Slower growth forecast for state's economy

Hawaii's economy will continue to grow, but more slowly in the next few months, according to an indicator produced by the state Department of Business, Economic Development and Tourism.

The state's leading economic indicator, which signals economic activity five to 10 months ahead, declined in March, the latest month for which it could be calculated.

The national and international components, such as consumer confidence, interest rates and the exchange rate for the yen, were down in March, but the direct Hawaii indicators, such as the number of real estate transactions and unemployment claims and the value of construction permits all were positive.

The Hawaii leading economic indicator has been declining since June 2000.

Waikiki Beach Marriott undergoing renovation

A $60 million renovation project is under way at the Waikiki Beach Marriott Resort, the 1,304-room hotel that was the Hawaiian Regent until Marriott International Inc. acquired it in November for $125.5 million. Guest-room makeovers have been started and the hotel plans to work on four to six floors at a time, producing what Marriott calls an "upbeat island decor, with warm woods, bright floral accents and contemporary island accents."

The entry area, pool and restaurants will also be redone in the project, scheduled for completion in March.

Central Bank parent declares dividend

CPB Inc., parent of 24-branch Central Pacific Bank, will pay a dividend of 16 cents a share July 27 to shareholders of record June 29. It is the same as the 16-cent first-quarter dividend but 1 cent higher than the 15 cents a share paid for the second quarter of last year. CPB's dividends for the first half of this year will total 32 cents, up from 30 cents for the first half of last year.

Delta pilots' pact gives them top pay in industry

ATLANTA >> Pilots at Delta Air Lines Inc. ratified a new four-year contract that makes them the highest paid in the airline industry, their union said yesterday.

Andy Deane, a spokesman for the Air Line Pilots Association, which represents Delta's 9,800 pilots, said the labor contract was approved by a 70 percent vote. About 97 percent of eligible pilots voted, he said.

Delta and ALPA began contract talks in September 1999, and reached an agreement in late April, a week before a 30-day cooling-off period prior to a strike was due to lapse.

Under the new agreement, a captain with 12 years' seniority flying a Boeing 777 -- Delta's biggest and best-paying aircraft -- will earn $241,209 in the first year of the contract, up from $232,299 now. That would rise to about $287,649 by the contract's fourth year. The rates are based on 75 hours of flying a month.

A 12-year captain flying a smaller Boeing 727 will earn $183,456 in the first year, compared with $165,006 now, increasing to $218,772 by the contract's fourth year.

[Taking Notice]

NEW JOBS

>> Gary K. Kobashigawa has been named vice president of the corporate banking department loan division at Hawaii National Bank. He has more than 30 years of experience in the banking and finance industry.

>> Janette Hooton has been named media manager at Myers Advertising Inc. She was most recently employed at Laird Christianson Advertising.

PROMOTIONS

>> Radha Arora has been named general manager of the Four Seasons Resort Maui at Wailea. He has more than 19 years of hotel management experience, previously managing Four Seasons properties on the mainland, as well as in India and Canada.

>> Gage Beerer has been named marketing representative at Xerox Hawaii's Maui office. She had been employed at the West Coast division of Xerox before coming to Hawaii.

RECOGNITION

>> Budget Rent a Car Hawaii's outstanding employees for 2000: Kanoa Kealoha, insurance replacement customer service representative, Oahu Employee of the Year; Eunice Kipi, claims department clerk, Oahu Regional Office Employee of the Year; Lauren Naki, Molokai Branch customer service representative, Maui County Employee of the Year; David Moniz Jr., service agent, Hawaii County Employee of the Year; Darlene "Nana" Soriano, administrative assistant, Kauai Employee of the Year; Tanya Ugale, airport manager, Oahu Manager of the Year; Bob Chu, Budget Car Sales (Oahu) sales manager, Oahu Regional Office Manager of the Year; Tanya Kapaku, airport manager, Maui County Manager of the Year; and Edwin Fujii, maintenance manager, Kauai and Hawaii Manager of the Year.