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HAWAII

A&B buys Phoenix office building

Alexander & Baldwin Inc.'s real estate subsidiary has bought a two-story office building in Phoenix for $22.3 million, the company's fourth investment in the area.

A&B bought the 126,600-square-foot Deer Valley Financial Center, built in 2001, from Hannay Investment Properties Inc. The center is 96 percent occupied.

Cyanotech says product is safe

Cyanotech Corp., a Big Island producer of dietary supplements made from microalgae, said a test shows that its product Spirulina does not contain a neurotoxin reported to be found in other types of cyanobacteria.

Cyanotech said it hired a professor at Wright State University to test its Spirulina dietary product, and the suspected neurotoxin was not detected.

The company conducted the test after an April publication of the National Academy of Sciences found the toxin in diverse groups of cyanobacteria. Cyanotech said Spirulina was not included in the 30 types of cyanobacteria in the study.

NATION

Michael Jackson kept on spending

LOS ANGELES >> In the decade that Michael Jackson has battled allegations of child molestation, his income has suffered along with his record sales.

Still, the former King of Pop maintained an opulent lifestyle, prompting claims during his trial that he was spending like a billionaire on a millionaire's budget.

Many financial details regarding Jackson remained sketchy during the proceedings. But forensic accountant John Duross O'Bryan testified that Jackson had an "ongoing cash crisis" and was spending $20 million to $30 million more per year than he earned.

A balance sheet dated June 30, 2002, indicated the entertainer had assets of $130 million and liabilities of $415 million, O'Bryan said.

The testimony included references to memos by Jackson financial managers warning that to balance the books and clear huge loans held by Bank of America Corp., he might have to sell his share of up to 50 percent of Sony/ATV Music Publishing, which owns and administers copyrights to thousands of songs -- including the words and music to 251 Beatles tunes.

Analysts estimate Sony/ATV could be worth as much as $1 billion. The catalog provides Jackson a steady stream of income.

Billionaire's company raises stake in GM

DETROIT >> Tracinda Corp., the investment firm run by billionaire investor Kirk Kerkorian, said yesterday it had boosted its stake in General Motors Corp. to 7.2 percent a day after GM unveiled a strategy aimed at reviving the world's largest automaker's profits.

Kerkorian's Tracinda purchased 18.9 million shares at $31 apiece as part of a tender offer, fewer than the 28 million GM shares it had been seeking to purchase.

Tracinda's purchase will boost Kerkorian's stake in GM to 40.9 million shares, from 22 million shares, or 3.89 percent. He had hoped to gain an 8.84 percent stake.

GM shares closed at $32.14, up $1.41, or 4.6 percent on the New York Stock Exchange. Its shares have traded in a 52-week range of $24.67 to $48.27. The company said it had no immediate reaction to Kerkorian's growing stake.

Strong tax season boosts H&R Block

KANSAS CITY, Mo. >> H&R Block Inc., the nation's largest income tax preparer, said yesterday its fourth-quarter earnings increased 7 percent after a strong tax season, and that its board of directors has approved a two-for-one stock split.

But the Kansas City-based company said profits were down 10.5 percent for the year due to slower mortgage business and continued losses in its investment services division.

For the three months ending April 30, the company reported net income of $616.5 million, or $3.66 per share, compared with $576.9 million, or $3.24 per share, during the same period a year ago. Revenue was up 7.2 percent to $2.4 billion.

Analysts surveyed by Thomson Financial had expected earnings of $3.52 a share on revenue of $2.3 billion.

WORLD

Seibu may pull out of Hawaii

Japan-based Seibu Railway Co. said yesterday it would consider pulling out of overseas businesses, including hotel management in Hawaii, where the company owns four Prince Hotels, according to the Yomiuri newspaper.

Overseas financial institutions and investment funds are among potential buyers for the company's assets and new shares that may be issued by the railway operator, the paper said.

Seibu was removed from the Tokyo Stock Exchange in December for breaching listing rules.