June 22, 2000 |
Pacific Century Financial Corp., the parent of Bank of Hawaii, said bad loans will all but wipe out second-quarter earnings, becoming the third U.S. bank in a week to issue such a profit warning. The Honolulu-based bank's shares dropped $3.56, or 18%, to close at $16.25, on the New York Stock Exchange, in response. The bank said it will set aside an additional $55 million to $65 million to offset bad loans and increase its provision for possible future bad loans.
August 29, 2003 |
Film and TV studio Metro-Goldwyn-Mayer Inc. said its MGM Networks TV group and PCCW Ltd. had agreed to launch an MGM Channel on Hong Kong's Now Broadband TV pay-television system. The launch of the channel, which will show films from MGM's 4,000-title library, highlights MGM's strategy over the last two years to form TV ventures in overseas markets. PCCW is the Hong Kong-based flagship operation for Asian communications company Pacific Century Group. Financial details were not disclosed.
August 30, 1987
"Michael is one of my best friends in the business, but I'd rather have a buffer dealing with him. It's because he's such a persistent salesman. He's a bulldog. He grabs you by the pants and is still there shaking you when you're trying to get away." --JAMES CAYWOOD, PACIFIC CENTURY GROUP "The more leveraged takeovers and buyouts today, the more bankruptcies tomorrow." --JOHN SHAD, FORMER CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION "I don't think money has anything to do with what he does.
November 13, 1986 |
Strapped by a drastic decline in interest income, city officials are considering hiring a professional money management firm to increase earnings on the city's $22-million portfolio. City officials are reviewing proposals from several firms that claim that they can increase the city's interest income by as much as $300,000. The city plans to turn over roughly a quarter of its portfolio to a private investment group for a one-year trial, City Manager Arthur E. Jones said.
February 14, 1985 |
After a two-day breather, the stock market resumed its 1985 rally Wednesday with a broad surge that took the Dow Jones industrial index up 21.31 points to a record 1,297.92 and set records in several broader market indicators. Analysts attributed the rise to investors' assumptions that interest rates will continue to decline and that inflation will remain low.
March 29, 2001 |
Last year at this time, the poster child for Asia's dot-com craze was Hong Kong entrepreneur Richard Li--the upbeat chairman of a flashy new company called Pacific Century CyberWorks Ltd. who cast himself as a Stanford grad with a can't-miss vision for the future. But falls have been fast for "new-economy" companies in Asia, and the situation has deteriorated so much that Li didn't even show up Wednesday when PCCW announced its annual results at a packed news conference.