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Business Briefs

Reported by Star-Bulletin staff & wire

Monday, January 29, 2001

UH to hold contest for entrepreneurs

The University of Hawaii's College of Business Administration is holding its first Business Plan Competition to encourage future entrepreneurs.

Entries are due through Feb. 28 and semi-finalists will be announced on March 15. First prize is $15,000, while second and third place get $10,000 and $5,000 respectively. The UH Center for Entrepreneurship and E-Business is managing the contest.

Nonstudents may participate, but all teams must have at least two students from UH. The university urges local business professionals to join in as coaches. A coaching orientation will be held Feb. 7 at 5:30 p.m. at the Pacific Club. For more information call 956-7564 or visit www.cba.hawaii.edu/bpc on the Web.

Xerox loss will lead to 4,000 job cuts

STAMFORD, Conn. -- Xerox Corp. said it will cut 4,000 jobs in the first quarter, and lay off more workers later in the year, after the copier company reported its second straight loss in the fourth quarter.

The loss from operations was $198 million, or 31 cents a share, compared with net income of $294 million, or 41 cents, in the year-ago period. Sales fell 13 percent to $4.83 billion from $5.52 billion.

Xerox is trying to return to profitability by cutting $1 billion in annual costs, selling $4 billion in assets and focusing on faster-growth businesses. Xerox eliminated 2,000 jobs in the fourth quarter, cutting more than one-third of its $1 billion in targeted savings.

Xerox Hawaii was not affected by that round of cuts and actually added employees last year. The island operation has no reason to expect layoffs this time, a company source said.

Disney to cut back online operation

LOS ANGELES -- The Walt Disney Co. said today it will shutter the Go.com Web site and close its Walt Disney Internet Group. The separate company will be folded back into the parent organization as a division overseeing such Web sites as Disney.com and ESPN.com. The consolidation will result in 400 layoffs.