from Yorkshire Global Restaurants will give Tricon two more brands to combine under one roof. Tricon said it's adding more than 2,000 franchise and company owned restaurants through the purchase.

Shareholders as of June 6 will receive one share for each share held, payable June 17. This is the first split since its 1997 spin off from PepsiCo Inc..

The company, which now has more than 32,500 restaurants, plans to change its name to Yum! Brands Inc. this month

In other news . . .

NEW YORK >> TMP Worldwide Inc., owner of the help-wanted Internet site Monster. com, said it will cut 525 jobs, or 5 percent of the staff, after first-quarter sales fell 23 percent. The owner of the biggest help-wanted Internet site also reduced its 2002 profit forecast a second time.





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