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Business Briefs
Star-Bulletin staff
and wire services
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FAST FACTS HAWAII
Pasha increases fuel surcharge
Pasha Hawaii Transport Lines, which ships vehicles between Hawaii and San Diego, said yesterday it was raising its fuel surcharge 2 percentage points to 19.5 percent beginning May 9.
The increase comes on the heels of a 1.25 percentage-point increase announced Wednesday by competitor Horizon Lines that will raise its fuel surcharge to 20.75 percent beginning May 6. The largest ocean shipper in the islands, Matson Navigation Co., said yesterday it wasn't ready to announce a decision. Matson's surcharge is 19.5 percent.
Pasha said its increase would not apply to the $975 cost of shipping personally owned vehicles, but would affect oversized cargo, such as large trucks and cranes.
Horizon said it plans to apply its fuel surcharge across the board, pushing the cost for shipping a vehicle to $983. But Horizon said yesterday if its competitors do not match that aspect of the surcharge, it may reconsider.
Honolulu office vacancy rate 7.2%
The vacancy rate for Honolulu's office market rose slightly to 7.2 percent in the first quarter of the year, according to the latest report from
Colliers Monroe Friedlander.
The increase from the 7.0 percent rate recorded at year-end 2006 could be attributed to seasons, says the report. In the first quarter of 2006 the rate was 8.5 percent.
Average full-service asking rents were recorded at $2.88 per square foot per month for Class A space, and at $2.84 per square foot per month for Class B space. Islandwide, the average full-service asking rent is about $2.65 per square foot per month.
Colliers anticipates a return to healthier market conditions for the second quarter of the year, with vacancy rates hovering between the 6.75 percent to 7 percent range.
[ HAWAII INC. ]
NEW HIRES / PROMOTIONS
» Bank of Hawaii has announced the following promotions:
Masahiko "Mike" Hara has been promoted to international client banking team leader from international bank officer. He will be responsible for the Waikiki branch's international client relationship officers and specialists focusing on the Japan, Korea and China markets. He has served the bank since 1985.
Dorothy "Dotty" M. Korsey has been promoted to vice president and market information manager from assistant vice president. She will be responsible for managing the marketing information database and providing analysis and reporting for product sales campaigns, promotions and other company initiatives. She has served the bank since 1989.
» Coldwell Banker Pacific Properties has announced the following promotions: Tracy Bradley has been promoted to regional vice president of sales. She replaces Chason Ishii, who was newly appointed as president. Bradley will oversee operations of the brokerage's five area offices and its new agent training office. Leslie "Les" Kobata has been promoted to senior vice president of the new agent training office. He will oversee career development and training of more than 80 new agents. He has more than 20 years of sales experience. Pua Hardwick has been promoted to vice president of the Kahala office. She will be responsible for strategic planning, financial management, marketing strategies, personal support and development.
» Hawaiiana Management Co. has announced the following new hires and promotion: Kevin Cole has been promoted to vice president and principal broker from principal broker of Condotech's Hawaiiana Resorts Inc. He has more than 23 years of real estate experience and 11 years of condominium management experience. Ralph Ahles has been hired as senior management executive. He started his career with Hawaiiana nearly 30 years ago and previously served as vice president of Metropolitan Management for 11 years and 17 years as general manager for Discovery Bay in Waikiki. Carolyn Newman has been hired as management executive for the company's Kona office. She previously served as hospitality specialist for Hale Kona Kai Condominium and has 14 years experience in real estate and property management. John Bouchie has been hired as management executive. He previously served as assistant vice president of Peabody Properties in Boston and has 22 years of experience in the real estate and property management industry. Susan DeCorte has been hired as management executive. She previously served as property manager for Hawaii First Inc. and has 11 years of experience in property management. Deborah Balmilero has been hired as management executive. She previously served as property manager of nine condominium and townhouse associations for Certified Management Inc.
Mortgage rates drop
WASHINGTON » Rates on 30-year mortgages edged down for the first time in six weeks as investors saw evidence that inflation is not getting out of hand.
In its weekly survey, mortgage giant Freddie Mac reported yesterday that 30-year, fixed-rate mortgages averaged 6.17 percent this week.
That was down from 6.22 percent last week and marked the first decline in the 30-year rate since it dropped in early March to 6.14 percent, the lowest level for this year.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, dipped to 5.89 percent, down from 5.90 percent last week. Five-year adjustable rate mortgages averaged 5.92 percent, compared with 5.93 percent last week. One-year adjustable mortgages edged down to 5.45 percent from 5.47 percent last week.
Options on CBOT start today
CHICAGO » The U.S. Futures Exchange today will start offering options that allow investors to bet on whether the Chicago Mercantile Exchange or
Intercontinental Exchange Inc. will acquire the Chicago Board of Trade.
The U.S. Futures Exchange will list two separate contracts for each possible acquisition, the Chicago-based exchange said on its Web site. Each contract will pay $1,000 if the purchase by the bidder named in the option is completed by Dec. 3.
The Board of Trade, the second-biggest U.S. futures exchanges, is the target of competing bids of $8.8 billion by the Merc, the biggest futures exchange, and $9.7 billion by Atlanta- based energy exchange Intercontinental. The Board of Trade recommends shareholders choose the Merc's offer. A vote is scheduled for July 9.
BUSINESS PULSE
