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Aloha reaches deal with pilots

Aloha Airlines and its pilots union have agreed to a new 28-month labor contract that will go into effect Feb. 1 and run through April 20, 2007.

The deal with the Air Line Pilots Association Council 80 was ratified by the union's three-member Master Executive Council under union rules and did not have to go out to the group's 338 pilots for a vote.

"We're motivated to do our part in helping promote growth and profitability for our members and our company," said Richard Bockhaus, lead negotiator for Council 80.

No details were released on the contract, which the pilots union last week had said was imminent.

"I applaud our pilot work force for their willingness to work with the company to improve our competitive positioning during these challenging times for our industry," said David Banmiller, Aloha's president and chief executive officer.

Hawaiian had fullest planes in '04

Hawaiian Airlines had the fullest planes in the nation during every month of 2004, with an average load factor of 85.7 percent, up 5.4 percentage points from 2003.

Low-fare carrier JetBlue Airways was second with planes that were 83.2 percent full.

Also, Hawaiian's total miles flown by paying passengers, or revenue passenger miles, rose 7.6 percent last year, the carrier said.

Moody's upgrades Bank of Hawaii

Moody's Investors Service Inc. upgraded all of its financial ratings for Bank of Hawaii and its parent company, citing the bank's efforts to cut the size of its largest single exposures and culling exposure to shared national credits and airlines.

Moody's also said Bank of Hawaii has a competitive advantage in refocusing on the local market, a strategy undertaken by the bank's former chairman and chief executive, Mike O'Neill.

Winning business plans wanted

Business plans that emphasize social consciousness and innovative technology are being sought for the 2005 University of Hawaii Business Plan Competition.

Some $80,000 in cash prizes will be awarded, including $25,000 for first prize. To be eligible, at least one member of each team must be a registered student at UH.

Team registrations will be accepted until Jan. 31. For more information, contact pace@hawaii.edu or call 956-5083. Register online at www.cba.hawaii.edu/bpc.

Nextel opens third Honolulu store

Nextel Partners Inc., based in Kirkland, Wash., has opened its third Honolulu retail store at Pearlridge Center.

The move is a response to strong customer demand and the success of the company's first two local locations, opened in 2003 and 2004, the company said.

Pulitzer's profit drops 4.2 percent

Pulitzer Inc., publisher of the Garden Island on Kauai and 78 other newspapers, said fourth-quarter profit fell 4.2 percent because of investment losses and expenses related to the possible sale of the company.

In other news ...

» Federal antitrust enforcers are investigating plans by Gannett Co., the nation's largest newspaper company, to acquire a publisher of community newspapers in the Midwest, a Department of Justice official said yesterday.