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Reported by Star-Bulletin staff & wire

Friday, May 7, 2004


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Military housing contract signed

A mainland partnership awarded a $250 million, 50-year contract to build and renovate nearly 2,000 Oahu homes for the Navy said yesterday it has officially signed the agreement.

Hawaii Military Communities LLC, a partnership formed and led by Cleveland-based Forest City Enterprises Inc., said Phase One involves the construction of 910 new homes and the renovation of 1,040 existing military family homes during the next four years. The partnership also is responsible for the ongoing operation and maintenance of the properties and residential communities for the next 50 years. The initial development costs for Phase One are estimated at $400 million.

Hawaii Military Communities, whose partnership includes Texas-based C.F. Jordan LP, was founded to focus on and participate in the privatization of military family housing in Hawaii. The partnership took over responsibility for the five Navy communities last Saturday.

Credit union members add ATMs

CO-OP Network has reached an agreement with WesCorp and its Pacific operations division to become partners in serving 27 credit unions in Hawaii and Guam.

The credit unions will become the first South Pacific financial institutions to join CO-OP's ATM network.

WesCorp, which serves its member credit unions throughout the Pacific region from its division office in Honolulu, recently became a CO-OP Network shareholder.

CO-OP has 41 ATMs in Hawaii and the WesCorp partnership will bring an additional 39 into CO-OP's nationwide surcharge-free network of 18,000 ATMs.

Sustainable development meeting

The Hawaii Rural Development Council's first annual conference will discuss ways of improving the quality of life in rural areas when it convenes May 19-20 in Kailua-Kona.

The conference, entitled "Charting a Course for Rural Hawaii's Future," will discuss infrastructure issues and sustainable answers to community concerns such as health care and employment opportunities. The HRDC is seeking participants from nonprofits and businesses, as well as any groups or individuals with an interest in a sustainable future for rural Hawaii.

The conference will be at the King Kamehameha Hotel. For further information, call the HRDC at (808) 989-1899 or the USDA's Rural Development program at (808) 933-8313.

Girls' financial literacy camp set

Camp $tart-Up, a financial literacy and entrepreneurial camp for teen girls 14 to 19, will take place July 13 to 23 at Camp Kokokahi in Kaneohe.

During the 10-day program, campers develop a business idea, research the industry and create a business plan including financial statements and a marketing plan, which are presented to friends and supporters at the end of camp.

The camp, which is promoted by the YWCA of Oahu, is a registered program of Independent Means Inc., a Santa Barbara, Calif.-based company that has been promoting financial literacy for girls since 1992. The YWCA of Oahu is one of eight Camp $tart-Up sites this summer.

Tuition is $1,000 per student. Scholarships are available.

For more information, call Kehau Kali at 538-7061, ext.227.

Japan Airlines posts biggest annual loss

Japan Airlines System Corp., Asia's largest carrier, posted its biggest-ever annual loss for last year on a slump in air travel demand triggered by the outbreak of SARS. The company stuck to its March annual profit forecast.

The airline had a group net loss of &YEN88.6 billion ($803 million), or &YEN45.19 a share, for the year ended March 31, compared with net income of &YEN11.6 billion, or &YEN5.92, a year ago. That was in line with the carrier's March estimate.

Fannie Mae ordered to rework loan losses

Fannie Mae, the giant housing finance company, has improperly accounted for some of the loans in its $1 trillion portfolio, a federal regulator said yesterday.

The Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae, ordered the company to recalculate losses on those loans by next Friday. The recalculation could force Fannie Mae to restate its profits downward.


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[Hawaii Inc.]

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New Jobs

>> Laurel Johnston has joined the Hawaii Uninsured Project as its executive director. He was previously a Communications Pacific community building practice account supervisor.

>> Halekulani Corp. has appointed Robin K. Graf to serve as Waikiki Parc Hotel general manager. He will be responsible for directing all aspects of day-to-day management and operations. He brings nearly two decades of experience in hospitality management, sales and marketing. He was previously Outrigger's Waikoloa Beach Marriott general manager.

>> Verizon Hawaii has selected Derrick Uyeda as customer operations and construction director. He supervises construction, installation and maintenance, customer engineering and business operations. He rejoins the company after retiring in 2000.

Recognition

>> Government Technology Magazine and the Center for Digital Government have chosen state Sen. Carol Fukunaga as one of 25 government leaders who have reshaped and advanced digital government.

>> The American College of Dentists has awarded fellowship to Hawaii Dental Association members Ed Cassella, Sam Ishimura and Craig Mason. Cassella is a Honolulu periodontist and the association's immediate past president; Ishimura is prosthodontist and Hawaii Dental Service dental practice director; and Mason is a Kailua general dentist.

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