Business Briefs

Reported by Star-Bulletin staff & wire



Hawaiian expands code-share pact

Hawaiian Airlines and America West Airlines said they have expanded their code-sharing arrangement to include 12 cities in Mexico and Canada, in addition to more than 50 cities in the United States.

Customers who book through Hawaiian will have seamless connections on America West. The two airlines have had a code-sharing agreement since October 2002, when Hawaiian launched daily direct service between Honolulu and Phoenix, a major hub for America West.

Central Pacific stock downgraded

Central Pacific Financial Corp., whose stock has traded in a narrow range since the bank began a hostile takeover of City Bank parent CB Bancshares Inc., has been downgraded.

Brett Rabatin, an analyst at Nashville, Tenn.-based FTN MidWest Research, downgraded the stock yesterday to "neutral" from "buy."

The stock, which closed at $29.66 yesterday, is rated "sector perform" by RBC Capital Markets' Joseph Morford, the only other analyst covering the equity.

Central Pacific's stock closed at $25.30 on April 16 prior to the merger announcement.

Barnwell gets $2.7M payment

Barnwell Industries Inc. reported the receipt of an option payment from its partnership with Kaupulehu Developments.

Barnwell, which has a 77.6 percent stake in Kaupulehu Developments, said it received $2.6 million, the third of 10 scheduled option payments related to development of rights within Hualalai Resort in Kona.

Kaupulehu Makai Venture, an affiliate of Japan-based Kojima Corp., has the right to buy the leasehold land. If Kaupulehu Makai Venture exercises all of its options, Barnwell would get an additional seven payments of about $2.7 million each on Dec. 31 every year from 2004 to 2010.

Airport K-9 teams voted 'top dog'

Akal Security's five K-9 dog teams at Honolulu Airport got a perfect score in a recent evaluation of 35 K-9 teams at airports nationwide.

Only four other teams in two mainland cities got the same score, Akal said. During the evaluations, part of a regular series of tests by the Air Force, explosives are placed throughout airports and the K-9 teams are sent to find them.


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