Reported by Star-Bulletin staff & wire
Thursday, June 10, 1999
Hawaiian Natural enters N.Y. market
Hawaiian Natural Water Co. today said it soon will be selling bottled water in New York, the company's first entry into that market.Hawaiian Natural Water said New York is a key market because so many people from that area visit Hawaii and have shown an interest in the islands.
The company said the water will be available in select New York supermarkets.
Cathay pilots agree to cuts in salaries
HONG KONG -- Cathay Pacific Airways pilots accepted a pay cut of up to 20 percent during the next three years, ending a two-week dispute that cost the airline an estimated $50 million. The pilots will receive stock options in exchange for the cuts.The agreement, overwhelmingly approved by union members today, will allow Hong Kong's only long-haul carrier to quickly resume normal operations.
Internet commerce an economic boon
WASHINGTON -- A new university study estimates Internet commerce boosted the national economy by more than $301 billion last year and and helped create 1.2 million jobs.The study, whose findings were to be announced today, found that electronic commerce with U.S. companies generated nearly $102 billion in revenues, roughly 1 percent of the nation's GDP. Remaining revenues came from companies, such as software developers, that support Web commerce.
But not all the effects are welcomed.
Music piracy cost the recorded music industry up to $10 billion in lost sales last year as growing levels of theft from the Internet compounded the long-standing problem of illegal manufacture of CDs and cassettes, industry officials said.
Mortgage rates hit nearly 2-year high
WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages climbed to 7.51 percent this week, the highest level in nearly two years.Rates have been rising the past two months.
This week's average was up from 7.41 percent last week and was the highest since September 1997, Freddie Mac, the mortgage company, said today.
Fifteen-year mortgages averaged 7.13 percent this week, up from 7.04 percent.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.92 percent, up from 5.85 percent.
In other news . . .
Ralston Purina Co. said it plans to spin off its struggling Eveready battery business, the world's second-largest battery maker, to focus on pet foods.