HAWAII

Kamakura index at 5-year high

Honolulu-based Kamakura Corp. said yesterday that the Kamakura index of troubled public companies reached 16.4 percent of more than 21,000 companies in 30 countries in September, the highest level since May 2003. It is a 1.6 percent increase from August.

The Kamakura index has now shown declines in credit quality in 13 of the last 14 months.

Kamakura defines a troubled company as one with a short-term default probability of more than 1 percent.

EPA fines Waste Management

Waste Management of Hawaii Inc. and the County of Hawaii have reached a settlement with the U.S. Environmental Protection Agency to pay $33,500 in fines and at least $184,400 for a beneficial environmental project after violating the Clean Air Act at the West Hawaii Landfill at Waikoloa on the Big Island.

Analyst downgrades HEI stock

Hawaiian Electric Industries Inc.'s stock was downgraded to “;underperform”; from “;neutral”; by analyst James Bellessa of Great Falls, Mont.-based D.A. Davidson & Co. His 18-month price target is $24.50 a share.

Horizon Lines to cooperate in probe

Three former Horizon Lines Inc. managers have agreed to plead guilty in an ongoing U.S. Department of Justice antitrust investigation.

Gabriel Serra, Kevin Gill and Gregory Glova have agreed to serve time in jail, pay criminal fines and cooperate fully with the investigation into their involvement in a conspiracy to eliminate competition and raise prices for moving freight between the continental U.S. and Puerto Rico. Two other former shipping employees also have plead guilty in the investigation.

Horizon Lines said in a statement yesterday that it intends to continue to cooperate fully in the investigation.

Hoku Solar awarded Xcel contract

Kapolei-based Hoku Scientific Inc. subsidiary Hoku Solar will install a photovoltaic power system on Haleiwa's Xcel Building, owned by Ed D'Ascoli, founder and president of Xcel International Inc.

Hoku Solar will install a 34-kilowatt photovoltaic system, expected to generate more than 53,500 kilowatt hours of electricity annually. The Xcel Building is Xcel's headquarters and manufacturing facility.

The system is expected to produce enough electricity in its lifetime to power the equivalent of 151 homes for one year, and offset more than 885 tons of carbon dioxide emissions.

Real estate education data online

The Hawaii Department of Commerce and Consumer Affairs' Real Estate Commission said yesterday it is encouraging the state's nearly 15,000 active licensed real estate professionals to access key continuing education information online.

The new service is available through the state's official Web site, http://www.eHawaii.gov. It provides Hawaii's real estate licensees with the ability to view the number of continuing education hours required and earned for the current licensing period, their continuing education history, and to search for future courses being offered by approved providers.

Kanda joins Finance Factors

Finance Factors Ltd. said yesterday that Neal Kanda has joined the company as executive vice president and chief financial officer. Kanda will serve on the executive management committee in addition to his oversight of financial administration, investment portfolio and asset liability management. Kanda joins Finance Factors after two years of retirement. From 2004 to 2006, Kanda was president and chief operating officer of Central Pacific Financial Corp. and Central Pacific Bank.