Tuesday, August 21, 2001
Nauru developer repays $2.5 million loanThe developer of the Nauru and Hawaiki Towers in Kakaako has repaid a $2.5 million emergency loan.
Nauru Phosphate Royalties Development Inc. repaid the one-month loan last week after obtaining a traditional commercial loan from Finance Factors Ltd., said Scott MacKinnon, Nauru's attorney.
Earlier this month, the Star-Bulletin reported that Nauru's local development arm borrowed the money from RNI Limited Partnership, which is headed by local tourism executive Robert Iwamoto.
The loan was secured by the undeveloped section of Nauru Phosphates 18-acre property near Ala Moana and Piikoi Street as well as 11 unsold luxury condominium units at the 427 unit Hawaiki Tower complex.
The developer borrowed the money on June 28 after its sister company, Air Nauru, ran into financial problems.
Turbulent summer for airlines as revenues slipNEW YORK >> While airlines have had some success this summer in luring leisure travelers with inexpensive fares, they have not been able to bring back their disappearing profits.
Revenue from domestic air travel fell by more than 10 percent in July -- the third monthly decline in a row. Analysts believe major carriers will report wider net losses than previously expected for the third quarter, which is historically a robust season for the airlines. If the July through September quarter is a losing one for airlines, it would be just the fourth time in 30 years.
Corporate spending, which accounts for between 50 and 70 percent of airline industry revenues, has plunged this year as companies cut back on travel, or save money by booking flights in advance, in response to the nation's persisting economic malaise.