Business Briefs Star-Bulletin staff and wire services

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HAWAII

Marine firemen OK Matson pact

The rank-and-file membership of the Marine Firemen's Union has ratified a new, five-year agreement with Matson Navigation Co.

Union members ratified the new contract at meetings on July 7 in San Francisco and Monday in Honolulu, Seattle and Wilmington, Calif. An overwhelming 97 percent of voting members approved the ratification.

On June 30, the union reached a collective-bargaining agreement on June 30 as part of the SIU-Pacific District Joint Union Negotiating Committee, which also included the Sailors' Union of the Pacific and the Seafarer's International Union-Atlantic, Gulf, Lakes and Inland Waters Division/NMU.

Terms of the agreement, beginning July 1, include wage increases of 3 percent in the first three years and 3.5 percent in the last two years. Members working aboard Matson's newest vessels - the Maunkai, Manulani, Maunawili and Maunalei - also will receive wage and fringe benefit parity with the rest of Matson's fleet.

The Sailors' Union and SIU-AGLIWD/NMU are still in the ratification process.

County project applications sought

The Hawaii Tourism Authority and the island counties are seeking applications for County Product Enrichment Program projects.

These agencies will consider funding projects that diversify and enrich Hawaii's tourism product by developing new and enhancing existing community-based events, activities and experiences related to the niches of agriculture, culture, education, nature, health and wellness, and technology.

"The programs that receive funding through CPEP provide our visitors with the opportunity to interact with our local residents, an experience that many desire in addition to exploring traditional visitor attractions," said Rex Johnson, president and chief executive of HTA. "These events and activities provide a true community experience for visitors and residents that celebrate Hawaii's people, cultural diversity and history."

Application packets will be available at the county offices or posted on their Web sites. To assist with the application process, free workshops will be held on Kauai today and on Honolulu tomorrow.

For more information, visit www.hawaiitourismauthority.org.

Noni Biotech opens lab on Maui

Noni Biotech International LLC has opened a 3,600-square-foot international headquarters and biotech laboratory in Haiku, Maui.

The lab, which Noni Biotech calls one of the most sophisticated high-tech labs in the state, is designed to analyze and manufacture organic anti-cancer compounds recently discovered in Hawaiian Noni Juice at Louisiana State University's Medical Research Center.

Tax institute seeks top advisers

The Hawaii Tax Institute is seeking nominations from members of legal, accounting, investment, insurance, charitable and financial institutions in Hawaii who would like to recognize a tax, estate planning or financial professional as the 2008 Hawaii Tax Institute's Adviser of the Year.

Nominations for the Adviser of the Year are being accepted through Sept. 1. As part of the award, the recipient will be allowed to direct $5,000 to a Hawaii-based charity of his or her choice. Both the winner of the Adviser of the Year and the charitable recipient will be recognized at the Hawaii Tax Institute's 45th annual tax conference on Oct. 21 at Hilton Hawaiian Village.

The conference is sponsored by First Hawaiian Bank; KMH LLP; ECA LLP and the Chaminade Tax Institute.

Nomination forms are available by contacting Karen Arakaki at 527-2206, by fax at 536-5817 or by e-mail at karakaki@kmhllp.com. For more information, contact Curtis Saiki at csaiki@fhb.com or call 525-6232.

NATION

Gannett stock hits 17-year low

Gannett Co., the largest U.S. newspaper company, fell to its lowest level in more than 17 years yesterday after Lehman Brothers Holdings Inc. cut its estimates for the stock price and full-year profit.

Gannett, owner of the Honolulu Advertiser and USA Today, lost 26 cents, or 1.5 percent, to $17.35 on the New York Stock Exchange - the lowest since December 1990. The shares have declined 56 percent this year.

Analyst Craig Huber cut Gannett's price target for a sixth time this year, reducing it 29 percent to $15, citing rising newsprint prices, falling advertising sales and lower revenue from jobs Web site CareerBuilder Inc. He projected 2008 profit of $3.65 a share, down from a previous estimate of $3.70, on a more than 12 percent drop in newspaper ad sales.

"We do not think it is too late to sell Gannett shares," the New York-based analyst wrote yesterday in a report. He maintained an "underweight" rating on the stock.

Huber also cut his 2009 profit estimate to $3 a share from $3.20. He expects newspaper ad revenue to fall 7 percent next year, steeper than an earlier estimate for a 6 percent drop.

Promotions

» Colliers Monroe Friedlander has promoted Sarah Lee Morihara to president and managing director from vice president and corporate counsel. She joined the firm in 2003 and previously worked in Cades Schutte's real estate group.

» The University of Hawaii Foundation has hired Janet Yoshida Bullard as associate vice president of alumni relations and executive director of the UH Alumni Association. Her past experience includes senior director of marketing and promotions for Hawaiian Airlines.