Reported by Star-Bulletin staff & wire
Tuesday, September 8, 1998
Bank's ATM promotion to benefit UH sports
Customers using Bank of Hawaii automated teller machines in the next two months will have their names entered automatically for chances to win tickets on Hawaiian Airlines interisland, mainland or Tahiti flights and goodies from 7-Eleven stores.In a fund-raiser for University of Hawaii scholarships, the bank, Hawaiian Airlines Inc. and 7-Eleven Hawaii Inc. say they expect together to donate more than $100,000 to support scholarships. The bank, the main unit of Pacific Century Financial Corp., said the amount of the donation will be a percentage of all transactions at its 400 ATMs. The donation will be announced at the U.H.-Brigham women's volleyball match Nov. 5.
Each user of a Bankoh BankMachine Sept. 14 through Nov. 5 will be entered for a chance to win grand prizes of Hawaiian Airlines tickets. Meanwhile, the ATMs at bank branches and 7-Eleven stores will issue coupons good for merchandise giveaways at 7-Eleven and the airline.
Goldman, Sachs' plans for stock offering intact
NEW YORK -- Goldman, Sachs & Co. told employees it plans to go ahead with its initial public offering, though shares of some financial companies lost half their market value in the past seven weeks."Our IPO process is still on track," Henry Paulson, the company's co-chairman and co-chief executive, told employees today, according to Bloomberg News.
Paulson said the decision was driven by the need to change the firms capital structure. "Nothing happening in the markets," he said, "should substantially change that objective."
Hawaii's Kamehameha Schools/Bishop Estate has a 10 percent stake in Goldman. The 129-year old partnership is preparing to sell stock for the first time in November. The decline in stocks that sent the Dow Jones industrial average down almost 10 percent in the past two weeks sparked speculation Goldman would delay the IPO.
Goldman's fiscal third-quarter profits will be lower than in the first two quarters, Paulson said. The firm earned $1.04 billion before taxes and partners' compensation in the second quarter and $1.02 billion in the first quarter.
Northwest, pilots look to return to the table
MINNEAPOLIS -- Mediators worked today in another attempt to bring Northwest Airlines Corp. and its striking pilots to common ground.President Clinton planned to send a representative to the federally mediated talks in suburban Plymouth. The mediators planned to meet independently with both sides in hopes of coaxing them back to the bargaining table.
A Northwest representative was seen entering the hotel where the meetings were to take place. Both sides were under a news blackout imposed by the National Mediation Board, and guards barred reporters from entering the area where the talks were to take place. About 27,700 of Northwest's 50,000 employees have been put on temporary leave since the strike began Aug. 28. The airline has canceled all flights through Thursday, and all incoming flights from Europe and Asia through Saturday.
Meanwhile, in the Air Canada strike, talks between the airline and its striking pilots were set to resume today in Montreal.
In other news . . .
NEW YORK -- Rupert Murdoch's News Corp. and an affiliate of Tele-Communications Inc. have reached a tentative deal to acquire control of satellite broadcaster Primestar Inc. from four major cable companies, according to a published report. The Wall Street Journal, citing people familiar with the deal, reported today that News Corp. and United Video Satellite Group would pay more than $700 million for the cable companies' 60 percent stake in Primestar.
See expanded coverage in today's Honolulu Star-Bulletin.
See our [Search] [Info] section for subscription information.