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HAWAII
Tax chief pledges boost in collections The state Taxation Department, under a new director, Kurt Kawafuchi, plans to increase its annual collection of delinquent taxes by nearly one-third, to $150 million from $113 million.
Kawafuchi, who was confirmed today by the Senate Ways and Means Committee in a unanimous vote, said his short-term goal is to get the state as much cash as possible, to help with the budget crunch. The Tax Department will get involved sooner, when taxpayers fall behind on their payments, he said.
Kawafuchi said he plans to treat taxpayers and businesses fairly, and that he understands Hawaii has a relatively high tax burden.
MAINLAND
Trade gap narrows as exports rise WASHINGTON >> The U.S. trade deficit narrowed sharply in January to $41.1 billion, as a sustained drop in the value of the dollar helped boost exports and weakening consumer confidence trimmed demand for imports.
The monthly trade gap retreated 8.4 percent from the record of $44.9 billion set in December, according to government data released today. However, rising oil prices ahead of a possible war in Iraq helped keep the deficit at its second highest level ever.
"The U.S. economy is not in good shape," said Sung Won Sohn, chief economist for the Wells Fargo Bank in Minneapolis.
Although the dollar's slide against the euro, Europe's common currency, has begun to help U.S. exporters, consumer demand has weakened in the United States, as seen from a 2 percent drop in imports during January, Sohn said.
"With lower confidence (about the economy), people are cutting back on discretionary items," and that is showing up in the trade numbers, he said.
SEC expands AOL probe
NEW YORK >> U.S. federal investigators have widened the probe of AOL Time Warner Inc. and former executives David M. Colburn and Eric Keller to include alleged "aiding and abetting" of schemes by other firms to artificially inflate reported revenue, the Washington Post reported today.The newspaper, citing sources familiar with the matter, said that at the heart of the investigation by the Securities and Exchange Commission was an examination of alleged schemes in which AOL and other companies exchanged cash through sham transactions.
The Washington Post said, quoting the sources, that the expansion of the probe raises the potential exposure of AOL and the individuals involved because they could be found culpable not only for the firm's own accounting irregularities but also for the financial misconduct of others.
Boeing resumes work on long-haul jet
NEW YORK >> Boeing Co., the world's largest commercial aircraft maker, today said it will resume development of a long-haul jetliner it mothballed when air travel slumped after the Sept. 11 attacks.The 300-passenger jet -- the 777-200LR -- would fly up to 10,500 miles, allowing nonstop trips from New York to Singapore, Los Angeles to Mumbai, India, and Chicago to Sydney, Boeing said.
"It's a very successful product line, and makes Boeing squarely competitive with Airbus' 330 and 340 products," said Robert Mann, an airline consultant at R.W. Mann & Co. Airbus SAS is Boeing's chief commercial aircraft rival.
Auction houses to pay $40 million
NEW YORK >> Auction houses Sotheby's and Christie's, moving to clear the legal mess left behind by a price-fixing scandal, said yesterday they will pay $40 million to settle class-action claims by overseas customers.Each auction house will pay $20 million in the settlement, which lawyers said could involve tens of thousands of customers worldwide. A judge still must approve the deal.
The government has said the houses colluded in 1993 to end a costly rivalry.
UAL positive cash flow beats forecast
CHICAGO>>UAL Corp. Chief Financial Officer Jake Brace said today that wage concessions from labor unions helped bankrupt United Airlines turn in positive cash flow for the month of January, beating its own forecast. The company's January cash flow was a positive $1 million per day compared with its expectations of a negative $10 million to $15 million per day, Brace said at a meeting of creditors in Chicago.
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