Norwegian Star cuts Kona permanently

The Norwegian Star will not return to Kailua-Kona during its weekly cruise of the islands and will continue to call at Hilo, where passengers can walk off the ship, Norwegian Cruise Line officials said yesterday.

The decision to alter the ship's original itinerary comes two months after the ship began calling at Hilo as a temporary port. Cruise line officials in January said rough winter seas made getting Norwegian Star passengers into Kailua-Kona for the six-hour stop difficult.

Because Kailua-Kona doesn't have a facility the ship can dock alongside, the ship must moor offshore and ferry passengers in on smaller boats. The ship was to return to using Kona April 1.

Trash firm's former execs inflated profits, SEC says

WASHINGTON >> Federal securities regulators today sued the founder of trash hauler Waste Management Inc. and five other former top executives, accusing them of a "massive" fraud to inflate profits by $1.7 billion to meet earnings targets.

The Securities and Exchange Commission lawsuit filed in Chicago charged founder and former Chairman Dean Buntrock, former Chief Financial Officer James Koenig and other executives with falsifying Waste Management's financial results between 1992 and 1997.

The civil complaint also alleged the executives were aided by long-time auditor Arthur Andersen, already indicted by the U.S Justice Department for its role in the collapse of energy giant Enron Corp.

A spokeswoman for the Houston, Texas-based company said the SEC probe relates to an investigation involving "old" Waste Management, which merged with USA Waste Services Inc. in 1998 "We have cooperated fully with the SEC in this investigation," added Sarah Voss. Waste Management shares were down 55 cents, or 2 percent, to $26.35 in afternoon trading on the New York Stock Exchange.

America West cuts fares, but Northwest won't match

NEW YORK >> America West Airlines said yesterday it reduced one-way fares in the United States and Canada and eliminated traditional Saturday-night stay requirements in a move that it said will reduce its unrestricted walk-up fares.

While it wasn't clear whether other major carriers matched the fare cuts or the elimination of the Saturday-night stay rule, analysts said the move has the potential to lower the already depressed airline revenue.

But one industry official said America West last week eliminated previous fare sales before rolling out the cuts so the fares would be reduced from a higher base. He said some of the Phoenix carrier's fares are higher than they were under the previous round of sales.

Among other major carriers, Northwest Airlines Corp., the fourth-biggest carrier, said it has no plan to match the cuts.