State leading indicator down for 10th month

The state's leading economic indicator is down again, for the 10th month in a row. The indicator, which predicts economic performance for the coming five to 10 months, shows that while Hawaii's economy is still growing, it is doing so at a slower rate than in recent years.

The figures for April, the latest month for which the number could be calculated, show that four of the five Hawaii indicators were down, such as a 4.3 percent dip in the number of real estate transactions and a 7.1 percent decline in the value of construction permits. Two of three national indicators affecting Hawaii were down and at the international level, unfavorable exchange rates contributed to the decline.

The Department of Business, Economic Development and Tourism said it expects real personal income to grow 2.5 percent this year, down from last year's 3.1 percent.

Hawaiian Electric declares 62-cent dividend

Hawaiian Electric Industries Inc. declared a regular quarterly dividend of 62 cents a share, payable Sept. 10 to shareholders of record Aug. 10. Robert F. Clarke, chairman, president and CEO, said the company intends to maintain that level "for the foreseeable future."

At yesterday's closing price of $36.75, HEI's annual yield is 6.7 percent.

Help for tax-helpers is soon to be available

Grants of up to $100,000 are available from the Internal Revenue Service for organizations providing low-cost legal help to taxpayers involved in tax disputes, or to taxpayers for whom English is a second language.

For calendar year 2001, some $6 million was awarded to 102 organizations, including more than $55,000 to the Legal Aid Society of Hawaii and Volunteer Legal Services Hawaii.

An application package is available via the IRS Web site at www.irs.gov under the "What's Hot" link, or through the agency's toll-free publications hotline at (800) 829-3676. The IRS must receive applications by Aug. 24.