The Hawai'i Tourism Authority welcomed yesterday's news that President Obama signed the Travel Promotion Act into law.

The legislation aims to create thousands of new American jobs by welcoming millions more international travelers to the United States.

"This new legislation will contribute to our efforts to attract more international visitors to the Islands," said Mike McCartney, president of the HTA. "We appreciate the efforts of Hawai'i's congressional delegation for their hard work to get this bill passed."

According to analysis by Oxford Economics, the bill is estimated to drive $4 billion in new consumer spending annually, provide $321 million in new federal tax revenue each year and create 40,000 jobs nationwide.

BLACK BIDS FOR BANKRUPT CANWEST'S ASSETS

The majority owner of the Honolulu Star-Bulletin has joined the bidding for bankrupt Canwest Global Communications Corp's newspaper assets, Toronto's Globe and Mail newspaper reported yesterday.

The bid from David Black, founder of Black Press Ltd, will compete with offers from at least six other bidders for publications including Canwest's flagship National Post, the Ottawa Citizen and Montreal Gazette.

Platinum Equity LLC, a California private equity firm, is the most likely backer of Black's bid, the Globe reported, citing unnamed sources.

Black announced last week that he had reached an agreement with Gannett Co. to buy The Honolulu Advertiser for an undisclosed amount.

AVERAGE PRICE OF ISLE GAS STAYS AT $3.41

The average price for a gallon of gas statewide was $3.41 this week, unchanged from last week, according to the AAA Hawaii Weekend Gas Watch.

Honolulu's average price was $3.32, unchanged from last week and a month ago.

Hilo's average was $3.45, down five cents less from last week, but two cents higher than last month.

Wailuku's average was $3.81, up one cent from last week and two cents from last month.