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POSTED: Tuesday, September 01, 2009

Horizon raises fuel surcharge

Horizon Lines Inc., the state's second-largest ocean shipper, is boosting its fuel surcharge by 5 percentage points to 33 percent on rates for its mainland-Hawaii service, the company's fourth straight increase and its highest rate in 11 months.

Matson Navigation Co. and Pasha Hawaii said they are reviewing Horizon's increase, which goes into effect on Sept. 27. Matson's surcharge is 33 percent while Pasha Hawaii's is 22.5 percent.

Horizon also is increasing its fuel surcharge for service between the mainland and Guam/Commonwealth of the Northern Mariana Islands by 5 percentage points to 34.5 percent, also effective Sept. 27.

Credit union merger is approved

The merger of First Insurance Federal Credit Union with Aloha Pacific Federal Credit Union has been approved by the National Credit Union Administration.

The combined organization will be called Aloha Pacific FCU and have more than $578 million in assets, 31,000 members, 130 employees, seven branches and 45 ATM locations. All First Insurance FCU employees and its branch will be retained.

It is the second merger for Aloha Pacific FCU in 12 months.

HawTel boosts cash to $108.4 million

Hawaiian Telcom reported that its cash holdings for the month of July went up to $108.4 million, a 5.3 percent increase from $102.9 million in June.

Operating revenue came in at $33.6 million, similar to the $33.9 million recorded in June. Operating expenses, meanwhile, increased to $25.3 million compared with $23.9 million in June.

The company said yesterday it posted a loss of $10.6 million, 1.9 percent greater than the $8.9 million loss recorded in June.

HawTel's disclosure statement for its reorganization plan was approved by U.S. Bankruptcy Court last week. A confirmation hearing for the plan is scheduled for Oct. 7.

Hawaii Medical Center loses $407,000

Hawaii Medical Center posted a loss of $407,000 in July to run its post-bankruptcy losses to $6.1 million, according to a filing with federal Bankruptcy Court.

The operator of HMC-East in Liliha and HMC-West in Ewa Beach listed $12.9 million in total revenue for the month against $13.4 million in expenses.

Since filing for bankruptcy in August 2008, Hawaii Medical Center has had $133.9 million in revenue and $141 million in expenses.

A&B buys 2 California warehouses

A&B Properties Inc. has acquired two 100 percent-occupied distribution warehouses in the Northpoint Commerce Center in Fullerton, Calif.

The warehouses comprise 119,400 square feet of leasable area in a master-planned industrial park, which is a submarket of northern Orange County.

The acquisition boosts A&B Properties' commercial property investment portfolio to 8.5 million square feet of retail, office and industrial space in Hawaii and eight mainland states.

Red Mango opens in Kahala Mall

Red Mango opened its newest Hawaii location in Kahala Mall over the weekend.

Local businessman Alex Choi, president of Salon Bobby & Guy, has a development agreement with South Korea-based Red Mango to open seven stores in Hawaii.

The first Hawaii Red Mango opened last year in Outrigger's Waikiki Beach Walk development.

Wal-Mart boosts online selection

LITTLE ROCK, Ark. » Wal-Mart Stores Inc. has launched an addition to its online business that has outside retailers selling nearly 1 million new items through Walmart.com, a move that could help the world's largest retailer catch up in the online world.

The company said it picked retailers such as eBags because of their large product assortments and solid customer service track records.

ON THE MOVE

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The Kapalua Resort Association has announced Paul Brown as association director. His experience includes restaurant management at Hyatt Regency Maui Resort in Kaanapali, Hard Rock Cafe in Lahaina and the Plantation House Restaurant at Kapalua Resort, as well as owning a contracting business in California.

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The University of Maryland's Center for Advanced Life Cycle Engineering has announced Andrew Kluger as visiting senior research scientist. He is the founder and chief executive officer of Early Bird Alert Inc., chairman of the board and former chief executive officer of Hawaii Air Ambulance, president of Kluger and Associates; managing partner of Bluegrass Assisted Living in Kentucky and president of Book Bank USA.