Dollar continues to dominate yen, euro

New York >> The dollar rose to an eight-month high against the euro and a three-month high versus the yen today on growing confidence the U.S. economy will rebound, while growth in Europe and Japan slows.

The U.S. currency reached its high for the day after a survey showed business other than manufacturing increased more than expected in June in the world's largest economy.

The dollar climbed to 83.64 cents per euro, its strongest level since 82.89 cents on Oct. 27. Against the yen, the currency strengthened to 125.78 yen, touching its highest level since April 4. Gains for the dollar came on the "perception we're at the end of our slowdown cycle and Japan and the euro zone are still in the middle of it," said Michael Malpede, senior currency analyst at Refco Inc. in Chicago.

Retailer reduces its earnings estimates

CINCINNATI >> Federated Department Stores Inc. today reduced its second-quarter earnings estimates by more than one-third, blaming slow sales at its stores.

Federated also cut its earnings projection for the year, and said it is taking markdowns on current inventories to improve the outlook for the second half of the year. The retailer, best known for its Macy's and Bloomingdale's stores, last month announced it is buying Hawaii's Liberty House department store chain in a deal that is expected to close in the next few days. The stores will be renamed Macy's.

In other news ...

DALLAS >> The Federal Aviation Administration is investigating complaints that American Airlines is tinkering with the Dallas-Hawaii flight schedule to avoid paying for a relief pilot.

The FAA investigation was prompted in part by a letter from an American Airlines pilot alleging safety violations.

As reported Tuesday, Capt. Rich Rubin criticized the company's recent decision to reduce staffing from three pilots to two on its daily Boeing 767 flights from Dallas to Honolulu and Maui.

The FAA said the inquiry would take about a month.

[Taking Notice]

NEW JOBS

>> Daniel Perron has been named director of the physical plant at Hawaii Pacific University. He will be responsible for overall management of building maintenance, vehicle scheduling and security operations at the Kaneohe campus. Perron joins HPU after 20 years as an officer in the U.S. Army Corps of Engineers, most recently assigned to Camp Smith.

>> Rita Ornellas has been named director of customer service for the personal insurance division of Island Insurance Cos. She will be responsible for management of the company's call center and the Personal Insurance Service Center. Ornellas joins Island Insurance after nine years at Royal State Group.

PROMOTIONS

>> Kevin Allas has been named general manager at Papa John's Hawaii's Kaimuki location. A graduate of UH-Manoa, Allas has been employed by Papa John's since 1999. His promotion coincides with the opening of Papa John's new location.

>> Ted Hardie was named general manager of the Outrigger Royal Sea Cliffs. Hardie has over 20 years of hospitality industry experience. He has managed Outrigger properties in Hawaii, Fiji and the Marshall Islands.

RECOGNITION

>> Keith Haugen has been named winner of the 2001 Aloha Spirit Award by the Chamber of Commerce of Hawaii for his contributions to the local community over the past year. Haugen was recognized during the Chamber of Commerce's 16th annual Military Appreciation Week Luncheon last month.