Taking notice

PROMOTIONS

>> Bank of Hawaii has named Scott Miller its executive vice president of the Hawaii Commercial Group. He will be responsible for oversight of Hawaii commercial banking, commercial banking support and service, Pacific Century leasing and cash management at the bank. Miller, who joined BOH in January 2001, previously served as vice president and director of asset recovery.

>> Cynthia Rankin has been named director of public relations at Starwood Hotels and Resorts. She will oversee all public relations functions for the company's Sheraton Moana Surfrider and Sheraton Princess Kaiulani hotels. Rankin previously served as regional communications manager at Starwood Hawaii's corporate office.

RECOGNITION

Bob Yap, division manager of Ueshima Coffee Company Hawaii Production, has been certified as a Speciality Coffee Association of America brewing technician.

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Air fares fall to lowest in 12 years, group says

WASHINGTON >> Air fares fell to their lowest level in 12 years last month as carriers cut prices to lure travelers following the Sept. 11 terrorist attacks.

Bloomberg News reported the average one-way fare fell 15 percent to $117.79 from December 2000, the lowest since August 1989's $117.78 and the 10th monthly decline in a row, the Air Transport Association said in its latest report.

The group represents major U.S. carriers including AMR Corp.'s American Airlines, UAL Corp.'s United Airlines and Delta Air Lines Inc. U.S. carriers had combined losses of as much as $9 billion last year, the association estimated, as companies cut travel budgets in an economic recession and as demand declined after the attacks.

American, Northwest Airlines Corp., Continental Airlines Inc. and US Airways Group Inc. reported a combined $2.17 billion in fourth-quarter losses last week.

UAL mechanics deserve 37% pay raise, panel says

Chicago >> United Airlines parent UAL Corp.'s shares fell as much as 12 percent and its debt rating was cut by Standard & Poor's Corp. after a presidential panel recommended that mechanics receive a 37.3 percent pay raise.

UAL slid $1.76 to $14.24 in midafternoon trading and has declined 60 percent in 12 months. Standard & Poor's lowered the carrier's debt rating to "B+" from "BB-," citing the company's losses and "lack of progress in crucial negotiations aimed at containing the airline's high labor costs."

The second-largest carrier's 10,600 mechanics should receive the wage increase this year because their compensation lags the industry, the board appointed by President Bush said yesterday in a report.

UAL, which told the board that it can't afford wage increases, said it will respond to the board's recommendations by the end of business today.

The board recom- mended lifting the mechanics' top pay rate to $35.14 an hour from $25.60, giving them a raise just short of the $36.63 sought by the union.

Japanese trips abroad fall by 1.6 million in 2001

TOKYO >> The number of trips abroad by Japanese last year dropped by 1.6 million from the previous year to 16.2 million, the Justice Ministry said today in a preliminary report.

The figure was the third lowest since the number of overseas trips by Japanese surpassed 15 million in 1995, according to the report by the Ministry's Immigration Bureau.

However, the number of visits to Japan by people from abroad in 2001 rose by some 8,000 to a record 5.28 million, it said.

Foreign farm ministers to tour rural area of Japan

TOKYO >> Japan plans to take farm ministers from Australia, Canada, the European Union (EU) and the United States on a visit to a rural area this weekend hoping to give them some insight into Japanese agriculture, Agriculture, Forestry and Fisheries Minister Tsutomu Takebe said today.

"I expect them to develop a deeper understanding of why we put an emphasis on the multifunctionality of agriculture by actually visiting terrace paddy fields," Takebe said ahead of upcoming farm talks among the five parties.

Australian Agriculture, Fisheries and Forestry Minister Warren Truss, Canadian State Secretary for Parks Andrew Mitchell and U.S. Agriculture Secretary Ann Veneman are slated to take part.

But EU Commissioner for Agriculture, Rural Development and Fisheries Franz Fischler has canceled plans to attend.

Fund manager to vote for HP-Compaq deal

PALO ALTO, Calif. >> A mutual fund with 1.1 percent of Hewlett-Packard Co. shares has endorsed the $24.3 billion plan to buy Compaq Computer Corp., giving HP valuable support as it prepares for a proxy fight over the deal.

Lewis Sanders, vice chairman of Alliance Capital Management Holding L.P., told The Wall Street Journal he believes merging would give HP and Compaq the best chance of cutting costs and surviving consolidation in the computer and data-storage markets.

An Alliance Capital spokesman said he could not immediately confirm Sanders' com- ments because of yesterday's holiday. But HP spokeswoman Rebeca Robboy said the Palo Alto-based technology giant was aware of Alliance's support. Top HP executives had lobbied Alliance for its vote and plan to meet with other large shareholders in coming weeks, Robboy said.

No other large institutional investors have come out in support of the deal, which is opposed by Hewlett and Packard family interests with 18 percent of HP shares.

HP and Compaq are awaiting clearance from U.S. and European regulators before announcing a date for a shareholder vote.

Willamette OKs Weyerhaeuser takeover

PORTLAND, Ore. >> Willamette Industries said yesterday it has agreed to a sweetened $6 billion takeover offer by rival Weyerhaeuser, ending 14 months of jockeying between the two timber giants.

The companies said Weyer-haeuser will pay $55.50 per share in cash, 50 cents per share more than what Weyer- haeuser chairman Steven Rogel last month called his final offer.

The $55.50 per share offer re- presents an 18 percent pre- mium to Willamette's closing price Friday.