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IN HAWAII

Insurer HMAA will post profit

The state's third-largest health insurer, Hawaii Medical Management Alliance Association will report a net income of $223,472 for the first six months of the year when it submits its latest filing to the state Insurance Division this week, it said yesterday.

Figures for the first half of last year were not immediately available, but HMAA finished 2002 with a net income of $901,000.

The company, which has about 29,000 members, said it collected $31.8 million in premium and paid out $24 million in medical claims so far this year. HMAA's net investment income earned for the period was $61,000.

Design contest seeks entries

The American Institute of Graphic Arts Honolulu Chapter is seeking entries for its third annual Hawaii's 5-0 Design Competition.

The recent controversy over the now-shunned mainland design for a University of Hawaii logo has the organization pushing its focus on keeping graphic design work within the state.

Print, online and environmental graphic entries produced between Sept. 2, 2002, and Aug. 29, 2003, will be accepted through Aug. 22 at Quality Graphics and Printing at 1030 Queen St. The late entry deadline is Aug. 29.

Entry fees range from $40 for members to $55 for nonmembers. Entry forms are available at www.Honolulu.AIGA.org, which also features the work of past winners.

This year's winners will be announced Nov. 22 at the Hawaii Convention Center.

St. Francis West nurses ratify

Registered nurses at St. Francis West hospital yesterday ratified their tentative contract reached Aug. 7.

The contract provides for a total wage increase of 19.5 percent with longevity increases of $1 and $2 an hour for nurses with 7 and 15 years service. The contract also calls for implementation of a defined benefit pension plan, improved contract language to address staffing issues and continued medical coverage.

Fitch rates state bonds AA-

Fitch Ratings has assigned an AA- rating to the state of Hawaii's $300 million in general obligation bonds for 2003. The bonds are expected to sell Aug. 21.

Fitch said the state's financial operations have been maintained soundly, even under stressful periods. Budgetary procedures are conservative with the state maintaining a six-year budget plan.

Even after Sept. 11 and its severe impact on the U.S., Fitch notes Hawaii's economy while slow, resumed quickly while hotel occupancy rates have risen. The company also noted the contributions of Hawaii's military presence, developing agriculture industry and a growing medical presence.

HTA seeks county proposals

The state Hawaii Tourism Authority and the counties will be seeking proposals for the County Product Enrichment Program, and workshops start tonight on Kauai at the Aloha Beach Resort in Kapaa.

The program is part of diversifying local tourism offerings by improving and creating community tourism events, attractions and projects. The free workshops will describe the program process. Each county receives $400,000 for the 2004 program. Niche areas include ecotourism, agritourism, health and wellness, cultural tourism, edutourism and technotourism.

The workshop schedule is: Molokai, Monday, 4:30-6 p.m., Mitchell Pauole Center; Maui, Tuesday 5-6:30 p.m., Maui Community College; Kona, Aug. 21 5-6:30 p.m., King Kamehameha Hotel; Hilo, Aug. 22, 5-6:30 p.m. Aupuni Center Conference Room; Lanai, Aug. 26, 5-6 p.m., Lanai Senior Center; Oahu, Aug. 29, 5-6:30 p.m., Hawaii Convention Center.

For more information, visit www.hawaii.gov/tourism, or call 973-2258.

ELSEWHERE

Federated earnings dropped 50% in quarter

CINCINNATI >> Federated Department Stores said yesterday that its earnings fell by more than half in the second quarter compared with a year ago, when it reported a big gain from the sale of part of its catalog and online operations.

The Cincinnati-based operator of stores including Macy's and Bloomingdale's reported a profit of $120 million, or 64 cents a share, for the quarter that ended Aug. 2 compared with profits of $282 million, or $1.39 per share, a year ago.

Sales fell 1.5 percent to $3.43 billion from $3.48 billion.

Federated raised its profit outlook for the quarter last week to 60 to 63 cents a share based on stronger-than-anticipated sales in July along with tighter inventory controls.

In other news ...

>> The head of a billionaire telecom Turkish family, Hazan Ukan, said yesterday he has no intention of complying with a court order to pay $4 billion for defrauding Nokia and Motorola.

>> Wal-Mart Stores Inc., the world's largest retailer, posted a 21 percent increase in second-quarter earnings

>> Tiffany & Co., helped by an improving economy in the United States and abroad, reported that profits increased 26 percent.

>> Moody's Investors Service said yesterday it has downgraded its senior unsecured debt ratings on Japan Airlines Co. and All Nippon Airways Co. to Ba3 from Ba1 with negative outlooks.