Business Briefs
Reported by Star-Bulletin staff & wire

Thursday, February 13, 2003




Hawaiian Airlines service up

Hawaiian Airlines said it carried 447,183 passengers in its scheduled services in January, an increase of 8.8 percent from 411,118 in January 2002.

New routes lifted its available seat miles 27.9 percent from a year earlier, to 562.9 million from 439.9 million. Revenue passenger miles rose by a smaller amount, 18.8 percent, to 386 million last month from 324.9 million in January 2002.

A revenue passenger mile is one paying passenger transported one mile.

The result was a 5.3-point dip in the load factor, the percentage of available seats occupied by paying passengers, to 68.6 percent last month from 73.9 percent in the year-earlier month.

In addition to its interisland business, the airline's monthly numbers include its mainland-Hawaii and Hawaii-South Pacific services.


Enron fraud complex, panel finds

WASHINGTON >> Failed Enron Corp. used schemes of dizzying complexity to shrink its tax payments, inflate its income and overwhelm the Internal Revenue Service even as it paid its executives lavishly and manipulated the tax laws, a congressional panel found in an investigation made public today.

The company set up a dozen tax-sheltering transactions, using techniques such as claiming the same tax loss twice, to reap more than $2 billion in tax and accounting savings. With names like Project Apache, Project Renegade and Project Condor, the transactions show a vast new arena of Enron activity beyond the web of off-balance-sheet schemes and partnerships that have already been revealed.

The three-volume report by the House-Senate Joint Committee on Taxation "reads like a conspiracy novel" that chronicles key aspects of Enron's collapse, said Sen. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee, at a hearing on the panel's report.

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