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Barnwell joins Russell micro index

Barnwell Industries Inc. said yesterday it has been selected to join the Russell microcap index, which is composed of 2,000 selected public companies with small market capitalizations.

Morton Kinzler, chairman and chief executive of Barnwell, said Barnwell's inclusion in the index, which debuted July 1, will help generate greater interest in the stock among large institutional investors. Barnwell has oil and natural gas operations in Alberta, Canada; real estate holdings on the Big Island; and drills wells and maintains water systems in Hawaii.

Tesoro rated 'underperform'

Tesoro Corp., one of the nation's largest independent oil and gas exploration and production firms and the operator of Hawaii's largest oil refinery, was downgraded to "underperform" from "market perform" by Jacques Rousseau, an analyst with Friedman, Billings, Ramsey & Co.

Honolulu selling $150M in bonds

Honolulu sold $150 million in revenue bonds yesterday, with Citigroup Inc. as the underwriter.

Proceeds of the sale will be used to upgrade Oahu's wastewater treatment system and are part of a $2.1 billion capital improvement program. The 30-year bonds are rated AA-minus by Fitch Ratings Inc.

Northwest Air rejects binding arbitration

MINNEAPOLIS » Northwest Airlines Corp. rejected binding arbitration with its mechanics' union yesterday, a move that could start a 30-day countdown toward a strike.

The airline said binding arbitration would take too long and would not lead to the labor cost savings it requires soon in negotiations with the Airline Mechanics Fraternal Association.

It will be up to the National Mediation Board to declare an impasse, which would start a 30-day "cooling off" period required before the mechanics could strike.

Northwest, the nation's fourth-largest carrier, says it has developed contingency plans that will allow it to fly its full schedule in the event of a strike.

While both sides have agreed that cost cuts are needed, they've also said their negotiations are deadlocked and have asked mediators to release them from the talks.

Workplace affairs are harassment

SAN FRANCISCO » A manager who has affairs with subordinates can create a work climate that constitutes sexual harassment even for uninvolved employees, the California Supreme Court ruled yesterday.

Phil Horowitz, of the California Employment Lawyers Association, who submitted a brief to the court in support of a lawsuit filed by two women, called the decision "groundbreaking."

"It's the first major decision saying women can sue if they are treated worse because they're not the paramour of the supervisor," Horowitz said.

Nathan Barankin, a spokesman for the Attorney General's office, said the decision is a warning to business owners.

"It tells employers that having an anti-nepotism policy is not enough. You need to do more to make sure that you have a hostility-free work environment even when employees are having consensual sexual relationships," Barankin said.

California hospital refusing patients

SACRAMENTO, Calif. » UC Davis Medical Center has begun refusing nearly all patients who arrive by ambulance and will close its emergency room by tomorrow night to prepare for an expected nurses' strike on Thursday.

By today, a heart attack will not be serious enough to guarantee admission to the hospital, said medical center officials. And by late tomorrow, all but the most critical trauma and burn patients will be turned away. Also, the hospital is closing intensive care units, rejecting transfer patients and canceling surgeries.

The California Nurses Association, unable to reach a contract agreement with the University of California, plans a one-day strike at the five UC teaching hospitals.

In other news ...

Nissan North America Inc. said yesterday it will recall more than 140,000 Murano sport utility vehicles amid concerns that a broken wire in the alternator could deplete power to the engine and lead to a crash.

The National Highway Traffic Safety Administration said in a posting on its Web site that a wire could break inside the alternator and prevent the battery from charging. The recall involves more than 125,000 vehicles from the 2003-2005 model years and more than 15,000 vehicles in Canada, Nissan spokesman Dean Case said.