Reported by Star-Bulletin staff & wire
Wednesday, June 24, 1998
A&B spends $15.9 mil on Sacramento building
Alexander & Baldwin Inc. has purchased a five-story office building in Sacramento, Calif., for $15.9 million.The building, built in 1989, is part of an office park called Gateway Center, A&B said.
The seller was Evergreen Tustin Ventures. In recent weeks, A&B bought two properties in San Antonio, Texas, and now owns more than 3 million square feet of commercial space in Hawaii and the mainland. In February, A&B sold a property in Cupertino, Calif., for an undisclosed price and has since been reinvesting the proceeds.
Gingrich offers bill to cut capital gains tax
WASHINGTON -- Cutting the top capital-gains tax rate to 15 percent would keep the economic boom alive by freeing trillions of dollars in investments for start-up businesses, House Speaker Newt Gingrich said today.The Georgia Republican offered a bill to cut the top capital-gains rate from 20 percent to 15 percent, and the rate for lower-income taxpayers from 10 percent to 7.5 percent.
The bill would further simplify the complex capital-gains law by eliminating several exceptions on collectibles, recapture of real estate depreciation and gains for small business stocks.
Capital-gains taxes are paid on profits from the sale of investments.
Philippine Air slashing fleet to raise cash
MANILA -- Strike-hit Philippine Airlines Inc., facing its worst financial crisis in its 57 years, said today it planned to sell or return the bulk of its fleet to raise desperately needed cash.A PAL statement said it would "pre-terminate leases on 27 airplanes and sell off 13 other aircraft," leaving the airline with a fleet of only 14 planes.
The airline, in the red since it was privatized in 1992, has watched its losses mushroom following a 20-day pilots' strike over the forced redundancy of a pilot. Philippine Air suspended its three weekly Manila-Honolulu flights earlier this month.
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