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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, May 24, 2000

Cayetano rejects hotel tax credits

Gov. Ben Cayetano, as expected, has vetoed a bill to give hotels a tax credit of up to 20 percent for renovations.

He sharply criticized Democratic lawmakers for passing a bill benefiting multimillion-dollar corporations while rejecting an increase in the minimum wage.

However, Cayetano said yesterday he'll sign a second bill exempting hotel renovation from the 4 percent general excise tax. That's because the Hilton Hawaiian Village began renovations, relying on the exemption, he said.

The governor accuses the hotel industry leaders of being greedy for trying to get the bigger tax credit.

Former Gov. George Ariyoshi, head of Prince Resorts Hawaii, and Stanley Takahashi, head of Kyo-Ya's Sheraton group, called to say they were embarrassed and urged him to reject the bill, Cayetano said.

GTE stock offering to raise $2.6 billion

WASHINGTON -- Genuity Inc., the Internet unit of local phone service provider GTE Corp., said its planned initial public offering could raise as much as $2.6 billion.

GTE is selling 90.5 percent of Genuity, a pioneering Internet service provider whose roots date back to the sending of the first e-mail. GTE is making the sale so regulators will allow it to be bought by Bell Atlantic Corp.

Genuity first filed for the IPO last month without specifying the number of shares being sold or the price being sought.