Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, January 14, 1999

Isle business owner wins SBH award

Karen Huffman, owner-operator of the McDonald's restaurants in Aina Haina, Kahala and Koko Marina, was named small business person of the year by Small Business Hawaii.

The group recognized Huffman for her community, charitable and political work as well as her business success.

Star-Bulletin writer Richard Borreca was recognized in SBH's annual awards for a number of commentaries he wrote on the importance of governmental budget and tax actions to the economy and business owners.

Tom Kaser of the Honolulu Advertiser won an award for business reporting on why businesses were failing and leaving Hawaii.

Michele Harris, president of Blue Moon Builders Inc., was named young entrepreneur for 1998.

Other SBH award recipients included Pacific Business News, tax consultant Reg Baker and commentator Rick Hamada of KHVH Radio.

30-year mortgages increase to 6.83%

WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages averaged 6.83 percent this week, up from 6.79 percent last week, Freddie Mac, the mortgage company, said today.

Fifteen-year mortgages averaged 6.48 percent this week, up from 6.43 percent. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.61 percent, the same as last week.

Kodak shares sink on earnings report

ROCHESTER, N.Y. -- Eastman Kodak Co. posted a fourth-quarter profit after losing money in the period a year earlier, but the results fell short of Wall Street's expectations and its stock price tumbled. In midday trading on the New York Stock Exchange, Kodak shares were down $8.31 at $70.371/2.

Kodak earned $272 million, or 83 cents a share, for the last three months of 1998 compared with a loss of $744 million, or $2.29 a share, a year earlier. Sales fell 6 percent to $3.56 billion from $3.78 billion.

In other news . . .

SAN DIEGO -- Allstate Insurance Co. agreed to pay up to $120 million to settle a lawsuit accusing it of deliberately falsifying homeowners insurance estimates for as many as 1 million California policyholders, the San Diego Union-Tribune reported today.

See expanded coverage in today's Honolulu Star-Bulletin.
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