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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, February 15, 2001

First Hawaiian parent ups dividend 11.8%

The parent company of First Hawaiian Bank today reported an 11.8 percent increase in its first-quarter dividend to 19 cents a share from 17 cents. This marks the second time Honolulu-based BancWest Corp. raised its dividend since the holding company was formed in the November 1998 merger of First Hawaiian Inc. and San Francisco-based BancWest. The dividend is payable March 15 for shareholders of record on March 1. The new company previously increased its dividend to 34 cents from 31 cents in the fourth quarter of 1999, when BancWest also announced a 2-for-1 stock split.

Ala Moana Hotel finishing renovation

The Ala Moana Hotel said it is capping off its three-year, $7 million renovation with improvements on its lobby and third-floor poolside lounge, deck and fitness center. The hotel said it is replacing the lobby's carpet and furniture around the Mahina Lounge to create a tropical motif. Other new additions include three murals by a local artist at the poolside Ginger Terrace and an elevator between the hotel's parking lot and the lobby. The 1,169-room hotel plans to finish the remake by late next month.

Mortgage rates rise above 7 percent

WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages rose this week to 7.01 percent, up from 6.98 percent last week, according to a survey released today by mortgage firm Freddie Mac. Fifteen-year mortgages rose to 6.61 percent this week, up from 6.60 percent the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.40 percent, compared with 6.45 percent the week before.

Delta pilots told to obey court order

ATLANTA -- The union representing thousands of pilots in a labor dispute with Delta Air Lines Inc. has directed its membership to comply with a federal court injunction halting a no-overtime work campaign, a union spokesman said today.

The injunction, which was issued by the U.S. District Court for the Northern District of Georgia in Atlanta, prohibits the Air Line Pilots Association union from refusing to request or accept overtime flying work, and from engaging in any other actions that interfere with Delta's operations.