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Second condo tower to hold lottery soon

The developer of the Moana Pacific twin-tower high-rise condominiums is accepting owner-occupant applications for a lottery that will select buyers of units in the project's second tower.

KC Rainbow Development Co. said the lottery will be held June 22, with sales to follow on June 26.

Like other condo projects in Honolulu's urban core, the first tower met with huge demand. Prospective buyers camped out in the initial sales phases before KC Rainbow shifted to a lottery system.

Each of the two towers will house 353 condo units. In the first tower, prices for one-bedroom units started in the low $300,000s. Two- and three-bedroom units are also available.

Applications for the lottery will be accepted until 6 p.m. on June 19. Buyers can go to moanapacifichawaii.com for more information.

Isle bankruptcies keep falling

Statewide bankruptcies continued their downward trend last month as filings dropped nearly 22 percent from a year ago.

There were 267 filings for chapters 7, 11 and 13 in May compared with 342 at the same time in 2003. For the year, total filings are off 15.7 percent.

Chapter 7 liquidation filings, the most common in Hawaii, declined 23.8 percent last month to 230 from 302 a year ago. For Chapter 13 wage-earner bankruptcy, the number of filings slipped 5.4 percent to 35 from 37. There were only two Chapter 11 reorganization filings last month compared with three a year ago.

CPB joins low-income loan program

Central Pacific Bank has joined with federal and state partners on a loan program designed to increase lending to businesses in low- to moderate-income areas and HUBZones, and businesses operated by ethnic minorities, women or veterans.

The program, approved by the U.S. Small Business Administration and the National Community Reinvestment Coalition, enables qualified small-business owners to receive loans and lines of credit of up to $50,000 with minimal paperwork and no collateral. Of the loan amount, SBA will guarantee 85 percent. Interest rates are competitive and based on the strength of the borrower, with terms up to seven years.

To be eligible for the SBA CommunityExpress program, the business either must be in a low- to moderate-income area or consist of a 51 percent ownership by a woman, minority or veteran. For more information, call 544-0676.

Pleasant offers pre-purchasing

Pleasant Holidays will allow travelers to pre-purchase optional activities and tours online for their Hawaii vacations.

Travelers can make their selection from more than 300 activities and electronic vouchers will be issued by e-mail. For more information, log onto www.pleasantactivities.com or call 1-800-448-3333.

'Fear premium' pumps up prices

WASHINGTON >> A "fear premium" is driving up gasoline prices well past $2 a gallon.

Motorists may be paying as much as 36 cents a gallon more at the pump because of the petroleum industry's anxiety that terrorists might disrupt oil supplies, a fear that increased with two murderous rampages by al-Qaida-linked gunmen at oil compounds in the heart of Saudi Arabia.

Estimates vary, but some energy economists said as much as $10 to $15 is being added to the cost of every barrel of crude oil because of fear that terror in Saudi Arabia, violence in Iraq or unrest elsewhere could disrupt future oil supplies.

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[Hawaii Inc.]

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NEW JOBS

>> Certified Management Inc. designated Anastasia Arao to head the company's Maui branch office. She will be responsible for supervising and coordinating project improvements and dealing with owners and related professionals. She has 14 years of experience in the industry in all facets of property management.

>> Kraft Foods Hawaii has hired Carolina L'Esperance as a sales representative. She previously worked for the company in sales in Joplin, Mo.

>> Castle & Cooke Homes Hawaii has hired Michael Tsutsumi as a project manager. He previously served as a contract manager for PEMCO Ltd.

PROMOTIONS

>> First Hawaiian Bank has promoted three employees. Patricia R. Wakilina has been promoted to the Hilo branch assistant vice president and service manager. She joined the bank in 1971 as a proof operator. Margaret J. N. Heine has been promoted to Kona branch service manager. She joined the company in 1987 as a teller. Shar Minato has been promoted to the money processing center operations manager. She joined the company in 1981 as a teller.

>> City Mill Co. has promoted eight associates to supervisors: Lawrence Doi, Ani Lontoc and Matt Fisher, Honolulu; Aaron Knapp and David Kuh, Kaimuki; and Jim Donovan, Pearl City. They have completed a three-month training covering systems, financials, human resources, operations, merchandising, safety and advertising.