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March 31, 2008

Aloha Airlines to stop flying Monday; CEO calls it

Filed under: term — Tags: , , — Gladiator @ 6:55 am

Aloha Airlines will stop flying Monday after serving Hawaii travelers for 61 years.

The airline announced Sunday it will shut down after flying its inter-island routes Monday but will not fly its routes to California and Nevada after Sunday. By Monday night, Aloha will have flown its last passenger.

United Airlines and Hawaiian Airlines said they would honor Aloha's tickets and would try to accommodate Aloha passengers with existing reservations. Hawaiian Airlines said it would fly extra flights early in the morning and late at night to meet inter-island demand.

In a news release Sunday, airline president and chief executive officer David Banmiller said the company did everything it could to find a buyer or financing, but ran out of time. "This is an incredibly dark day for Hawaii," he said.

The move will affect about 1,900 of its 3,400 employees, most of them in Hawaii. Honolulu-based Aloha was the state's 10th largest private employer in 2007, according to PBN research.

Aloha will continue cargo operations and aviation services while the U.S. Bankruptcy Court seeks buyers for those assets.

Aloha filed for Chapter 11 bankruptcy March 20, the second time in three years internet payday loans. Aloha blamed what it termed unfair competition from go! airlines, a subsidiary of Arizona-based Mesa Air Group Inc., and Banmiller stood by that on Sunday.

"Aloha Airlines was founded in 1946 to give Hawaii's people a choice in inter-island air transportation," he said. "Unfortunately, unfair competition has succeeded in driving us out of business, bringing to an end a 61-year-old company with a proud legacy of serving millions of travelers in the true spirit of Aloha."

Founded as Trans-Pacific Airlines, the company started with a war-surplus DC-3 that offered charter flights from Honolulu to Maui and Hilo. Nicknamed "the Aloha Airline," Trans-Pacific officially changed its name to Aloha Airlines in 1958.

The airline was started out of frustration by Honolulu businessman Ruddy Tongg, a Chinese-American who was tired of seeing Hawaii residents treated as second-class citizens while tourists — mostly white — were given favored status. Tongg made a point to hire local residents and to promote it as the friendliest for inter-island travel.

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March 28, 2008

Georgia Senate OKs income tax reduction

Filed under: finance — Tags: , — Gladiator @ 8:30 pm

The Georgia Senate on Friday stamped its approval on an income tax cut that Lt. Governor Casey Cagle said will provide broad, immediate and fair tax relief to every working Georgian.

The Senate plan will chop income taxes 10 percent across the board for each resident who pays income tax, not just those at the top rate of 6 percent. The cuts will be phased in over five years in equal, annual installments, beginning July 1, 2008. Because the same percentage cut is applied to all rates, the taxpayers who need the cut the most will receive a proportionately larger tax cut guaranteed payday loan.

"We believe this is the best tax relief option because the impact will be felt this year and virtually every good economist confirms that a broad income tax cut represents the single best fiscal policy to stimulate the economy," Cagle said. "The endorsements we received from tax reform groups validates this argument and now we look forward to providing real tax relief to Georgians this year."

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March 27, 2008

Chevron nominates new board member

Filed under: online — Tags: , , — Gladiator @ 8:00 am

Chevron Corp. said Wednesday that it has nominated retired U.S. Marine Corps Gen. James L. Jones to its board of directors.

Jones, 64, will be considered for election to Chevron's (NYSE: CVX) board at the company's annual stockholders meeting May 28.

If he is elected, the San Ramon company's board will increase from 14 to 15 members, and Jones will serve on the Public Policy Committee and the Board Nominating and Governance Committee.

The reason for expanding the board is that a handful of existing board members are nearing the mandatory retirement age for directors of 72, said a spokesman for the company, Kent Robertson.

Jones is currently president and CEO of the Institute for 21st Century Energy, which is affiliated with the U.S. Chamber of Commerce.

In that position, Jones wrote letters to Congress arguing against mandating that investor-owned utilities provide a significant amount of their power from renewable energy sources by 2020, as well as opposing a move to raise CAFE standards for cars and light trucks to 35 miles per gallon payday loan.

Prior to this job with the industry group, Jones served as the supreme allied commander, Europe, and commander of the United States European Command, NATO, from January 2003 to February 2007.

Among the directors reaching mandatory retirement age are Robert Eaton, retired chairman of the board of management of DaimlerChrysler AG, 67; Sam Ginn, retired chairman of Vodafone Air Touch PLC, 69; Franklyn Jenifer, president emeritus of the University of Texas at Dallas, 67; Sam Nunn, former U.S Senator from Georgia and co-chairman and CEO of the Nuclear Threat Initiative, 68; Donald B. Rice, CEO of Agensys Inc., 67; and Charles Shoemate, retired CEO of Bestfoods, 67.

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March 25, 2008

Molokai Ranch to close, laying off 120

Filed under: finance — Tags: , , — Gladiator @ 11:09 am

Molokai Properties Ltd. said Monday it will shut down Molokai Ranch by the end of March.

The closure will result in the laying off of 120 staff over the next two months.

CEO Peter Nicholas said the decision was "purely a business one" related to delays in approving a master plan for the 60,000-acre ranch.

Nicholas said Molokai Properties Ltd. would "mothball" the company’s assets on the ranch and close access to the property indefinitely.

Operations being closed include the Molokai Lodge, Kaluakoi Golf Course, Kaupoa Beach Village, Maunaloa Tri-Plex theater and gas station, and cattle-rearing and maintenance http://savingpaydayloans.com.

It was unclear whether Molokai Ranch’s proposed plans to build 200 luxury homes around Laau Point, opposed by many residents, will be affected by the ranch’s closure. The master plan stipulates that Laau Point would be the last development on ranch lands outside the resort area.

Attempts by PBN to reach representatives of Molokai Properties were unsuccessful on Monday.

Source

March 24, 2008

Japan Companies Say Business Conditions Are Worsening

Filed under: business — Tags: , , — Gladiator @ 8:18 am

Confidence among Japanese manufacturers fell to the lowest level in at least four years, adding to evidence that the economy's longest postwar expansion is faltering.

Sentiment among manufacturers with more than 1 billion yen ($10 million) in capital was minus 12.9 points this quarter compared with 5.2 three months earlier, a government survey showed today. That's the lowest since the report began in 2004.

Today's result may indicate the state of business sentiment before the April 1 release of the Bank of Japan's Tankan survey, the nation's most closely watched gauge of corporate confidence. That index will probably fall for a second quarter, marking the biggest drop in more than six years, according to economists surveyed by Bloomberg News.

“Manufacturers have a lot to worry about: the U.S. slowdown, the very strong yen, higher input costs,'' said Tomoko Fujii, head of economics and strategy at Bank of America Corp. in Tokyo. “The Tankan's got to be pretty weak.''

The yen traded at 99.84 per dollar at 11:57 a.m. in Tokyo from 99.52 before the report was published.

Large manufacturers plan to cut spending on factories and equipment by 6.1 percent in the year starting April 1, according to today's survey, which was jointly conducted by the Cabinet Office and Finance Ministry. They expect capital investment to rise 2.6 percent in the year ending March 31.

Pessimistic Companies

Confidence among all big companies also deteriorated, falling to minus 9.3 points from 0.5. A negative number means pessimists outnumber optimists http://us-fast-cash-now.com.

The government lowered its assessment of the economy, the world's second largest, for the second consecutive month last week as production and corporate earnings slowed.

Profits fell the most in the fourth quarter since the economy emerged from a recession in 2002, a separate report from the Finance Ministry this month showed.

The yen, which has gained 12 percent against the dollar this year, surged to a 12-year high last week on concern that the world's largest economy is headed for a recession. A stronger currency erodes the value of exporters' overseas profits when they are repatriated into yen.

The central bank's Tankan index of large manufacturer sentiment will slump to 13 points from 19 in December, according to the median estimate of 20 economists. That would be the sharpest decline since September 2001.

Unlike the Tankan, today's survey examines the degree of change in confidence from the previous quarter.

The Bank of Japan is surveying companies through the end of this month, making the Tankan Japan's most current gauge of business confidence. The government gathered most of its responses for today's report at the end of February, before the yen surged to the highest against the dollar since 1995.

That indicates the effect of the currency's gains may be more pronounced in the Tankan, said Kiichi Murashima, chief economist at Nikko Citigroup Ltd. in Tokyo.

Source

March 22, 2008

Aloha Airlines says it

Filed under: marketing — Tags: , , — Gladiator @ 1:00 pm

A day after announcing it filed for Chapter 11 bankruptcy protection, Aloha Airlines said Friday it is looking for a buyer for all or part of Hawaii’s second-largest airline.

Attorneys for the privately-owned Aloha told a federal bankruptcy judge in Honolulu that the company is seeking a buyer for its passenger, cargo and contract services.

Aloha is owned by a group of private investors, some of whom participated in the rescue of the airline from its previous bankruptcy, which began in late 2004. The biggest investor, The Yucaipa Cos. of California, is apparently unwilling to invest more than the $100 million it has already pumped into the company.

U.S. Bankruptcy Judge Lloyd King was expected to decide late Friday whether to allow Aloha to pay some creditors so that it may continue flying.

Aloha said rising jet fuel costs and a 21-month-long airfare war with Hawaiian Airlines and go! forced the company to enter bankruptcy payday loan low fee. It is the second time in three years the airline has filed for court protection; it last exited bankruptcy in February 2006.

Founded in 1946, Aloha Airlines flew 3.9 million passengers in 2007.

Aloha’s routes link the five major Hawaiian Islands and fly to Las Vegas and Reno, Nev., and San Diego, Oakland, Sacramento and Orange County, Calif.

On March 14, Aloha said it will cancel a daily flight from Sacramento to Orange County on April 1.

Also on Friday, leaders of the Hawaii House and Senate said they are prepared to consider legislation that may assist Aloha in its reorganization.

The lawmakers and Gov. Linda Lingle have expressed concern about the airline’s 3,500 employees, but offered no specific assurances for aiding the airline.

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March 19, 2008

Report: Apple considering music bundle

Filed under: business — Tags: , , — Gladiator @ 3:57 pm

Apple Inc. is considering giving users free access to its complete iTunes music library in exchange for a premium fee for the iPhone or iPod, according to reports Wednesday.

The Financial Times, citing people familiar with the matter, said the model would be along the same lines as Nokia Corp.’s "comes with music" deal.

Cupertino-based Apple (NASDAQ:AAPL) and music companies are talking price, the report said payday loans in 1 hour.

The Financial Times also said that according to research, consumers would be willing to pay up to $100 for unlimited music access during the device’s lifetime, or $7 to $8 per month for a subscription.

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March 18, 2008

Pilots: Delta-Northwest deal off

Filed under: news — Tags: , , — Gladiator @ 8:18 am

The pilots of Delta Air Lines and Northwest Airlines have not been able to agree on a deal that would pave the way for a merger between the two airlines, the Wall Street Journal reported Monday night on its Web site.

In a letter to Delta executives, the head of the pilots union said they haven't been able to negotiate a benefits and seniority agreement that would satisfy both sides, according to the report fast cash advance.

Atlanta-based Delta (NYSE: DAL) and Eagan, Minn.-based Northwest (NYSE: NWA) had been discussing a merger, but were reluctant to move forward without a labor deal with the pilots.

Delta operates a hub from the Cincinnati/Northern Kentucky International Airport.

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March 16, 2008

Tornado rocks downtown Atlanta, mayor says stay away

Filed under: money — Tags: , — Gladiator @ 10:15 pm

Around 9:30 p.m. March 14, a tornado ripped through downtown Atlanta and damaged landmark buildings, including the Omni Hotel, Georgia World Congress Center, CNN Building, the Georgia Dome and Phillips Arena, plus homes and businesses in nearby neighborhoods.

The damaged area encompasses Ralph McGill to Edgewood; Spring through Piedmont Avenue and Centennial Olympic Parkway to Moreland Avenue resulting in power outages in other nearby neighborhoods.

"I strongly urge everyone to stay away from the downtown area throughout the night and in the impacted areas until the emergency services give the all-clear sign," Atlanta Mayor Shirley Franklin said Saturday. "It is imperative that people stay out of the area and let public safety personnel evacuate people and make the area safe."

Emergency services personnel also have urged people to stay indoors.

According to Atlanta Business Chronicle broadcast partner 11Alive (WXIA-TV), the storm tracked from the northwest side of the city to the southeast, demolishing buildings and downing trees that crushed cars and ripped through the roofs of homes payday loans. Thirty injuries have been reported as of Saturday afternoon.

Inside CNN Center, water poured through damage in the ceiling into the building's atrium. Glass shattered, and parts of the building filled with dust. Virtually all of the windows facing Centennial Olympic Park on the Omni Hotel, which is attached to CNN Center, were shattered. One employee said visitors to the hotel were being evacuated.

Windows also were shattered in the CNN.com newsroom. CNN's library was also damaged.

Outside the building, debris littered the streets and billboards collapsed onto parked cars. Centennial Olympic Park was also severely damaged.

Cousins Properties Inc.'s One Ninety One tower escaped the direct hit that other downtown buildings took, but still sustained damage, including numerous cracked windows, and debris strewn across the top of its parking deck.

Cousins is still evaluating but thinks that's the extent of damage.

Source

March 14, 2008

Jim Donovan named UH athletic director

Filed under: business — Tags: , , — Gladiator @ 8:48 am

Jim Donovan was named athetic director of the University of Hawaii at Manoa on Thursday by the board of regents.

Donovan, 48, a graduate of UH who played for its football team in the early 1980s, was given a five-year contract with an annual salary reported between $240,000 and $250,000 plus performance bonuses.

Since 2002, Donovan has been running his own marketing firm and serves as the executive director of the Sheraton Hawaii Bowl.

The regents, meeting at Honolulu Community College, unanimously accepted the recommendation of a search committee set up in January to find a replacement for Herman Frazier, who was fired after the departure of football coach June Jones creditreport.

Donovan, a California native, earned his bachelor's degree and a master's degree in business administration from UH. He worked in the UH athletic department in a variety of administrative positions for 20 years.

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