Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, July 22, 1999

Mainland firm gets millennium Web job

The Hawaii Millennium Commission has contracted with Woodinville, Wash.-based Pathways Group Inc. to design and operate its official Web site.

Pathways said it also will handle transactions, such as credit card purchases of Hawaii's millennium-related goods and services.

The company said it will be promoting Hawaii to former Hawaii residents as well as tourists for a range of activities throughout the year 2000. In addition to the Web site, it will make use of a mailing list of 500,000 names provided by the Millennium Commission to solicit business for Hawaii.

Compaq hires CEO from within ranks

NEW YORK -- Reaching inside its own ranks for a new leader, Compaq Computer Corp. today named chief operating officer Michael D. Capellas as chief executive in a bid to revive its flagging computer sales and profits.

Capellas, 44, succeeds Eckhard Pfeiffer, who was forced out in April after Compaq's first-quarter profit came in at less than half of analysts' expectations. The company has been under enormous pressure from Wall Street to quickly fill a yawning management gap, aggravated by the departure of another half-dozen top managers in Pfeiffer's wake. The new CEO, who takes office immediately, faces a challenge in reviving Houston-based Compaq, which has been hit hard by slow computer sales and shrinking profits.

30-year mortgages decline to 7.52%

McLEAN, Va. -- The benchmark U.S. home mortgage rate this week fell for a third week in a row, according to a survey of mortgage rates from Freddie Mac. The average rate on a 30-year fixed-rate mortgage was 7.52 percent this week, off from last week's 7.58 percent. Freddie Mac said the average rate on a one-year, adjustable mortgage was unchanged from last week's 5.97 percent; and 15-year mortgage rates fell to 7.16 percent from 7.19 percent.

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