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HAWAII

IRS windfall bound for Hawaii families

Approximately 108,000 Hawaii families will be receiving advance child tax credit checks that the federal government began sending out last week.

The mailing date is based on the last two digits of the taxpayer's Social Security number. Those with the numbers 00-33 should have received checks from the July 25 mailing. Taxpayers with numbers of 34-66 will be mailed checks today. Those with the last two digits of 67-99 will be included in next Friday's mailing.

A recent tax law change in the Jobs and Growth Tax Relief Reconciliation Act increased the maximum credit from $600 to $1,000 per qualifying child and directed that taxpayers receive the increase this summer rather than waiting until they file their 2003 returns.

People who filed after April 15, such as those with extensions, will get any advance payment they are entitled to receive after the Internal Revenue Service processes their 2002 return. Taxpayers who did not claim the Child Tax Credit last year, such as those with children born this year, will not be eligible for an advance payment. However, taxpayers with children born this year can qualify for the credit when they file their return next year.

Taxpayers should notify the Post Office if they have moved since filing their last return.

Additional information can be found at www.irs.gov.

Honolulu-Tahiti flights added

Air Tahiti Nui said today it will operate three special flights in October from Honolulu to Papeete, Tahiti.

The flights, scheduled for Oct. 7, 12 and 21, are being operated in conjunction with the "Havaiiki Nui Vaa" Outrigger canoe races to be held in Tahiti, an annual event that attracts competitors and supporters from around the world.

Air Tahiti Nui, the country's international airline, said flights will depart Honolulu on the 7th and 12th at 11:40 p.m. and arrive in Papeete the next morning at 5:35 a.m. The flight on the 21st will depart Honolulu at 7:35 a.m. and arrive in Papeete at 1:30 p.m. There is no time change between Hawaii and Tahiti.

Case boosts Maui Land stake

Steve Case, the majority stockholder of Maui Land & Pineapple Co., has increased his stake in the company to 43.5 percent by acquiring 142,045 shares Monday at the price of $17.60. Case, who bought 7,500 shares in November at $13.25, now owns 3,130,626 shares.

Case, a Punahou graduate who recently stepped down as chairman of AOL Time Warner Inc., purchased the shares in both instances from Richard Cameron, who is still on the board of directors but relinquished his chairmanship at the May shareholders meeting. Cameron now controls 7.9 percent of the company.

Write-offs mean loss for Tesoro

Tesoro Petroleum Corp., which operates the largest of Hawaii's two refineries and 35 gas stations in the state, narrowed its second-quarter loss from a year ago as refining and marketing margins improved.

The San Antonio-based company posted a loss of $7 million, or 11 cents a share, from a loss of $17.9 million, or 28 cents a share, a year ago. Excluding one-time items involving debt write-offs, Tesoro earned $14 million, or 22 cents a share, in the quarter. Revenue grew 21.8 percent to $2.1 billion from $1.7 billion.

Tesoro said it paid $171 million of debt during the quarter and, as of June 30, had $129 million left on its 2003 debt reduction of $500 million.

NATION

ChevronTexaco may shed assets

ChevronTexaco Corp., the second- largest U.S. oil company, probably will announce asset sales of as much as $4 billion today to reduce debt and a writedown of its Caltex refining unit, analysts and investors said.

Chief Executive Dave O'Reilly will outline plans to sell properties from Canada to Cambodia at a meeting in New York to report second- quarter earnings.

'Finding Nemo' helps Disney beat forecasts

BURBANK, Calif. >> The Walt Disney Co. beat Wall Street estimates yesterday, posting a 10 percent increase in third-quarter profits due to strong film and television network business, but the entertainment conglomerate continues to be plagued by soft theme park revenue.

Disney reported a rise in profit to $400 million, or 19 cents a share, compared with a year ago when its profit was $364 million, or 18 cents a share. Analysts had expected a profit of 16 cents a share.

Sales for the quarter rose 6.9 percent to $6.2 billion from $5.8 billion a year ago.

Disney Chairman Michael Eisner Eisner seemed particularly buoyed by the company's current domination at the box office, where its animated smash "Finding Nemo" has earned more than $300 million and the live-action "Pirates of the Caribbean" is poised to cross the $200 million mark this weekend. Overall, studio revenues increased 5 percent to $1.4 billion and operating income skyrocketed to $71 million from $22 million during last year's third quarter.

No antitrust violations in Orbitz, Justice says

WASHINGTON >> Orbitz Inc., the Internet travel seller owned by the five U.S. biggest airlines, hasn't reduced competition or hurt ticket buyers, the Justice Department said in closing an antitrust investigation.

The department examined whether Chicago-based Orbitz would result in collusion among carriers, raise fares or become dominant in online distribution of air-travel data, said R. Hewitt Pate, assistant attorney general in charge of the antitrust division, in a statement. The probe began in 2000.

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[Hawaii Inc.]

New jobs

>> SMG Hawaii has named Jonell Saragosa as client services coordinator at the Hawaii Convention Center. She will assist meeting planners with all aspects of their conventions. Saragosa most recently served as executive assistant to the regional vice president of ANC Rental Corp., which includes Alamo Rent A Car and National Car Rental.

>> PacificBasin Communications has named Donna Kodama-Yee advertising director for Honolulu Magazine. She has worked for PacificBasin since 1999, most recently as advertising director for Hawaii Business magazine. Kodama-Yee has 16 years of advertising sales experience.

Recognition

>> Lynn and Ed Hogan, founders of Hawaii travel giant Pleasant Holidays, received the 2003 Greater Los Angeles Ernst & Young Entrepreneur Of The Year Award in the Master category. The award recognizes sustained entrepreneurship. The couple's nonprofit Hogan Family Foundation funds the Hogan Entrepreneurial Program at Chaminade University.

>> Honolulu-based Kirby Distributorship operator Salvatore Sorbera recently won a trip to Kauai from The Kirby Co. The prize was part of the company's Challenge of Champions Campaign, a yearlong promotion in which distributorships can win prizes and trips for reaching their business goals.