Honolulu Star-Bulletin Business

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Big Isle condos go up for sale

A 102-unit residential condominium development on the Kohala Coast of the Big Island began sales yesterday.

The project of attached and detached fee-simple condos is called Waiulaula at Mauna Kea Resort, spanning more than 47 acres. Construction is under way and is expected to take 36 months.

Owner Moana Ikena LLC bought the property earlier this year for $15 million. The development is surrounded by the Hapuna Golf Course.

A&B to build Wailea development

Alexander & Baldwin Inc. said it has received final Maui County approval to build Kai Malu at Wailea, a 150-unit residential project at the Wailea Resort on Maui.

The project, a joint venture with Armstrong Builders Ltd., will comprise 75 two-story, two-unit buildings. Sales are expected to start next month and construction is scheduled to start in mid-2005.

IRS wants to give money back

The Internal Revenue Service wants to "give back" to the Hawaii community -- but mainly to those Hawaii taxpayers whose refund checks for last year were returned as undelivered.

An IRS spokeswoman in Seattle said the agency estimates it owes more than $425,000 to 575 isle residents who most likely have moved since they filed their last income tax statements.

She said the refund checks can be reissued as soon as those taxpayers correct or update their addresses, which they can do by filing a change of address form with the IRS.

Form 8822 can be downloaded from irs.gov, or by calling (800) 829-3676.

Hawaiian Air offers 'Mele Fares'

Hawaiian Airlines said it will offer online discount "Mele Fares" for nonstop flights from Hawaii to the U.S. West Coast during the holiday season, with prices ranging from $310 to $438.

Round-trip fares must originate from Hawaii, with departures leaving Dec.17-25 and return flights Dec. 28-Jan. 7. Reservations can be booked at www.HawaiianAirlines.com.

Debt grows for agency that insures pensions

The federal agency that insures pension plans said yesterday that its deficit, already at the highest level in its history, had doubled in its last fiscal year, to $23.3 billion.

Over a 12-month period, the agency, the Pension Benefit Guaranty Corp., incurred a loss of $12.1 billion, according to the agency's audited annual report for fiscal 2004. Much of the loss was the result of pension-fund failures in the airline industry.

The agency, created in 1974 to be the federal safety net when pensions fail, has now lost an average of $10 billion a year for the last three years, according to one estimate. The mounting losses come a time when the agency is responsible for paying the pensions for more than 1 million people whose plans at work have failed.

The agency's executive director, Bradley D. Belt, called on Congress to address the situation quickly, "so the problem doesn't spiral out of control." He said that the Bush administration was preparing a plan for a comprehensive overhaul of the pension system that it would propose early next year.

Daiei sales plunge 23% in October

Daiei Inc., a Japanese retailer now seeking financial help from Japan's government bailout agency, said sales at its existing stores in October fell 23 percent from a year earlier, when bargain sales drew more business.

Sales of clothing in the month fell 35 percent, while household product sales declined 26 percent, with food sales down 15 percent, Daiei spokesman Teruyuki Katsuragi said.

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Business Briefs Reported by Star-Bulletin staff & wire [ FAST FACTS HAWAII ] BACK TO TOP \| Big Isle condos go up for sale A 102-unit residential condominium development on the Kohala Coast of the Big Island began sales yesterday. The project of attached and detached fee-simple condos is called Waiulaula at Mauna Kea Resort, spanning more than 47 acres. Construction is under way and is expected to take 36 months. Owner Moana Ikena LLC bought the property earlier this year for $15 million. The development is surrounded by the Hapuna Golf Course. A&B to build Wailea development Alexander & Baldwin Inc. said it has received final Maui County approval to build Kai Malu at Wailea, a 150-unit residential project at the Wailea Resort on Maui. The project, a joint venture with Armstrong Builders Ltd., will comprise 75 two-story, two-unit buildings. Sales are expected to start next month and construction is scheduled to start in mid-2005. IRS wants to give money back The Internal Revenue Service wants to "give back" to the Hawaii community -- but mainly to those Hawaii taxpayers whose refund checks for last year were returned as undelivered. An IRS spokeswoman in Seattle said the agency estimates it owes more than $425,000 to 575 isle residents who most likely have moved since they filed their last income tax statements. She said the refund checks can be reissued as soon as those taxpayers correct or update their addresses, which they can do by filing a change of address form with the IRS. Form 8822 can be downloaded from irs.gov, or by calling (800) 829-3676. Hawaiian Air offers 'Mele Fares' Hawaiian Airlines said it will offer online discount "Mele Fares" for nonstop flights from Hawaii to the U.S. West Coast during the holiday season, with prices ranging from $310 to $438. Round-trip fares must originate from Hawaii, with departures leaving Dec.17-25 and return flights Dec. 28-Jan. 7. Reservations can be booked at www.HawaiianAirlines.com. Debt grows for agency that insures pensions The federal agency that insures pension plans said yesterday that its deficit, already at the highest level in its history, had doubled in its last fiscal year, to $23.3 billion. Over a 12-month period, the agency, the Pension Benefit Guaranty Corp., incurred a loss of $12.1 billion, according to the agency's audited annual report for fiscal 2004. Much of the loss was the result of pension-fund failures in the airline industry. The agency, created in 1974 to be the federal safety net when pensions fail, has now lost an average of $10 billion a year for the last three years, according to one estimate. The mounting losses come a time when the agency is responsible for paying the pensions for more than 1 million people whose plans at work have failed. The agency's executive director, Bradley D. Belt, called on Congress to address the situation quickly, "so the problem doesn't spiral out of control." He said that the Bush administration was preparing a plan for a comprehensive overhaul of the pension system that it would propose early next year. Daiei sales plunge 23% in October Daiei Inc., a Japanese retailer now seeking financial help from Japan's government bailout agency, said sales at its existing stores in October fell 23 percent from a year earlier, when bargain sales drew more business. Sales of clothing in the month fell 35 percent, while household product sales declined 26 percent, with food sales down 15 percent, Daiei spokesman Teruyuki Katsuragi said.	— ADVERTISEMENTS — — ADVERTISEMENTS —