Army contract goes to Nan Inc. Advertiser Staff and News Services
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Honolulu-based Nan Inc. was awarded a $44 million dollar contract to build barracks, a battalion and brigade headquarters and other facilities at Schofield Barracks.
The project is expected to be completed by Dec. 21, 2007. Nan Inc. was selected from among three companies that submitted bids. The Army Engineer District, Honolulu, awarded the contract.
KATRINA CLAIMS PUT AT $40 BILLION
GENEVA — Swiss Reinsurance Co., the world's second-largest reinsurance company, doubled to $40 billion its estimate of claims the global insurance industry will face from Hurricane Katrina — a figure that would make it the world's costliest hurricane ever.
Swiss Re, which previously agreed with the world's largest reinsurer Munich Re that the total losses would be $20 billion, said it increased loss estimates because the damage caused by the hurricane was greater than thought.
ORACLE TO BUY COMPETITOR
SAN FRANCISCO — Oracle Corp. is buying hobbled Siebel Systems Inc. for about $5.85 billion, eliminating another competitor in its campaign to grab market share from business applications software leader SAP AG.
Under the terms of the deal announced yesterday, Redwood Shores-based Oracle will pay $10.66 per share in cash or stock for Siebel, whose products help manage companies' relations with customers.
STRIKERS' UNITY PUT TO THE TEST
MINNEAPOLIS — Only five striking Northwest Airlines mechanics have crossed their union's picket line to return to work. That unity is about to get its toughest test.
With the airline set to begin hiring permanent replacements today, union officials are exhorting members to stay strong in a strike that began Aug. 20. Many mechanics say they will never cross.
WACHOVIA TO BUY WESTCORP
NEW YORK — Wachovia Corp. said it will pay $3.42 billion for Westcorp, owner of one of the largest independent U.S. auto finance companies, making Wachovia the ninth-largest auto loan company.
The purchase will give Charlotte-based Wachovia, the fourth-largest U.S. bank, a foothold in California's retail branch banking market and mark its entry into the non-prime auto loan market — debt provided to less creditworthy borrowers buying new and used cars.
