---

BACK TO TOP
|

Aloha fare sale only on Web site

Aloha Airlines is offering Internet-only special fares to the mainland and Canada that are as much as one-third off the current highest fare. For example, the special one-way fare from Honolulu to Burbank, Orange County or Oakland, Calif., is $199 before taxes.

The airline's Web site, www.alohaairlines.com, quotes the special fare at $440.50 for a round trip, including taxes and fees. For the same trip a no-advance-booking, non-special fare is $662.35 for a round trip. Other examples of the specials are neighbor islands to Las Vegas for $239 each way and Honolulu-Vancouver for $249 each way, before taxes.

Seats must be booked through the Web site by the end of the day Wednesday and the discounts are good for travel between Tuesday and Dec. 18.

Mortgage rates highest in a year

WASHINGTON >> Rates on benchmark 30-year mortgages climbed this week to the highest level in a year, slowing -- but not stopping -- refinancing activity.

The average rate on 30-year mortgages rose to 6.32 percent for the week ending Aug. 29, up from 6.28 percent last week, Freddie Mac, the mortgage giant reported yesterday in its weekly nationwide survey of mortgage rates. This week's rate marked the highest since the week ending Aug. 2, 2002, when rates on 30-year mortgages averaged 6.43 percent.

The recent upward swing in mortgage rates marks a turnaround from the middle of June, when rates on 30-year mortgages slid to 5.21 percent, the lowest level in more than four decades. Factors contributing to rising mortgage rates include: signs that the economy is picking up speed, concern about swelling federal budget deficits and disappointment on Wall Street that the Federal Reserve didn't make a deeper interest rate cut in late June, economists say.

WTO delays drug measure

GENEVA >> The World Trade Organization today delayed a decision on a measure giving poor nations access to inexpensive generic drugs, a move that would improve their ability to fight such diseases as AIDS and malaria.

The organization appeared poised late yesterday to endorse the plan after the United States dropped its objections. But WTO spokesman Keith Rockwell said later that the delegates had adjourned and it was "very unlikely" that a decision could be taken before a meeting of trade ministers from the WTO's 146 member countries in Cancun, Mexico, opening Sept. 10.

The delegates the WTO's council of intellectual property yesterday resolved a dispute among panel nations over whether poorer countries should be allowed to ignore some patent rules in importing drugs from cheaper generic manufacturers.

U.S. representatives endorsed the plan after it was amended to include safeguards against drug smuggling, a key concern of the United States and its pharmaceutical research industry.

Goodyear to cut 500 nonunion jobs

AKRON, Ohio >> Goodyear Tire & Rubber Co. said yesterday it will eliminate about 500 salaried and nonunion jobs at its North American tire operations in a bid to cut costs.

The reductions at the nation's biggest tire maker will involve management and staff positions at most of its North American manufacturing plants.

Each location is developing its own plan to make the cuts by the end of September.

Goodyear has been struggling financially -- it lost $236.9 million in the first half of the year -- and its turnaround plan includes reducing costs by $1 billion to $1.5 billion by the end of 2005. Earlier this year, Goodyear eliminated about 700 salaried positions, mostly at its Akron headquarters.

American, British lines to exchange tickets

FORT WORTH, Texas >> American Airlines and British Airways will begin selling tickets on each other's flights on Sept. 17, American said yesterday.

As part of what's called a code-sharing agreement, American will be able to sell tickets on British Airways connecting flights from London's Heathrow Airport to other destinations in Europe, Asia, Africa and the Middle East as if they were American flights.

British Airways will be able to do the same thing, connecting its passengers to U.S. locations on American flights.

The code-sharing agreement will be phased in from Sept. 17 to Oct. 26. Eventually, American will be able to tap 110 destinations served by British Airways while letting British Airways book travel to 187 U.S. locations.

Code-sharing is increasingly common in the airline industry. It is a way that airlines use to get around barriers against operating in other countries.

In other news ...

>> Automotive supplier ArvinMeritor Inc. extended its $2.2 billion hostile takeover bid of rival Dana Corp. yesterday after its original offer expired.

>> Japan's unemployment rate stood unchanged at 5.3 percent in July as the economy continued to struggle toward recovery amid falling prices and corporate restructuring.

>> NASD, formerly the National Association of Securities Dealers, proposed rules that would increase supervision of brokers who have a history of customer complaints.

>> The Philippine central bank heeded a call by President Gloria Macapagal Arroyo to crack down on currency speculators and raised interest rates banks are paid to keep money at the central bank.

>> SBC Communications and other local telephone companies asked a court to overturn federal rules that give states more authority to decide if the companies must lease networks to rivals at discounts.