BUSINESS BRIEFS
$19 interisland fares being offered
Advertiser Staff and News Services
The three major interisland airlines are offering discounted fares for travel through Nov. 30.
Hawaiian, Aloha and go! airlines are offering one-way $19 fares between Honolulu and Lihu'e, Kahului, Kona and Hilo.
Tickets are available online and must be purchased by Sunday. Seats are limited.
D.R. HORTON REPORTS QUARTERLY LOSS
Homebuilder D.R. Horton Inc. said it swung to a loss in its fiscal fourth quarter as the company again wrote down the value of unsold homes and land options, and the housing market showed few signs of improvement.
The firm's operations include its Schuler division in Hawai'i.
Donald R. Horton, chairman of the nation's largest homebuilder by deliveries, said tighter lending standards and more cautious consumers contributed to further decline in housing during the late summer, with the numbers of unsold homes remaining high.
Fort Worth-based Horton said its loss for the quarter ended Sept. 30 totaled $50.1 million, or 16 cents per share, compared with a profit of $277.7 million, or 88 cents per share, a year ago.
TESORO OKS STOCKHOLDER-RIGHTS PLAN
Tesoro Corp. adopted a stockholder-rights plan and said it's making no recommendation to investors on whether to accept a $1.4 billion tender offer for 16 percent of the company's stock by Kirk Kerkorian's Tracinda Corp., Bloomberg News reported. Tesoro operates Hawai'i's largest oil refinery.
The rights plan is designed to block potential acquirers from gaining control of the refiner without paying a premium for all of its shares, San Antonio-based Tesoro said yesterday in a statement. The so-called poison pill wouldn't be triggered by successful completion of Tracinda's tender offer because the investment firm would increase its stake to 19.98 percent, just below the 20 percent threshold for the plan, Tesoro said.
Tracinda on Nov. 7 offered to buy 21.9 million shares of Tesoro at $64 each in a transaction that would make it the company's largest shareholder, Bloomberg said. The offer, set to expire Dec. 6, is 12 percent higher than Tesoro's last close before Tracinda announced plans for the tender on Oct. 26.
HAWAIIAN BUSINESS STUDY FUNDED
The Office of Hawaiian Affairs has awarded Volunteer Legal Services Hawai'i $24,000 for a study to assess the need for legal services among Native Hawaiian small businesses.
The study also will determine the extent that legal services are currently available to these businesses. Last year, VLSH received an OHA grant to begin a pilot project to assist nonprofit agencies that serve the Native Hawaiian community.
"Both projects will help ensure that those who have the passion and drive to bring new services and income to Native Hawaiians have the tools they need to succeed," said Moya Gray, VLSH executive director.
TURTLE BAY RECEIVES MEETING AWARD
Turtle Bay Resort has received a 2007 "Greens of Distinction" Award from Corporate & Incentive Travel, a magazine for corporate meeting and incentive travel planners.
Turtle Bay Resort was selected by magazine subscribers as the overall winner in the category of "best resort, hotel or conference center" that best served their needs with an incentive golf program. The selections were based on meeting facilities, overall hospitality, golf staff assistance, course condition and design, and tournament arrangements.
