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HAWAII

Waikiki still Hawaii's economic powerhouse

Waikiki produced about 8 percent of Hawaii's gross state product in 2002 and provided about 10 percent of the jobs in the state, according to the state Department of Business, Economic Development & Tourism.

"In terms of the sheer size of its economic contribution, Waikiki remains the state's flagship destination," said Ted Liu, DBEDT director. There has been strong tourism growth on the neighbor islands but Waikiki still has 44 percent of all the visitors present in the state on an average day, he said.

The new "e-report," or mini economic report, said more than 30,000 workers are employed in Waikiki and the adjacent Kapahulu area. DBEDT said the Waikiki report is the first of a series of studies of tourist destinations around the state that will be available only on its Web site at www.hawaii.gov/dbedt/ereports

Amcon to add isle coffee drink

Amcon Distributing Co. has returned to Hawaii for another drink.

The Omaha-based distributor of consumer products, which 17 months ago acquired Hawaiian Natural Water Co., said it has added a line of coffee-based beverages from Hawaii Coffee Co., producers of Royal Kona brand coffee.

In February, Amcon reached agreement with Honolulu-based Team Unlimited to license the Xterra brand name for exclusive use on a sports drink and energy bar.

Amcon has been expanding its beverage division, which began operations in December and is seeking to develop markets for its products on the mainland and in Japan. Amcon Chairman William Wright said he still considers the division to be in the startup phase and expects it to incur losses through the remainder of its fiscal year that ends Sept. 30.

Wright said construction continues on Hawaiian Natural Water's expanded warehouse and packaging facility on the Big Island.

Amcon also said it incurred a net loss for its second fiscal quarter of $273,786, or 9 cents a share, compared with net income of $90,435, or 3 cents a share, a year ago. Sales declined 8.9 percent to $177 million from $194.2 million. Amcon also declared a dividend of 3 cents a share payable June 20 to shareholders of record as of May 30.

Turtle Bay renovations get OK

The zoning committee of the Honolulu City Council gave permitting approval yesterday for further renovation at the Turtle Bay Resort on the North Shore, with some amendments.

The hotel must provide 40 free public parking stalls, an increase from the current 18 stalls, and must have stronger language on public access requirements.

The matter is expected to go before the full council for a vote in July, giving more time for review. The hotel said it is spending $60 million on renovations, bringing the property back from a time of serious disrepair.

Delta's new Honolulu route goes on sale

Delta Airlines today kicked off sales of its new Atlanta-Honolulu nonstop service with a special round-trip fare offer, $562 plus fees and taxes for a coach-class seat.

Delta said tickets must be purchased 21 days in advance and before June 2. The offer is good for travel up to Nov. 15. Travelers must also pay $47 in taxes and fees, bringing the fare to $609.

Delta said the fare is about 40 percent below its lowest non-sale published fare. Other airlines matched Delta's fare but Delta is the only one offering nonstop service on the route.

BNP Paribas chairman to resign role

Paris >> BNP Paribas SA Chairman Michel Pebereau, who turned the bank into France's largest during his 10- year tenure, will hand over the role of chief executive officer to Baudouin Prot.

Prot, 51, is currently joint managing director. He'll take over the duties of CEO "within three months," Pebereau told shareholders at the bank's annual meeting in Paris. The 61-year-old Pebereau will remain chairman.

During Pebereau's first five years running the bank BNP increased profits sevenfold.

BNP Paribas owns First Hawaiian Bank through its U.S. subsidiary, BancWest Corp.

In other news ...

>> Sales of existing homes in the U.S. rose to a record 6.68 million annual pace in the first quarter as low mortgage rates spurred buyers, according to a report from the National Association of Realtors.

>> Record low mortgage rates stoked demand for home loan refinancings last week as more Americans shored up their finances by cutting borrowing costs, according to an industry survey today. Demand for mortgages to buy homes fell marginally.

[Hawaii Inc.]

CORRECTION Friday, May 16, 2003 » Ronald Ogata is president of the Hawaii Credit Union League's Oahu Aloha Chapter. The chapter title was omitted from a Page C2 item yesterday. The Honolulu Star-Bulletin strives to make its news report fair and accurate. If you have a question or comment about news coverage, call Editor Frank Bridgewater at 529-4791 or email him at corrections@starbulletin.com.

Promotions

>> Young Brothers Ltd. and Hawaiian Tug & Barge have promoted Michele Azuma Lee to director of planning from director of operations, systems and process. She has been with the companies for 15 years.

>> HomeStreet Bank has promoted Laurice Otsuka to vice president and business banking officer at its Honolulu branch. She will provide loans and other banking services to local business customers. Otsuka has more than 18 years financial services, most recently as a business banking loan officer at HomeStreet. On the board

>> Hawaii Centers for Independent Living Executive Director Patricia Lockwood has been appointed to the Statewide Independent Living Council of Hawaii board. The council is mandated by the federal government to develop and oversee plans for independent living services in the state. The center is a nonprofit that serves clients with independent living skills training, peer counseling, advocacy, housing referral, outreach and public education.

>> Ronald Ogata has been elected chairman of the Hawaii Credit Union League, the trade association for credit unions in Hawaii and Guam.

He is president of the league on Oahu. Other directors for 2003-04 are: Vice Chairman Goro Hokama, president of the Lanai Federal Credit Union; Secretary Frederico Asuncion, president of the Maui County Employees Federal Credit Union; Treasurer Michael Asam, president of the Hawaii Community Federal Credit Union; and directors Janet Rychener, Melvin Chiba and Sylvia Young.

>> Cissy Shaner has been named president of the Friends of the Children's Justice Center of Oahu Inc. Other new officers are: Allen Kubota, treasurer, and Tom Barlow, secretary.