Business briefs
Staff and news service
Hawai'i
Barnwell to pay lower dividend
Honolulu-based Barnwell Industries Inc. announced a quarterly dividend of 15 cents a share, which is down from the previous quarter's 20-cent payment. The company said strong operating results allowed dividends to continue being paid. Barnwell reported net earnings of $740,000, or 55 cents a share, up 3 percent for the quarter ended June 30, from $720,000, or 53 cents a share, the same quarter a year ago. Revenues rose to $5.8 million, from $5.2 million.
CPB dividend to be up slightly
CPB Inc., parent company of Central Pacific Bank, declared a quarterly dividend of 17 cents a share — payable Oct. 26 to shareholders of record as of Sept. 28 — which is up from the previous quarter's 16-cent payment.
The board of directors also authorized a sixth stock-repurchased program, allowing the repurchase of 3.5 percent — about 290,000 of its 8.2 million shares of outstanding stock. Since 1998, the company has repurchased 23.2 percent, or about 2.5 million of the 10.6 million shares outstanding at the inception of its first repurchase program.
Nation & world
Ounce of gold nears $300
Gold rose for a third day, nearing $300 an ounce for the first time in 19 months as falling stock markets and concern over U.S. retaliation for last week's terrorist attacks prompted investors to seek protection in bullion.
"As long as people think there's a war on the horizon, gold prices will continue to rise," said Joyce Ng, a gold trader at Hantec Bullion & Futures Ltd. in Hong Kong.
Gold for immediate delivery rose as much as $9, or 3.2 percent, to $294.50 an ounce in London. The metal has gained 7.2 percent since the attack.
Rate cuts boost Europe's stocks
European stocks rose after deep cuts in interest rates. The Federal Reserve cut rates by a half percentage point. The European Central Bank cut rates within hours.
On the London Stock Exchange, the FTSE 100 index of British blue chip shares ended the day up 3.01 percent from Friday's close, rising 143.20 to 4,898.90.
The CAC 40, the Paris Stock Exchange's leading index, closed up 2.71 percent.
