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POSTED: Friday, March 27, 2009

HAWAII

Hawaiian Air to buy back stock

The board of Hawaiian Airlines' parent has authorized a stock repurchase program under which the company may buy up to $7 million of its outstanding common stock.

Hawaiian Holdings Inc. also said one or more its directors intend to participate individually in the stock repurchase program and may purchase up to an additional $700,000 in stock.

The company said that stock purchases will be made periodically out of available cash in open-market transactions or through privately negotiated transactions. The duration of the stock repurchase program is open ended, Hawaiian said. As of Monday, Hawaiian had approximately 51.6 million outstanding shares.

In addition, Hawaiian said it may institute a program for the repurchase of a portion of its outstanding Term A and Term B debt, subject to lender approval.

A&B sells office building and parcel

A&B Properties Inc has completed the sale of Southbank II, a 120,800-square-foot, single-story office building in Phoenix and a 37,300-square-foot ground lease parcel in Kahului, Maui.

The Maui parcel was a ground lease within an industrial park that previously had been developed by A&B.

Hawaii health providers team up

Hawaii Pacific Health and Humana of Hawaii have reached an agreement on a contract that enables Humana's Medicare Advantage preferred provider organization members in Hawaii to receive medical care at Straub Clinic & Hospital and Kapiolani Medical Center at Pali Momo.

Under terms of the agreement, members of Humana's ChoicePPO Medicare Advantage Plan will have in-network benefit access to all inpatient, outpatient and emergency services provided by the 159-bed Straub Clinic & Hospital and the 116-bed Kapiolani Medical Center at Pali Momi.

Prudential offers homebuyers plan

Prudential Locations is launching its own stimulus plan to help first-time homebuyers. During April, the company will provide its clients with an $8,000 first-time homebuyer tax-credit advance, upon the closing of property, so that buyers will have the money upfront.

To qualify for the program, clients must go into escrow on a property from April 1 to April 31. The $8,000 is given to Prudential's clients interest free, and does not need to be repaid until April 15, 2010.

NATION

Buying the goods

Consumers snapped up large numbers of laptops, flat-screen televisions, digital cameras and cell phones during the fourth quarter, helping Best Buy Co. Inc. boost sales by 10 percent, the company reported yesterday. Above, a Best Buy store in downtown Boston on Tuesday.

PEOPLE

Ex-Central Pacific CEO received $5M in '08

Clint Arnoldus, who retired on Aug. 1 as president and chief executive of Central Pacific Financial Corp., received just more than $5 million in total compensation in 2008, according to a recent proxy filing with the Securities and Exchange Commission. The package included unpaid benefits associated with his early retirement agreement.

Arnoldus, who was replaced by Chairman Ron Migita, received a prorated salary of $367,500. Arnoldus' base salary in both 2007 and 2006 was $630,000.

Migita, who retained his chairman title upon taking on the additional CEO and president duties, agreed to take a base salary of just $1. He had total compensation last year of $217,134.