Construction begins at DFS Galleria
Construction began this week on a $65 million project to renovate and expand DFS Galleria in Waikiki. The 150,000 square-foot expansion and renovation will create a retail and entertainment complex at the corner of Kalakaua and Royal Hawaiian avenues. The project is being done by Albert C. Kobayashi Inc. Work is to be completed by March 2001.
Trade gap hits another record
WASHINGTON -- America's trade deficit widened to a record $26.5 billion in November as a flood of foreign cars and consumer goods pushed imports to an all-time high. The Commerce Department reported that the deficit in trade in goods and services was up 3.7 percent from the October imbalance of $25.6 billion.
In other news . . .
PALO ALTO, Calif. --Sun Microsystems Inc. said fiscal second-quarter earnings rose 35 percent, lifted by sales of its powerful server computers to companies that are doing more business on the Internet. Net income in the period ended Dec. 26 rose to $353.4 million, or 21 cents a share, from $261.4 million, or 16 cents, a year ago. Analysts expected a 20-cent profit.
MURRAY HILL, N.J.-- Lucent Technologies Inc., the world's No. 1 phone-equipment maker, said fiscal first-quarter profit fell 23 percent as sales stalled on lower demand for some products and delayed shipments of others. Profits from operations for the quarter ended Dec. 31 dropped to $1.18 billion, or 36 cents a share, from $1.52 billion, or 48 cents, in the year-ago period. Lucent said in a warning two weeks ago that profit was 36 cents to 39 cents a share. Analysts were expecting 37 cents.
DETROIT -- General Motors Corp.'s earnings fell 32 percent to $1.1 billion in the fourth quarter due to a slowdown in truck production and losses at its Hughes electronics unit.
MEMPHIS, Tenn. -- FDX Corp. said it will expand home deliveries to better compete with United Parcel Service Inc. and changed its name to FedEx Corp. to build on the brand of the world's largest overnight-delivery service.
