Business Briefs Star-Bulletin staff and wire services

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ML Mac cuts dividend 40%

ML Macadamia Orchards LP, the state's largest grower of macadamia nuts, said yesterday it was slashing its dividend 40 percent as a result of lower prices and soft demand in the global macadamia market.

The Big Island company, which has made 87 consecutive quarterly distributions dating back to the inception of the partnership in 1986, said the payout of 3 cents a unit -- down from 5 cents a unit -- will be made on Feb. 15 to unit holders of record as of Dec. 31.

Bankoh's stock downgraded

Bank of Hawaii Corp.'s stock was downgraded to "market perform" from "outperform" by analyst Frederick Cannon at Keefe, Bruyette & Woods. Cannon's price target is $56 a share.

State tax revenue up 3.4%

Hawaii collected $334.7 million in general fund revenue in November to bring its five-month total for the fiscal year to $1.9 billion, up 3.4 percent from $1.8 billion a year ago.

General excise and use taxes, the largest single category of collections, were $204.2 million last month and for the first five months of the fiscal year are up 3.5 percent to $1.1 billion from $1.1 billion in the year-earlier period. Transient accommodations were $17.5 million in November and are up 6.3 percent through the first five months.Individual income tax collections were $93.3 million last month are ahead 1.3 percent over the corresponding period.

Brief case

Citigroup names CEO

Citigroup Inc. named Vikram Pandit, the head of its investment banking business, as chief executive. Pandit, 50, ran a hedge fund bought by Citi earlier this year and is seen as a careful, decisive investment banker.

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