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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, August 17, 2000

Retail group hires executive director

Retail Merchants of Hawaii, a nonprofit trade organization with about 230 members, has hired Carol Pregill as executive director. She takes over the duties of Jan Berman, who left the job of president of Retail Merchants in April.

Pregill also works as director of Aloha Festivals and the Hawaii Festivals & Events Association. She formerly served as president of the Hawaii Fashion Industry Association and has worked in executive positions at the Hawaii Food Industry Association and the Hawaii Publishers Association.

Berman left the merchants' group to set up a retail education program for Kapiolani Community College. She is also a retail consultant at JBJ Enterprises.

Big Isle businesses win federal grants

The U.S. Department of Agriculture has awarded a total of $8.35 million in economic development loans to three Big Island businesses.

Unitek Solvent Services of Hilo received $3.6 million in working capital for its solvent recycling and solvent-cleaning equipment leasing business. C.M.U. Associates won $2.75 million to expand its Hilo seafood processing business and Big Island Abalone Corp. received $2 million to expand its abalone processing facility in the Hawaii Ocean Science & Technology Park in Kona. The loans will save 109 jobs and create 40 new jobs, said Agriculture Secretary Dan Glickman.

Mortgage rates fall below 8 percent

WASHINGTON -- The average U.S. 30-year mortgage rate fell below 8 percent in this week on expectations that the Federal Reserve will not raise interest rates this month, mortgage brokerage Freddie Mac said today.

Thirty-year mortgage rates dipped to an average 7.96 percent this week, the lowest since a matching 7.96 percent in the Dec. 24, 1999 week and the first time this year they fell under 8 percent. Last week's 30-year mortgage averaged 8.04 percent. Freddie Mac said 15-year mortgage rates also fell, to an average 7.70 percent from 7.75 percent last week, the lowest since 7.66 in the last week of 1999. One-year adjustable-rate mortgages were down to an average 7.21 percent from 7.28 percent last week.