Verizon Hawaii reaches agreement with union

Verizon Hawaii said yesterday it has reached an agreement on a new five-year labor contract with the International Brotherhood of Electrical Workers Local 1357, which represents about 1,500 Verizon workers throughout the state. The pact calls for a total pay increase of 20 percent through the five years after the current contract expires in August.

Other benefits include one that union business manager Harold Dias called unusual in contracts. Starting in January the company will provide up to $10,000 to cover expenses for a member who adopts a child.

Other benefits include a "team performance" plan for bonuses if worker teams meet established objectives and increases in medical, dental and retirement coverage.

Dole drops Andersen in favor of Deloitte

Dole Food Co., following in the footsteps of more than a hundred other publicly traded businesses, has dropped embattled Arthur Andersen LLP as auditor. The board of directors has appointed Deloitte & Touche LLP to serve as its accountant for 2002.

Westlake Village, Calif.-based Dole said the decision to change auditors was made principally because of the departure of many of Andersen's overseas offices and not as the result of any disagreement between the company and Andersen on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Dole, founded in Hawaii in 1851, currently has about 4,000 acres available for pineapple production in Wahiawa.

Cheaper air travel would spur visits, agents say

When asked what would increase travel bookings to Hawaii, 82.6 percent of travel agents recently surveyed by Travel Weekly newspaper identified less expensive air travel as a top factor, and 54.3 percent of agents said less expensive vacation packages would help.

The newspaper unveiled its survey results yesterday at its 2002 Hawaii Leadership Forum at the Royal Hawaiian hotel.

The survey was completed last week by 547 readers of Travel Weekly's e-newsletter. Of the agents surveyed, 42.8 percent said their bookings to Hawaii are about the same as before Sept. 11, while 25.9 percent said sales had not yet returned and 19.4 percent said sales were significantly lower.

Las Vegas unions authorize casino strike

LAS VEGAS >> Las Vegas hotel and restaurant workers authorized a strike by a 21-to-1 margin, raising the threat of a walkout by 45,000 employees in the biggest gaming market after union contracts expire May 31.

Members of the Culinary Workers Union Local 226 and Bartenders Union Local 165 voted 18,654 to 877 to authorize a walkout as early as June 1, according to a Bloomberg News report. The unions want Park Place Entertainment Corp., MGM Mirage and other casino owners to meet demands on health care and workload.

FBI investigating Kmart for criminal violations

DETROIT >> The Federal Bureau of Investigations is reviewing Kmart Corp. documents as part of an investigation into possible criminal violations at the bankrupt company.

The investigation is one more hurdle for the discount retail giant. Kmart posted a loss of $2.42 billion for the 2001 fiscal year in a filing Wednesday with the Securities and Exchange Commission, which also is looking into Kmart's accounting.

Spokesman Jack Ferry said Kmart was notified of the investigation earlier this year.

Singapore's economy grew 7.7% in first quarter

Singapore >> Singapore's factories pulled the island out of recession in the first quarter, driving economic growth higher as companies such as Creative Technology Ltd. filled more overseas orders, according to a Bloomberg News report.

Manufacturing expanded an annual 28 percent in the first quarter from the previous quarter, the Ministry of Trade and Industry said. The report confirmed earlier figures showing the economy grew an annual 7.7 percent in the first quarter, compared with 5.6 percent growth in the fourth quarter.

The island's factories are gearing up production to meet rising overseas demand for semiconductors, disk drives and other electronics goods. That will fuel economic growth of as much as 4 percent this year, the government has said, after last year's 2 percent contraction.

Japan biz bankruptcies rise for fourth month

TOKYO >> Corporate bankruptcies in Japan rose in April for a fourth straight month, a private research agency said yesterday.

The number of companies going bust rose 0.6 percent from the same time last year to 1,631, according to the report by Teikoku Databank. Bankruptcy debt shot up nearly 22 percent to &YEN1.5 trillion ($11.5 billion).

The figures reflect worsening conditions for business in Japan as the country struggles to shake an economic slump that has lasted for more than 10 years, beginning with the collapse of property and stock prices in the late 1980s.

S. Korea jobless rate rises as more seek work

Seoul >> South Korea's jobless rate rose for a second month in April as more people looked for work after reports companies will hire extra people to meet demand.

Unemployment rose to 3.1 percent from 2.9 percent in March, the National Statistical Office said. The number of people out of jobs increased to 701,000 from 652,000 in March, seasonally adjusted. Unemployment has climbed from a four-year low of 2.8 percent in February. Economists expect the rate to decline may as companies from Kia Motors Corp. to Hynix Semiconductor Inc. hire more workers.

Qantas to spend billions on planes, facilities

SYDNEY, Australia >> Qantas Airways Ltd., Australia's dominant carrier, plans to spend A$13 billion ($7.1 billion) within a decade on new jetliners and airport facilities, the Australian Financial Review reported.

Qantas spokesman Michael Sharp wasn't available to comment on the article. The airline said in November 2000 it would buy 31 new aircraft for about A$9 billion over the next 10 years. In October 2001, Qantas said it would order 15 planes worth A$1.5 billion while it took options on 60 more aircraft, according to a Bloomberg News report.

Chipmakers in Taiwan, China boost spending

TAIPEI >> Taiwanese and Chinese chipmakers are the only ones that will boost spending this year because more manufacturing is shifting to made-to-order companies, analysts said.

Taiwan chipmakers will increase spending this year by 53 percent to $6.4 billion, according to VLSI Research Inc. Spending by chipmakers in China, Singapore and Malaysia, 90 percent of which is accounted for by Chinese companies, will rise 52 percent this year to $6.1 billion.