Advertisement - Click to support our sponsors.
Reported by Star-Bulletin staff & wire
Thursday, October 12, 2000
Going hi-tech
Isle insurer lowers automobile rates
A Hawaii automobile insurance company, TIG Crum & Forster Insurance, said it has cut its auto rates by as much as 34 percent. TIG said it ranks ninth in the state as measured by the number of automobiles covered.Most insurers in the islands have trimmed rates this year as a result of auto insurance reform legislation developed by the state government and because of pressure from the state insurance division.
TIG last month reduced its homeowners insurance rates. The auto insurance cuts, effective since Oct. 1, provide for higher discounts for drivers with good safety records as well as for homeowners and other qualified groups, TIG said.
Local travel agents to track complaints
Hawaii travel agents are being asked to keep records of customer complaints about airlines, such as delayed or cancelled flights and missed connections.The U.S. Department of Transportation is looking into problems experienced by travelers through the summer but relies mainly on the airlines for its information, said Sharon Lester, a spokeswoman for the Hawaii chapter of the American Society of Travel Agents.
This means the department sees relatively few complaints and "may not see the magnitude of the problem," said Lester, who is vice president of International Travel Service Inc. ASTA has prepared a questionnaire for its member agencies and will pass the information to the department, she said.
Air cargo meeting set for next week
Four panels of speakers will discuss how Hawaiian products rate in overseas markets, how well air cargo companies are tackling e-commerce, and other topics at the Hawaii International Air Cargo Symposium next week.The symposium, to be held Oct. 17-18 at the Sheraton-Waikiki Hotel, is sponsored by the Air Cargo Association of Hawaii, the Airlines Committee of Hawaii, and the state departments of Agriculture, Transportation and Business, Economic Development and Tourism.
Businesses that rely on air cargo delivery are invited to attend. Registration costs $200. For more information, call the University of Hawaii Conference Center at 956-8204.
Mortgages rise to 7.84 percent
WASHINGTON -- U.S. 30-year mortgage rates rose slightly this week after dipping to their lowest level since November 1999 last week, mortgage broker Freddie Mac said today. Still, 30-year mortgages remained under 8 percent for the ninth consecutive week, averaging 7.84 percent, up from 7.83 percent last week.Fifteen-year mortgages also rose slightly to an average 7.52 percent from 7.50 percent last week, Freddie Mac said. One-year adjustable rate mortgages increased to an average initial rate of 7.23 percent from 7.21 last week. A year ago, 30-year mortgages averaged 7.85 percent, 15-year mortgages 7.45 percent and the ARM 6.31 percent.
Costco earnings climb 9 percent
ISSAQUAH, Wash. -- Costco Wholesale Corp., the largest U.S. chain of warehouse-club stores, said fourth-quarter profit rose 9 percent as the company closed some sites to focus on larger stores in better locations.Net income was $200.2 million, or 43 cents a share, compared with profit from operations of $183.2 million, or 39 cents, in the same period a year earlier, Costco said.
Costco is expanding in the U.S. and overseas and adding new businesses such as gas stations and pharmacies to its warehouses to boost growth. In May, Costco missed earnings forecasts for the first time since 1995 as store openings and higher wages increased costs.
Profit in the quarter ended Sept. 3 matched the average estimate of 25 analysts surveyed by First Call.