Business Briefs

Reported by Star-Bulletin staff & wire

Monday, August 16, 1999

Utah company buys local AM station

Local radio station KOHO, AM-1170, has been sold to Utah-based Legacy Communications Corp.

The station, which had broadcast Japanese-language programs, was sold Aug. 2 by Da Kine Broadcasting, according to Legacy. E. Morgan Skinner, Jr., president of Legacy, said programming at the station will be announced in 30 days.

St. George, Utah-based Legacy is a multi-media holding company, which owns six radio stations on the mainland.

Bankoh hires marketing exec

Bank of Hawaii has named Lori L. McCarney executive vice president and director of marketing, a new position at the bank.

McCarney is responsible for market research, advertising, corporate communications, community affairs and brand management at the bank and its parent, Pacific Century Financial Corp. A 20-year veteran in banking, McCarney most recently was senior vice president and director of brand management and advertising at Wells Fargo Co. in San Francisco. She is currently a member of the American Bankers Association Communications Council.

In other news . . .

ATLANTIC CITY, N.J. -- Harrah's Entertainment Inc. announced today that it has made an offer to acquire Players International Inc. in a cash deal worth approximately $272 million. The offer price of $8.50 per share is almost 30 percent more than Players' closing stock price Friday of $6.56 a share on the Nasdaq.


Of Mutual Concern

News for mutual fund investors


Vanguard founder Bogle to retire at year-end

BOSTON -- Vanguard Group, which broke from the pack by introducing low-cost index funds in the 1970s for mutual fund buyers, is known for bucking industry precedent, even when it comes to pushing out the firm's founder.

Vanguard, the second-biggest fund company, said John Bogle will have to retire at the end of the year in accordance with a policy that states board members must step down in December of the year they turn 70. Bogle turned 70 in May. At least two fund companies, Amvescap Plc and T. Rowe Price Associates Inc., have made exceptions to similar policies, allowing board members over 70 to keep their jobs. A third firm, Fidelity Investments, the biggest fund company, is led by 69-year-old CEO Edward C. Johnson III.

Bogle said he asked the board earlier this year to change the policy that he helped establish when founding Vanguard in 1975. So far, the board has resisted, he said.

Bogle stopped running Vanguard on a daily basis three years ago when he relinquished his title as CEO to his hand-picked successor, John Brennan. Brennan, 45, was named Vanguard's chairman last year. Bogle's pending retirement is raising questions about whether a rift has developed between Bogle and Brennan.

Vanguard is the fastest-growing U.S. fund company with assets under management increasing more than tenfold since the start of the decade to an estimated $500 billion. Most of the gain is tied to the popularity of index funds, something Bogle championed.

Schwab forms fund to target Europeans

DUBLIN, Ireland -- Charles Schwab Corp., the world's biggest discount brokerage, said it formed a Dublin-based offshore fund management company to target mutual fund investors in Europe.

The new company, Charles Schwab Worldwide Funds Plc, will begin by offering funds attached to brokerage accounts.

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