High Honolulu gas prices keep bucking U.S. trend

CAMARILLO, Calif. >> The price of gasoline fell 4.5 cents in the past two weeks because of weak demand and the plunging cost of crude oil.

Some regions of the country are seeing buck-a-gallon gas for the first time in months, analyst Trilby Lundberg said yesterday. The lowest price in the nation Friday for a gallon of regular grade was 97 cents in Atlanta, and the highest was $1.82 in Honolulu.

The average retail price of gasoline, including all grades and taxes, was about $1.23 per gallon on Friday, according to the two-week Lundberg Survey of nearly 8,000 stations nationwide. The national average, including taxes, at self-service pumps Friday was about $1.20 for regular unleaded, $1.30 for midgrade and $1.39 for premium.

The price of gasoline has fallen 32.2 cents since Sept. 7, shortly before the terrorist attacks that further slowed the nation's economy. Prices are the lowest for this time of year since 1998 and show no sign of rising through the end of the year, Lundberg said.

Alcoa to cut 6,500 jobs, close plants amid slump

NEW YORK >> Alcoa Inc., the world's largest aluminum producer, said today it will cut 6,500 jobs at 40 locations in the Americas and Europe and close plants to streamline operations amid low metal prices and a slump in manufacturing demand.

Alcoa said it will take charges of between $200 million and $250 million in the fourth quarter for the restructuring. The cuts represent 4.6 percent of its work force of 140,000 people worldwide, according to the company.

Macy's parent to build new California store

CINCINNATI >> Federated Department Stores Inc. today announced the construction of a new Macy's store at the Promenade Mall in Southern California. The Temecula, Calif. Macy's store will be a two-level, full-line department store, excluding furniture, of 165,000 square feet. Construction is scheduled to begin this month with a store opening planned for fall 2002.

Federated bought Hawaii's Liberty House chain earlier this year. It formally launches the Macy's brand in the Islands on Friday.

Argentine government begins debt swap

BUENOS AIRES >> Argentina's cash-strapped government embarked today on the first phase of a planned swap of billions of dollar of debt, asking local creditors to accept losses in an effort to keep South America's second-largest economy solvent.

Moving to avoid default on $132 billion in debt, Economy Minister Domingo Cavallo's plan initially calls for restructuring up to $60 billion of debt held by local creditors.

Cavallo is asking lenders to exchange bonds bearing double-digit interest for new securities yielding 7 percent or less, hoping to chop away as much as $4 billion a year in debt servicing costs. In return, lenders are expected to receive full repayment within three years.

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[TAKING NOTICE]

NEW JOBS

>> Rear Adm. Joseph "Jim" McClelland Jr. (ret.) has been named director of programs management at Science and Technology International. He retired on July 1 from a 36-year career with the U.S. Coast Guard.

PROMOTIONS

>> Linda Kawamura has been promoted to associate vice president of human resources at Hawaii Pacific University. She is responsible for oversight of human resource-services for more than 1,400 faculty and staff. Kawamura had served as director of human resources since 1995. She is also its equal opportunity/affirmative action officer.

>> Stephen Rouelle has been named chef de cuisine at the Orchid at Mauna Lani Hotel. He will be responsible for creating menus for the group/catering market. Rouelle, who has more than 18 years of culinary and restaurant experience, was promoted from a position as a cook focusing on the banquet department at the hotel.