HAWAII
Cyanotech certifies financial results
Cyanotech Corp. today became the last publicly traded Hawaii company on a calendar year to certify its financial reports as required by the Sarbanes-Oxley Act.The Kona company, which makes nutritional products, requested an extension last week due to its conversion to a new accounting system.
Ceatech USA Inc. and Mera Pharmaceuticals Inc., whose last fiscal quarters ended July 31, aren't required to file until mid-September.
Boyd loses buy rating from Credit Suisse
Boyd Gaming Corp., whose stock has nearly tripled this year, was downgraded to "hold" from "buy" due to valuation by Credit Suisse First Boston analyst Brian Egger.The company, which conducts travel charters from Hawaii to Las Vegas and owns or operates 12 mainland casinos, has soared more than 147 percent this year after beginning 2002 at $6.50. It closed today down 8 cents at $16.06.
Eggers said he made the change because Boyd's stock had hit the brokerage's 12-month price target of $16 and the shares had easily outperformed the Standard & Poor's 500 index.
The broker said he's still positive on the stock long term because of what he considers "two attractive near-term growth opportunities" -- last year's acquisition of Delta Downs Racetrack and Casino in Vinton, La., and the company's 50 percent stake in Borgata, an Atlantic City, N.J., joint venture with MGM Mirage.
MAINLAND
Orbitz creates direct reservations link
Chicago >> Orbitz Inc., an Internet travel seller owned by the five biggest U.S. airlines, said it created a direct link to American Airlines' reservations system, reducing fees paid by the largest carrier for bookings.Ten other airlines, including UAL Corp.'s United, Delta Air Lines Inc. and Hawaiian Airlines Inc. have agreed to use the Supplier Link service, the company said . AMR Corp.'s American will save as much as 77 percent in fees for each ticket booked by Orbitz, the travel seller said.
Orbitz, formed by American, United, Delta, Northwest Airlines Corp. and Continental Airlines Inc., is bypassing global distribution systems, which carriers pay to provide data to firms booking flights.
ASIA
Creditors seek buy for Hynix Semiconductor
SEOUL >> Creditors of South Korea's Hynix Semiconductor Inc. are considering a debt-for-equity swap and a capital reduction to help boost the chipmaker's financial standing and make it more attractive for a sale, lenders said today.Creditors are expected to meet sometime this month to discuss how best to recoup more than $4 billion in loans after their attempts to sell the chipmaker for around $3.4 billion to U.S. rival Micron Technology Inc. was rejected by Hynix board members.
Since the Micron deal was blocked, creditors have replaced the board, but conditions for a sale have worsened partly because of the rough equity market, analysts said.
Asahi Breweries may buy stake in Orion
TOKYO >> Asahi Breweries Ltd., Japan's biggest beermaker, said this weekend it may buy a stake in Orion Breweries Ltd. to expand its sales network in the Okinawa-based brewer's home region.Orion holds about 60 percent of the beer market on the southern Japanese island of Okinawa, thanks in part to tax breaks to help the regional economy. These benefits end in 2007, putting pressure on Japan's fifth-largest brewer to find a partner. Asahi is in negotiations to buy 10 percent of Orion, a deal that would make the brewer the company's largest shareholder.
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[ HAWAII INC. ]
PROMOTIONS
>> Michael K. Kawamoto has been promoted to executive vice president at Hawaii National Bank.He will lead the loan division in the growth and development of the bank's loan portfolio while providing guidance and support to all lending activities throughout the bank. Most recently, Kawamoto served as senior vice president and senior loan administrator of the same division.
>> KD Construction Inc. has promoted Reynold Kam to vice president from project manager. He will be responsible for projects in progress at Hickam Air Force Base for the general contracting firm.
Kam joined the firm in 1994. He formerly worked for the U.S. Army Corps of Engineers.
>> Jamba Juice named Mike Ablan general manager of its Ewa Town Center store. He will oversee all aspects of daily operations.
He joined the company in October 2001 as a team member and has worked at various locations on Oahu. Prior to working at Jamba Juice, Ablan worked at Toshiba Hawaii as an equipment sales representative.
RECOGNITION
>> Heather E. Hedenschau, Young M. McTernan and Gary Takayama have earned their certified residential specialists designations, according to the Hawaii Aloha Chapter of Certified Residential Specialists. Hedenschau is with RE/MAX Big Island LLC; both McTernan and Takayama are with Prudential Locations LLC.>> Executive assistant Nalani Paio has been tapped to represent the Hawaii Convention Center at Executive Women International, Honolulu Chapter. EWI is an association of businesswomen with 68 member firms in Hawaii.