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IN HAWAII
Bankoh approves another buyback
Bank of Hawaii Corp., whose stock has gained 18 percent this year, said yesterday its board has authorized the repurchase of up to an additional $230 million of the company's common shares.This latest repurchase amount, when combined with previously announced authorizations of $570 million, brings Bank of Hawaii's total repurchase amount to $800 million.
The funds available for repurchase represent proceeds from divested businesses and managed asset reductions that improved the company's credit profile and reduced the amount of required capital.
Bank of Hawaii has repurchased 19.9 million shares under its previously announced share repurchase authorizations at an average share price of $26.15 for a total of $519 million. The remaining repurchase authority for the company is now approximately $281 million in common stock.
ON THE MAINLAND
Crude prices hit 8-week high
New York >> Crude oil rose to an eight- week high yesterday as a nationwide strike aimed at ousting Venezuelan President Hugo Chavez limited shipments to refineries from the world's fifth-biggest oil exporter.The United States is "deeply concerned" about the deteriorating situation in Venezuela and is calling for early elections to end the 12-day strike, White House spokesman Ari Fleischer said. Oil inventories in the United States, the biggest consumer, were below year-earlier levels before the strike began. About 9 percent of the oil used by U.S. refineries is normally supplied by Venezuela.
Crude oil for January delivery rose 43 cents, or 1.5 percent, to $28.44 a barrel on the New York Mercantile Exchange, the highest closing price since Oct. 18. Oil futures gained 5.6 percent this week, the biggest weekly rise since mid-August.
Burger King sold to U.S. group
MIAMI >> British liquor company Diageo Plc agreed to sell its Burger King business for a reduced price of $1.5 billion to a U.S investment consortium in a deal that underscores the flagging fortunes of fast-food companies as they engage in a tough battle for fickle consumers.The deal, which was announced yesterday, was about one-third less than the $2.26 billion price that the group agreed to pay in July for the Miami-based burger chain, the nation's second biggest after McDonald's Corp.
The buyers -- Texas Pacific Group, Bain Capital and Goldman Sachs Capital Partners -- balked at the original price in November amid weakening sales at Burger King.
Nasdaq 100 index overhauled
New York >> The Nasdaq Stock Market replaced 15 companies yesterday in the Nasdaq 100 index, dropping semiconductor shares such as PMC-Sierra Inc. for retailers, health- care businesses and a movie studio.Vitesse Semiconductor Corp. and Applied Micro Circuits Corp. were among the chipmakers dropped from the index, the benchmark for the most actively traded U.S. equity security. Companies that were added include Ross Stores Inc., a California-based discount retailer, First Health Group Corp., a provider of health benefits to large U.S. companies, and Pixar Inc., the animation studio that made "Monsters, Inc."
About $30 billion is invested in funds tied to the Nasdaq 100, mostly through an exchange-traded fund known as the "Triple-Q" for its stock symbol, QQQ. The exchange adjusts the Nasdaq 100's membership annually.
Nasdaq's annual adjustments to the index's membership go into effect Friday. Before the changes, technology and telecommunications shares accounted for 76 percent of the index, down from 89 percent in March 2000, when the Nasdaq 100 peaked. The index has dropped almost 80 percent from its record high.
The overhaul lowered computer-related stocks' weight in the index by about 3.5 percentage points.
Converse plans to go public
WASHINGTON >> Converse Inc., which said its Chuck Taylor All Star shoes are believed to be the best-selling athletic shoes in history, announced plans yesterday to raise $86 million in an initial public offering of stock.The North Andover, Mass.-based company plans to use the net proceeds to redeem outstanding preferred stock, pay down a credit facility, fund working capital and other general corporate purposes, according to a prospectus filed with the Securities and Exchange Commission. Converse plans to apply for a Nasdaq listing under the symbol "CNVS."
