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Macy's to add second Hilo store
Macy's has agreed to purchase the former J.C. Penney space in Prince Kuhio Plaza, Hilo, which has 62,000 square feet of space.Macy's will keep its existing 50,000 square feet in the Hilo mall, according to a joint announcement by mall owner General Growth Properties Inc. and Macy's parent, Federated Department Stores Inc.
The new location will feature men's and children's fashions and home merchandise while the existing location will have an expanded range women's apparel, accessories and shoes.
It is the second acquisition by Macy's of space vacated by J.C. Penney Co. when it closed its remaining stores last month. In mid-January, Queen Kaahumanu Center on Maui announced Macy's would purchase of the 86,000-square-foot Penney's space there, where it is also keeping its existing 81,000 square feet of space.
The new stores in Hilo and Kahului are expected to open in the fall, after renovations are complete, said Deena Nichols, senior vice president and director of stores for the Hawaii-Guam region of Macy's West.
Cruise ship skips Fanning port call
The 2,240-passenger Norwegian Star cut off this week's trip to Fanning Island because of a mechanical problem that slowed it down, according to Norwegian Cruise Line spokesman Steve Hirano.The ship's normal itinerary has it departing from Honolulu every Sunday, spending half a day in Hilo Monday and sailing to Fanning Tuesday. It comes back to Hawaiian waters to dock at Kahului, Maui, on Friday.
Hirano said the ship will continue its round-the-islands cruise, scheduled to end in Honolulu early Sunday. Equipment is being flown to Hawaii to make repairs, he said. Hirano said it is possible that next week's Fanning run also will be dropped.
Because it is foreign-owned, the ship is not allowed to carry passengers between American ports without a foreign stop. Hirano said authorities such as U.S. Customs have been notified that the Star is skipping the Fanning stop, which is in the Republic of Kiribati.
Credit card can tap home equity
American Savings Bank is introducing a new product this week that gives customers credit-card access to their home equity line of credit through their Platinum Visa cards.The product, Equity Express, was launched yesterday at the BIA Home Building and Remodeling Show that runs through Sunday at the Blaisdell Exhibition Hall.
Equity Express requires no appraisal if the equity line of credit is based on the current property tax assessment. There are no points or closing costs for taking out the loan, and the interest paid on Equity Express' monthly payments may be tax deductible.
Customers using Equity Express will be eligible for Platinum Visa card purchase and travel benefits and also will be able to participate in American Savings Bank's TravelAwards Plus program, where points can be accumulated and then exchanged for travel, merchandise, award certificates and gift cards from Hawaii merchants.
Dole to pay 15-cent dividend
Dole Food Co. has declared a quarterly dividend of 15 cents a share for the first quarter. It is payable on March 18 to shareholders of record Feb. 24.
Film, TV unions discuss a merger
LOS ANGELES >> The Screen Actors Guild and the American Federation of Television and Radio Artists outlined the structure of a proposed merger that creates a single umbrella union representing actors, broadcasters and recording artists.The national boards of the two unions will hold a joint meeting Saturday to vote on the principles of the plan, one of the first steps before a full vote of both memberships could take place.
A previous attempt at becoming a single entity was voted down by union members four years ago.
Analyst stock reports must be certified
WASHINGTON >> Stock analysts will have to certify that their reports and public comments reflect their true personal views and that they weren't paid by the companies they assessed, under a new rule adopted by federal regulators on yesterday.The Securities and Exchange Commission voted to approve the rule, which it proposed last year in response to the collapses of Enron and other big companies whose stock analysts had publicly promoted despite harboring doubts about the companies' finances.
Ericsson replaces CEO with an outsider
STOCKHOLM, Sweden >> LM Ericsson is replacing its chief executive with an outsider as the telecom equipment maker tries to return to profitability after two years of losses.Ericsson shares surged on the news.
Kurt Hellstroem, who has been with Ericsson for 18 years -- the last four as its president and CEO -- said yesterday he wanted to take advantage of a clause in his contract that would let him retire when he turned 60 this year.
The Stockholm-based company named Carl-Henric Svanberg, the CEO of international lock maker Assa Abloy, to its top position.
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[Hawaii Inc.]
New jobs
>> Central Pacific Bank has named Denis Isono executive vice president and chief operations officer for operations services. His responsibilities include overseeing loan and deposit processing, trust operations, properties and information systems. He has more than 20 years of banking experience. In addition, Scott Sakakihara has been named vice president and senior commercial banking officer of financial services for Maui. He will be responsible for providing financial services and assisting Maui businesses with their commercial banking needs. Sakakihara was most recently assistant vice president and district business banking manager for Bank of Hawaii's Maui District. He has 18 years of banking experience. Central Pacific Bank is Hawaii's third largest commercial bank with 24 branches statewide.>> Donna Bebber has been hired as director of development at the University of Hawaii's John A. Burns School of Medicine. She most recently served as vice president for development at the Honolulu Symphony. Bebber will work on the school's move to Kakaako.
Recognition
>> Eight Hawaii Pacific University faculty have been awarded course releases and more than $27,000 in grants for research projects through the university trustees' Scholarly Endeavors Program.These faculty are: assistant professor of anthropology Christopher Fung, assistant professor of chemistry David Horgen, associate professor of English Laurie Leach, associate professor of finance Gunter Meissner, assistant professor of English Adele NeJame, assistant professor of biology Louis Primavera, instructor of English Mark Tjarks, and professor of management Arthur Whatley.
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