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[ FAST FACTS HAWAII ]

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State refinances bonds, saving $55M

The state saved $55.4 million in debt service payments from refinancing higher rate general obligation bonds, Gov. Linda Lingle said yesterday.

The state also sold $225 million in general obligation bonds, at 3.83 percent, to finance capital projects including public school facilities, libraries and University of Hawaii projects.

The state was aided by recent bond ratings upgrades, Lingle said.

Analyst upgrades Hawaiian Electric

Analyst James L. Bellessa Jr. of D.A. Davidson & Co. raised Hawaiian Electric Industries Inc. to "neutral" from "underperform," and gave a 12- to 18-month target price of $25 a share.

The company closed up 12 cents yesterday to $25.38, off a 52-week high of $29.79 on Feb. 7.

World air traffic grows slower than fuel costs

Global airlines carried 7.5 percent more people on average in April, compared with last year, filling 73.4 percent of their seats last month, the International Air Transport Association said.

Air traffic increased 8.7 percent in the first four months of the year, the Geneva-based industry group said today in a statement, without giving details of the number of passengers or flights. The growth in air traffic is slower than the surge in global oil prices, which may cause airlines to report an industry loss of $5.5 billion this year, according to estimates by IATA, as the group is also called. That puts pressure on Air China, All Nippon Airways Co. and other carriers to find ways to cut costs, find new routes and attract travelers.