Reported by Star-Bulletin staff & wire
Monday, September 14, 1998
Wallace Theater Corp. expanding to Saipan
Honolulu-based Wallace Theater Corp. has signed an agreement to build and operate Saipan's first multi-screen system, an eight-screen, 1,800-seat complex next to the Price Costco store in the town of Susupe.Honolulu architect Gerald Tokuno will design the facility, assisted by architects on Guam and Saipan. The owner is an affiliate of an investment group called Joeten Enterprises Inc.
The theaters will open in May, Wallace said.
State business mission to travel to Hiroshima
The state Department of Business, Economic Development & Tourism and the Honolulu Japanese Chamber of Commerce have scheduled a business mission to Hiroshima, Japan, to promote Hawaii's expertise in tourism development and business.The Nov. 15-18 mission is open to all Hawaii firms involved in tourism marketing, management, planning and consulting, DBEDT said. Hawaii delegates will tell businesses and government representatives ways that Hiroshima Prefecture can enhance its tourism industry and there also will be visits to Hiroshima industrial operations. For more information call DBEDT at 587-2750 or the Japanese Chamber at 949-5531.
Tellabs, Ciena call off $5 billion merger
LINTHICUM, Md. -- A planned merger valued at nearly $5 billion between the communications technology concerns Ciena Corp. and Tellabs Inc. has been called off.Ciena and Tellabs decided to "part ways amicably," according to a statement today from the companies. Michael J. Birck, Tellabs president and chief executive, said the deal was called off "in light of the changes in Ciena's financial outlook" and rising chances that Tellabs' shareholders would reject the deal.
Investors expressed serious doubts about the merger after shares of Ciena plunged to below $16 last week. Ciena's stock was trading at more than $80 a share as recently as July.
The companies were forced to renegotiate their merger agreement in late August after Ciena followed news of an earnings disappointment with word that AT&T Corp. would not become a customer as expected.
Motorola unveils faster, more powerful chip
AUSTIN, Texas -- Motorola Inc. today unveiled a computer chip it says will add speed and power to its wireless telecommunication gear.The chip, known as the DSP56307, will be used in wireless base stations and for other infrastructure uses. Schaumburg, Ill.-based Motorola said the chip has expanded internal memory, which means it can be smaller and use less power than earlier chips, but operate faster.
It also has an enhanced filter co-processor that almost doubles performance of the chip while taking up only 3 percent more space.
The processor, which can achieve 170 million instructions per second, reduces chip count, lowers power consumption and cuts overall system cost, Motorola said.
In other news . . .
TOKYO -- Debts left behind by Japanese companies that went bankrupt in August increased 49 percent from August 1997, a private financial information company said today. In August, 1,534 Japanese corporations failed, 15.4 percent more than a year earlier, leaving debts of 1.01 trillion yen, or $7.6 billion, Teikoku Databank Ltd. said. The debt figure is a postwar high for August.
See expanded coverage in today's Honolulu Star-Bulletin.
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