BUSINESS BRIEFS
Hawai'i business confidence rises

Advertiser Staff and News Services

Hawai'i businesses are expressing a level of confidence in the state's economy that hasn't been seen since before 9/11 and SARS, according to a recent survey.

Bank of Hawaii conducted its semi-annual Business Confidence Survey last month, after the start of the concrete strike on Feb. 6. Still, more than 57 percent of the 437 business respondents said they expected somewhat or much higher economic performance over the next year.

The survey results were the most optimistic since the state's economic expansion in the late 1980s.

The results carry a margin of error of plus or minus 4.7 percent. Complete results are available on the bank's Web site at www.boh.com/econ.

NATION & WORLD

Weather limits housing starts

The number of new housing projects declined for the second straight month in February as bad weather in some parts of the country forced construction delays.

The Commerce Department reported yesterday that the number of residential buildings under way fell to a seasonally adjusted annual rate of 1.86 million units in February, representing a 4 percent decrease from the previous month.

Although economists were forecasting a rise in residential construction in February, the level of housing projects in January turned out to be higher than first thought, according to revised figures. That made for a smaller decline in activity than reported a month ago.

Tyco fraud trial winding down

Ex-Tyco chief Dennis Kozlowski treated Tyco as his "personal ATM" and abused the trust of company directors, prosecutors said in closing arguments yesterday.

Kozlowski and co-defendant Mark Swartz are accused of stealing $170 million from Tyco and obtaining $430 million by pumping Tyco shares to investors and them dumping them at inflated prices.

Defense attorney Stephen Kaufman argued Monday that Kozlowski and Swartz recorded everything on Tyco's books.