Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, July 2, 1996

Eagle Distributors spins off
wine unit

Eagle Distributors Inc.'s wine business has been spun off into a separate company, JMD Beverages, headed by John Doty, son of Eagle's founder, the late Edward J. Doty. JMD had operated as a subsidiary of Eagle, the state's distributor of Budweiser beer and other Anheuser-Busch Cos. products. However, the sale of the 25-year-old distributorship to Anheuser-Busch, announced in May, required the spin-off of all non-Anheuser Busch products.

The new wine distributorship will maintain office and warehouse space at its present location in Halawa Valley and use an additional warehouse on Maui, Doty said Tuesday. Doty is president and other key personnel have moved with him to the new company, he said, including Alan Jahns as state sales manager and David Nip as Oahu representative.


Dollar tops 110 yen for 29-month high

NEW YORK -- The dollar rose above 110 yen for the first time in 29 months Tuesday as concern faded that the Bank of Japan will soon raise interest rates, according to Bloomberg Business News.

The U.S. currency jumped as high as 110.40 yen, its highest since Jan. 26, 1994, when it reached 111.05 yen. In late afternoon trading in New York it was quoted at 110.08 yen, up from 109.68 yen late Monday.

Japanese officials have said repeatedly in recent months that rates will be kept low to make sure the economy recovers from its four-year slump. Higher rates in Japan would raise returns on some investments there, lifting the yen.


For more local, national and international business news,
see the Hawaii Inc. section in today's Honolulu Star-Bulletin.



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