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HAWAII

Second quarter hiring to slip

Spring hiring by Honolulu-area employers may be down slightly this year from the second quarter of 2003, according to a Manpower Employment Outlook Survey released today.

In the company's first-quarter forecast last year, 30 percent of employers surveyed predicted they would increase hiring activity in the months that followed. This time around, 27 percent said they expected to add staff.

The majority, 63 percent, of Honolulu employers just surveyed by Manpower said they expected to maintain current staffing levels, while 7 percent said they intended to reduce their workforce in the second quarter.

For the coming quarter, local job prospects appear best in construction, transportation, public utilities, education and services. Employers in durable goods manufacturing plan to reduce staffing levels, while those in wholesale/retail trade have mixed intentions. Job levels in areas such as finance, insurance, real estate and public administration are expected to remain unchanged.

Poepoe, Kanoho receive honors

Andrew Poepoe, district director of the U.S. Small Business Administration, and state Rep. Ezra Kanoho of Kauai will receive the Native Hawaiian Chamber of Commerce 2004 'O'o awards on April 23 at the Hyatt Regency Waikiki Resort & Spa.

The 'O'o award is a symbol of recognition for Hawaiian business professionals who have excelled in the community.

Tickets for the event are $65 per person, $650 for individual tables and $1,100 for corporate tables. Proceeds will benefit NHCC programs such as scholarships, business mentoring and student internships for Native Hawaiians.

The program, which will be held in the Hyatt Regency Ballroom, starts at 5 p.m. with a silent auction. A Hawaiian buffet starts at 7 p.m. with the program beginning at 8 p.m.

NATION

Tower emerges from Chapter 11

WEST SACRAMENTO, Calif. >> Fabled music retailer Tower Records emerged from bankruptcy yesterday with its creditors owning 85 percent of the company, its debt newly trimmed by $80 million and a last hurdle cleared on the way to selling itself.

The 93-store chain launched in 1960 during the "Twist" dance craze completed the process in near-record time, resurrecting itself only 35 days after filing for a Chapter 11 reorganization in U.S. Bankruptcy Court in Wilmington, Del.

"The effective date will be set shortly, but for all practical purposes, this is the last hearing," said Tower spokeswoman Maya Pogoda, who described the hearing as "brief."

Yesterday's action means a group of creditors led by London-based Barclays Bank, and including Highland Capital Management of Dallas, AIG Global Investment Corp. of New York and MW Post Advisory Group in Los Angeles now runs Tower Records, which is being marketed for sale by Los Angeles investment banker Lloyd Greif.

AARP roots for Canadian drugs

The nation's largest seniors group launched a campaign yesterday to make cheaper Canadian drugs available to Americans.

AARP, which has 35 million members, said it will lobby drug companies, Congress and the Bush administration to legalize the imports. The group also is running TV and newspaper ads nationwide.

Increases in prescription drug prices -- the fastest-growing item in health care -- and the partisan battle over Medicare have given the topic greater prominence in Congress and on the campaign trail.

Top exec suspensions make Nortel stock dive

Shares of Nortel Networks, the biggest maker of telecommunications equipment in North America, plunged 18.5 percent yesterday after the company said it placed its top financial officers on paid leave.

Wall Street analysts said the suspension of Douglas Beatty, the company's chief financial officer, and Michael Gollogly, its controller, suggested the company faces deeper accounting troubles than investors were led to believe when Nortel announced an internal audit last October. And the analysts said the drop in shares of Nortel, which closed yesterday at $5.24, shows investors' sensitivity in light of recent corporate scandals.

"When there's a whiff of impropriety, the response is: shoot first, ask questions later,"' said Paul Sagawa, an analyst with Sanford C. Bernstein & Co. He added that while this situation may turn out to be relatively benign, "People got pretty burned on Enron, WorldCom and the others."

Concerns have Delta shares at 1-year low

ATLANTA >> Delta Air Lines' shares fell to a one-year low amid concern that higher fuel costs are creating another obstacle to the industry's recovery.

Both discount airlines' and big airlines' stock values have slipped in recent weeks as oil and jet fuel prices have risen, forcing industry analysts to lower their earnings projections.

Yesterday, the combination of last week's terrorist attack in Spain and pessimistic comments from Delta and Continental helped push Delta's shares down to levels not seen since the looming war in Iraq raised the specter of airline bankruptcies.

Delta's shares fell 12 percent to $7.76.