GETTING IN ON THE GROUND FLOOR
Mid-Pac launches its $12 million math,
science and tech complex

CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM VIPs pitched in to help with the groundbreaking yesterday for the $12 million math, science and technology complex at Mid-Pacific Institute. First Lady Vicky Cayetano, fourth from left, and Mid-Pac President Joe C. Rice, fifth from left, were among the diggers. The complex, whose first phase is expected to open in 12 to 18 months, will feature state-of-the-art labs and classrooms for the three subjects; computer displays to keep students in touch with world events; a digital video studio for student cinematographers; a distance learning center to allow collaboration with peers from around the world; a biotechnology area that will immerse students in aquaculture, health issues and agriculture; rooms with video conferencing capabilities; and computer equipment and software. Top donor gifts included $2 million from Michael and Sandra Hartley as well as from the Harry and Jeanette Weinberg Foundation, and $1 million each from the Atherton Family Foundation and the Harold K.L. Castle Foundation.

150,000-square-foot Lowe's to be built on Big Island

Lowe's Home Improvement Warehouse will spend $16.5 million to build a new 150,000-square-foot store on the Big Island, the company said yesterday.

The store will be on Queen Kaahumanu Highway in Kona and is expected to open for business in spring 2003.

It expects to create 175 new jobs.

There are now two Lowe's stores in Hawaii, employing more than 200 people. Lowe's purchased the two stores in 1993 from Eagle Hardware and Garden. Lowe's has 740 locations in 42 states.

'Prime bank' scams target Hawaii consumers

The state's top securities regulator yesterday cautioned Hawaii investors about widespread "prime bank" scams.

The scams, often promoted on the Internet, promise high rates of return through secret portfolios of the world's top, or "prime," banks, said Ryan Ushijima, state securities commissioner. In reality, neither the portfolios nor the banks exist.

"In prime banks schemes like this, investors should ask themselves 'Why Me?'" Ushijima said. "If this scheme really works, why is some stranger in a hotel meeting room or on the telephone or the Internet offering to cut me in on it?"

Ushijima advises consumers to obtain all information in writing and to use common sense when checking claims.

In addition, consumers should make sure an investment meets their personal goals and check whether the seller is registered in Hawaii. Checks can be made by calling 586-2722.

Isle equipment supplier purchases Denver firm

Honolulu-based AES-Automotive Equipment and Supply has completed the purchase of Swis Automotive and Truck Equipment and Supply in Denver.

The Colorado operation, which is AES's third location, will be renamed Swis, a division of AES. Details of the purchase were not disclosed.

AES moved into the Colorado market last March with an outlet in Colorado Springs. The purchase of the Denver operation makes it one of the largest distributors of automotive repair equipment in that state based on sales volume, according to Managing Partner Lou Cardoza.

AES provides diagnostic and repair equipment and services to auto dealerships, repair centers and the government. For more information, see www.hawaiiequipment.com.

Hawaii ranks 19th in U.S. in online shopping

Hawaii online shoppers shelled out $21.61 apiece this shopping season, according to a new survey.

The report, by online comparison shopping site Bizrate.com, ranks states by per capital online spending between Nov. 19 and Dec. 25.

Hawaii came in at No. 19, behind Pennsylvania and ahead of Utah. The top state in online spending was Alaska, with $37.98 per capita. Mississippi was least, with $8.33.

Overall, online sales came to $6.4 billion during the season, up 36 percent from last year, according to Bizrate.com.

New home starts fall slightly to end year

WASHINGTON >> Construction of new homes and apartments fell slightly in December but managed a solid 2.2 percent increase for all of last year, an amazing achievement considering that housing is usually one of the industries that is hardest hit during a recession.

Two China carriers to add Japan flights

Tokyo >> Air China and China Eastern Airlines Corp., two of the country's three biggest carriers, will increase flights to Japan starting in April, expanding capacity just as rival Japan Airlines Co. and other carriers prepare to add services to an increasingly crowded market, according to a Bloomberg News report.

Air China, which said Wednesday it earned its first annual profit in four years in 2001, plans to increase to 65 from 44 the number of planes on the Beijing-Tokyo route, said an Air China spokesman. China Eastern will almost double flights between the two countries to 28 a week from 16.

China's growth, the fastest among big economies, is spurring airlines around Asia to expand China-bound flights and make up for slumping demand on other routes, especially to the United States.

New Zealand completes purchase of airline

Auckland, New Zealand >> New Zealand's government completed its purchase of 82 percent of Air New Zealand Ltd. yesterday as part of its NZ$1.04 billion ($439 million) rescue package for the national carrier, said Finance Minister Michael Cullen in a statement e-mailed to Bloomberg News.

The government spent NZ$585 million for 2.167 billion of ordinary shares at 27 cents each.

It also received 1.25 billion of new convertible preference shares at 24 cents each in return for a NZ$300 million loan. Another 29.9 million convertible preference shares were issued to cover interest on the loan, the government said.

Japan factory use falls to lowest level since 1978

TOKYO >> Japan's factory use fell for a third month in November as companies such as Hitachi Ltd. and Fujitsu Ltd. furloughed workers and slowed assembly lines. The drop suggests more jobs may go as manufacturers ride out the recession, Bloomberg News reported.

Factory use fell 1.5 percent in November from October, to the lowest since the Ministry of Economy, Trade and Industry started keeping records in 1978. Production fell 1.7 percent in the month, compared with an initial estimate of a 1.8 percent drop.

The decline of Japan's manufacturing industry, which led the nation's post-war economic revival, has cost tens of thousands of jobs.