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HAWAII

ANA to increase Tokyo flights

All Nippon Airways Co. said it will raise its Tokyo-Honolulu flight frequency to two flights a day on Aug. 1, from the current one a day, and the new schedule of increased flights will stay in place through Oct. 25.

ANA said it will use a Boeing 767-300ER aircraft with 214 passenger seats, which will be operated by Air Japan, an ANA subsidiary.

In a statement announcing the expansion, ANA said the Tokyo-Honolulu route enjoys high demand through the year, with paying passengers on average filling 80 percent of the seats.

At the end of March, ANA passed its Osaka-Honolulu service over to United Airlines, leaving ANA with just one flight a day to Hawaii, from Tokyo's Narita International Airport.

Earlier this month, competitor Japan Airlines said it will stay at one Tokyo-Honolulu flight a day through July 14. JAL had previously said it would restore that service to two flights a day on June 1.

Parade of Homes entries sought

The Building Industry Association is accepting entries for the 2003 BIA Parade of Homes. Entry deadline is June 27.

The show offers developers and contractors an opportunity to showcase their work in a variety of categories. The public can tour competition entries Oct. 4, 5, 11 and 12.

For more information, call Tracy Jefferson at 847-4666, Ext. 206, or e-mail to events@bia-hawaii.com to request an entry or sponsorship form.

ELSEWHERE

Euro sets new record against dollar

FRANKFURT, Germany >> The euro soared to a record high against the dollar today in a major boost for many U.S. exporters but deepening the pain for the continent's struggling economy and American tourists in Europe.

The euro reached a high of $1.1932 in trading in Europe, breaking the old high of $1.1884 set Jan. 4, 1999, a few days after the euro began to circulate as the shared currency of 12 European countries.

Winners include the many U.S. companies that sell overseas. Losers include Europe's export-fueled economy and American fanciers of European vacations and imported goodies.

The euro was quoted at $1.1884 in late European trading, up from $1.1857 late yesterday. In New York, the euro was quoted at $1.1845 in late trading, up from $1.1827 late Friday.

Mazda to pull out of luxury market

Mazda Motor Corp. will stop making its Millennia sedan by the end of this year, pulling out of the luxury market completely to focus on small and mid-sized vehicles and sports cars, the Nihon Keizai newspaper reported, according to Bloomberg News.

Mazda, one-third owned by Ford Motor Co., will halt Millennia sales next year, the paper said, without citing anyone. In the early 1990s, Mazda released three deluxe models and sold about 35,000 annually, the report said. Weakening sales forced Mazda to stop producing two of the models by the end of 2000.

"They're pulling out of the most unprofitable operation," said Yasuo Kamaji, who helps manage the equivalent of $2.6 billion in Japanese equities at Sumitomo Mitsui Asset Management Co., including automaker shares. "They're doing this because they have no choice," he said.

Venezuela will comply with possible OPEC cut

CARACAS, Venezuela >> Venezuela would reduce its oil production if the Organization of Petroleum Exporting Countries decided to slash quotas at its meeting next month, the president of the state oil monopoly said yesterday.

"Venezuela will comply with whatever OPEC members decide in June," Ali Rodriguez told a news conference.

Venezuelan officials had previously indicated the country would continue producing more than 3 million barrels a day this year to recover losses stemming from a two-month strike, raising doubts about the South American country's commitment to OPEC quotas.

OPEC could set new quotas at its June 11 meeting in Qatar.

Japan's top four banks post losses

TOKYO >> Japan's four largest banks reported losses yesterday for the just-ended fiscal year as the plunging value of their stock holdings hammered earnings. The megabanks forecast a return to profitability this year.

UFJ Holdings reported a group net loss of &YEN609 billion ($5.2 billion) for the fiscal year ended March 31, an improvement from the &YEN1.2 trillion loss reported a year ago.

Losses at Mitsubishi Tokyo Financial Group totaled &YEN161.5 billion ($1.4 billion) in fiscal 2002, worse than the &YEN152 billion loss in fiscal 2001.

Mizuho Financial Group racked up &YEN2.4 trillion in losses ($20.5 billion) in fiscal 2002 and Sumitomo Mitsui Financial posted a &YEN465 billion ($4 billion) loss for the fiscal year just ended.

Japan's megabanks are saddled with mounting bad debts as they continue to lend to money-losing borrowers and get hit with new sour loans as quickly as they wipe them out.

In other news ...

>> Air Canada won C$150 million ($109 million) of concessions from the union representing its ticketing and check-in agents, the first of the company's four main labor groups to agree on cuts to help Canada's largest carrier emerge from bankruptcy protection.

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[HAWAII INC.]

New jobs

>> David Martin has been named Morton's the Steakhouse regional general manager. He will oversee restaurant management teams in Honolulu, Hong Kong and Singapore. He will also serve as the steakhouse's Honolulu general manager and be responsible for day-to-day operations, sales and marketing, development and training of staff and management, as well as financial accountability.

>> Mark Nishimoto has joined Kuakini Medical Center as laboratory manager. He leads daily operations and handles the department's administrative duties such as budgeting, working with vendors and selecting laboratory tests. He comes to Kuakini under contract from Diagnostic Laboratory Services and worked for the last 12 years as Kauai-based Wilcox Memorial Hospital's laboratory manager.

Recognition

>> Mike O'Neill, chairman, chief executive officer and president of Bank of Hawaii Corp., will be presented with Winners at Work's Palaka Award for creativity and leadership at the June 20 Palaka Ball at Hilton Hawaiian Village. Winners at Work is a nonprofit serving people with disabilities and barriers to employment. For information about attending the event, call 532-2105.

>> The Aloha Chapter of the American Inn of Court awarded Goodsill Anderson Quinn & Stifel civil trial lawyer John R. Lacy the John S. Edmunds Award for Civility and Vigorous Advocacy at its April annual meeting. Lacy is known for his work in admiralty law and advocacy on behalf of commercial airlines, aircraft manufacturers, government agencies and professional service providers in the defense of products liability, copyright and other claims. The American Inn of Court is a national organization of senior judges and attorneys.