HAWAII

Hawaii gas prices fall again

Hawaii's average price for a gallon of unleaded gasoline fell 4 cents to $2.36 this week from last week, according to AAA.

The price was down 44 cents from a month ago and off $1.11 from the year-ago level.

In Honolulu, the average price dropped 2 cents to $2.27 from last week. It was down 44 cents from last month and off $1.10 from a year ago. Wailuku's price fell 10 cents to $2.66 from last week, and declined 53 cents from a month ago and was off $1.21 from last year. In Hilo, the price declined 1 cent to $2.47 from last week, and was down 44 cents from last month and off 96 cents from a year ago.

The nationwide average price slipped 3 cents to $1.64 and was off 23 cents from last month and $1.34 from a year ago.

Bishop gets $100,000 donation

Hawaiian Electric Industries Inc. and its subsidiaries, Hawaiian Electric Co. and American Savings Bank, have contributed $100,000 toward the restoration of Bishop Museum's Hawaiian Hall. The museum's Hawaiian Hall is the world's premier showcase of Hawaiian and Pacific culture and is undergoing a comprehensive $21 million restoration. It is expected to be completed in August 2009 and will feature the world's largest collection of Hawaiian artifacts.

NATION

King gets conditional OK for buyout

BRISTOL, Tenn. » King Pharmaceuticals Inc. said yesterday it will be allowed to buy Alpharma Inc. provided it sells some assets related to Alpharma's painkiller Kadian.

King said the Federal Trade Commission has ended a required waiting period for King's buyout of Alpharma, and is provisionally accepting a consent order for public comment. After three months of public wrangling, Alpharma accepted a buyout offer worth $1.6 billion, or $37 a share, from King in November.

Kadian is an extended-release morphine-based pain drug, and in 2007 it was Alpharma's best-seller, bringing in $167.7 million in revenue.

NYU claims $24M loss in Madoff suit

New York University, the largest private university in the U.S. by number of students, became the latest known victim of Bernard Madoff's alleged $50 billion Ponzi scheme when it sued a fund manager over $24 million in losses.

J. Ezra Merkin, his Gabriel Capital LP fund and Ariel Fund Ltd., invested NYU's money with Madoff without telling investors or proper due diligence, according to a complaint filed Wednesday in New York state court in Manhattan. NYU, which said it had $94 million invested in Ariel, alleged Merkin made all the investment and executive decisions for the fund.

“;When Merkin proposed investing the university's money with Mr. Madoff without telling us he had already done so, he explicitly told us this was not a proper investment vehicle,”; NYU spokesman John Beckman said in a statement. “;Merkin didn't exercise reasonable judgment in investing NYU's money.”;

Wal-Mart to start selling iPhone

BENTONVILLE, Ark. » Wal-Mart will start selling Apple's popular iPhone tomorrow, the chain said, confirming earlier reports by employees.

Bentonville-based Wal-Mart Stores Inc. will become the second independent retail chain after Best Buy Inc. to sell the phone. It is also sold at Apple Inc. and AT&T Inc. stores.

Wal-Mart will sell the phones for $2 less than the regular price with a two-year contract: $197 for the 8-gigabyte model, or $297 for the 16-gigabyte model. Best Buy is discounting the phone by $9.

GM sues bankrupt supplier

General Motors Corp. is suing a bankrupt automotive supplier for immediate access to specialized parts and equipment, arguing that a delay would hamper the launch of its new Chevrolet Camaro, disrupt assembly operations and cause millions of dollars in damages it can ill afford.

In a filing with the U.S. Bankruptcy Court in Delaware on Christmas Eve, GM accused Cadence Innovation LLC of Troy, Mich., of “;holding hostage”; the parts and tooling equipment it needs and breaching the terms of an agreement it signed with the automaker in August.