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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, October 19, 2000

Cruise line takes possession of ship

American Classic Voyages Co. formally concluded its purchase of the cruise liner Nieuw Amsterdam yesterday, paying $114.5 million for the ship that will go into service in Hawaiian waters in December as the 1,212-passenger ms Patriot.

The ship was acquired under a special federal program that lets Chicago-based American Classic put a foreign-built ship into service in American waters while it builds two 1,900-passenger liners in the United States. The Patriot will operate under the United States Lines flag, as will the new vessels to be delivered in 2003 and 2004. The ship was in Honolulu last week on its way back from Australia after acting as a floating hotel during the Sydney Olympic. It changed hands while at sea on route to Portland, Ore., where it will be refurbished.

DFS unveils plans for Galleria Waikiki

The $65 million expansion of the DFS Galleria Waikiki, to be completed in February, will include a 65,000-gallon aquarium, one of a number of attractions offered free to the public, the developers said. The center, at Kalakaua and Royal Hawaiian avenues, will include Waikiki's first Jamba Juice cafe and a Starbucks coffee shop.

DFS Hawaii, which has operated the duty-free concession at Honolulu Airport since 1962, has expanded to become a major retailer with non-duty-free shops in Waikiki and at the Honolulu, Maui and Kona airports. The company, a division of San Francisco-based DFS Group LP, has 1,300 employees in Hawaii.

DFS announced the plans, which will include free Hawaiian entertainment, after a press preview of the Galleria yesterday.

Mortgage rates slip to 7.83 percent

WASHINGTON -- The average U.S. 30-year mortgage rates dipped slightly this week, to 7.83 percent from 7.84 percent last week, according to a survey released today by Freddie Mac. Fifteen-year mortgages also recorded a slight decrease, averaging 7.50 percent vs. 7.52 percent last week. One-year adjustable rate mortgages increased to 7.25 percent from 7.23 percent.