Honolulu Star-Bulletin Business /2005/04/15/

[ FAST FACTS HAWAII ]

2 Kauai sugar mills sold to investors

Seattle investors have purchased two former Amfac sugar mills on Kauai, an attorney for the buyers said.

Pacific Funds LLC purchased the former Amfac Lihue Plantation and Kekaha Sugar mill sites for an undisclosed price, according to Kauai attorney Jonathan Chun, who declined to reveal the identities of the group's principals.

(Al Monjazeb and Evan McMullen are listed as officers of Pacific Funds LLC in state business registration records.)

The sale closed in January, Chun said.

Both mills closed in 2000.

The new owners have no definitive plans for the sites, but are evaluating the costs to clean up any hazardous wastes that may have been left by the mills, Chun said.

Analyst upgrades MLP, sort of

An analyst raised Maui Land & Pineapple Co.'s rating, but it's not exactly an overwhelming note of confidence.

The Maui company was raised to "sell" from "strong sell" by Ivan Feinseth at Matrix USA.

The stock closed down $1.20 yesterday to $42.15 in a tough day on Wall Street.

Daiei has largest financial loss ever

TOKYO » Daiei Inc., a Japanese retailer undergoing a government-led rescue, reported its biggest-ever full-year loss as the company closed stores and reorganized to pay off debt.

Daiei had a net loss of $4.7 billion in the 12 months ended Feb. 28, compared with a profit of $167.3 million a year earlier, the company said today in a statement to the Tokyo Stock Exchange. The result was in line with the loss that the company forecast in February.

Daiei, the nation's third-biggest retailer, is closing 53 of its 245 supermarkets and general merchandise stores as part of its third bailout in as a many years. Daiei named the head of Hewlett- Packard Co.'s Japan unit as its new president today to help cut the more than $9.2 billion of debt it had as of last August after investments in real estate and other businesses soured.

After mishaps, JAL vows to do better

TOKYO » Japan Airlines Corp. said yesterday it would hold more than 100 meetings through next month to improve safety awareness and communications after a series of embarrassing mishaps involving its pilots and planes.

The company's president and board members will conduct the staff meetings in workplaces throughout the company, said the president, Toshiyuki Shinmachi.

In January, a JAL pilot flying out of Shin Chitose Airport near Sapporo in northern Japan attempted to take off without receiving approval from air traffic controllers, while another pilot violated air traffic control orders at Incheon airport in South Korea.

Among other incidents, a JAL Boeing 747 was found to have inappropriate parts in its landing gear.

"From myself and all our employees, I apologize from the depth of my heart for causing great trouble," Shinmachi said before bowing deeply.

JAL said the mishaps occurred due to a drop in safety awareness. It also cited a lack of communication between management and front offices after Japan Airlines Co. merged with Japan Air System Co. two years ago.

Japan's Transport Ministry will inspect JAL's headquarters and offices at Narita and Haneda airports next week to check if safety measures have been implemented thoroughly, a ministry official said.

[HAWAII INC.]

PROMOTIONS

» Atlantis Adventures has promoted Robert "Bob" Thain to Oahu operations manager. He will be responsible for leading both the operations and guest services departments for the company. He is a 12-year veteran of Atlantis' submarine tours.

» Bank of Hawaii has promoted Derek Baughman to executive vice president and director of technology. He will be responsible for the management of the company's technology services. He joined the company in 1995 as an information technology process manager.

RECOGNITION

» Honolulu's New York Life Insurance Co. has awarded Wei D. "Jennifer" Wong as 2004 Rookie of the Year. Before joining the company, she was employed by Homeowners Design Center and Avanti Group, implementing bookkeeping and accounting software.

» Hawaiian Airlines has awarded Debbie Nakanelua-Richards 2004 Employee of the Year. She serves as the company's government and community relations senior manager. She has worked for the carrier for 26 years.