Posted on: Tuesday, July 29, 2003

Business briefs

Builder awarded $9.8M contract

Healy Tibbitts Builders Inc. in 'Aiea yesterday received a nearly $9.8 million contract to partially demolish then rebuild portions of Bravo Wharf at Pearl Harbor.

The work, which is expected to be completed by November 2004, includes installing new piles and foundations and power, telephone and networking equipment.

Cruise line office to open

Norwegian Cruise Line is opening its Honolulu office next month headed by Robert Kritzman, who is currently the company's senior vice president and general counsel in Miami.

Norwegian's expansion in Hawai'i in 2004 will include new U.S.-flagged ships.

Enron settlement nets $300M

JP Morgan Chase and Citigroup agreed to pay more than $300 million for their roles in energy trader Enron's manipulation of its financial statements.

Morgan will pay $135 million, and Citigroup will pay $120 million as part of the settlement, the Securities and Exchange Commission said.

Hilton's profit falls 29 percent

Hilton Hotels Corp.'s profit fell 29 percent during the second quarter because of a slump in tourism as well as increases in healthcare and other insurance costs.

Hilton reported net income of $54 million, or 14 cents per share, in the quarter ended June 30, compared to $76 million, or 20 cents per share, in the same period last year.

Employment up in Japan

Japan's unemployment rate improved to 5.3 percent in June, the government said today, as the nation limps toward a recovery largely dependent on export growth.

Japan airport hurt by SARS

Japan's busiest international airport at Narita handled a third fewer passengers on overseas flights last month because of SARS fears, the government said.

— Staff and news services