Business Briefs
Reported by Star-Bulletin staff
Cyanotech Corp. sells 1.5 million shares
Cyanotech Corp. has launched a public stock offering of 1.5 million shares at $7 a share through underwriter Van Kasper & Co. in San Francisco.
The company said it plans to use the proceeds from the $10.5 million offering to build additional culture ponds and other new facilities at its Kona headquarters. The company grows algae and processes them into a range of nutritional, medicinal and pharmaceutical products.
Hawaiian Air will increase Samoa service
Hawaiian Airlines Inc. says it will add a third weekly flight between Honolulu and American Samoa during this year's summer and winter peak travel periods.
Between June 3 and Aug. 30 and Dec. 9 through Jan. 10, Hawaiian will add a Wednesday flight to Pago Pago.
30-year mortgages fall to 7.81 percent
WASHINGTON - Thirty-year, fixed rate mortgages averaged 7.81 percent this week, down from 7.83 percent last week, according to a national survey by the Federal Home Loan Mortgage Corp.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.60 percent, up from 5.55 percent last week. Fifteen-year mortgages averaged 7.32 percent this week, unchanged from a week earlier.
For more local, national and international business news, see the Hawaii Inc. section in today's Honolulu Star-Bulletin.