BUSINESS BRIEFS
From Coral Reef to Aqua Waikiki
Advertiser Staff and News Services
The Coral Reef Hotel, which is undergoing a $7 million facelift, will be renamed the Aqua Waikiki Wave at the Marketplace this fall.
Aqua Hotels & Resorts will manage the 247-room property, which is owned by Andre S. Tatibouet. The hotel will be included in Aqua's collection of Aqua Boutique Hotels, each of which includes a spa, fitness center and serve continental breakfasts.
GUAVA PRICE FALL HURTS FARM SALES
Farm sales of guava fell 3.5 percent to $1.13 million last year, according to the Hawai'i Agricultural Statistics Service.
Guava production of 8.1 million pounds was unchanged from 2004, but prices fell.
Acreage devoted to guava production rose 10 percent to 670 acres.
TRADE DEFICIT BACK UP IN APRIL
WASHINGTON — The trade deficit is rising again after two months of declines, pushed by oil prices and a flood of imports from China. Analysts warned that global oil prices above $70 per barrel will swell the deficit more in coming months.
The Commerce Department reported yesterday that the gap between what the U.S. sells abroad and what it imports rose to $63.4 billion in April. That was 2.5 percent higher than the March imbalance of $61.9 billion.
The trade deficit fell in February and March after hitting an all-time high of $66.2 billion in January.
GM TO HELP IN DELPHI BUYOUTS
DETROIT — Delphi Corp. said yesterday it has reached a deal with the United Auto Workers and General Motors Corp. to offer buyouts to hourly employees who aren't eligible for early retirement.
The automotive parts supplier said it also was expanding its previously announced early retirement incentives to include more workers.
Delphi is GM's largest supplier and has sought Chapter 11 bankruptcy protection. GM is helping to pay for the buyouts, Delphi said.
AIRLINE WORKERS APPROVE DEAL
MINNEAPOLIS — Baggage handlers and ramp workers at Northwest Airlines Corp. yesterday approved concessions aimed at helping the carrier emerge from bankruptcy.
The same workers had rejected an earlier set of concessions. The International Association of Machinists and Aerospace Workers, which represents the workers, said the renegotiated deal wasn't quite as bad as the first one. The IAM approval leaves only flight attendants without a concessionary deal among Northwest's large unions. None of the new contracts will take effect until all of the unions have reached agreements with the airline.
The new contract with the baggage handlers and ramp workers cuts wages 11.5 percent and allows Northwest to lay off roughly 700 workers.
