HAWAII

Hoku Materials signs supply pact

Hoku Materials Inc. has signed a silicon metal supply agreement with Birmingham, Ala.-based Polymet Alloys Inc., a privately held metals industry company.

Polymet will supply the Kapolei-based Hoku Scientific Inc. subsidiary with guaranteed amounts of metallurgical grade silicon for three years beginning in 2009.

The guaranteed annual amount of silicon metal is expected to be enough to support the startup and initial ramp of Hoku's Pocatello, Idaho, polysilicon plant in 2009, and can be expanded at both parties' option in the second and third years.

Horizon Lines cuts fuel surcharge

Horizon Lines Inc., the second-largest ocean shipper serving Hawaii, said yesterday it is lowering its fuel surcharge by 5.5 percentage points to 19.5 percent, effective Sunday.

The move by the Charlotte, N.C.-based company matches a similar move announced Wednesday by larger rival Matson Navigation Co. It is the fifth consecutive time in less than two weeks that Horizon has lowered its surcharge.

Castle & Cooke offers new homes

Castle & Cooke Homes Hawaii will begin accepting applications tomorrow for Makali'i, a development of 32 new, fee-simple, single-family home affordable homes in Kapolei.

The development is a partnership with the Hawaii Housing Finance and Development Corp.

Homebuyer applications for Makali'i will be available from Castle & Cooke beginning tomorrow at the sales office for the company's Nohona at Kapolei development at 91-1169 Kaiau Ave. in Kapolei.

Prices for Makali'i homes start in the low $400,000 range and vary depending on model and options selected. There are three models—a three-bedroom/two-bath bungalow, and two two-story models with three or four bedrooms and two-and-a-half baths. The models range from 993 square feet to 1,457 square feet of living space.

The 32 homes will be awarded based on a lottery of qualified applicants, who must meet all HHFDC eligibility and household income requirements for affordable housing, with units subject to buyback and shared appreciation equity-program restrictions. Homes are intended for owner occupancy. Applications must be completed and returned by Dec. 15. The lottery will take place in January.

Hula Conference brings 650 to Oahu

The second International Waikiki Hula Conference brought about 650 attendees from around the world when it kicked off yesterday morning.

The three-day conference at the Hawaii Convention Center offers visitors an array of workshops and seminars from respected kumu hula.

Attendees came from as far as Germany, Finland, England, France and Taiwan, with the majority from Japan, according to Rick Egged of the Waikiki Improvement Association, sponsor of the conference.

The festival will culminate with a closing concert at this weekend's “;Sunset on the Beach”; in Waikiki.

NATION

30-year mortgage rates fall

WASHINGTON » Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets.

Freddie Mac, the mortgage giant, reported yesterday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down from 6.20 percent last week. The 15-year fixed-rate mortgage dropped to 5.81 percent from 5.88 percent last week. Rates on one-year, adjustable-rate mortgages edged up slightly to 5.33 percent from 5.25 percent last week.