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[ FAST FACTS HAWAII ]

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HAWAII

Hawaiian Airlines flies 94.1 percent on time

Hawaiian Airlines' planes were 94.1 percent on time in June, leading all carriers in the nation for the 20th straight month, according to the monthly Air Travel Consumer Report.

Hawaiian also had the fewest cases of mishandled baggage, and came in second for fewest canceled flights, behind Frontier Airlines. The local carrier was third best for the lowest percentage of oversold flights.

Apple debuts music downloads in Japan

TOKYO » Apple Computer Inc. launched its music download service, the iTunes Music Store, in Japan yesterday with 1 million songs, determined to expand on its popular iPod business on the home turf of rival Sony Corp.

"We're super excited about this," Apple CEO Steve Jobs said in Tokyo as he announced the launching of the iTunes service. "The future looks very, very bright for the iPod in Japan."

The online store could also change the local music business, where people who download music are still accustomed to paying more money for a limited lineup of tunes from sites for PCs and mobile phones that cost about 200 yen, or $1.80, a tune or charge monthly fees.

Jobs said iTunes will have 1 million songs in Japan, by both Japanese and international artists, with most costing 150 yen, or $1.35 each. Only 10 percent of the songs cost 200 yen, he said.

HVCB wins another award from magazine

Meetings and Conventions magazine has awarded the Hawaii Visitors and Convention Bureau a Gold Service Award for the 16th consecutive year.

The award recognizes the bureau's support for meeting planners and clients hosting Hawaii-based events. The bureau was one of 85 convention and visitor bureaus worldwide to be honored.

Hoku Scientific IPO delayed a second time

Hoku Scientific Inc.'s initial public offering was put on hold again yesterday despite having its stock price reduced to between $8 and $9 a share.

The previous price sought for the Honolulu fuel-cell technology developer was between $11 and $13.

Piper Jaffray, the lead underwriter, said yesterday the stock could trade today if it was priced before the market opened. The stock will be listed on the Nasdaq National Market under the ticker symbol HOKU.

Hoku stands to raise $43.5 million from the offering.

Dustin Shindo, the chairman and chief executive of Hoku, owns 4.8 million shares and would see those holdings worth $43.2 million, on paper, if the stock were to close at $9 after the first day of trading.

Hoku and Piper Jaffray have agreements that prohibit investors who held stock before the IPO from selling their shares for at least 180 days.

Tesoro's earnings drop 14 percent

SAN ANTONIO » Tesoro Corp., which operates one of two oil refineries in Hawaii, said net income in the second quarter fell 14 percent to $183.9 million, or $2.62 a share, from $213.1 million, or $3.11 a share, a year earlier.

Results for the quarter included a previously disclosed after-tax charge of $1.8 million, or 3 cents a share, to write off unamortized debt costs and a prepayment premium associated with the retirement of $96 million in company loans.

Excluding the special item, Tesoro's net earnings would have been $185.7 million, or $2.65 a share.

The San Antonio-based company said revenue rose 28 percent to $4 billion from $3.2 billion.

NATION

Mortgage rates continue rising

WASHINGTON » Mortgage rates continued their upward climb this week, with rates on 30-year mortgages rising to their highest point since the middle of April.

In its weekly survey, mortgage giant Freddie Mac reported yesterday that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent, up from 5.77 percent last week.

It marked the fifth week in a row that rates on 30-year mortgages went up. This week's increase left rates on 30-year mortgages at their highest since they averaged 5.91 percent for the week ending April 14. Yet rates on 30-year mortgages are still considered good and have stayed below 6 percent for all but two weeks this year. That has helped to propel home sales to record levels in June.

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[ HAWAII INC. ]

PROMOTIONS

» Hawaii Self Storage has promoted Daniel Ho to general manager and Chris Ulu to general sales manager. Ho will be responsible for participating in the development, construction and overseeing the operations of the company's Oahu storage facilities. Ulu will be responsible for increasing sales companywide.

» Matson Navigation Co. has promoted six employees in the company's executive team. Ron Barrett has been promoted to vice president, sales, U.S. mainland. He will be responsible for all Matson sales activities and initiatives in the United States. John Dennen has been promoted to vice president and controller. He has 28 years of experience in the shipping industry. Bal Dreyfus has been promoted to vice president, West Coast terminals and vehicle operations. He joined the company in 1993. Dale Hendler has been promoted to vice president, corporate development and planning. He will be responsible for all Matson corporate planning and development. Paul Londynsky has been promoted to vice president, safety, quality and environmental affairs and chief security officer. He has 25 years of maritime industry experience. Gary Nakamatsu has been promoted to vice president, sales, Hawaii. He is responsible for all sales activities and initiatives in Hawaii.

» The Oceanic Institute has promoted three employees to top leadership posts: Anne Gasc has been promoted to laboratories manager. She will be responsible for managing all of the institute's laboratory facilities. Joe Tabrah has been promoted to operations director. He will be responsible for overseeing all facilities and support operations at the institute. David Ziemann has been promoted to executive director of research. He will be responsible for overseeing and coordinating all research at the institute.