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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, February 8, 2001

Starwood's earnings beat expectations

WHITE PLAINS, N.Y. -- Hotel operator Starwood Hotels & Resorts Worldwide Inc. today reported a 26 percent jump in fourth-quarter earnings, which beat analysts expectations, as revenues for the company rose.

White Plains, N.Y.-based Starwood, whose hotel chains include Westin and Sheraton, reported fourth-quarter earnings of $131 million or 64 cents a share on revenues of $1.11 billion, compared with $104 million or 51 cents a share on revenues of $1.08 billion million for the same quarter a year ago. The consensus analyst estimate was 60 cents. The company said revenue per available room rose 5.5 percent for the quarter.

In Hawaii, Starwood manages 17 properties under the Sheraton, Westin, Luxury Collection and "W" brands.

30-year mortgages back below 7 percent

WASHINGTON -- Rates for 30-year mortgages dipped below the 7 percent mark this week for the second time this year. The average interest rate on 30-year fixed-rate mortgages fell to 6.98 percent, down from 7.09 percent last week, according to a survey released today by Freddie Mac, the mortgage company.

Fifteen-year mortgages declined to 6.60 percent last week, down from 6.66 percent last week. One-year adjustable-rate mortgages averaged an initial rate of 6.45 percent, compared with 6.54 percent last week.

Japan's economy stalled in quarter

TOKYO -- Japan's economy shrank 0.6 percent in the July-September quarter, the government said today, in a sign the country's rebound from a lengthy slowdown is stalling.

The gross domestic product data were revised from a preliminary announcement in December of 0.2 percent growth, handing the world's second largest economy its first quarter of contraction since October-December of 1999. The Cabinet Office's announcement raises concerns that Japan may not meet its target for 1.2 percent growth this fiscal year -- which could prove troubling for embattled Prime Minister Yoshiro Mori, who has promised to usher in an era of growth.