[HAWAII INC.]
NEW JOBS
>> John Tighe has been named general manager of Maui Ocean Center. He brings more than 33 years of attraction design and operations experience to the 3-acre aquarium, most recently as vice president and general manager of The Newport Aquarium in Cincinnati.>> Coldwell Banker Pacific Properties has named Savannah Scott Windward area office manager. She will be responsible for the management of agents and staff, marketing coordination, development of agent Web sites and daily operations of the office.
Scott most recently owned Aloha Web Designs. She has more than 10 years of retail management experience in Florida and Hawaii.
>> Lynne Miura has joined the Honolulu office of Buck Consultants Inc. as a health and welfare consultant. Previously, Miura was with NCR Corp. and the Queen's Health Plans. She has 14 years of health insurance and employee benefits experience.
PROMOTIONS
>> Jackie Ingamells was promoted to managing director of AT&T Hawaii. She will manage all consumer market activities, oversee the sales and customer service channel operations and the development and execution of marketing strategy. She joined AT&T in 1987 and most recently served as director of operations staff.BACK TO TOP
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MAINLAND
Northrop to buy TRW for $7.8 billion
CLEVELAND >> After four months of wrangling, defense contractor Northrop Grumman Corp. has agreed to buy TRW Inc. for $7.8 billion in stock, nearly $2 billion more than it originally offered.The deal announced today will make Northrop the nation's second largest defense contractor with projected annual revenues of more than $26 billion and approximately 123,000 employees.
It also caps more than five years of efforts to transform Northrop from the prime contractor on the B-2 Stealth bomber to the country's largest shipbuilder, a leader in unmanned and computer warfare, and a major diversified defense contractor on par with Boeing Co. and Lockheed Martin Corp.
Northrop's rapid growth came as it bought Litton Industries, then Newport News Shipbuilding and several other smaller companies. But the bid for TRW was its largest so far.
TRW manufactures space and defense products including spacecraft and satellites, defense communications equipment and high-energy lasers. Northrop makes planes, ships and computer warfare systems, among other things.
No 'stop-loss' order from Stewart found
WASHINGTON >> Congressional investigators reviewing documents concerning Martha Stewart's sale of ImClone stock have found no credible record of an arrangement with her broker to dump her shares when the stock fell below a certain price, according to a magazine report.House Energy and Commerce Committee investigators are examining whether Stewart had inside information when she sold nearly 4,000 shares of ImClone on Dec. 27, and have obtained her account through her lawyers.
Records given by Merrill Lynch & Co. and reviewed last week by committee investigators show no credible record of a "stop-loss" order to sell Stewart's shares when they fell below $60, Newsweek reported yesterday.
AT&T headquarters sells for $200 million
Basking Ridge, N.J. >> AT&T Corp. completed the sale of its Basking Ridge, N.J., headquarters, the telephone company's home for 27 years, to drugmaker Pharmacia Corp. for $200 million as part of a cost cutting measure.The sale includes about 1.3 million square feet of office space and a conference center with 171 rooms, Sue Fleming, an AT&T spokeswoman, said in an interview. AT&T agreed to sell the property to Pharmacia in April.
AT&T will be moving about 3,200 employees from the campus into excess space at its other New Jersey offices, including its new headquarters in Bedminster, and to offices in Morristown and Bridgewater, saving the company money, she said.
Built in the early 1970s, the campus sits on 140 acres.
ASIA
Japanese businesses show more optimism
TOKYO >> Japanese business sentiment has improved for the first time in more than a year, the Bank of Japan said today, offering another sign that the economy is crawling out of its worst postwar slump on the back of firming global demand.But many companies are still cutting plans for capital investment, underscoring just how fragile any recovery is, the central bank's quarterly "tankan" survey warned.
The March-June survey showed sentiment among big Japanese manufacturers improved for the first time in a year and a half. It reflected relief among managers that business conditions are getting better as exports power a rebound in production.
The closely watched sentiment index for big manufacturers improved to minus 18 from minus 38 in the March survey, the first improvement since the fourth quarter of 2000. The index gives the percentage of companies saying conditions are bad subtracted from those reporting conditions are good.