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Teamsters, Gas Co. reach tentative deal

The Gas Co. said yesterday it has reached a tentative agreement with the Hawaii Teamsters on a new four-year contract for the company's 206 union employees.

The deal calls for an increase in wages and pensions. The company also agreed to assume a greater share of future increases in employee medical premiums.

The accord was reached after a 13-hour negotiation session that ended late Monday night, the company said.

The deal is subject to ratification by employees, who work in gas manufacturing, distribution, customer service and clerical positions. The union has indicated it will recommend approving the agreement.

A prior contract expired at the end of April, but existing contract provisions allowed the employees to continue working under the old contract until a new settlement was reached.

Schuler buys more Maui Lani land

Schuler Homes has completed the purchase of its sixth parcel of vacant land within Kahului's master-planned community of Maui Lani, which the developer said will allow it fulfill plans to build a total of 450 single-family homes in the area.

The price paid for the 20-acre parcel was not disclosed. Schuler began acquiring land at Maui Lani in 2000 and has 137 homes under construction. Due to high demand, the company is offering the homes on a lottery system and said it has approximately 1,500 interested buyers. Those first homes will be delivered in June.

Maui Lani is controlled by Bill Mills Development Co.

First Hawaiian buys asset manager

Bishop Street Capital Management, the investment-management subsidiary of First Hawaiian Bank, has signed a definitive agreement to acquire CIC/HCM Asset Management Inc. No purchase price was disclosed.

CIC/HCM Asset Management was founded in Honolulu in 1990 by Michael Hirai, who still heads the firm. It is the largest independent institutional fixed-income specialist in Hawaii and has nearly $300 million under management. Hirai will join Bishop Street as a senior vice president and co-director of its fixed-income investment team.

Bishop Street will have about $3 billion in assets under management after the transaction is finalized. Both Bishop Street and CIC/HCM manage funds for the state's Employees' Retirement System, the largest pension fund in Hawaii.

[HAWAII INC.]

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New Jobs

>> Honolulu-based Broadband iTV has named Tim Evard president and chief executive officer. He was Time Warner's Road Runner president and co-founder. He replaces Clifton Kagawa, who will remain the company's chairman.

>> American Savings Bank has appointed Lynn Wakatsuki to assistant vice president and associate counsel. She previously served nine years as state Department of Commerce and Consumer Affairs commissioner of financial institutions.

On the Board

>> Alpha Delta Kappa, international honor society for women educators, has installed Ethel Murakami as 2004-06 state president. Other officers are President-Elect Janet Shimada, Recording Secretary Jean Kiyabu, Corresponding Secretary Katherine Kiyabu, Treasurer Clara Goto, Historian Dorcas Okuna, Sergeant-at-Arms Gayle Lum, Chaplain Jessie Kojiro and President of the State Council of Chapter Presidents Anne Hedani. Cherylyn Inouye is the immediate past president.

>> Aloha Festivals has selected Hawaii Pacific Venture Inc. President Leolani Kini as its new president. The new executive committee members are: First Vice President Mark Polivka, Second Vice President Donald Takaki, Treasurer Murray Towill, Secretary Debbie Nakanelua-Richards, Assistant Treasurer Jay Talwar, Assistant Secretary David Asanuma and Past President Valery O'Brien.