Mililani Association to suspend architectural fee

The board of the Mililani Town Association said yesterday that it will officially suspend all architectural fees from Jan. 1 to June 30, 2002, to encourage Central Oahu homeowners to help boost the local construction industry through increased renovation.

The board approved the resolution at its monthly board meeting Nov. 21.

"With the recent tragic events on the mainland and the continuing troubled economy, both nationally and here in Hawaii, the board felt there is a need to provide an incentive to homeowners who may have been putting off making improvements to their home," the association said in a statement.

The nonprofit organization of approximately 13,750 Mililani homeowners said it hopes residents will take advantage of mortgage rates, which are close to their lowest levels in three decades, at 6.75 percent for the average 30-year fixed mortgage.

The association, founded in 1968 when landowner Castle & Cooke began selling homes in Mililani, said it still requires prior approval for all exterior improvement or modifications to homes. But the association will not require the usual processing fees for the first six months of 2002. The fees vary according to the complexity of renovations. For the fiscal year to date, the association has approved 303 projects and disapproved 26.

Transportation expertise needed on Maui

WAILUKU >> Maui County is seeking requests for proposals for two transportation studies.

One of them focuses on developing a new long-range transportation plan that would propose alternative means of travel. The other study is to provide a formula for imposing traffic impact fees upon new developments. Once enacted into an ordinance, the formula would be used by county planners to propose traffic impact fees for developments.

For more information, call Brian Miskae at (808) 270-7735.

Fannie Mae increases 2002 mortgage loan limit

Fannie Mae said today it will raise its maximum mortgage loan limit in Hawaii to $451,050 at the start of 2002. The new limit, which will also apply to Alaska and the U.S. Virgin Islands, keeps those areas at 50 percent above the rest of the country, which shifts to a new limit of $300,700 at the same time.

The higher limit means more Hawaii families will be able to obtain affordable Fannie Mae mortgages through local lenders, said Doug McWilliam, customer account manager for Fannie Mae. The Hawaii limit for second mortgages will be $225,525.

The increase in the loan limit is based on the change between October 2000 and October 2001 in the average home price. Fannie Mae calculates its limit based on the price published in the Federal Housing Finance Board Monthly Interest Rate Survey.

Fannie Mae is a New York Stock Exchange-registered company that operates under a federal charter and is the nation's largest source of financing for home mortgages

Dole Food sells stake in Honduran beer maker

Westlake Village, Calif. >> Dole Food Co., the largest fruit and vegetable producer, sold its 97 percent stake in the biggest beer maker in Honduras to South African Breweries Plc for $537 million in cash.

Cerveceria Hondurena SA has annual sales of about $250 million and pretax profit of about $50 million, Dole said. The company said it will use the net proceeds to pay down debt.

While the sale will reduce Dole's earnings by 22 cents a share in 2002, it will be mostly offset by the company's restructuring efforts. The sale is part of Dole's plan to focus on its fresh fruit and vegetable, flower and processed food businesses.

Dole shares closed up 66 cents to $23.93 today.

Chiquita Brands slips into bankruptcy

CINCINNATI >> Chiquita Brands International Inc. filed for Chapter 11 bankruptcy protection yesterday under an agreement reached earlier to reduce the company's debt by about $700 million.

Company executives had said they expect that the deal with bondholders over the holding company's $950 million debt will shorten Chiquita's time under court-supervised reorganization.

The filing will not affect Chiquita's subsidiaries -- including its famous banana exporter -- or their separate $413 million debt.

Cincinnati-based Chiquita, a prime competitor with Dole Foods Co., has struggled financially in recent years because of a worldwide glut of bananas.

Japan output falls 0.3 percent in October

Tokyo >> Japanese industrial production fell to its lowest in more than 13 years in October, as waning demand prompted companies such as Nippon Steel Corp. to Daihatsu Motor Corp. to slow assembly lines. Production fell 0.3 percent last month, the Ministry of Economy, Trade and industry said. Economists had forecast a 0.9 percent drop after a 2.9 percent slide in September.

With the U.S. economy shrinking and Japan facing its worst recession in 20 years, the manufacturing slump may run for another year, economists said. That might throw hundreds of thousands more people out of work in a nation already suffering record unemployment.

Cathay Pacific's November traffic weak

Hong Kong >> Cathay Pacific Airways Ltd. said traffic this month hasn't shown signs of a recovery and next year will be tough for Asia's sixth-largest airline as the global slowdown stunts demand for travel.

In the week ended Nov. 17, Cathay filled less than 50 percent of seats on Japan routes, while planes to Korea were 69 percent full, both lower than a year earlier, said Tony Tyler, director of corporate development for the carrier. "Next year, we're expecting to see weakness right throughout the year," Tyler said. He declined to give estimates.

New Zealand trade deficit widened last month

Wellington >> New Zealand's trade deficit unexpectedly widened in October as retailers stocked up on imported goods ahead of Christmas sales.

The October trade deficit was NZ$267 million ($111 million), Statistics New Zealand said. That is wider than a revised NZ$54 million in September and NZ$185 million a year ago. Economists expected the deficit would narrow.

Retailers say sales are rebounding from the consumer confidence slump immediately after September's attacks.

In other news ...

BRUSSELS, Belgium >> Microsoft Corp. said yesterday it has waived its right to a hearing before European regulators in hopes of speeding resolution of its antitrust woes in Europe as well as the United States. The procedural move does not mean an automatic start to settlement talks with the European Commission, the EU's executive arm. But it skips what might have been a contentious faceoff originally set for Dec. 20-21.