Honolulu Business News

Up to date business news from Pacific Business News of Honolulu

• Former First Hawaiian Bank manager admits embezzling $2.6M January 28, 2012
  A former manager of First Hawaiian Bank branches on Oahu and the Big Island pleaded guilty Friday to a federal charge of embezzling more than $2.6 million, the U.S. Attorney’s office said. Lani Ann Miho, 52. a bank employee for 29 years, was a branch manager and personal banking officer at First Hawaiian Bank branches on Oahu and the Big Island from 2000 to September 2010, U.S. Attorney Florence T. Nakakuni said in a statement. During that time, Miho created about 56 accounts under different names, withdrawing money and using proceeds from recently opened accounts to pay balances due on earlier accounts, and using her position at the bank to keep track of the accounts and pay them before they became delinquent, then converting the funds to her personal use, Nakakuni said...
• Abercrombie releases $15.6M for improvement projects January 28, 2012
  Hawaii Gov. Neil Abercrombie on Friday released more than $15.6 million for capital improvement projects statewide that are designed to improve the state’s public safety, wastewater, civil defense and communications infrastructure. The funds include $6.65 million for repairs and alterations to buildings under the state Department of Public Safety’s jurisdiction, such as the Oahu Community Correctional Center and the Halawa Correctional Facility; $3.5 million for staff positions at the Public Works Division within the state Department of Accounting and General Services; $3...
• Duane Kurisu appointed to CPF board January 28, 2012
  Honolulu businessman and investor Duane K. Kurisu has been appointed to the board of Central Pacific Financial Corp., parent of Central Pacific Bank. Kurisu has been a member of the bank’s board since 2004 and will serve on both the Central Pacific Financial (NYSE: CPF) and Central Pacific Bank boards. Kurisu has a variety of real estate, media, sports and food business interests in Hawaii and on the Mainland. His real estate investments include office buildings, shopping centers and industrial parks in Hawaii and Washington...
• Optimism, and a wizard’s hat, at 2012 Hawaii real estate forecast January 28, 2012
  A wizard’s hat, poems and a kaleidoscope. No, I wasn’t at a carnival on Friday morning. Instead, those were just some of the tools used by the presenters at the 2012 Hawaii Real Estate Forecast, held at the Hawaii Convention Center. The captive audience, mostly made up of Realtors, listened to the experts throughout the marketplace. Paul Brewbaker, principal of TZ Economics, kicked off the event with an economic outlook. He said there are good signs that a recovery is nearing, like home prices beginning to stabilize...
• Hawaii stocks close higher; markets mixed January 27, 2012
  ML Macadamia Orchard’s stock gained 3 percent to lead Hawaii stocks on a mixed day for the broader markets. The Dow Jones Industrial Average lost 74.17 points, or 0.58 percent, to close at 12,660.46, while the Nasdaq gained 11.27 points, or 0.40 percent, to close at 2,816.55. Gainers: Alexander & Baldwin Inc. (NYSE: ALEX) closed at $46.92, up 22 cents, or 0.47 percent; Bank of Hawaii Corp. (NYSE: BOH) closed at $46.03, up 21 cents, or 0.46 percent; Barnwell Industries Inc. (AMEX: BRN) closed at $2...
• Matson Navigation to raise fuel surcharge January 27, 2012
  Matson Navigation Co. said Friday that it is raising the fuel surcharge for its Hawaii shipping service by 5 percentage points to 45.5 percent, effective Feb. 26. The Oakland, Calif.-based shipper, a subsidiary of Honolulu-based Alexander & Baldwin (NYSE: ALEX), cited “rising bunker fuel prices and other energy related costs” as the reason for the increase. “While we were encouraged by the moderation of bunker fuel prices in the second half of 2011, that trend has been reversed in recent months,” Dave Hoppes, senior vice president of ocean services, said in a statement...
• Hawaii hotels fill more rooms as rates continue to rise January 27, 2012
  Hawaii hotels enjoyed higher occupancy last week compared to a year ago while average room rates rose nearly 8 percent statewide, according to a report by Hospitality Advisors LLC and Smith Travel Research. The statewide occupancy rate during the week ending Jan. 21 was 82.4 percent, 3.9 percentage points higher than the same week a year ago. The average daily room rate of $202.08 was 7.9 percent higher than the same week in 2011. Oahu saw the greatest gain in room rates, with the average daily room rate rising 11 percent to $179...
• Average gas price in Hawaii slightly higher this week January 27, 2012
  Gasoline prices in Hawaii rose by 2 cents per gallon over the past week to $4.09 for a gallon of regular unleaded, still the highest in the nation, according to AAA Hawaii's Weekend Gas Watch. The average price in Honolulu was unchanged from last week at $3.93, according to AAA Hawaii. However, that price was still 6 cents higher than a month ago and 35 cents higher than the same week in 2011. On the Big Island, the average price of a gallon of regular unleaded in Hilo was also unchanged from last week at $4...
• Report: Hawaii could get another 1,000 Marines January 27, 2012
  The number of Marines in Hawaii could grow by 1,000 as the Pentagon seeks alternatives to moving forces from Okinawa to Guam, even as the Marine Corps plans to cut its force by 20,000. The Honolulu Star-Advertiser, citing a source familiar with the plans, reports that military forces in Hawaii could grow as the Pentagon implements a new military strategy emphasizing the Pacific and Asia. The newspaper reports that those plans could include basing another Navy cruiser at Pearl Harbor. The newspaper reports that about 11,000 Marines are currently based at Marine Corps Base Hawaii, Kaneohe Bay, and another 700 Marines are based at Marine Forces Pacific headquarters at Camp H...
• Change orders boost Kiewit's Honolulu rail contract to $502M January 27, 2012
  The cost of a contract awarded in 2009 to Kiewit Infrastructure West Co. for the first segment of Honolulu's rail transit project has increased to $502 million from an original price of $483 million because of change orders related to delays in the start of construction. The Honolulu Star-Advertiser reports that the city has already approved a $4 million change order and will agree to a new change order worth another $15 million, boosting the cost of the contract to $502 million, according to a Dec...