---

[ FAST FACTS HAWAII ]

---

BACK TO TOP
|

HAWAII

Chevron raises offer, Unocal board accepts

LOS ANGELES » Unocal's board of directors recommended yesterday that its shareholders accept a last-minute, $17 billion merger bid from Chevron, rejecting a higher offer from China's third-largest oil company.

Chevron boosted its offer by $2 per share shortly before the Unocal board met last night, raising its bid to $63 per share, or more than $17 billion. The company originally bid about $16.6 billion in April.

NATION AND WORLD

HP will cut 10 percent of staff

SAN FRANCISCO » Hewlett-Packard announced yesterday that it will lay off 14,500 workers, or nearly 10 percent of its staff, in the next 18 months as part of a restructuring plan that the company's executives hope will turn around the struggling fortunes of the giant computer and printer maker.

The cuts come four months into the tenure of Mark V. Hurd, who took over as chief executive on April 1 after the board dismissed Carly Fiorina for failing to carry out an ambitious corporate strategy to compete with the likes of IBM and Dell.

The company also announced that starting Jan. 1, it would no longer contribute to the pension plans of its employees in the United States.

Hurd said the layoffs would be felt worldwide. The majority of Hewlett's employees -- 93,000 out of a total force of 151,000 -- work in offices abroad.

Guidant deal might be delayed

TRENTON, N.J. » Health care giant Johnson & Johnson said yesterday that second-quarter profit rose 9 percent on strong sales of medical devices and consumer products, as well as on double-digit sales growth overseas in all three of its divisions.

Meanwhile, J&J Chief Financial Officer Robert J. Daretta for the first time hinted the company's planned acquisition of troubled pacemaker and defibrillator maker Guidant Corp. might be delayed. Guidant last month recalled 11 implantable defibrillator models because of faulty mechanisms, two linked to deaths, and on Monday warned that nine pacemaker models may need to be replaced because of possible malfunctions.

China boomed 9.5% in quarter

China's economic growth unexpectedly picked up in the second quarter as exports surged and investment in power plants, mines and factories gathered pace.

Gross domestic product rose 9.5 percent from a year earlier after climbing 9.4 percent in the first quarter, the National Bureau of Statistics said in Beijing. That beat the median 9.2 percent gain forecast in a Bloomberg survey of 13 economists.

Huge paper company plans to shrink itself

STAMFORD, Conn. » International Paper Co. announced a sweeping restructuring plan yesterday that will dramatically shrink the world's largest paper company in an effort to boost profits and cut debt by focusing on core businesses.

The strategy involves selling $8 billion to $10 billion in assets, including millions of acres of forestland around the country, closing mills and possibly relocating its headquarters. Substantial job cuts are expected.

The move is the latest effort to cope with weak demand and higher costs in the paper industry. IP and other companies have shut plants, cut thousands of jobs, sold timberlands and other assets and consolidated in recent years.

SABMiller buying stake in Bavaria SA

LONDON >> SABMiller PLC said yesterday it is acquiring a controlling stake in Bavaria SA, South America's second-largest brewer, in a deal worth about $5.6 billion.

The acquisition gives the London-based maker of Miller beer a major footprint in Latin America, a key growth area and an important market for it to compete with InBev SA, the world's biggest brewer by volume.

SABMiller said it was buying a 72 percent stake in Bavaria from Santo Domingo Group for $3.5 billion. Santo Domingo Group is taking a 15.1 percent stake in SABMiller, the world's third-biggest brewer after Anheuser-Busch Cos.

Following completion of the transaction, SABMiller plans a cash offer to minority shareholders in some subsidiaries. The company estimated those transactions would cost $2.1 billion.

Wal-Mart to operate nonlending bank

Wal-Mart Stores Inc. applied to operate a bank in Utah to process debit, credit and electronic check transactions rather than pay third parties to handle them.

The bank, to be based in Salt Lake City, wouldn't open branches or engage in lending, said Alan Whitchurch, who would serve as its president. It would accept some deposits from charities and nonprofits.

---

[ HAWAII INC. ]

PROMOTIONS

» McNeil Wilson Communications Inc. has promoted Lea Okudara to corporate/public affairs division assistant account executive. She will be responsible for working with clients including the Polynesian Cultural Center, Coldwell Banker Properties and Vanpool Hawaii. She previously served as an account coordinator.

» Central Pacific Bank has announced the following recent promotions and new hires: Richard M. Fukuda has been promoted to the company's risk management division senior vice president and manager. Robert M. Sato has been hired as the company's senior vice president and mainland credit administrator. N. Jennifer J. Macaraeg has been promoted to assistant vice president and investment consultant. Katherine G. Miyake has been promoted to assistant vice president and Lihue branch manager. Catherine D. Sakata has been hired as the assistant vice president and operations officer for the company's services support department in the California region. Alison Y. Wu has been hired as the assistant vice president and senior credit underwriter and servicing officer for the company's loan processing office in Roseville, Calif.

NEW JOBS

» Kona Brewing Co. at Koko Marina has appointed Christopher M. DeVasier as restaurant assistant manager and Danny Kaukaohu Sam as aloha director for its restaurant and pub. DeVasier will be responsible for assisting the general manager in overseeing all daily operations. He previously served as the Four Seasons' assistant manager in Boston. Sam will be responsible for ensuring that guests feel welcome and comfortable. He previously served as a Foot Locker assistant manager.

» Clear Channel Radio Hawaii has appointed Preston DeCorte assistant producer for the Perry & Price Saturday Morning Show at John Dominis. He will be responsible for supporting the show's location producer and overseeing the program's interns. He previously served two years as an intern for the Perry & Price show.