BUSINESS BRIEFS
Sirius applies for local service
Advertiser Staff and News Services
Sirius Satellite Radio Inc. is seeking Federal Communications Commission approval to provide a radio service in Honolulu using ground-based repeater technology.
The application, which was filed last November, remains in a comment period and has not been granted, according to the FCC.
Sirius, which recently announced plans to merge with rival XM Satellite Radio, wants temporary authority to provide its satellite based service to subscribers from a 429 foot tower located in Honolulu.
CHAIN ACQUIRES CLEANERS CLUB
The Palm Springs, Calif.-based owner of Young Laundry, Hawai'i's largest retail and commercial dry-cleaner and laundry, said it completed its acquisition of Cleaners Club Inc., a California-based chain.
U.S. Dry Cleaning exchanged 780,000 of its shares to Riaz Chauthani, owner of Cleaners Club, as part of the acquisition, a filing at the U.S. Securities and Exchange Commission said.
Until the purchase, Young Laundry represented the most of U.S. Dry Cleaning's operations. The parent company wants to duplicate Young Laundry's "hub-and-spoke" model of operations elsewhere in the country. Young operates 13 retail locations and serves about 35 hotels.
HORIZON LINES HIKES SURCHARGE
Horizon Lines, the No. 2 carrier of ocean cargo to Hawai'i, is following No. 1 Matson Navigation Co.'s lead in raising its fuel surcharge in its Hawai'i and Guam services from 17.5 percent to 19.5 percent.
The new surcharge will begin March 11.
OIL PRICES RISE TO NEW HIGH FOR '07
NEW YORK — Oil prices reached a new high for the year during a volatile session yesterday, driven by tensions with oil-producing Iran and expectations of continued pressure on U.S. petroleum supplies.
Light, sweet crude for April delivery added 19 cents to settle on the New York Mercantile Exchange at $61.14, its highest closing price since Dec. 22. Earlier in the session, prices had climbed as high as $61.80, setting a new peak for 2007.
LOWE'S PROFITS DROP 11.5 PERCENT
CHARLOTTE, N.C. — Profit at Lowe's Cos. fell 11.5 percent in the fourth quarter but beat analysts' expectations, and investors yesterday rewarded the home improvement retailer.
Wall Street sent shares of the nation's second-largest home improvement chain higher. The Mooresville, N.C.-based company said it earned $613 million, or 40 cents a share, for the three months ended Feb. 2, down from $693 million, or 43 cents a share, a year earlier.
