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Grace Pacific builds on buying spree

Grace Pacific Corp. said yesterday it is buying Honolulu-based contractor SUN Industries Inc. from Sidney A. Quintal for an undisclosed price.

SUN Industries, founded in 1978, also does business as Peterson Sign Co. and Roadway Safety. Quintal will continue to operate SUN Industries. Grace Pacific intends to keep all SUN Industries employees.

Grace Pacific, an employee-owned company with 300 workers statewide, acquired Hawaiian Bitumuls in 2001 and Kauai general contractor Niu Construction Inc. in 2002.

Hawaii florists endow scholarship

The Hawaii Florists & Shippers Association has created a $50,000 scholarship endowment fund at the University of Hawaii for students who want to pursue a career in floriculture, the production of ornamental plants and all other aspects of agriculture.

The 400-member association is challenging other agriculture-related trade associations to add to the fund.

"If Hawaii's agricultural industries are to grow, their future leaders must have adequate funding in order to obtain their education," said association President Eric Tanouye.

Scholarships will be provided in three areas of the university system: The College of Tropical Agriculture and Human Resources at Manoa, the University of Hawaii at Hilo and all of the UH Community Colleges.

Organizations who want to contribute can call Kelvin Shoji at 956-4146 or e-mail him at shoji@hawaii.edu.

Economic growth forecast rises

U.S. economic growth forecasts for 2003 were raised for the first time in a year after revised government statistics showed a stronger first-quarter economy, a private survey found.

The world's largest economy is forecast to expand 2.4 percent this year, up from May's estimate of 2.3 percent, based on the consensus estimate of 53 economists surveyed this month by Blue Chip Economic Indicators, a Kansas City, Mo.-based publication. That was the first improvement in the forecast since June 2002 when the consensus estimate expected the economy would grow 3.6 percent this year.

The statistics showed the economy grew at a 1.9 percent annual pace from January to March instead of the previously announced 1.6 percent increase, the Blue Chip report said.

Feds may ease rules on travel sites

WASHINGTON >> The Justice Department agreed with federal transportation officials yesterday that rules governing computer reservation systems for airline tickets should be eased because they don't result in lower prices.

The Transportation Department in November proposed changing the rules for the four U.S. computer reservation systems used by travel agents so all airlines won't have to participate in all four systems.

It recommended abandoning a requirement that computer reservation systems charge all airlines the same price for the same services. It did say rules should be kept that prevent the computer reservation systems from providing biased information and that require equal treatment in updating of airline information.

General Dynamics to purchase Veridian

General Dynamics Corp., the fifth- largest U.S. military contractor, agreed to buy Veridian Corp. for $1.23 billion in cash to increase sales of intelligence gathering as the U.S. government expands its fight against terrorism. Veridian's main business is making sensors that collect data using spy planes and satellites, and software to analyze the information for federal agencies and war planners.

In other news ...

>> Motorola Inc. reduced sales and profit forecasts for the year, blaming excess inventory and the outbreak of severe acute respiratory syndrome in Asia.

>> AOL Time Warner Inc. may sell the compact-disc manufacturing arm of its music business "in the next month or so," Chairman and Chief Executive Richard Parsons said.