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AOL’s Parsons to address UH
AOL Time Warner Chief Executive Richard Parsons will speak at the University of Hawaii at Manoa's commencement ceremony May 18, the university said.
Parsons attended the university from 1964 to 1968, but did not graduate. He had been invited to give the speech last year, but could not, and promised instead to come in 2003, said Paul Costello, UH vice president for external affairs.
As part of the commencement, Parsons will be awarded an honorary doctorate, Costello said.
"It's a great coup," he said. "For the head of the largest media company in the world to give the speech at Manoa is a tremendous opportunity."
After attending UH, Parsons earned his law degree from Union University law school in 1971. In May 2002, he was promoted from co-chief operating officer of AOL to chief executive. Two days before the commencement address, Parsons will add the chairman title at AOL, taking over from Honolulu-born Steve Case.
HAWAII
Crowell to head Bankoh team
Bob Crowell, an executive vice president of Bank of Hawaii, has been appointed head of the tax-free, fixed-income team and portfolio manager of Hawaiian Tax-Free Trust.Crowell, who has been with the bank for 33 years, currently is the bank's treasurer and manages the bank's fixed-income investment portfolio.
Hawaiian Tax-Free Trust, which is part of the bank's Asset Management Group, was founded 18 years ago by Aquila Management Corp. The trust has nearly 12,000 shareholders and more than $725 million in assets.
CitiStreet selected to administer compensation plan
The Hawaii Deferred Compensation Plan board has selected CitiStreet LLC to replace Hawaii Benefits Inc. as the plan's new third-party administrator. The third-party administrator is responsible for providing marketing, enrollment, education and record-keeping services to participants.CitiStreet's selection will save participants at least $865,000 in the first year of the contract compared with current amounts charged by HBI, the board said. CitiStreet's selection also will save participants approximately $400,000 a year compared with what the next-lowest bidder was offering. The plan allows eligible state employees, as well as employees of the counties of Hawaii, Maui and Kauai, to defer compensation for retirement savings.
The initial selection of CitiStreet in September -- and subsequent November contract -- drew two protests and resulted in the Attorney General's Office determining the board had violated the state Sunshine Law. The Sunshine Law requires the governing boards of governmental bodies to advertise their meetings, and to hold all meetings in the open so that members of the public can attend.
The board, which is responsible for the overall administration of the plan and the selection of the investment products offered, ultimately voided the November contract and re-evaluated and rescored the proposals at its Jan. 29 meeting. CitiStreet's proposal was again selected and the board signed a new contract with CitiStreet on Thursday.
The board anticipates that the plan, barring any additional protests, will be transitioned from HBI to CitiStreet on July 1.
MAINLAND
Dole to finance Murdock's buyout
Westlake Village, Calif. >> Dole Food Co. plans to sell $375 million of senior notes to help finance Chief Executive David Murdock's buyout of the company, the world's largest fruit and vegetable producer.DHM Holding Co., the holding company Murdock set up to own Dole after the transaction, plans to sell $75 million of senior notes. Neither issue will be subject to certain regulatory requirements, Dole said in a statement distributed by Business Wire.
Shareholders will meet later this month to approve Dole's buyout. In December, Murdock agreed to acquire the 76 percent stake he and his family didn't already own for about $2.5 billion in cash and debt. The price was about 14 percent greater than he had first proposed.
Gold prices soar on global unrest
New York >> Gold prices rose after bombings in the Philippines and tensions in North Korea sparked demand for the precious metal as a haven."The gold market is being news-driven," said Kevin Grady, head gold trader at Refco Inc. in New York in Bloomberg News report. "Anything that adds uncertainty is helpful."
Gold for April delivery rose $4.20 to $353.50 on the New York Mercantile Exchange. Gold futures, which have retreated from a six-year high of $379.90 on Feb. 4, were 19 percent higher than at this time in 2002. New York's Handy & Harman gold price leaped $7.90 to $353.40 today.
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