Marriott joins Nasdaq
Marriott International Inc., the U.S.’s largest publicly traded hotel chain, is moving to the Nasdaq Stock Market from the New York Stock Exchange. The shares will be listed on Nasdaq on Oct. 21 and keep the MAR ticker symbol, the company said Monday. Nasdaq OMX Group Inc. is the second-biggest American equity exchange operator.
Hawaiian Airlines passenger traffic up 2.8%
Hawaiian Airlines carried more passengers in September than in the year-earlier period as the state’s largest carrier added more flights.
The airline transported 782,120 passengers, up 2.8 percent from 760,633 a year ago. Hawaiian’s revenue passenger miles, or one paying passenger transported one mile, rose 5.8 percent to 1.12 million from 1.06 million. Available seat miles, or one seat transported one mile, jumped 7.7 percent to 1.4 million from 1.3 million.
Hawaiian’s load factor, or the percentage of seats filled, fell 1.4 percentage points to 80.3 percent from 81.7 percent.
Kihei Shopping Center sells for $7.2 million
A mainland investor has bought much of Kihei Shopping Center on Maui from another mainland firm.
Kihei Maui Associates LLC paid $7.2 million for about 18,000 square feet divided into 15 tenant spaces at the retail complex, according to the buyer’s broker, Joe Leonardo.
The seller was Kihei Shopping Center LLC, an affiliate of New York-based real estate investment trust Kimco Realty Corp. represented by Commercial Consultants Inc.
A Longs Drugs store anchoring the complex and two parcels for more retail development on the property were not included in the sale.
Judge nixes Cuban’s bid to dismiss lawsuit
DALLAS » The insider-trading lawsuit against Mark Cuban will continue after a federal judge turned down the billionaire Dallas Mavericks owner’s attempt to dismiss the government’s case as unproven.
U.S. District Judge Sidney Fitzwater’s ruling late Monday means that the case is likely to be decided by a jury of seven women and three men who heard Cuban testify for two days.
The Securities and Exchange Commission charges that Cuban violated a confidentiality agreement and unloaded his shares in a Canadian search-engine company in 2004 after learning that the company planned a stock offering that would reduce the value of his $7.5 million stake. The government says Cuban avoided $750,000 in losses by selling his shares before the offering was announced.
Much of Cuban’s testimony Monday repeated what he said last week: that he never agreed to keep information about the offer confidential and saw no reason why he couldn’t sell his shares in Mamma.com Inc.
Americans cut back on credit cards again
WASHINGTON » Americans cut back on using their credit cards in August for a third straight month, a sign that consumers remain cautious about spending.
Consumers increased their borrowing $13.6 billion in August to a seasonally adjusted $3.04 trillion, the Federal Reserve said Monday. That’s a record, and it followed a gain of $10.4 billion in July. Once again the increase in borrowing was driven entirely by auto and student loans. A measure of those loans rose $14.5 billion to $2.19 trillion.
But credit card debt dropped $883 million to roughly $850 billion. The decline could hold back consumer spending, which accounts for roughly 70 percent of economic growth.
Disney taps Iron Man to lift Hong Kong park
HONG KONG » Iron Man has proved his might at the Chinese box office. Now Disney is betting that the Marvel superhero has enough muscle to complete a turnaround at its underperforming theme park here — a task of crucial importance as the company hurtles toward the opening of a megaresort in Shanghai.
An Iron Man-themed thrill ride, photo pavilion and shopping area will open at Hong Kong Disneyland in late 2016, said Thomas Staggs, Disney’s theme park chairman. The Iron Man Experience, which analysts say will cost at least $100 million, will be Disney’s first ride based on Marvel. Disney bought the comic book company for $4 billion in 2009.
At its core the expansion is about shoring up a resort that Disney is counting on to act as an engine in southeastern China for its broader portfolio of merchandise and movies. Hong Kong Disneyland, criticized for its small size and locked in heated competition with nearby Ocean Park, has lost hundreds of millions of dollars since opening in 2005 because of smaller-than-expected attendance. Hong Kong Disneyland reported its first profit — a slim $14 million — for its last fiscal year, a signal that turnaround efforts, including a torrent of new rides and retooled marketing campaigns, are working. But the park remains a work in progress.
Fraud trial to begin for 5 ex-Madoff workers
NEW YORK » The longtime secretary of imprisoned financier Bernard Madoff and four other back-office subordinates of the Ponzi king are going to trial today as the government for the first time shows a jury what it has collected in its five-year probe of one of history’s biggest frauds.
The trial in federal court in Manhattan is expected to last up to five months and feature the unveiling of the government’s prize witness: Frank DiPascali, Madoff’s former finance chief.
ON THE MOVE
Ala Moana Hotel has appointed Bill Comstock as its new general manager. Comstock will be responsible for overseeing Ala Moana Hotel’s day-to-day management and staff, as well as planning, organizing and directing all hotel services and ensuring a balance between customer satisfaction, effective business management and financial viability for the property. Prior to joining Ala Moana Hotel, Comstock served as general manager for Outrigger Reef on the Beach since 2006, successfully guiding the relaunch of the hotel following an extensive multiyear renovation.
Enterprise Holdings, which operates Enterprise Rent a Car, Alamo Rent a Car and National Car Rental, has announced the following promotions:
» Leila Kanemaru to branch manager for the Waikiki Discovery Bay location that oversees Alamo Rent a Car, Enterprise Rent a Car and National Car Rental. She was previously the station manager at Alamo’s Honolulu Airport office.
» Phong Nguyen to branch manager for Hilo Enterprise Rent a Car from assistant manager at the Enterprise Kona Airport office. He has been with Enterprise Rent a Car since April 2010.
» Max Kienzler to branch manager for Hickam and Pearl Harbor Enterprise Rent a Car from assistant manager at Enterprise’s Honolulu Airport office. He has been with Enterprise Rent a Car since December 2009.
