Business Briefs
Reported by Star-Bulletin staff & wire

Monday, September 24, 2001

Aloha Tower reduces retail store hours

Retail stores in the Aloha Tower Marketplace today cut two hours off their daily operating time six days a week and a hour off on Sundays. The shopping center said retailers are now open from 10 a.m. to 8 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday.

The open hours, before Hawaii tourism was hit by the travel drop after the Sept. 11 terrorist attacks, had been 9 a.m. to 9 p.m. Monday-Saturday and 9 a.m. 6 p.m. Sunday.

Atlantis courts kamaaina with lower rates

Atlantis Adventures is offering Hawaii residents big discounts at its attractions in hopes of filling spaces left by tourists who are not coming to the islands in the current crisis. The company has halved its kamaaina rate, already well below what visitors pay, through October. With proof of Hawaii residency, kamaaina can take an Atlantis submarine tour for $20 per adult and $10 per child. Atlantis offers these kamaaina discount prices at other attractions it manages, with child rate in parentheses: Navatek sunset buffet cruise, $22 ($14.50); Waimea Falls Park admission, $6 ($3); Sea Life Park, $6 ($4.50); Battleship Missouri Memorial, $10 ($5) plus a special gift. For non-residents, rates can be as high as $100 for a submarine tour and $59 for the Navatek buffet cruise. Many hotels and attractions are offering low rates to residents to make up for lost business.

AOL Time Warner trims 2001 forecasts

New York >> AOL Time Warner Inc., the biggest Internet and media company, said 2001 revenue and profit will be less than forecast because advertising sales slowed and costs rose from covering the Sept. 11 terrorist attacks.

Cash flow, or earnings before interest, taxes, depreciation, amortization and other items, will rise about 20 percent and revenue will increase 5 percent to 7 percent, the New York-based media company said. AOL Time Warner shares, which gained $2.65 to $32.50 in regular trading, fell as low as $30.10 in after-hours trading.

European stocks rally; Asia indexes mixed

LONDON >> European stock prices leaped higher today, led by gains in automobile, banking and insurance shares and fed by an early rally on Wall Street, after a mixed performance in Asia. The rebound in Europe followed last week's big selloff in the wake of the Sept. 11 terrorist attacks in the United States and came amid worries about the promised U.S. military response and the consequences for the world economy.

London's FTSE 100 share index closed up 4.1 percent at 4,613.9, bouncing back from its lowest closing level since April 1997. In Paris, the CAC40 index jumped 5.7 percent to 3,861.19. In Frankfurt, the Xetra DAX index gained 6.6 percent.

The gains followed a mixed day on Asian exchanges, with Hong Kong up 3.9 percent and Singapore up 3.5 percent. Prices fell by 1.6 percent in Taipei and 1.5 percent in Manila, while the big Tokyo market was closed for a holiday.


New Jobs

>> Brian T. Yahata has joined Lanihau Partners as vice president of properties. He is responsible for the development of new real estate projects on the company's land at Honokohau, North Kona. Yahata will also assume various on-going property management, marketing and development activities associated with the company's properties in the Kailua-Kona area. 

>> Verizon Wireless Hawaii has named Albert Swierzy director of network system performance. He will lead the Hawaii network team in executing a $25 million network investment plan this year. An eight-year veteran of the wireless industry, Swierzy has had network engineer positions within Verizon Wireless and US West/Airtouch in Bellevue, Wash. Prior to joining the wireless industry, he spent eight years with McDonnell Douglas Space Systems Co. managing satellite and spacecraft communication system design and testing.

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