Posted at 11:47 a.m., Friday, May 2, 2003
Startup airline's plans in review
A startup airline has announced that it plans to begin flying between Los Angeles and Honolulu with one-way fares starting at $89, but a federal transportation official said today that the carrier's plans remain under review.
Mainline Airways LLC, based in Wellesley, Mass., plans to establish "a low-fare market where one does not already exist," according to its Web site. Mainline intends to test its strategy on a pilot route of daily service between Los Angeles and Honolulu starting July 3.
A spokesman for the U.S. Department of Transportation said the agency is aware of Mainline's plans "and it's under review."
Condos go fast in Big Island sale
Dallas-based Centex Destination Properties yesterday said that it attracted more than $35 million in sales of beachfront condominiums at its Kolea development in Waikoloa on the Big Island.
The 22 condominiums, which are under development, sold in less than five hours for an average of $1.5 million Saturday. Several penthouses sold for more $2.5 million, the developer said.
Firms in probes seek tax refunds
Several big companies under investigation for accounting irregularities are seeking to recoup federal taxes that they overpaid based on profits they inflated, a Senate aide confirmed today.
WorldCom, Enron, Qwest and HealthSouth are either pursuing or considering filing for tax refunds or credits for payments made on billions of dollars falsely claimed as earnings, the Senate Finance Committee aide said, confirming a report in today's Wall Street Journal.
WorldCom, which plans to emerge from bankruptcy and change its name to MCI in the fall, already has collected $300 million in tax refunds from the IRS.
ChevronTexaco profits soar
ChevronTexaco Corp. today said its first-quarter profit nearly tripled, lifted by a dramatic rise in oil prices that drove gasoline prices higher and rankled motorists.
The San Ramon-based company earned $1.9 billion, or $1.81 per share, during the first three months of the year up from $725 million, or 68 cents per share, at the same time last year. First-quarter revenue totaled $31 billion, a 47 percent increase from $21.2 billion last year.
-- Staff and news services