Business briefs


POSTED: Friday, July 31, 2009

Isle commercial real estate reeling

Hawaii's commercial real estate transaction volume plunged 43 percent to an estimated $302 million during the first six months of 2009 compared with a year ago, and it was down 88.1 percent from the record set during the same period in 2006, according to an investment market report from Colliers Monroe Friedlander.

The average sale price per transaction edged upward to $5.3 million from $5.2 a year ago, but the majority of transactions were valued at less than $5 million.

Texas firm gets $32.8M road contract

A $32.8 million Hawaii highway project for the Big Island has been awarded to Road and Highway Builders LLC, a unit of Texas-based Sterling Construction Co.

The project will involve rebuilding a two-lane highway on Saddle Road for the Federal Land Highway Division of the U.S. Department of Transportation.

Work is expected to begin late in the third quarter and last about two years.

Exxon, Shell extend rough streak

Oil giants Exxon Mobil and Royal Dutch Shell contributed to the industry's worst midyear showing in years, stung by slumping global energy demand that threatens to further slow exploration and production.

For Exxon, the world's biggest publicly traded oil company, a 66 percent profit plunge for the second quarter marked its lowest result in nearly six years. The Irving, Texas-based company vowed to maintain its aggressive spending plans but acknowledged the tough economic environment has made that difficult.

Production fell 6 percent for Shell, Europe's biggest oil company, and executives said more drastic steps will be taken to adjust to the downturn. CEO Peter Voser promised to cut jobs and reduce capital spending next year.

On the move

» Heide & Cooke Ltd. has hired Sheldon H. Fukamizu as project engineer. His experience includes being quality control manager at NAN Inc., sales engineer at Norman S. Wright Mechanical, project manager at Alakai Mechanical Corp. and project engineer at MAPCO.

» Hawaii Pacific University has hired graduate Mickey Kromann-Jensen as assistant director of international admissions. He previously was a management consultant for Hospitality Advisors in Honolulu.