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IN HAWAII

Bond refinancing to save state $2.6 mil

The state has sold $44.9 million worth of highway revenue refinancing bonds at an interest cost of 3.45 percent.

In announcing the refinancing, Gov. Linda Lingle said the bonds, which will refinance previously issued highway bonds, will save the state about $2.6 million by reducing the debt expenses of the state Department of Transportation.

The bonds were underwritten by A.G. Edwards & Sons and most of them were insured. The insured bonds received AAA ratings from Moody's, Standard & Poor's and Fitch Ratings, said Georgina Kawamura, state budget director.

Hawaiian, American share e-tickets

Hawaiian Airlines and American Airlines have begun sharing electronic ticketing.

Since yesterday, each airline has been able to issue e-tickets for the other, for flight itineraries that use both airlines.

Previously, a shift to a paper ticket was required when changing from one of the airlines to the other.

Hawaiian said that by April 23 most U.S. travel agencies will be able to e-ticket for trips using American and Hawaiian, such as an American flight from the mainland linking to a Hawaiian interisland flight. Hawaiian said it hopes to reach similar e-ticketing agreements with other airline partners as the year progresses.

ON THE MAINLAND

Continental drop may be ill omen

CHICAGO >> A sharp decline in bookings at Continental Airlines attributed to the U.S.-led war with Iraq may presage ugly results for other U.S. airlines, analysts said today.

Continental said yesterday that unit revenue fell an estimated 11 percent to 13 percent in March from a year earlier, mainly because of fewer bookings ahead of the war and after it started.

"These are really, really ugly numbers," said Ray Neidl, airline analyst at Blaylock & Partners. "I think this might be a fair indicator for the rest of the industry, at least for the network carriers."

Tyco sues former financial officer

NEW YORK >> Tyco International Ltd. filed a $400 million lawsuit against its former chief financial officer Mark Swartz today, alleging he improperly took company funds and acted with Tyco's former chief executive to hide wrongdoing.

The suit, filed in Manhattan federal court, accuses Swartz of breach of fiduciary duty, fraud, unjust enrichment and other misconduct.

First Data to buy Concord EFS

NEW YORK >> First Data Corp., which owns money transfer company Western Union, said today it would acquire Concord EFS Inc. for $7 billion, giving the combined company more than two-thirds of the market for processing ATM transactions for retailers.

The all-stock deal would unite First Data's majority interest in the NYCE automated teller machine network with Concord's rival STAR, MAC and Cash Station networks. First Data is also the largest U.S. processor of credit card transactions. Shares of Concord gained nearly 5 percent today, and First Data closed up less than 1 percent.

UBS Warburg analyst Adam Frisch said there could be regulatory hurdles. A merged First Data and Concord would account for about 70 percent of point-of-sale transactions, when a customer makes a purchase with an ATM card, common at supermarkets and gas stations.

Baywest Equities buys warehouse site

Real estate investment firm Baywest Equities, with offices in Honolulu and San Francisco, said yesterday it has purchased Cooley Ranch, a 450,000-square-foot warehouse property in Colton, Calif., for $17.2 million.

The warehouse is currently leased by Stater Bros., a Southern California supermarket chain. Earlier this year, Baywest acquired three industrial properties in California for $27 million. It also plans to spend an additional $75 million to $100 million this year for other industrial and residential projects.

Baywest's Hawaii properties include the Bamboo, a 93-room boutique hotel in Waikiki; the Royal Palm at Waipio, a 318-unit fee-simple residential townhome development on Oahu; and 95 fee-simple townhomes at the Kailua Bay Resort on the Big Island.