Reported by Star-Bulletin staff & wire
Thursday, February 19, 1998
Calif. company buys A&B office complex
Alexander & Baldwin Inc. today announced the sale its 246,000 square-foot office complex in Cupertino, Calif. to Vintage Properties, a real estate development company based in Palo Alto.Terms of the transaction, to be completed in June, were not disclosed. The 12.5-acre property, known as 10500 Ridgeview Court, includes two three-story buildings occupied by Hewlett-Packard Corp. and Micro Module Systems.
The property is part of a portfolio of 3 million square feet of income properties owned by A&B in Hawaii and five Western states. A&B chairman John Couch said proceeds of the sale will be re-invested in property elsewhere.
Maui airline's plans delayed by El Nino
Pacific Wings, a Maui-based airline, says El Nino winds have delayed the start of its daily passenger service between Waimea and Honolulu.The winds are too strong to ferry four twin-engine Cessna 402C aircraft from the West Coast to Hawaii, Pacific Winds President Frank Ford said yesterday. Ford said he hopes the planes will arrive before the end of the month. Pacific Wings began flying between Waimea and Kahului, Maui, in January. That service operates daily except Saturdays.
30-year mortgages fall below 7 percent
WASHINGTON -- The average rate on a 30-year fixed-rate mortgage dropped to 6.99 percent this week, compared with last week's 7.06 percent, according to a weekly survey from the Federal Home Loan Mortgage Corp. Today's report also showed that the average rate on an adjustable mortgage rose to 5.59 percent from 5.58 percent last week. Fifteen-year mortgage rates declined to 6.59 percent from 6.65 percent.
U.S. trade deficit rises to 9-year high
WASHINGTON -- A sharp deterioration in America's trade performance in December pushed the deficit for 1997 to $113.7 billion, the worst showing in nine years.The politically sensitive trade gaps with Japan and China both soared, the Commerce Department reported today.
For 1997, U.S. exports climbed 9.9 percent to a record $932.3 billion. But imports were a record as well, rising 9 percent to $1.05 trillion, the first time imports have topped the $1 trillion mark. The overall deficit was up 2.4 percent from 1996 and was the worst showing since 1988.
Many economists believe that the U.S. trade performance will show a sharp deterioration this year as the full impact of the Asian currency crisis is felt.
Accused Japanese lawmaker kills self
TOKYO -- A Japanese lawmaker hanged himself in a Tokyo hotel room today, hours before he was expected to be arrested in a financial scandal.Shokei Arai, 50, killed himself while other lawmakers were considering a court request to allow his arrest on suspicion of taking bribes from a brokerage company. One day earlier, he insisted he was innocent and told reporters to mark his "last words." Several Japanese government officials are being investigated on suspicion of accepting bribes from financial institutions in return for favors.