Honolulu Star-Bulletin Business

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HAWAII
Another ML&P official leaves

Maui Land & Pineapple Co. continued a recent string of managerial and operational changes by announcing the immediate resignation of a board member yesterday.

Randall G. Moore, who had served as an ML&P director since 1994, resigned, citing time conflicts with his work as a teacher at Central Middle School.

"Randy is an outstanding business thinker and educator," said David C. Cole, chairman, president and chief executive of ML&P. Cole assumed leadership of the company in October 2003.

ML&P thanked Moore for his service.

Moore, who could not be reached for comment, has joined the list of recent management changes at the company.

John P. Kreag, the company's corporate treasurer, resigned in March to pursue other business interests. That was followed by the June retirement of Paul Meyer, the company's executive vice president in charge of finance.

The company also had a major management reshuffle in 2003 when former President and Chief Executive Gary Gifford retired. Chairman Richard Cameron also stepped down while retaining his directorship and David Heenan, a trustee of the Estate of James Campbell, replaced Cameron as a nonexecutive chairman.

ML&P, which has about 2,000 employees, operates the only pineapple cannery in the United States and owns about 29,000 acres on Maui, including the Kapalua Resort.

NATION
Yahoo sold $191M in Google stock

Yahoo Inc. said yesterday it sold $191 million in Google Inc. stock in that company's initial public offering, cashing out some of the 2.7 million shares Google gave Yahoo this month to settle two disputes.

Yahoo sold 2.3 million of the Class A shares last week at $82.62 apiece. Google shares began trading on Aug. 19, following its IPO.

In exchange for giving Yahoo 2.7 million shares on Aug. 9, Google got a perpetual license to Yahoo's patent on matching online advertisements to Web-search results. Yahoo, of Sunnyvale, Calif., also agreed to drop another dispute over warrants to purchase shares that Google granted it under a partnership signed in 2000.

Goodrich workers OK concessions

PITTSBURGH >> Union workers at four older BF Goodrich tire plants approved contract concessions that will cut labor costs at the plants about 20 percent, a savings of $60 million a year.

The United Steelworkers of America said yesterday 70 percent of the 3,400 union workers at tire plants in Woodburn, Ind., and Tuscaloosa and Opelika, Ala., approved the pact, which runs through July 2006.

About 1,000 union workers at a plant in Kitchener, Ontario, backed a similar deal Monday.

Officials at BF Goodrich's French parent company, Michelin, didn't offer specific details, but said employees agreed to health care, pay and staffing concessions.

Pilots union will restart talks with US Airways

The US Airways pilots' union said last night that it would resume talks with the struggling airline, which is urging its unions to grant $800 million in cuts to save it from another bankruptcy filing.

The pilots' union leadership made the decision to return to the bargaining table at the end of a three-day meeting in Arlington, Va., according to a statement from the Air Line Pilots Association. It said talks were expected to resume immediately.

"We realize the necessity of returning our airline to profitability," Jack Stephan, a spokesman for the union, said in the statement. He described the talks thus far as "extremely difficult, but not impossible."

In response, US Airways said it remained "absolutely committed" to reaching an agreement with the pilots, but maintained it had to realize its cost-saving targets.

"We will work through the weekend if necessary to resolve the remaining differences, but we must emphasize that delay and denial are not in anyone's best interests," an airline spokesman, David Castelveter, said in the company's statement.

Negotiations broke off last Sunday between the union and the airline, which has refused to budge from demands that the pilots grant $295 million in annual wage and benefit concessions.

WORLD
Thai Airways plans to buy planes

Thai Airways has agreed to buy six Airbus A380s, becoming the 13th airline to order the new "superjumbo" airplane, the European aircraft maker said yesterday.

Thai Airways International Ltd. signed a memorandum of understanding to acquire six of the 555-seaters in 2008 and 2009, as well as two A340 long-range jets, Airbus said in a statement.

The deal is worth up to $2.1 billion at list prices. But Airbus spokesman Tore Prang said final details of the order had yet to be negotiated with the airline.

The Airbus statement said Thai Airways planned to use the A380s on long-haul routes from Bangkok to European destinations.

Indian truckers end massive, damaging strike

Indian truckers, who haul three-fifths of the nation's goods, called off a nationwide strike, ending an eight-day protest that hampered factory production and was set to expand to food shipments.

"The government has reached an agreement with the truckers to form a committee to look into all their demands," Finance Ministry Revenue Secretary Vineeta Rai told reporters.

Three million truckers stayed off the roads to protest a 10 percent services tax that included their cargo bookings. They were threatening a three-month strike, set to expand today to vehicles carrying vegetables, drugs and other essential goods.

An extended strike may have thwarted government efforts to curb the fastest inflation in 3 1/2 years and curtailed India's fastest economic growth in 15 years. The central bank is forecasting 7 percent inflation in the year that began April 1.

Court overturns $454M verdict against CompUSA

A state appeals court has overturned a $454.5 million jury verdict against CompUSA, Mexican billionaire Carlos Slim Helu and Slim's associates, who were accused of derailing another company's plans to open CompUSA stores in Mexico.

A trial judge had already thrown out the verdict against CompUSA and its former chief executive Jim Halpin shortly after it was handed down in 2001. That judge also substantially reduced the amounts the rest had to pay. But plaintiff COC Services Ltd. appealed.

COC, a company that three Dallas businessmen formed to open CompUSA stores, charged that Slim derailed its exclusive agreement to open CompUSA stores in Mexico. They said he pretended to be interested in backing their venture but instead used them to gain insider financial information about CompUSA, which he bought a few months later for $800 million.

In the latest ruling, an appeals court on Thursday affirmed the trial judge's ruling that CompUSA did nothing wrong and reversed the judgments against Slim and two of his holding companies.

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Business Briefs Reported by Star-Bulletin staff & wire [ FAST FACTS HAWAII ] BACK TO TOP \| HAWAII Another ML&P official leaves Maui Land & Pineapple Co. continued a recent string of managerial and operational changes by announcing the immediate resignation of a board member yesterday. Randall G. Moore, who had served as an ML&P director since 1994, resigned, citing time conflicts with his work as a teacher at Central Middle School. "Randy is an outstanding business thinker and educator," said David C. Cole, chairman, president and chief executive of ML&P. Cole assumed leadership of the company in October 2003. ML&P thanked Moore for his service. Moore, who could not be reached for comment, has joined the list of recent management changes at the company. John P. Kreag, the company's corporate treasurer, resigned in March to pursue other business interests. That was followed by the June retirement of Paul Meyer, the company's executive vice president in charge of finance. The company also had a major management reshuffle in 2003 when former President and Chief Executive Gary Gifford retired. Chairman Richard Cameron also stepped down while retaining his directorship and David Heenan, a trustee of the Estate of James Campbell, replaced Cameron as a nonexecutive chairman. ML&P, which has about 2,000 employees, operates the only pineapple cannery in the United States and owns about 29,000 acres on Maui, including the Kapalua Resort. NATION Yahoo sold $191M in Google stock Yahoo Inc. said yesterday it sold $191 million in Google Inc. stock in that company's initial public offering, cashing out some of the 2.7 million shares Google gave Yahoo this month to settle two disputes. Yahoo sold 2.3 million of the Class A shares last week at $82.62 apiece. Google shares began trading on Aug. 19, following its IPO. In exchange for giving Yahoo 2.7 million shares on Aug. 9, Google got a perpetual license to Yahoo's patent on matching online advertisements to Web-search results. Yahoo, of Sunnyvale, Calif., also agreed to drop another dispute over warrants to purchase shares that Google granted it under a partnership signed in 2000. Goodrich workers OK concessions PITTSBURGH >> Union workers at four older BF Goodrich tire plants approved contract concessions that will cut labor costs at the plants about 20 percent, a savings of $60 million a year. The United Steelworkers of America said yesterday 70 percent of the 3,400 union workers at tire plants in Woodburn, Ind., and Tuscaloosa and Opelika, Ala., approved the pact, which runs through July 2006. About 1,000 union workers at a plant in Kitchener, Ontario, backed a similar deal Monday. Officials at BF Goodrich's French parent company, Michelin, didn't offer specific details, but said employees agreed to health care, pay and staffing concessions. Pilots union will restart talks with US Airways The US Airways pilots' union said last night that it would resume talks with the struggling airline, which is urging its unions to grant $800 million in cuts to save it from another bankruptcy filing. The pilots' union leadership made the decision to return to the bargaining table at the end of a three-day meeting in Arlington, Va., according to a statement from the Air Line Pilots Association. It said talks were expected to resume immediately. "We realize the necessity of returning our airline to profitability," Jack Stephan, a spokesman for the union, said in the statement. He described the talks thus far as "extremely difficult, but not impossible." In response, US Airways said it remained "absolutely committed" to reaching an agreement with the pilots, but maintained it had to realize its cost-saving targets. "We will work through the weekend if necessary to resolve the remaining differences, but we must emphasize that delay and denial are not in anyone's best interests," an airline spokesman, David Castelveter, said in the company's statement. Negotiations broke off last Sunday between the union and the airline, which has refused to budge from demands that the pilots grant $295 million in annual wage and benefit concessions. WORLD Thai Airways plans to buy planes Thai Airways has agreed to buy six Airbus A380s, becoming the 13th airline to order the new "superjumbo" airplane, the European aircraft maker said yesterday. Thai Airways International Ltd. signed a memorandum of understanding to acquire six of the 555-seaters in 2008 and 2009, as well as two A340 long-range jets, Airbus said in a statement. The deal is worth up to $2.1 billion at list prices. But Airbus spokesman Tore Prang said final details of the order had yet to be negotiated with the airline. The Airbus statement said Thai Airways planned to use the A380s on long-haul routes from Bangkok to European destinations. Indian truckers end massive, damaging strike Indian truckers, who haul three-fifths of the nation's goods, called off a nationwide strike, ending an eight-day protest that hampered factory production and was set to expand to food shipments. "The government has reached an agreement with the truckers to form a committee to look into all their demands," Finance Ministry Revenue Secretary Vineeta Rai told reporters. Three million truckers stayed off the roads to protest a 10 percent services tax that included their cargo bookings. They were threatening a three-month strike, set to expand today to vehicles carrying vegetables, drugs and other essential goods. An extended strike may have thwarted government efforts to curb the fastest inflation in 3 1/2 years and curtailed India's fastest economic growth in 15 years. The central bank is forecasting 7 percent inflation in the year that began April 1. Court overturns $454M verdict against CompUSA A state appeals court has overturned a $454.5 million jury verdict against CompUSA, Mexican billionaire Carlos Slim Helu and Slim's associates, who were accused of derailing another company's plans to open CompUSA stores in Mexico. A trial judge had already thrown out the verdict against CompUSA and its former chief executive Jim Halpin shortly after it was handed down in 2001. That judge also substantially reduced the amounts the rest had to pay. But plaintiff COC Services Ltd. appealed. COC, a company that three Dallas businessmen formed to open CompUSA stores, charged that Slim derailed its exclusive agreement to open CompUSA stores in Mexico. They said he pretended to be interested in backing their venture but instead used them to gain insider financial information about CompUSA, which he bought a few months later for $800 million. In the latest ruling, an appeals court on Thursday affirmed the trial judge's ruling that CompUSA did nothing wrong and reversed the judgments against Slim and two of his holding companies.	— ADVERTISEMENTS — — ADVERTISEMENTS —

HAWAII Another ML&P official leaves

NATION Yahoo sold $191M in Google stock