State's economic index falls for 9th month in row

The state's leading economic indicator fell for the ninth consecutive month in February, reflecting a continuing slowdown on the mainland and uncertainty about Japan.

The state Department of Business, Economic Development and Tourism gathers information from 10 different indicators every month to predict economic activity five to 10 months ahead.

Two of the index's three national components fell, including consumer confidence in the Pacific region and the national leading index. Also, both of the international indices fell, reflecting depreciation in the yen and slower growth in Japanese labor earnings. In Hawaii, real estate transactions and prices were down, while unemployment, construction permits and average working hours improved.

J&J to purchase stake in Inverness diabetes unit

New Brunswick, N.J. >> Johnson & Johnson agreed to buy most of Inverness Medical Technology Inc. for about $1.3 billion in stock as the company attempts to regain leadership in the market for diabetes care.

The biggest maker of medical supplies and devices will pay $35 a share for Inverness' diabetes business, a 20 percent premium to Inverness' share price in the 20 days before May 9, when the companies said they were in talks.

Greenspan to deliver assessment of economy

WASHINGTON >> Federal Reserve Chairman Alan Greenspan today will offer his view of the state of the U.S. economy for the first time in three months. The Fed chairman is slated to discuss "economic developments" at an Economic Club of New York dinner.

His speech comes nine days after the Fed cut interest rates by an aggressive 0.5 percentage point for the fifth time this year, bringing the key fed funds rate, which affects borrowing costs across the economy, to 4 percent. Analysts are wondering if Greenspan will use the occasion to signal the economy may be on the mend.

Unions boycott seminar on pilot alertness

Washington >> Pilots unions boycotted an industry symposium to protest what they call airlines' efforts to block new federal rules on how much rest time pilots need.

The pilots were responding to a two-day Air Transport Association conference gathering scientists, airline officials and academics to discuss ways for pilots and other workers stay alert.

The union considers the industry conference "a stalling tactic intended to keep some drastically needed rule changes bottled up," said John Mazor, a spokesman for the Air Line Pilots Association. The Federal Aviation Administration in 1995 proposed changes to pilot rest rules, such as increasing off-duty time to 10 hours from eight hours in a 24-hour period. After failing to agree with industry, the FAA plans to propose new changes later this year.

Circuit City will check IDs for mature material

CHICAGO >> Electronics retailer Circuit City Stores Inc. will stop selling mature-rated video games to customers under age 17, joining a growing list of companies that have instituted the policy.

Starting next month, workers at Circuit City's 627 stores will ask for identification from young people who attempt to buy M-rated video games without a parent along. The policy also applies to R-rated movies and music CDs with parental advisory warnings.