IN HAWAII

Junior Achievement seeking nominations

It takes fortitude to build a business. It takes even more for a business leader to make a larger contribution to the state's economy. Junior Achievement of Hawaii wants to recognize civic-minded people by inducting them into its 2003 Hawaii Business Hall of Fame.

Junior Achievement has inducted 49 people into the Hall of Fame since its inception in 1990. Last year's laureates included Martin & MacArthur President Jon Martin and Chief Executive Lloyd Jones; Jeffrey Bloom, president of Computer Training Academy, Network Resource Center; Kitty Lagareta, chairwoman and chief executive of Communications-Pacific Inc.; the late Richard S. Miyashiro, founder of Cafe 100 Inc. in Hilo; and the late Roswell M. Towill, founder of R.M. Towill Corp.

Nominations for 2003 laureates are due Nov. 1. Nomination forms are available by calling 545-1777 ext. 15.

Aloha sets rates for Rarotonga service

Aloha Airlines said yesterday it set its high season rate for flights to its newest destination, Rarotonga, Cook Islands, at $1,073. But from Dec. 9 to 19, the airline will offer an introductory round-trip air fare of $581 from Honolulu, not including taxes or fees.

Prices are slightly higher flying from the neighbor islands, $1,128 for the regular high season rate and $636 for the promotional fare.

The airline's inaugural flight to Rarotonga leaves Honolulu at 9 a.m. for the 2,900-mile flight and arrives in Rarotonga six hours later. Aloha will offer the flights twice a week between Dec. 9 and March 30, then once a week beginning March 31.

ON THE MAINLAND

Housing construction fell during August

WASHINGTON >> Housing construction fell in August for the third straight month, but mortgage rates dipped this week to a new three-decade low, a factor that might motivate more home buying.

Home builders broke ground on a seasonally adjusted annual rate of 1.61 million units in August, a 2.2 percent decline from July, the Commerce Department reported yesterday. Although the drop surprised analysts who were predicting an increase in housing projects, they didn't find it alarming.

Even with the declines over the last three months, the level of housing construction is still quite good, economists said.

Credit Suisse faces analyst investigation

BOSTON >> Massachusetts securities regulators have uncovered evidence that Credit Suisse First Boston may have illegally misled investors with its research and channeled shares of initial public offerings to friends of its investment banking business, sources familiar with the matter said yesterday.

The findings have been turned over to New York Attorney General Elliot Spitzer, whose state laws have more teeth than other state laws and federal statutes covering large Wall Street firms. The 1921 law known as the Martin Act allows for convictions without proving criminal intent and without any sales or purchases of securities.

Oracle's Ellison departing Apple board

CUPERTINO, Calif. >> Apple Computer Inc. today said Larry Ellison, the chairman and chief executive of Oracle Corp., is resigning as an Apple director.

Ellison, a longtime friend of Apple Chief Executive Steve Jobs, joined the board five years in a reshuffling of directors after Jobs returned to take control of the company he co-founded in the 1970s.

"My schedule does not currently allow me to attend enough of the formal board meetings to warrant a role as a director," Ellison said in a statement. "I will continue to offer my advice to Steve and the executive management team at Apple."