Reported by Star-Bulletin staff & wire
Monday, June 21, 1999
Science, tech focus of state 'Net site
A new Internet site gathers and displays the latest news about science and technology developments in Hawaii. The site, http://www.hitechhawaii.com, also has a directory of Hawaii high-technology businesses, lists of where to find technology information, a calendar of technology events in the islands and other services.The site will serve as a resource to investors and technology companies thinking of coming to Hawaii, said Frank Fukunaga, executive director of the High Technology Development Corp., a state agency that developed the site along with the Department of Business, Economic Development & Tourism and the Chamber of Commerce of Hawaii.
The site also helps island residents and ex-residents find technology jobs in Hawaii, he said.
Fukunaga said the project is one of the outcomes of the Governor's Hi-Tech Hawaii Forum last October.
McKesson HBOC ousts top execs
SAN FRANCISCO -- McKesson HBOC Inc.'s board ousted Chief Executive Mark Pulido, Chairman Charles McCall and five senior managers over accounting improprieties at the largest U.S. drug wholesaler's newly acquired software unit.McCall, who was president and chief executive of HBO & Co. when McKesson bought it for $13.9 billion in January, was fired. Pulido and Chief Financial Officer Richard Hawkins resigned.
McKesson is trying to regain shareholder confidence after its shares plunged 45 percent following the disclosure April 28 that HBO had prematurely booked more than $40 million in software sales.
In other news . . .
WALTHAM, Mass. -- In a partnership intended to boost internal portal firm Lycos Inc.'s presence in the workplace and Lotus Development Corp.'s role on the Internet, the two firms have agreed to include access to Lycos in the new version of Lotus Notes.
Of Mutual Concern
News for mutual fund investors
Fund redemptions soared in first 4 months of '99
BOSTON -- Increasing numbers of Americans are taking a more active role in managing their money as they shuffle assets between stock mutual funds and other investments more rapidly than ever.About $257.3 billion was redeemed from stock funds during the first four months this year. That's up 59 percent from the $162.3 billion yanked in the same period a year ago, according to the Investment Company Institute, the industry's trade group.
Offsetting this year's withdrawals were $316.3 billion of new investments in stock funds.
This meant a net $56 billion, including exchanges from bond and money market funds, went into stock funds in the four-month period ended April 30, the lowest net inflow to start a new year since 1995, the ICI reported.
Templeton, Jardine closing Asia funds
HONG KONG -- Two mutual-fund companies said they will close mutual funds in Asia which they said failed to grow sufficiently and became too costly to maintain. Templeton Franklin Investment Services Ltd. said it will close as many as six funds in the Templeton Global Strategy Funds group because they have become so small that they are too expensive to operate.Meanwhile, Jardine Fleming Investment Management Ltd. said it will shut down nine funds and edge toward closing another, all for the same reason.
The funds being closed make up a tiny portion of TGSF's $4.2 billion in assets under management.
They include: India Fund, ; Global Infrastructure & Utilities Fund, ; International Bond; Managed Currency; Global Property Securities.
The 10 Jardine Fleming funds comprise almost one-fifth of JFIM's 46 funds offered in Asia, but just a tiny portion of the $2.2 billion JFIM manages.
The funds being closed are: Asia Select Trust ; Global High-Yield bond fund, ; Indonesia Trust; Managed Currency Fund; JF Master Fund, (Asia Growth); JF Master Fund International Growth; JF Money Fund for Australian dollars; JF Money Fund Deutsche Mark; JF Money Fund for Yen.