Reported by Star-Bulletin staff & wire
Thursday, May 14, 1998
Continental launches summer airfare sale
Continental Airlines today launched a summer fare sale that includes cuts of 15 to 30 percent on certain routes.For example, the lowest fare published by Continental on its nonstop service between Honolulu and Newark -- to start June 11 -- is $697 under the new structure, down 30 percent from the previous lowest fare of $993. The sale does not provide affect Hawaii-West Coast fares, however.
Tickets must be purchased by May 22 for travel at least 14 days after purchase. The fares are good for travel through Sept. 8. Fares are at their lowest on off-peak days, Tuesday, Wednesday and Thursday.
Other major airlines, which usually match a competitor's fare sales, had not responded by late this morning to Continental's new prices, announced earlier in the day.
Hawaiian Air reports slight drop in traffic
Hawaiian Airlines Inc. had a 1.5 percent decline in the number of passengers carried in April, 1.69 million last month compared with 1.72 million in April 1997.The number of revenue passenger miles -- one paying passenger carried one mile -- was down 2.1 percent at 368.5 million, from 376.4 million in the previous April, the airline said today. Hawaiian, which flies to the mainland and the South Pacific in addition to its interisland routes, reported a systemwide load factor of 79.9 percent, down from 80.4 percent in the year-earlier month.
Central Pacific parent to buy back shares
CPB Inc., the parent of Central Pacific Bank, said it plans to buy back up to 5 percent of its stock, or about 530,000 shares, over the next 12 months in open-market transactions when market conditions are favorable.Joici Saito, board chairman and chief executive officer, said the company is holding too much capital in an economy that shows little promise of near-term growth. The longer-term outlook for the Hawaii economy is optimistic, however, and there is an opportunity to enhance value for shareholders through a stock buyback. Central Pacific is Hawaii's third-biggest bank with assets of more than $1.5 billion and 27 branches statewide, including eight supermarket branches.
30-year mortgages climb to 7.19 percent
WASHINGTON -- The benchmark 30-year mortgage rate rose to 7.19 percent this week from 7.14 percent last week, according to a survey of mortgage rates from the Federal Home Loan Mortgage Corp.The average this year has ranged between 7.22 percent at the end of April and 6.89 percent, a four-year low reached in mid-January.
Today's report also showed that the average rate on an adjustable mortgage was 5.71 percent, up from 5.65 percent, and 15-year rates also rose to 6.82 percent, from 6.78 percent.
See expanded coverage in today's Honolulu Star-Bulletin.
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