Reported by Star-Bulletin staff & wire
Monday, June 8, 1998
Alexander & Baldwin buys 2 Texas properties
Alexander & Baldwin Inc. has purchased two properties in San Antonio.The transactions include San Pedro Plaza, a nine-story office building bought from San Pedro Central Texas LPD, and the Northwest Business Center, a complex of three single-story buildings acquired from Grandstand Partners Ltd.
"The San Antonio market has shown continued steady growth," said A&B Chairman John C. Couch.
The purchases, completed Friday, used part of $51.5 million in proceeds from A&B's recent sale of an office property in Cupertino, Calif. They are among eight property acquisitions by A&B in the past three years, giving the company nearly three million square feet of leasable retail, office and industrial space in Hawaii and the U.S. mainland.
Rinker-Ludloff leaving HVCB marketing job
Roberta Rinker-Ludloff, vice president of marketing with Hawaii Visitors & Convention Bureau since August 1996, will leave the position at the end of this month.She has been named vice president of global sales for Starwood Hotels & Resorts, based in New York. She said the bureau's strategy for marketing Hawaii is in place and will continue uninterrupted while her replacement is sought.
Rinker-Ludloff, 45, had been hotel manager and director of marketing for the Sheraton-managed Royal Hawaiian Hotel for three years when she joined the HVCB. She had held various Sheraton positions since 1972, including regional sales manager. The entire worldwide Sheraton chain became part of Starwood with its February acquisition of ITT Corp. Starwood earlier bought Westin Hotels and is now one of the world's biggest hotel operators.
Dollar tops 140 yen for first time in 7 years
NEW YORK -- The dollar rose above 140 yen for the first time in seven years after Japanese officials said they won't ask Group of Seven nations meeting this week to discuss countering Asia's economic slowdown by boosting the yen."The main topic of the meeting will be Russia," said Vice Finance Minister Koji Tanami, and Japan won't "bring up foreign exchange issues." Traders said the yen is poised to extend this year's 7 percent decline against the dollar as the threat of yen-buying by G-7 central banks fades and Japan slips into recession.
A weakening yen is seen as trouble for Hawaii's tourism industry because it means Japanese tourists, who account for about a third of total visitor spending here, have less money to spend.
In late New York trading today, the dollar was at 140.71 , up from 139.76 yen late Friday. Earlier in the day, it was as high as 141.18 yen, its strongest since June 19, 1991, when it traded at 141.20 yen.
Wells Fargo, Norwest plan $34 billion merger
SAN FRANCISCO -- Wells Fargo & Co. and Norwest Corp. are merging into what would be the nation's seventh-largest bank -- the latest deal in a rush by banks, brokerages and insurers to expand their base of customers while lowering costs.The combined institution, to retain the storied Wells Fargo name, would have about $191 billion in assets, more than 90,000 employees, about 20 million customers and 5,777 financial services outlets worldwide. It would have more branches and Internet customers than any other U.S. bank.
The deal, a stock swap valuing San Francisco-based Wells Fargo at about $34 billion, was announced today.
Under the agreement, which requires approval from shareholders and regulators, Wells Fargo shareholders would get 10 shares of common stock of Minneapolis-based Norwest in exchange for each share of Wells Fargo common stock. That would leave Wells Fargo stockholders with about 52.5 percent of the combined company and Norwest with approximately 47.5 percent.
Honda agrees to pay $17 million in fines
WASHINGTON - Honda Motor Corp. agreed today to pay $17.1 million in fines and restitution for disconnecting pollution-monitoring equipment in 1.6 million cars. Honda also will spend $250 million on free tuneups and warranty extensions for the cars.The consent agreement that Honda reached with the government included $12.6 million in civil penalties, the largest ever under the Clean Air Act.
See expanded coverage in today's Honolulu Star-Bulletin.
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