Reported by Star-Bulletin staff & wire
Tuesday, November 9, 1999
A&B purchases Oahu business parkAlexander & Baldwin Inc. said today it has purchased Hawaii Business Park, a 5.1-acre, fee-simple lot in Pearl City with industrial warehouses and more than 85,000 square feet of leaseable space. The property, developed in 1983 and 96 percent occupied, was sold by Tosei Shoji Ltd. for an undisclosed price. A&B now owns 4 million square feet of leaseable retail, office and industrial space in buildings on the mainland and in Hawaii.
IMF's director stepping downWASHINGTON -- International Monetary Fund Director Michel Camdessus, who guided the agency through the turbulence of the Asian currency crisis, announced today he will step down early next year. He had two years left in his third five-year term. The 66-year-old Frenchman had been under tremendous pressure over the past two years as he was forced to keep up a relentless travel schedule, flying from one crisis country to another to oversee multibillion-dollar bailout packages. Camdessus' early departure from the job of managing director, which he has held for 13 years, longer than any other official in the history of the multinational lending agency, had been rumored for some time.
In other news . . .ST. LOUIS -- Investors flocked to Paul Allen' s cable company Charter Communications today, pushing shares up 20 percent in its opening day of trading. The St. Louis-based company priced 170 million shares at $19 earlier in the day to raise $3.23 billion -- the third-largest U.S. IPO ever.