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IN HAWAII
Wind farm to sell power to HELCO
The Public Utilities Commission has approved an agreement between Hawaii Electric Light Co. and Hawi Renewable Development that will allow HELCO to buy electricity from a new $6.2 million wind farm to be built near North Kohala's Upolu Point.The wind farm will be built by Site Constructors Inc. of Chico, Calif., an engineering and construction company that has built more than 100 wind and hydroelectric plants at various locations throughout the country. Construction will begin this spring and is expected to be completed by year-end. The wind farm, which will be the third largest wind energy facility on the HELCO system, will generate up to 3 megawatts of power. One megawatt of power from Hawi can power about 220 homes using an average of 600 kilowatt hours per month.
HELCO also owns and operates the Lalamilo wind farm in Waimea, which can produce up to 2.3 megawatts of power while its Big Island utility has a contract to buy up to 7 megawatts of wind energy form Apollo Energy Corp. in South Point.
Hawaii LEI points to improvement
Hawaii's economy should continue to improve over the next several months, according to the latest economic indicators reported by the state.The index of leading economic indicators for October, the latest month available, was up for the ninth consecutive month, the state Department of Business, Economic Development and Tourism reported yesterday.
"The index continues to suggest that Hawaii's gradual economic recovery will continue in the coming months," said DBEDT Director Ted Liu. "However, that outlook must be tempered by uncertainties in the international security situation, which the index cannot predict."
The Hawaii LEI index is made up of 10 components -- five to reflect economic conditions in Hawaii and five reflecting the impact of national and international factors on Hawaii's economy.
Fewer initial unemployment claims by Hawaii's residents and an increase in the U.S. Pacific region's consumer confidence made the most positive contribution to the rise in the index for October, the department said.
However, reduction in average work hours in Hawaii and the national interest rate situation continued to have a negative influence on the overall index, it said.
Two other indicators that came in negative for October were Oahu real estate transactions and statewide private construction permits.
On the positive side were Oahu real estate prices, the national economic indicators and Japanese labor earnings.
Tax credit broadened, IRS says
Changes in the federal Earned Income Tax Credit will expand the number of low-income taxpayers who qualify this year, especially among the ranks of military personnel, the Internal Revenue Service said.Income limits and maximum credits have been raised as part of a cost-of-living adjustment. Also this year, earned income no longer includes nontaxable income, such as military pay for housing, subsistence allowances or combat.
According to the IRS, 71,292 Hawaii taxpayers claimed the credit in 2001 for $101.5 million in tax credits. The IRS urged taxpayers to review the requirements for the credit, which are listed on publication No. 59, and are available at www.irs.gov or by calling (800) TAX-FORM.
Bank of Hawaii closes one mutual fund
Bank of Hawaii Corp.'s Asset Management Group, which manages mutual funds for the bank's investment department, has closed the Pacific Capital Balanced Fund, following a decision by one of the fund's institutional investors to seek a fund that was more fully diversified.The bank opted to close the fund because the investor who diversified held approximately 98 percent of the fund. Keeping the fund open would have meant significant expense increases for the remaining investors, the bank said. There were fewer than 250 investors in the fund.
Shareholders, who were notified in December of the pending close, were provided the option of either moving their investment to another Pacific Capital Fund or liquidating. The large investor has invested in some of Pacific Capital's other funds.
The fund, which last traded at $7.05 Wednesday, was down 2.5 percent year-to-date and dropped 14.26 percent last year.
ChevronTexaco posts disappointing profits
SAN FRANCISCO >> ChevronTexaco Corp. today reported its highest quarterly profit since the October 2001 merger that created the oil giant, but it wasn't enough to satisfy Wall Street or the company's management.The San Ramon-based company posted fourth-quarter earnings of $904 million, or 85 cents per share, rebounding from a loss of $2.5 billion, or $2.38 per share, the previous year. Excluding special charges, ChevronTexaco said it would have earned $1.06 billion, or $1 per share. But that figure fell short of analysts' consensus estimate of $1.28 per share, according to Thomson First Call.
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[Hawaii Inc.]
New jobs
>> Laura Kino has been named marketing and advertising director for Roberts Hawaii. She will manage advertising, marketing and promotional functions for all the company's subsidiaries. She has worked in various communications and marketing positions at Westin Hotels & Resorts and Richfield Hotel Management on the mainland. She has also worked as Crazy Shirts director of advertising and public relations in Hawaii.>> HotU Inc. has named Jonathan A. Bell vice president of sales and marketing. He has more than 12 years of sales, marketing and customer service experience with Silicon Valley companies. HotU provides e-Recruiting products and services.
>> Allan M. Beall has been named senior associate of leasing and sales for the Coldwell Banker Commercial Pacific Properties office on Kauai. He will be responsible for the leasing and sales of retail, office and industrial properties and businesses. Beall has worked in commercial real estate on Kauai for more than 13 years.
Promotions
>> Island Insurance Cos. has promoted Joao W. Santos from reinsurance and regulatory manager assistant vice president to personal insurance division vice president. He will maintain and grow the personal insurance division while continuing to manage his previous department. Prior to joining the company, he served as TIG Crum & Forster Insurance of Hawaii unit manager for commercial underwriting.
