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AUW SETS GOAL

CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM Aloha United Way and Bank of Hawaii yesterday announced a fund-raising goal of $13 million for AUW's 2003 campaign. The press conference took place just outside Bankoh's vault, where security guard Vaatofu Fai stood guard over enough crisp $50 bills to meet that goal. Bankoh Vice Chairman of Retail Banking David Thomas is campaign chairman. AUW raised $13.2 million last year, meeting its goal. An acknowledgement of the weak economy and soft tourism sector led to the slightly lower goal for 2003, according to an AUW spokeswoman. But the theme of this year's campaign -- "You're stronger than you think" -- is intended to inspire giving in tough times, according to an AUW press release.

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Hawaii Group 70 Foundation seeks beneficiaries

Honolulu planning, architecture and interior design company Group 70 Inc. has created a foundation to benefit nonprofit organizations.

The Group 70 Foundation Fund has raised more than $60,000 from within the company. One-year grants ranging from $2,000 to $10,000 will be awarded to projects or activities that improve education, community development, culture, the environment or design. Preference will be given to sustainable projects for Hawaii communities.

"This fund is designed to support activities that contribute to a better living environment in Hawaii, which has always been one of our core values at Group 70s," said Jim Nishimoto, Group 70 International president. Nishimoto is also the company's liaison with the Hawaii Community Foundation, which will manage the fund.

Grant applications are available through Lynn Haff at the Hawaii Community Foundation at 537-6333. Completed applications must be returned by Aug. 1. Recipients will be announced Sept. 15.

Brewer sells Hilo Coast Power

Brewer Environmental Industries is selling the assets of the Hilo Coast Power Co. in Pepeekeo on the Big Island to Continental Pacific LLC of Troy, Ala.

The deal is expected to close Aug. 12. Continental Pacific plans to offer jobs to all 77 employees, according to a filing last week with the state Department of Labor and Industrial Relations.

BEI was spun off from former Big Five company C. Brewer & Co. Principals of Continental Pacific made a failed attempt to buy C. Brewer & Co.'s parent company in 2000. Continental Pacific owns hundreds of acres near Hilo Coast Power Co.'s coal-burning plant.

Japan airline may halt isle flights

Japan Airlines System Corp. may halt flights to Honolulu from Japan's four regional cities in response to declining demand, the Yomiuri newspaper said on its Web site.

The Tokyo-based carrier may halt flights this fall from the airports in Sapporo, Sendai, Niigata and Hiroshima, the Yomiuri reported. The company will continue to fly from Narita, Kansai, Nagoya and Fukuoka, the report said.

The airline is considering every possibility, said Tatsuo Yoshimura, a Japan Airlines spokesman, who declined to elaborate.

The airline operates six flights a week on the Honolulu- Sapporo route, four flights a week on the Honolulu-Sendai route, two flights a week during the winter between Honolulu and Niigata and two during the summer on the Honolulu-Hiroshima route, the report said.

Sales dive at shrimp farm

Ceatech USA Inc., which last week received approval on a $1.8 million loan from the state Board of Agriculture, reported in its most recent Securities and Exchange Commission filing that sales plunged 63.4 percent in its fiscal 2004 first quarter.

The Kauai shrimp producer, which has lost $11.3 million in its 8-year history, said revenues in the quarter ended April 30 were only $406,781 compared with $1.1 million a year ago. The company said declining revenues were due to poor growout performance of shrimp originating from inferior quality seedstock, and the sale of smaller-sized frozen shrimp at a discount in order to raise cash.

Nevertheless, the company narrowed its net loss to $623,066, or a loss of 6 cents a share, from $905,106, or a loss of 12 cents a share, a year ago.

Japan lowers its economic assessment

TOKYO >> The Japanese government lowered its assessment of the economy for the first time in five months yesterday, warning that export growth remains flat and rebounding corporate profits are tapering off.

The Cabinet Office's report for June said the economy faces risks because recovery relies greatly on continued growth in the U.S. economy.

Japan's industrial production is declining, and business investments, which had been rising recently, have tailed off, it said. Consumer spending is weak, the report said.

Coke admits to rigging marketing test

ATLANTA >> Coca-Cola Co. admitted yesterday that employees rigged a marketing test of Frozen Coke at Burger King stores three years ago, one of a series of allegations in a whistleblower lawsuit under investigation by the Securities and Exchange Commission.

Burger King said it was disappointed by Coke's actions in the test and is continuing its own probe. The fast-food chain is among Coke's largest customers.

An auditing committee, investigating several allegations by a former Coke manager, also found that the company's fountain division had improperly valued some equipment. The company will take a $9 million pretax writedown to correct the value.

Tupperware to stop sales at Target stores

Tupperware Corp., a maker and direct seller of plastic-food containers, cut its second-quarter profit forecast and will stop selling products at Target Corp. stores because it hurt business at the company's home-based "parties."

Earnings this quarter will be 20 cents to 23 cents a share, Orlando, Fla.-based Tupperware said in a statement confirmed by Target spokeswoman Lena Klofstad. Tupperware was expected to earn 30 cents, the estimate of analysts surveyed by Thomson Financial.

Tupperware will end the partnership Sept. 1.