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HAWAII
Parade of Homes entry deadline draws near

Thursday is the deadline for entries in this year's 49th annual Parade of Homes, which will take place in October.

The theme is "Get House Smart." Developers and contractors may enter a range of housing projects, from single-family homes to high rises.

For more information, call the Building Industry Association of Hawaii at 847-4666, ext. 206, or visit www.paradeofhomeshawaii.com.

NATION
Airline union to accept pay cuts

MINNEAPOLIS, Minn. » The Northwest Airlines mechanics union, in a bid to save jobs and help the airline reduce its labor costs, said yesterday that it would accept steep pay cuts.

But union negotiators said Northwest is demanding concessions beyond the 16 percent pay cuts the union proposed Thursday for the first year of a two-year deal.

Still, the offer -- coming from a union that has harshly criticized management decisions -- reflects progress in negotiations between Northwest and the Aircraft Mechanics Fraternal Association.

"This represents a major shift in AMFA's position," said John Budd, a human resources professor at the University of Minnesota's Carlson School of Management. "This certainly increases the chance of a deal."

Northwest recently laid off about 700 mechanics and related workers in the Twin Cities. Managers also have told union negotiators they want to cut another 2,000 or so jobs across the Northwest system, and save $176 million a year by reducing pay and benefits and changing work rules for those who will remain on the payroll.

"We understand the serious (financial) state of the company and the industry, and have expressed our willingness to share in the burdens necessary to meet the situation," Jeff Mathews, AMFA contract coordinator, said yesterday.

However, Mathews added, "The company must not be allowed to exploit the situation. Chief among our concerns remains the preservation of jobs."

WORLD
Yen drops on fears about recovery

The yen fell against the dollar and euro on speculation record prices for crude oil will restrain the Japanese economy.

The yen is down against 13 of 16 major currencies, including the British pound, Swiss franc and South African rand, after oil for August delivery reached $60 a barrel for a second day. Japan imports almost all its oil.

"Oil is very much keeping a cap on the yen by limiting upside in stocks," said Naomi Fink, a currency strategist in New York at BNP Paribas. "There is no real reason for the Bank of Japan to be optimistic."

Against the dollar, the yen fell to 109.04 in New York from 108.92, late Thursday, according to electronic foreign exchange trading system EBS, and finished the week 0.4 percent lower. Japan's currency also weakened to 131.86 per euro from 131.14; for the week it rose about 1.2 percent.

Japanese stocks fell in Tokyo trading. The benchmark Nikkei 225 index has risen less than 0.5 percent this year, the worst stock market performance except for the U.S. among the Group of Seven industrialized countries.