Reported by Star-Bulletin staff & wire
Friday, March 26, 1999
United Air's parent promotes president
CHICAGO - UAL Corp., parent of United Airlines, has designated James Goodwin, currently its president, to succeed Gerald Greenwald as chairman and chief executive, promoting a long-time employee who has the backing of the carrier's powerful unions.Support of the unions at the largest U.S. airline was critical in making the appointment because the company is 55 percent owned by its employees.
Either United's pilots or machinists, who hold seats on the UAL board, could have rejected the candidate. John Edwardson, then president and chief operating officer, resigned last year when it became clear the unions would not support him to replace Greenwald, who plans to retire in July.
U.S. cigar company selling for $200 mil
NEW YORK - General Cigar Holdings Inc. is selling its mass-market cigar business, including the White Owl and Tiparillo brands, to Swedish cigar maker Swedish Match AB for $200 million. Included in the sale are two General Cigar manufacturing plants in Alabama and the Dominican Republic.
Japan exec: Reforms are starting to work
TOKYO - A top Japanese economic advisor said today that reforms are showing the first signs of success and will be enough to return Japan to growth this year. Hirotaro Higuchi, chairman of the newly created Economic Strategy Council, said the current combination of massive government spending and deregulation have already begun to turn the economy around."The results are finally appearing," said Higuchi, who is also honorary chairman of Asahi Breweries Ltd. He pointed to a 34 percent drop in corporate bankruptcies in January and rising sales of new condominiums.
In other news . . .
PALO ALTO, Calif. - In one of the largest partnership deals in the short history of the World Wide Web, the online auction site Ebay Inc. will pay $75 million for prominent placement on several services owned by America Online Inc.
See expanded coverage in today's Honolulu Star-Bulletin.
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