Crazy Shirts shifting plant to Oahu, adding 50 jobs

Some 50 local jobs will be created when retailer Crazy Shirts moves its production facility back to Oahu from California in February.

Waikiki Trader Corp., the firm that bought Crazy Shirts at an October bankruptcy auction, is shifting the jobs from Crazy Shirts' current factory in Tustin, Calif., which was not included in the purchase. Waikiki Trader is spending $500,000 to equip its Halawa production plant with new screen printing presses and dryers.

Crazy Shirts, founded in Waikiki in 1964, had originally based its manufacturing plant in Halawa, but moved it to California in 1998, firing 140 Hawaii workers. When the plant moves back to Halawa, Crazy Shirts will cut 81 production jobs in California.

Maui mayor Apana wants to tax rental vehicles

WAILUKU >> Maui County Mayor James Apana wants the counties to have the authority to impose a tax on rental cars to improve highways.

Apana, who plans to ask the state Legislature for the authority, said more highway money is needed to keep open traffic between Lahaina and Central Maui, a major artery for visitors and workers. During the past several years, the two-lane Honoapiilani Highway has suffered from traffic jams due to traffic accidents, landslides and high waves. Apana, who spoke Tuesday during a Maui Visitors Bureau annual meeting, said he was thinking of a $5 daily surcharge on rental cars on Maui. Rental car customers now pay a $3 daily state surcharge.

ML Macadamia to pay 5-cent quarterly dividend

ML Macadamia Orchards LP said yesterday it will pay a fourth-quarter dividend of 5 cents a share. The dividend, technically a cash distribution to holders of the publicly traded partnership units, is the same as the previous three quarters, but down 44 percent from the 9-cent a share dividend it paid a year ago.

The dividend will be paid Feb. 15 to shareholders of record Dec. 31. This quarter marks the 63rd consecutive period the macadamia nut grower has paid a dividend.

Ala Moana owner looks to buy additional malls

WASHINGTON >> General Growth Properties Inc., owner of Ala Moana Center and the second-largest shopping mall owner in the U.S., said it is in talks to buy a "multibillion dollar" group of regional shopping centers from an unidentified buyer.

The real estate investment trust disclosed the negotiations without further detail in a filing with the U.S. Securities and Exchange Commission. There's no assurance any agreement will be struck, the Chicago-based company said.

Analysts have named General Growth as a possible bidder for Rodamco North America NV, the third-largest U.S. mall owner. The Dutch firm in October said it's soliciting alternatives to a hostile attempt by Australia's Westfield Holdings Ltd. to seize control of its management.

Rodamco isn't the only possible seller. Richard E. Jacobs Group Inc. has been selling properties for estate planning of Chairman Richard Jacobs. His Cleveland-based company has about 15 million square feet of retail space remaining. Moore said he didn't believe General Growth is purchasing Jacobs' properties.

Prudential Insurance IPO to raise $3 billion

NEWARK, N.J. >> Prudential Insurance Co. of America, long the nation's largest life insurer, is to make its initial public offering of stock today, ending its 86-year history as a mutual company owned by policyholders and becoming one of the nation's most widely held stocks.

The price was set at $27.50 a share, which would raise $3.025 billion, said Goldman, Sachs & Co., which is managing the sale.

That would make it the third-largest IPO this year, behind Kraft Foods Inc. at $8.7 billion and the $3.6 billion raised by Agere Systems Inc., a spinoff of Lucent Technologies Inc.

The stock begins trading today on the New York Stock Exchange under the symbol PRU. Prudential plans to distribute 454.6 million shares to its 11 million policyholders and sell 110 million shares.

Singapore, Australia exchanges to link up

SINGAPORE >> In a world first, the Singapore Exchange said today its co-trading link with the Australian Stock Exchange will begin on Dec. 20.

Through the link, investors in both countries will be able to trade directly select stocks in both markets through brokers in their own countries whenever the respective markets are open, the Singapore Exchange said in a statement.

Fifty Singaporean-listed stocks and 51 Australian-listed stocks will initially participate in the co-trading link between the two bourses.

Taiwan GDP may grow 3.1 percent next year

TAIPEI >> Taiwan's economy may grow as much as 3.1 percent next year after shrinking for the first time on record this year, lifted by a faster-than-expected economic rebound in the United States and a government spending package.

Asia's fifth-largest economy will expand between 2.7 percent and 3.1 percent in 2002, reversing a 2.2 percent decline this year, as the government spends an extra NT$50 billion ($1.5 billion) on public works and U.S. orders start rising, the cabinet said.

Falling U.S. demand for notebook computers, mobile phones and other electronics tipped Taiwan into its first recession in more than a quarter-century last quarter.

Japan to boost fishing fees paid to Russia

TOKYO >> Japan yesterday agreed to add $1 million to the fishing fees it will pay to Russia in exchange for its fishing operations in Russian waters in 2002, while Russia agreed to allow Japanese fishermen to double their catch of walleye pollack, Japanese officials said.

The accord calls for the Japanese fishing industry to pay a total of $3.2 million to the Russian government, up $1 million from the current year, while calling for Russia to authorize the catch of 3,240 tons of walleye pollack, the officials said.

A panel comprising deputies from the governments and fisheries industries of the two nations annually discuss quotas to be assigned to Japanese and Russian fishermen the following year within each other's 200-nautical mile exclusive economic zones.

Japan may implement tariffs on Chinese goods

TOKYO >> Japan is prepared to impose four-year tariffs on Chinese leeks, straw and mushrooms if Asia's two largest economies can't resolve an eight-month trade dispute by Dec. 21, the Agriculture Ministry said.

The trade spat began in April after Japan slapped temporary levies on the Chinese leeks, shiitake mushrooms and tatami-mat straws. China retaliated with 100 percent tariffs on Japanese cars, mobile phones and air conditioners.

Japan's tariffs, which expired on Nov. 8, were legal under World Trade Organization rules because the imports were hurting domestic farmers. China's retaliatory tariffs, which are still in place, violate the WTO's fair-trade rules.