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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, February 9, 2000

Grubb & Ellis teams with local firm

Illinois-based Grubb & Ellis Co. said today it has entered into an affiliation with Honolulu-based CBI Inc., gaining not only a foothold in the Honolulu office-space market but also connections with CBI's Asian clients.

CBI head Jackson Nakasone, president of what is now called Grubb & Ellis/CBI Inc., said his company gains technology, systems and marketing support in the arrangement.

Steven F. Pope, president of Grubb & Ellis Affiliates, said CBI works with several large Japanese firms with commercial real estate needs in the United States.

PepsiCo earnings climb 26 percent

PURCHASE, N.Y. -- PepsiCo Inc. said fourth-quarter earnings rose a more-than-expected 26 percent on higher sales of snack foods and reduced expenses for selling sodas.

Net income rose to $494 million, or 33 cents a share, from profit from operations of $391 million, or 26 cents, a year ago.

Sales rose 6.2 percent to $5.68 billion from $5.35 billion, Bloomberg News reported.

Soft-drink results got a boost from lower spending to promote the new Pepsi One diet beverage, helping make up for slow U.S. sales. Higher prices and lower costs fueled a 12 percent rise in profit at the Frito-Lay snack business, which accounts for three-fourths of PepsiCo's earnings.

Shares of PepsiCo rose 69 cents to $34 today on the New York Stock Exchange.

They have fallen 7 percent in the last 12 months. PepsiCo was expected to earn 31 cents, the average estimate of analysts polled by First Call/Thomson Financial.

Nikkei index closes above 20,000 mark

TOKYO -- Tokyo's Nikkei stock average ended above the psychologically key 20,000 level today, buoyed by another record performance on the U.S. Nasdaq market.

"The market has been keen to see the Nikkei close above 20,000 to confirm the market is on an upward trend," said Hidenori Karaki, equities manager at Tokyo Mitsubishi Personal Securities.

The Nikkei finished 138.89 points or 0.7 percent higher at 20,007.77.

It last closed above the 20,000 milestone on July 31, 1997.