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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, July 4, 2000

City Bank promotes Lim to president

CB Bancshares Inc., which yesterday completed the merger of its International Savings & Loan unit into its bigger subsidiary, City Bank, has promoted Richard C. Lim to president and chief operating officer of the enlarged City Bank.

Lim, with the bank since joining as a management trainee in 1976, was executive vice president and COO.

With the merger, all International Savings accounts became City Bank accounts. The company has set up phone numbers for those with questions or concerns about the change. Customers can call 535-3675 on Oahu or 1-800-798-1667 on the neighbor islands. Shareholders should call Dean K. Hirata at 535-2583 and member of the public with questions should call Wayne T. Miyao at 535-2590.

Japan rate-hike fears sink Nikkei, dollar

TOKYO -- The dollar slipped in Tokyo today amid speculation that Japan's central bank may lift interest rates. The Nikkei stock index fell on profit-taking. The dollar bought 106.32 yen, down 0.02 yen from late yesterday in Tokyo but above its late New York level of 105.68 yen overnight. The benchmark 225-issue Nikkei stock average shed 144.51 points, or 0.82 percent, to close at 17,470.15.

British Air-KLM deal could cost 6,000 jobs

LONDON -- British Airways Plc and KLM Royal Dutch Airlines NV are considering cutting as many as 6,000 jobs as part of a plan to merge and create the world's third-largest airline, people familiar with the companies said. The airlines are likely to decide by July 31 on whether to merge as discussions with regulators intensify and could disclose the status of the talks before a July 25 KLM shareholder meeting, the people said. Job cuts of between 5 to 6 percent of the combined work force of 98,000 are under review, they said. KLM needs a merger as rivals step up competition.

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