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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, October 5, 2000

Bankoh giving $20,000 to Samoan Association

Bank of Hawaii said it is giving $20,000 to the Kalihi-based Samoan Service Providers Association to help educate and train Samoans to become entrepreneurs.

Of the total, $11,000 will go toward funding a two-day business seminar in American Samoa and the rest will help pay for setting up a SSPA office in American Samoa. Founded in 1984, SSPA is a nonprofit community organization that helps persons of Samoan ancestry to realize their full employment and business potential.

30-year mortgage rate nears one-year low

WASHINGTON -- Rates on 30- and 15-year mortgages edged down again this week, hitting their lowest levels in nearly a year.

The average interest rate on 30-year fixed-rate mortgages slipped to 7.83 percent for the week, down from 7.88 percent last week.

This week's rate was the lowest since Nov. 26, 1999, when rates on 30-year mortgages averaged 7.75 percent.

Fifteen-year mortgages dipped to an average 7.50 percent this week from 7.53 percent last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.21 percent, unchanged from the week before.

In other news . . .

FRANKFURT, Germany -- The European Central Bank unexpectedly raised a key interest rate today by a quarter percentage point, the sixth hike this year.

Pittsburgh -- Alcoa Inc., the world's biggest aluminum maker, said that while third-quarter profit rose 42 percent on higher shipments, it expects demand from the transportation and construction industries to continue to drop. Net income rose to $368 million, or 42 cents a share, from $259 million, or 35 cents, a year ago. It was in line with revised forecasts.

LONDON -- World oil prices deflated today as Washington started to release emergency oil reserves, easing U.S. consumer anxiety over a winter fuel crunch. London Brent crude futures slipped 63 cents a barrel to $29.89 by the close. U.S. light crude oil futures fell 90 cents to $30.53 a barrel.