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Junior Achievement names Inouye to Hall of Fame

U.S. Sen. Daniel Inouye will be honored at Junior Achievement's Hawaii Business Hall of Fame Awards dinner April 24 at the Sheraton Waikiki Hotel.

The special recognition as a "Friend of Business" is to acknowledge contributions to the economic success of Hawaii during his tenure in Congress, according to Junior Achievement.

Inouye joins the 2003 laureates to be inducted, including Eddie Flores Jr., president and co-founder of L&L Drive-Inn; and Chatt Wright, president of Hawaii Pacific University. The late Henry Walker Jr., retired president, chief executive officer and chairman of the board of Amfac Inc. will be honored posthumously as Legacy Laureate. Reservations for the $75 a ticket event are being taken at 545-1777, Ext. 14.

Volcano Party to begin April 25

The second annual Volcano Party Festival, a major gay event, will take place in Honolulu and Maui from April 25 to May 2.

The event, a benefit for the Maui AIDS Foundation, is receiving $50,000 in state funding this year from the Hawaii Tourism Authority, which contributes to major festivals that attract isle visitors. Venues include the Hawaii Convention Center, the Grand Waikapu Resort on Maui, the Wave Waikiki and the Waikiki Beach Marriott Resort.

Tickets and weekend passes can be purchased online at www.volcanoparty.com. Kamaaina weekend passes are available at Hula's Bar & Lei Stand, retailer 80 Percent Straight and Diamond Head Video in Waikiki. For more information, call (877) 242-4900.

Weak spending shrinks trade gap

WASHINGTON >> The limping economy is showing no meaningful signs of revival, the latest batch of reports suggests.

Shoppers were tightfisted in March based on disappointing sales figures reported by the nation's largest retailers. New claims for unemployment benefits fell last week, but are still at a high level, pointing to a sluggish job market. And, the U.S. trade deficit, while narrowing in February, was still the third highest on record.

With shoppers fixated on war news and worried about keeping their jobs, the nation's retailers reported today that they suffered another month of disappointing sales in March. Unseasonably cold weather also hurt merchants.

Separately, the Labor Department said that new claims for unemployment benefits fell last week by a seasonally adjusted 38,000 to 405,000. But even with last week's drop, the level of claims were still high enough to suggest that the job market remains lackluster. Claims over the 400,000 mark are generally associated with a weak labor market.

In a third report, the Commerce Department said the trade deficit narrowed in February to $40.3 billion as prewar jitters crimped Americans' demand for foreign-made goods.

American Airlines sweetens union offer

DALLAS >> American Airlines, trying to win employee approval of labor concessions and keep the company out of bankruptcy, has sweetened its offer to workers with future bonuses if the carrier's financial situation improves.

The airline said yesterday that the union representing 34,000 ground workers accepted the offer and that pilots and flight attendants were still considering it.

American, the world's largest carrier, says it must cut $1.8 billion in annual labor costs to avoid bankruptcy, with the bulk of the savings coming from its three main unions. Last week, American agreed with leaders of those unions on six-year deals that call for layoffs, upfront wage cuts as high as 23 percent, and reduced benefits.

American offered yesterday to pay annual bonuses, or a "variable wage adjustment," of up to 4.5 percent beginning in 2006 if the company's credit ratings improve to levels before Sept. 11, 2001.

News Corp. gains control of DirecTV

LOS ANGELES >> News Corp. agreed yesterday to acquire control of Hughes Electronics Corp. and its DirecTV service, the nation's largest satellite television provider, in a $6.6 billion cash and stock deal.

The proposed deal would give News Corp. access to DirecTV's more than 11 million subscribers and conclude media titan Rupert Murdoch's three-year effort to gain a U.S. outlet for his global satellite television network.

News Corp. will acquire 34 percent of DirecTV parent Hughes Electronics, a subsidiary of General Motors Corp., by purchasing 19.9 percent of Hughes shares owned by GM. News Corp. also will offer to buy 14.1 percent of Hughes shares owned by the public.

News Corp. will pay about $14 per share, making the deal worth about $6.6 billion. The company will then transfer its interest in Hughes to its Fox Entertainment Group subsidiary.

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[Hawaii Inc.]

NEW JOBS

>> University Health Alliance has hired Howard K.F. Lee as chief operating officer. He formerly was the vice president and controller for Magoon Estate and manager of Coopers & Lybrand CPAs.

>> SMG Hawaii has hired Kristi Manguchei as catering sales manager and Carol Brittingham as sales coordinator for the Hawaii Convention Center. Manguchei will be responsible for promoting the center's food and beverage department. Brittingham is responsible for assisting the center's sales managers. Manguchei most recently served as assistant director of operations for Panache, a local destination management company. Brittingham was assistant systems analyst for the Hyatt Regency Waikiki Resort & Spa for 14 years.

>> Charter Funding of Hawaii has hired Marilee Leimel as loan processor, and Julie A. Broyles and Steve Kershner as loan officers in its Kauai office. Leimel has worked for 20 years as an underwriter in the residential mortgage industry. Broyles has eight years of financial experience with knowledge in paralegal, meditation and tax preparation. Kershner was an area manager for Sharper Image for 16 years.

PROMOTIONS

>> Aston Hotels & Resorts Hawaii has promoted Curt Cavanaugh to director of management information systems from the position of senior analyst. He will be responsible for overseeing the MIS department.

>> CB Richard Ellis Hawaii Inc. has promoted Angela D. Boncales to associate in its office properties division. She joined the company in 1997 and was most recently a marketing specialist. Boncales assists the office properties team in identifying potential tenant candidates for specific buildings.