Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, September 30, 1997

Hawaiian Trust gets
a new name tomorrow

The state's oldest trust company is getting a new name.

Starting tomorrow, Hawaiian Trust Co., founded in 1898, will be renamed Pacific Century Trust and will operate as a unit of Bank of Hawaii.

The move reflects the identity of the trust company's parent, Pacific Century Financial Corp., and does not signal a change in management, the company said.

In April, Hawaiian Trust's parent changed its name from Bancorp Hawaii Inc. to Pacific Century.

Pacific Century said it also will change the name of Bancorp Investment Group, Bank of Hawaii's stock brokerage unit, to Pacific Century Investment Services. The company's private banking group, which serves wealthy individuals, will become Pacific Century Private Banking at Bank of Hawaii.

Republic settles
lawsuits with Toyota

FORT LAUDERDALE, Fla. -- Republic Industries Inc. reached a final settlement with Toyota Motor Corp. that will allow it to buy more Toyota dealerships.

As part of the agreement, Toyota will drop all lawsuits against Republic, which since last December had agreements to buy 17 Toyota and Lexus dealerships. Overall, Republic has agreed to buy 190 dealerships of various brands to become the largest U.S. new-car retailer. Lexus is Toyota's luxury brand.

The Toyota agreement, which completes the tentative settlement Republic Chairman Wayne Huizenga announced Aug. 25, and a court victory in a continuing battle with Honda Motor Co. allow Republic to continue to expand its auto-dealer network.

Ticketmaster unveils
new ordering system

LOS ANGELES -- Want to see those "front row seats" before you plop down $75 each for them?

Ticketmaster said today it's working with Intel Corp. on an Internet ordering service that will let ticket buyers see for themselves how close the seats are to the stage.

The leading computer ordering service, Ticketmaster Group Inc., will link the new viewing system to its existing Web site ( starting next spring.

Subscribers to the service would be able to receive event listings, 3D virtual reality seating charts and event information ranging from Broadway shows to sporting events and heavy metal concerts, Ticketmaster said.

Nomura shifts focus
to asset management

TOKYO -- Nomura Securities, its credibility hurt by two scandals this decade, today launches a radical new business strategy it hopes will position the firm for Japan's "Big Bang" financial deregulation.

Nomura officials say that the nation's largest brokerage will shift its strategic focus to asset management from stock brokering in preparation for the reforms.

Under the change, Nomura will stop setting revenue targets for each of its 135 branches and introduce a new performance appraisal system focusing on net increases in assets managed for customers.

"We decided to go back to our basic standpoint, which is becoming financial consultants to meet customers' needs and interests," said Nomura executive Yasuaki Fukui.

Dassault considers
supersonic jet project

PARIS -- Dassault Aviation, a French maker of combat planes and business jets, said it's studying developing a business jet that would fly at supersonic speeds.

Jean-Pierre Robillard, a spokesman, said Dassault's chief executive, Serge Dassault, made the decision after attending the National Business Aviation Association annual convention last week.

"It's too early to give any details," he said. He added Dassault would want a U.S. or Asian partner.

Developing the first business jet to fly faster than the speed of sound would come as the business-jet market is experiencing a surge in demand tied to the expansion of global business activity and the introduction of many new jets.

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