EYE IN THE SKY
ASSOCIATED PRESS
Honolulu company Science & Technology International is using a blimp to spot endangered whales in the Atlantic Ocean and is being tested to hunt terrorists. A crew works with the blimp near St. Augustine, Fla.
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IN HAWAII
City Bank forms venture fund
City Bank said yesterday it has established a small business investment company, CityInvestor Services Inc., and has formed a venture capital fund, CityVenture SBIC LP.The bank, the principal subsidiary of CB Bancshares Inc., said the objective of CityVenture is to stimulate and support small business in Hawaii by investing in a portfolio of well-established private companies, primarily in mature, stable and expanding markets that are either undergoing ownership changes, are in need of expansion capital to accelerate growth or have leading market shares in consolidating industries. The initial focus will be in retail, services, technology and health care.
CityVenture applied for a Small Business Investment Company license from the U.S. Small Business Administration and received a "go forth" letter in mid-November. The initial fund size is $7.5 million. City Bank will be the general partner of the fund while CityInvestor Services will be a limited partner.
The principals of CityVenture are Dean Hirata, senior vice president and chief financial officer of CB Bancshares; Duane Kurisu, partner of Kurisu and Fergus; Richard Sherman of Esquire; and Edward Young, assistant vice president of CityVenture.
Amcon creates new subsidiary
Amcon Distributing Co., which acquired Hawaiian Natural Water Co. in December 2001, said yesterday it has created a beverage subsidiary, The Beverage Group Inc., which will market and distribute Hawaiian Springs natural spring water along with other premium beverages.Hawaiian Natural Water, which like The Beverage Group is a wholly owned subsidiary, will focus its efforts on production and marketing in Hawaii and sales in the Pacific Region and Asia. The Beverage Group will concentrate on Canada, the continental United States and Mexico.
HTA assumes no war with Iraq
The state Hawaii Tourism Authority's targets for visitor arrivals in 2003 are based on an eye-catching assumption: that the United States will not go to war with Iraq.But, at best, the issue is uncertain. American forces in the Persian Gulf will grow to 150,000 air, ground and naval troops in the next several weeks. A key report by U.N. weapons inspectors is due Monday.
Lenny Klompus, a board member of the authority and Gov. Linda Lingle's communications director, said it would seem to be more prudent to come up with numbers for targets in the event of war. The state's economy is based on tourism, and the industry took a whack after the Persian Gulf war in 1991, and after Sept. 11, 2001. Klompus noted that his opinions are his own, and that he hasn't discussed the issue with Lingle.
It doesn't make sense to set visitor targets for wartime -- or even to set a projection -- because too little is known about how long a war would last and what it would do to travel trends, said Frank Haas, tourism marketing director for the authority.
After discussion, the tourism authority's board agreed yesterday to review its targets every three months, and to establish a criteria for changing the targets.
The authority's targets currently call for 4.7 percent growth in visitor arrivals in 2003, to 6.7 million visitors from an estimated 6.4 million in 2002. The target for Japan is particularly high, at 10 percent growth.
MAINLAND
United lays off 704 flight attendants
CHICAGO >> United Airlines is eliminating an additional 704 flight attendant jobs as a result of recent flight reductions and service changes, a spokesman for the carrier said today.The latest cuts will involve about 3 percent of United's 20,000 flight attendants and increase the number of attendants who have been furloughed to 4,210, spokesman Joe Hopkins said. They take effect Feb. 22.
The previous furloughs were all voluntary, and the flight attendants' union also is seeking volunteers for the latest job actions.
Lockheed Martin posts $347 million loss
BETHESDA, Md. >> Defense giant Lockheed Martin Corp. posted a smaller loss for the fourth quarter today, but reduced its outlook for the coming year.Lockheed lost $347 million, or 77 cents per share, for the final three months of 2002. That compares with a loss of $1.5 billion, or $3.49 per share, in the year-earlier quarter, when the company took a $1.3 billion charge, related to the sale of its telecommunications division.
Raytheon profit soars on missile sales
Lexington, Mass. >> Raytheon Co., the maker of the Stinger and Tomahawk missiles, said fourth-quarter profit more than doubled as sales of missiles and sensors to the U.S. military increased.Profit from continuing operations rose to $155 million, or 38 cents a share, from $64 million, or 17 cents, a year ago. Sales at Raytheon, the No. 4 U.S. defense contractor, rose 6.1 percent to $4.62 billion, the company said in a statement.
Raytheon, which makes radar and electronics for fighter jets, warships and satellites, is benefiting from increased U.S. defense spending amid conflicts in Afghanistan and Iraq.
