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Nasdaq, Archipelago talk about a merger
New York >> The Nasdaq Stock Market, the world's first electronic stock market, may buy Archipelago LLC or another rival to boost market share as trading volume has slid 30 percent this year, executives of the two companies said."We've talked with just about anyone active in the market" about combining companies, said Nasdaq President Richard Ketchum, who added that Nasdaq's board supports a merger that would build trading volume. "It's hard to look at this environment and not conclude that there will be more consolidation."
Falling share prices and the slide in trading have forced companies such as Nasdaq and Archipelago to slash fees as much as 90 percent to boost market share. A merger would help Nasdaq increase its revenue after spending $107 million to create a new trading system, SuperMontage, which it unveiled in October.
Three transactions last year have already helped consolidate the industry: Instinet Group's $508 million purchase of Island ECN Inc., Archipelago's merger with fellow ECN RediBook LLC for an undisclosed price, and Sungard Data Systems Inc.'s $100 million acquisition of Brut LLC, an ECN that was owned by 25 broker dealers including Merrill Lynch & Co. and Morgan Stanley.
Lowe's profit leaps 46 percent
ATLANTA >> Lowe's Cos., the No. 2 home-improvement retailer, said today quarterly profit rose a sharper-than-expected 46 percent and full-year earnings would surpass Wall Street estimates as it moves into New York and other large U.S. cities.Investors said the results show Lowe's is making inroads against industry leader Home Depot Inc. as it opens stores in Boston, greater New York and other lucrative markets dominated by its larger rival.
Lowe's, which has more than 850 stores, sees more growth opportunities in big cities. It said just 22 percent of its stores were in the 25 largest U.S. markets on Jan. 31, the end of its fiscal year. This year, it expects 65 percent of its 130 new stores to open in the top 100 U.S. markets. It has a store at Waikele on Oahu.
Lowe's earned $319.4 million, or 40 cents a share, for the three months ended Jan. 31, up from $218.4 million, or 28 cents a share, in the year-ago period. Analysts surveyed by Thomson First Call anticipated earnings of 33 cents per share.
JAPAN
Japan airline expects bigger loss
TOKYO >> All Nippon Airways Co. said today it expects its net loss this fiscal year to reach &YEN35 billion ($294 million), nearly twice earlier forecasts, due to industry competition.Japan's second largest carrier said competition to fill flights forced it to increase marketing outlays, and led to the earnings revision from the previous forecast for a loss of &YEN18 billion ($151 million) for the year ending March 31.
The airline has faced fierce competition at home with Japan Airlines System Corp., which was formed by a merger of two major carriers and is strong in both local and international travel.
To cut costs, ANA said it would overhaul its salary structure and pension plan, rethink its domestic routes and eliminate 1,200 jobs by October 2005. The measures are expected to save the company &YEN30 billion ($252 million) over three years, it said.
Economy and war fears to keep hiring sluggish
MILWAUKEE >> The poor economy and the threat of war with Iraq will likely cause U.S. employers to hesitate when it comes to hiring this spring, a new employment survey finds.The job market will improve but is likely to stay sluggish in the second quarter of 2003, according to Manpower's quarterly survey of 16,000 busi- nesses, set for release today.
The survey found that 22 percent of employers expect to hire more people during the second quarter, while 9 percent intend to cut their work force. Other firms will keep their work force the same or are uncertain about hiring prospects.
In a previous study of prospects for this year's first quarter, 20 percent of employers said they expected increased hiring, while 12 percent intended to cut their work force.
For the second quarter of last year, 21 percent expected to add employees, and 10 percent of employers saw job cuts.
Several factors favor easing of gas prices
CAMARILLO, Calif. >> Gas prices rose 7 cents per gallon over the past two weeks, pushing pump prices to near record levels, but the upward pressure on prices may be easing, an industry analyst said yesterday.The average weighted price for gas nationwide, including all grades and taxes, was approximately $1.70 per gallon Friday, according to the Lundberg Survey of 8,000 stations nationwide. That price is within 7 cents of $1.77, the all-time high recorded by the survey on May 18, 2001.
Gasoline cost about $1.63 a gallon on Feb. 7, the date of the last Lundberg Survey, an increase of 11 cents over the previous two-week survey.
Increased production in Venezuela, the approach of spring and the reopening of U.S. refineries that had been idled for maintenance should help slow or end the price spiral, Trilby Lundberg said.
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[Hawaii Inc.]
New jobs
>> Jamie Brown has formed a new company named Hawaii Commercial Real Estate LLC. He has been in the industry for 11 years.>> Kuakini Medical Center has named Kenneth Tokars environmental services manager. He will oversee groundskeeping, housekeeping, linen, laundry, painting and transport services. He has more than 30 years of experience in the environmental services industry.
>> City Bank has hired Daren Suzuki as the bank's investment services division financial consultant. He will be responsible for financial planning. He was previously a Central Pacific Bank financial advisor. Also at City Bank, Stacey Suzui has been promoted to assistant vice president. She will assume greater responsibility in planning marketing programs and in training. She joined the bank in 2001.
>> SMG Hawaii has added four Hawaii-based staff to its Hawaii Convention Center sales team: Lorrie Campbell, national sales manager; June Matsumoto, Asia Pacific sales manager; Helena Wu, sales coordinator; and Gary Uyeda, client services manager. The company also has hired five mainland-based regional sales managers: Angela Jackson, Washington D.C. regional sales office; Todd Bertka, Chicago regional sales office; Elizabeth Copti, Philadelphia regional sales office; Maria Rivera, Maryland regional sales office; and Robb Huff, California regional sales office.
On the board
>> David M. Sayre, managing director of PRWorks in Honolulu, has been elected chairman of the travel and tourism section of the Public Relations Society of America.
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