Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, February 2, 1999

Bankoh home loans rise 99% in '98

A solid improvement in home sales and residential refinancing pushed Bank of Hawaii past the $1 billion mark in home loans written in 1998, a record in residential financing for the bank and the highest amount ever for any mortgage lender in the state, according to the bank. The $1.06 billion in loans made last year was a 99 percent increase in dollar volume from 1997. The bank funds 18 percent of the residential transactions in Hawaii and the number of transactions was strong statewide, said Marie M. Inamaka, senior vice president for residential lending.

State seminar looks at Hong Kong work

Hong Kong plans to spend $30 billion on roads, railways, buildings, sewage plants and other infrastructure and Hawaii businesses have a chance at some of that business, according to the state. The state Department of Business, Economic Development & Tourism will hold a workshop on the subject Friday, from 11 a.m. to 4:30 p.m. at the Sheraton Moana Surfrider Hotel. Government officials and other experts will talk about opportunities in Hong Kong. The fee is $30 for the seminar, materials and lunch. For information and reservations call the Hong Kong Business Association of Hawaii, 524-5738.

Corporate earnings

bullet SAN JOSE, Calif. -- Cisco Systems Inc., the No. 1 computer-networking company, said fiscal second-quarter profit rose 33 percent as revenue from Internet providers offset slowing corporate sales. Earnings per share before charges rose to 36 cents and beat estimates by a penny.

bullet KANSAS CITY, Mo. -- Sprint Corp., the No. 3 U.S. long-distance phone company, said fourth-quarter profit rose 13 percent, missing estimates, as losses from its wireless and international operations wi-dened more than expected.

bullet LOS ANGELES -- Mattel Inc., the world's largest toy maker, said fourth-quarter profit fell 67 percent as inventory cutbacks by retailers reduced sales.

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