HAWAII

Japan mutual fund shuts down

Japan Smaller Companies Fund (JSCFX), launched in 2001 by Curtis Freeze of Honolulu-based Prospect Asset Management Inc., has shut down.

The small-cap mutual fund (ticker: JSCFX), which invested in undervalued Japanese companies with above-average growth potential, closed Oct. 15 at the price of $4.15. The $2.5 billion fund was down 30.5 percent for the year when it ceased operations.

A company spokesman, who declined to be identified, said it was the administrator's decision to close the fund. The spokesman offered no further information. He said investors in the fund were given back their money.

“;It was the one retail fund that we managed,”; he said. “;We also have other funds with institutional money that we manage.”;

Expedia says isle revenue drops

Expedia Inc., the world's biggest online travel agency, said yesterday that weakness in key North American markets such as Hawaii and Las Vegas led to a 5 percent drop in package revenue for the third quarter.

The company said third-quarter profit fell 4.8 percent as the slowing economy led customers to curb travel, and shares fell as the company predicted more adversity.

Bookings growth slowed to 7 percent from 21 percent a year earlier and from 16 percent in the second quarter. Sales of airline tickets declined 5 percent. Future bookings suggest the market will keep contracting, Chief Financial Officer Michael Adler said yesterday on a conference call.

Outrigger adds to hotel deals

Two Outrigger hotels in Waikiki said yesterday they are offering additional free amenities and services, including free bottled water and a cool towel upon arrival, the newest additions to the Fee Free Escape program at the Outrigger Waikiki on the Beach and the Outrigger Reef on the Beach.

The Fee Free Escape program also comes with free wireless Internet access in the lobby and pool area; use of the on-site fitness center; a daily local newspaper; cultural activities; and a twice-weekly vow renewal ceremony on the beach.

For more information, call (800) 688-7444 or visit http://www.outrigger.com.

Free HECO energy guide available

A new Hawaiian Electric Co. “;Power to Save”; energy conservation guide for the home is now available free online at heco.com, by calling 543-7511 to have a copy mailed, or by visiting the utility's two Oahu customer service locations, weekdays 7:30 a.m.-5 p.m. at Richards Street and 7:30 a.m.-4 p.m. at Ward Avenue.

The 16-page booklet is designed as an interactive guide to help residential customers understand how they use energy and where they can trim their electricity use by using energy-saving tools.

HMAA joins health consortium

The Hawaii Medical Assurance Association, a health care insurance provider for businesses, has joined the Hawaii Consortium for Integrative Healthcare.

The consortium has brought together key stakeholders for the advancement of integrative healthcare, which combines the best of conventional and complementary healthcare to meet the whole needs of the individual.

  HMAA serves more than 3,200 small businesses statewide.

NATION

30-year mortgage rates move up

WASHINGTON » Mortgage giant Freddie Mac reported yesterday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week. The sharp increase pushed 30-year rates to the highest level since the week of Oct. 16.

Rates on 30-year mortgages hit a high for the year of 6.63 percent in late July and then dropped to a seven-month low of 5.78 percent the week of Sept. 18.

Analysts attributed the increase to the impact the financial crisis is having on bond markets. 

[ Taking Notice ]

Promotions / New Hires

» Starwood Hotels & Resorts Waikiki has recently promoted Michelle Shihara to sales manager from e-marketing/database coordinator. She will be responsible for generating sales leads; strengthening customer relationships and the team environment in the sales and marketing department; and developing mutually beneficial relationships with local promoters and film production teams.

» Heide & Cook Ltd. has hired David Yoshida as controller of the full-service mechanical contractor and air-conditioning service company. He will oversee the accounting operations, staff payroll and human resource operations.

» Atlas Insurance Agency Inc. has appointed Shan Tsutsui as business consultant in its Client Consulting Group. He will be responsible for providing insurance program consultations to large commercial businesses. Tsutsui has worked in the financial investment industry for over 14 years and also is a state senator for Maui.

» The Nadao and Mieko Yoshinaga Foundation has recently awarded the Hawaii Pacific Gerontological Society with a $25,000 nursing scholarship endowment, which will be used to assist nursing students pursuing careers in elder care such as registered nurses, licensed practical nurses and certified nursing aides. It will be managed by the Hawaii Community Foundation.

» The Hotel Investment Conference Asia Pacific has recently given its “;Innovation Award”; to Gerald Allison, Donald Goo and Gregory Tong of the design firm Wimberly Allison Tong & Goo. The award recognizes services, products and ideas of a company or people to expand, enhance and advance the hospitality and tourism industries in the Asia Pacific region. This is the first time a design firm has received the award, which has been given just five times in HICAP's 19-year history.

» Kauai Marriott Resort & Beach Club is the recipient of the 2008 Pinnacle Award given by “;Successful Meetings”; magazine, a national monthly publication for meeting and convention planners. The award recognizes excellence in hospitality, superior levels of service and top-notch amenities, as selected by meeting planners.

» The landscpe company Ultimate Innovations Inc. has been awarded the “;No Vehicle Accident Award and Overall Safety Achievement Award Silver Performance Level”; in the annual Professional Landcare Network Safety Recognition Awards Program, which recognizes green industry service provider companies that demonstrate a commitment to safety.

» The Hawaii Jewelers Association has recently awarded Philip Rickard as its “;Hawaii Jeweler of the Year.”; Rickard has been recognized for uplifting the association's image; his book on the history of Hawaiian heirloom jewelry; and his efforts to improve his company's image and the representation of Hawaiian jewelry to the public.