BACK TO TOP |
HAWAII
DBEDT expectations revised downward
State economists have issued more conservative estimates of this year's economic outlook, with major revisions in expectations for the tourism industry, according to the latest quarterly report from the Department of Business, Economic Development and Tourism.The state is expecting 100,000 fewer visitors this year than it previously projected. The state now estimates that 6.4 million travelers will come to Hawaii this year, a 1.8 percent improvement from 2001.
The state overestimated this year's visitor spending by about $122 million. The state now expects visitors to spend $10.34 billion in 2002, up 2.2 percent from $10.12 billion in 2001.
For next year, the state is also expecting 100,000 fewer visitors than it had estimated before. It is predicting arrivals will bounce 6 percent to 6.8 million. That's close to the record 6.95 million visitors that came to Hawaii in 2000. Visitor spending next year is forecast to hit $11.13 billion. That's about $130 million short of the state's earlier estimate, but it would mark a 7.6 percent rise from 2002.
Projections of the performance of the U.S. economy have weakened in the last few months, DBEDT said in its report.
Barnwell promotes Kinzler
Alexander C. Kinzler has been promoted to president of Honolulu-based gas exploration firm Barnwell Industries Inc., succeeding his father, Morton H. Kinzler, who will remain chairman and chief executive.Alexander Kinzler is also being promoted to chief operating officer. Kinzler was vice president of the publicly held company from 1986 to 1997, then executive vice president. He also became general counsel in December 2001, and will keep that role. His total salary and bonus last year was $440,000, according to a company filing with the Securities & Exchange Commission.
Morton Kinzler has served as president and chief executive of Barnwell since 1971 and chairman since 1980. His total salary and bonus last year was $587,500.
American has automated check-in
American Airlines said yesterday it has installed six self-service check-in machines at Honolulu Airport, the 66th airport to receive the machines.American passengers can use the machines to check in for their flights, receive boarding passes, select seats and check luggage.
MAINLAND
Mortgage refinancing fuels growth
NEW YORK >> A record wave of mortgage refinancing since 2000 has put money in consumers' pockets and fueled one-fifth of all U.S. economic growth since 2000, a report released today said.The biggest jolts have been to the Northeast and West Coast, where the refinancing boom has driven almost one-third of growth.
Without the refinancing boom, last year's recession would have been much more severe, according to the report by Economy.com.
Gold prices peak on war fears
NEW YORK >> Escalating tensions in Iraq lured more investors into gold, sending prices to highs not seen since 1987. The falling dollar and rising oil prices contributed to the gains.The New York Handy & Harman gold price hit $339 today, a $6 jump from yesterday.
NYSE to drop trading of shares in Kmart
DETROIT >> The New York Stock Exchange will suspend trading of Kmart Corp. common stock, leading to the company's delisting, the bankrupt retailer said yesterday.The exchange said it will suspend Kmart trading before the market opens on Thursday.
WORLD
Credit Agricole to buy Credit Lyonnais
PARIS >> Credit Agricole agreed to pay $16.5 billion to buy full control of Credit Lyonnais, creating one of Europe's biggest financial institutions and a titan of French banking.Credit Agricole offered $57.30 per share in cash and stock for the roughly 83 percent of Credit Lyonnais it doesn't already own in an attempt to knock rival suitor BNP Paribas out of a race to take over France's sixth-largest bank.
A Credit Agricole-Credit Lyonnais combination would have a 28 percent slice of France's retail banking market.
