Verizon Hawaii starts own Internet access

Verizon Hawaii yesterday began offering high-speed Internet access for the first time through its own Internet service provider, at a discounted promotional rate.

Verizon is offering four packages for its digital subscriber line service, with monthly prices ranging from $49.95 to $79.95. Through Aug. 31, the company is waiving the first month of payment, as well as the usual $50 set-up fee and $50 modem fee.

Verizon started offering its DSL service to Hawaii businesses and consumers in 1998 through local Internet service providers, but held off offering DSL through its own ISP because of a lack of bandwidth.

Verizon's main competitor in Hawaii, Oceanic Cable, recently raised the monthly fee 5 percent for new high-speed cable modem subscribers, to $41.95 from $39.95.

Retail purchases by check rise in June

Same-store purchases by check in Hawaii's retail stores rose 4.6 percent in June, the third-strongest increase in the nation, a new survey says.

Pittsburgh and Orlando, Fla., led the nation with increases of 5.2 percent and 5 percent respectively, according to TeleCheck Services Inc., a check acceptance firm. Nationwide, sales by check rose an average of 2.4 percent in June over the same month last year.

Checks account for one-third of retail spending, said TeleCheck, a subsidiary of Denver-based First Data Corp.

Bankoh extends dividend reinvestment plan

The parent of the Bank of Hawaii is looking to extend its dividend reinvestment plan.

In a filing with the U.S. Securities and Exchange Commission Friday, Pacific Century Financial Corp. is asking for permission to sell 1 million shares of new stock to existing shareholders and employees through the company's dividend reinvestment plan.

The company said it expects the stock to be priced at $24.95 a share and will raise about $24.95 million in new capital for the company.

Al Landon, Pacific Century's chief financial officer, said the bank needed to restock the amount of shares available through its dividend reinvestment plan. Shares registered in the bank's DRIP plan are nearly sold out.

A dividend reinvestment plan allows shareholders to use cash dividends to buy new stock in the company. The plan allows the shareholder to buy stock directly from the company, allowing them to bypass commissions and service fees charged by brokers.

Tax collections up nearly 2 percent in May

State tax collections rose 1.9 percent to $345.27 million in May from $338.8 million in the same month a year earlier.

At the same time, revenues from the general excise tax and the transient accommodations tax were down because last year's figures were inflated by figures that spilled over from the last weekend in April.

For the first 11 months of the fiscal year, collections are up 6.7 percent, or $215 million over last year. Year-to-date collections stood at $3.419 billion in May, up from $3.204 billion last year.