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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, February 23, 2000

Campaniano leads isle business group

The Hawaii Business Roundtable has elected Robin Campaniano, a former state insurance commissioner and president of AIG Hawaii Insurance Co. since January 1992, as its chairman for an 18-month term through June 2001.

Campaniano, who has been a member since 1995, succeeds Robert F. Clarke, president and chief executive officer of Hawaiian Electric Industries Inc.

The Hawaii Business Roundtable is a nonprofit organization whose 38 members include leaders of the local business community.

Campaniano said the organization will continue to support such community issues as early childhood education and will work with the public to develop Hawaii's economy.

Shotgun sale costs Wal-Mart $16 million

BIRMINGHAM, Ala. -- Wal-Mart Stores Inc. will pay two little girls up to $16 million for selling their father a shotgun he used to kill their mother while he was under a restraining order. A federal judge approved the settlement yesterday between Wal-Mart and the family of Sherry White. James Michael White killed his 22-year-old wife and her brother in 1998, days after buying the gun. White was convicted and sentenced to life in prison. Sherry White's family sued Wal-Mart, claiming it was negligent in selling the gun because he indicated on a federal form that he was under a restraining order.

Oil ministers favor increase in production

DUBAI, United Arab Emirates -- Gulf oil ministers appeared to favor at least some increase in production to bring prices below $25 a barrel, officials said after a meeting today. The oil ministers met to try to agree upon a unified stance to take to OPEC next month. Gulf officials speaking on condition of anonymity said the Gulf states were leaning toward a slight increase in production of between 2 million and 2.5 million barrels a day to reach a price of between $20 and $25 a barrel. Oil now sells for about $29.40 a barrel.

Europe's Alcatel buying Newbridge

PARIS -- Alcatel SA, one of Europe's largest phone-equipment maker, agreed to buy Newbridge Networks Corp. for $7.1 billion in stock, expanding its product range to compete with Lucent Technologies Inc. and Cisco Systems Inc. Alcatel will exchange 0.81 of an American depositary share for each Newbridge share. That values the Kanata, Ontario-based company at $38.98 a share, or about 13 percent more than its close of $34.37 in U.S. trading yesterday. Newbridge gives Alcatel telecom switches that deliver voice, data and video on a single network.

In other news . . .

KIRKLAND, Wash. -- The 23.5 million shares in Nextel Partners Inc.'s initial public offering were priced today at $20 each. The Kirkland, Wash., company provides digital wireless communications services. The shares, traded on Nasdaq under the symbol NXTP, ended at $30.12.
SEATTLE -- Boeing Co. and its striking engineers and technical workers have agreed to come back to the table tomorrow morning to try to end a 15-day-old walkout, but neither side says it has changed its position.