Reported by Star-Bulletin staff & wire
Tuesday, December 22, 1998
Pau Hana Inn shut by property ownerIt looks like Kaunakakai's beloved Pau Hana Inn is pau. Property owner Molokai Ranch today announced the hotel's insurance policy has lapsed and that owner Molokai Beach Ltd. has expressed no interest in renewing the policy. The policy was to be terminated today.
"Molokai Beach Ltd.'s willingness to allow the cancelation of insurance sends a strong message that cannot be ignored," said Molokai Ranch spokesman Joe DeMattos. "As the property owner, Molokai Ranch simply cannot allow the lessee to operate a hotel without insurance in place."
A group of Molokai residents in June formed a nonprofit organization to take over the hotel after Molokai Beach Ltd. announced it would close the 40-room hotel on May 31. About 2,000 Molokai residents signed a petition to keep the hotel and its popular Banyan Tree Terrace bar and restaurant operating.
Cyanotech looks to 'Net for salesCyanotech Corp., the Big Island company that produces health food from microalgae, has put its Spirulina product on the Internet.
The company decided direct marketing via the Internet could greatly expand sales of its Spirulina Pacifica dietary supplements. The products, organic Spirulina powder, tablets and flakes, are available from Cyanotech's subsidiary, Nutrex, Inc., through a secure server at http://www.cyanotech.com.
Fed stands pat on interest ratesWASHINGTON -- With the U.S. economy demonstrating continued strong growth despite a world slump, Federal Reserve policy -makers opted today to leave short -term interest rates unchanged.
The decision, leaving the benchmark rate on over-night loans between banks at a four-year low of 4.75 percent, follows three rapid -fire rate cuts this fall.
The Fed cut the rate by a quarter-point on Sept. 29, Oct. 15 and Nov. 17. Today's announcement was expected and caused little reaction on Wall Street.
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