Wednesday, June 19, 2002
A&B closes purchase of Mililani centerAlexander & Baldwin Inc. is now officially the owner of the Mililani Shopping Center. The company's $30.2 million purchase of the center from Morita Co. Inc., announced last week, was concluded yesterday, A&B said. The center, with 180,300 square feet of retail and commercial space on 12.8 acres of fee simple land, is fully occupied with 52 tenants.
The purchase was made through a subsidiary, A&B Properties Inc. A&B has acquired 18 properties in the past three years, in Hawaii and on the mainland, for a total investment of more than $280 million.
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Cuba to scale back sugar productionHAVANA >> Cuba will reduce the capacity of its sugar industry by 50 percent and cut land dedicated to raw sugar production by up to 60 percent, Sugar Minister Ulises Rosales del Toro said yesterday.
The sugar minister's announcement was the first official confirmation of source reports that a dramatic downsizing and reorganization of the industry was underway, due to low sugar prices and inefficient production.
"We have the capacity to produce 10 million tons of raw sugar per year but have been producing an average 4 million tons," Rosales said. "We have an over capacity ... that we will reduce by 50 percent."
Rosales said 2001-02 sugar output was just over 3.6 million tons, compared with 3.53 million tons a year earlier.
United Air managers will take 5% pay cutsCHICAGO >> Managers and administrative employees of United Airlines have accepted pay cuts of 5 percent that will save the carrier $430 million as part of a broader financial recovery plan.
UAL Corp., the parent company of the nation's second largest airline, announced the cuts yesterday. Affected employees will receive grants of options in UAL stock.
United spokesman Joe Hopkins said 7,900 management employees and 3,200 salaried administrative workers -- or about 13 percent of United's total work force of 84,000 -- are affected.
In other news ...HOUSTON >> Energy marketing and trading company Dynegy Inc. said today Chief Financial Officer Rob Doty resigned and will be replaced by Louis Dorey.
Doty, 44, had been with the Houston-based company for 10 years and had served as CFO since 2000.
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New jobs>> Noel Ungacta was named marketing representative at Xerox Hawaii. His duties include introducing Xerox Hawaii's equipment and services to new and existing commercial accounts in his territory, which includes Pearl City, Waipahu, Wahiawa, Waianae, Haleiwa and Kahuku. He most recently served as marketing representative at Tani's Solar.
>> Peter Hartley has been hired at the Paul Brown Salon and Day Spa at Ward Centre as senior color and cut technician. Most recently working in San Francisco, Hartley has trained color technicians for Vidal Sassoon in London, Paris, Hong Kong and Los Angeles for the past 20 years.
Promotions>> Josephine Stenberg was named director of financial aid at Hawaii Pacific University. She most recently served as the department's assistant director.
Stenberg oversees the day-to-day operations of the office, including the administering of federal and state funding sources, audit accountability, and other matters pertaining to financial aid policy and procedures.