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Business Briefs
Reported by Star-Bulletin staff & wire



[HAWAII INC.]

New jobs

>> The Honolulu Branch of HomeStreet Bank has hired Stephanie Yamashita as a residential loan officer. She will provide home loan expertise and services to prospective and current homebuyers on the islands of Oahu, Kauai and Maui. She previously worked with GMAC mortgage and has two years of financial industry experience.

Promotions

>> Harold Rapoza has been promoted vice president of operations planning and special projects at Aston Hotels & Resorts. His duties include property transitions and special projects, the annual budgeting process, and overseeing all Aston properties on Oahu. Aston also appointed Mike Tasaka general manager of the Aston Waikiki Beach Tower and Waikiki Beachside. Patty Maher has been named assistant general manager at the Waikiki Banyan. Charlotte Caster was promoted to general manager at the Honolulu Prince. Earl Nakachi was promoted to general manager at the Waikiki Grand Hotel. Wes Kawakami was promoted to assistant general manager of the Waikiki Beach Tower. David Saito has been appointed manager of the rooms division at the Aloha Surf. Clem Lagundimao has been promoted general manager at the Waikiki Beach Tower.


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ON THE MAINLAND

United Airlines seeks $1.8 billion loan

CHICAGO >> United asked the government for $1.8 billion in federal loan assistance today, making it the biggest airline yet to seek help under a program set up after Sept. 11 to prop up the ailing industry.

The nation's No. 2 airline has lost about $1 billion since the terrorist attacks. It is the third major airline to seek federal loan guarantees under the program, behind America West and US Airways.

United said it asked the Air Transportation Stabilization Board to guarantee $1.8 billion of a $2 billion private loan.

United chairman and chief executive Jack Creighton called United "the perfect candidate" for the program, since it was a target of the attacks.

Creighton had said United would apply if it got wage concessions from its employees. It has since ordered pay cuts for its 11,000 management and salaried employees, estimated at $430 million over three years, and reached a tentative pay-cut agreement with its 9,200 pilots worth $520 million over three years.

Federal approval of its application is not assured. Not only have United's mechanics and flight attendants not agreed to cuts, but the airline has come under fire for seeking government help when it was trouble even before Sept. 11.

Raises expected to shrink this year

NEW YORK >> Employees across the United States are not getting as large a salary increase this year as they had expected, according to a study released today, possibly hurting consumer confidence and spending.

The average salary increase for workers in a number of key industries will be less than 4 percent in 2002 --the first time they have dropped below that level since the early 1990s, according to a survey by The Conference Board, a private research group in New York.

The industries seeing the biggest drop in pay increases are manufacturing, trade and utilities, according to the survey.

Dynegy to cut dividend, take $450M charge

NEW YORK >> Energy trading company Dynegy Inc. said today it would take up to $450 million in charges against second-quarter earnings, halve its dividend and sell more assets among steps to shore up its balance sheet.

The news did nothing to dissuade credit agency Fitch Investors, which cut the company's debt rating to junk status as the company said its previous earnings forecasts no longer apply.

Among steps announced today, Dynegy said beginning in the third quarter it will cut its dividend to 15 cents from 30 cents; will either sell, partially sell, or seek a joint venture for its stake in Northern Natural Gas Co. and Dynegy Storage; will set an initial public offering for its Dynegy Energy Partners unit; and launch a $2 billion capital program.

Martha Stewart shares post largest drop ever

NEW YORK >> Martha Stewart Living Omnimedia Inc. shares fell as much as 26 percent today, their biggest drop ever, as new information threatens to further implicate Chief Executive Officer Martha Stewart in the ImClone Systems Inc. insider-trading scandal.

Bloomberg News reported congressional lawmakers are investigating whether Stewart sold her own ImClone shares based on inside information and whether she tipped off a friend before the biotechnology company's shares plunged, said a spokesman for the House committee conducting the probe. House investigators have demanded the records of Stewart's broker, Peter Bacanovic, who was placed on administrative leave Friday by Merrill Lynch & Co.

Shares of Martha Stewart Living dropped $3.27 to $12.70, after touching $11.75. The shares have fallen 33 percent since Stewart's ImClone stock sale came under scrutiny this month.





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