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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, October 20, 2000

Debt ratings send Bankoh stock lower

Moody's Investors Service has lowered Pacific Century Financial Corp.'s debt rating, citing the company's growing troubled loans and increased regulatory oversight. Separately, Standard & Poors Corp. placed Pacific Century's debt on a negative credit watch, meaning that it could downgrade the company debt over the next few months. Yesterday, Pacific Century, Bank of Hawaii's parent company, warned that its earnings for fourth quarter and the full-year 2001 would be below analysts' expectations. The company also said it now requires regulatory approval to issue dividends and issue new debt. The news dropped the company's stock to five year lows. Pacific Century shares closed today on the New York Stock Exchange at $12.88, a 31 cent decline. Today's closing price is the lowest since Jan. 13, 1995, when the stock was at $12.75.

Moody's said it lowered the rating on the bank's senior long-term debt and long-term bank deposits from baa1 from A2.

Electricity prices highest in Hawaii

Hawaii, which relies on oil to produce most of its electricity, had the highest electricity prices in the country last year, an average of 11.97 cents per kilowatt hour, according to a report by the U.S. Department of Energy.

Idaho, which has hydroelectric power, had the lowest average price, 3.98 cents a kilowatt hour.

Nationally, the price of electricity dropped 1 percent, to an average of 6.66 cents a kilowatt hour.

Isle retailers honor industry veterans

Gary Hahn, vice president and chief operating officer of Louis Vuitton Hawaii Inc., was named Retailer of the Year yesterday, at the annual conference of Retail Merchants of Hawaii.

Hahn, who started his retailing career as a grocery store box boy, joined DFS Group in 1974, became vice president of operations at DFS Hawaii in 1991 and was appointed to the Louis Vuitton post in 1994.

Rae Seki, director of the Maui stores of Tiffany & Co., was named Retail Employee of the Year and Valery O'Brien won the Governor's Award 2000 for exemplary service to the retail industry. O'Brien has had 25 years in marketing and communications in Hawaii and recently joined Kamehameha Investment Corp. as marketing director for the Keauhou Resort.