U.S. and Japan forge open-skies pact

The United States and Japan reached a landmark agreement yesterday to relax limits on flights between the two countries, opening up the possibility of broader cross-border airline alliances and more options for air travelers.

Under the agreement, which still must be finalized by both governments, airlines from both countries would be allowed to select routes and destinations based on consumer demand for both passenger and cargo services without limitations on the number of U.S. or Japanese carriers that can fly between the two countries or the number of flights they can operate.

It would remove restrictions on capacity and pricing, and provide unlimited opportunities for cooperative marketing arrangements between U.S. and Japanese carriers.

The agreement likely will prompt Japan Airlines and All Nippon Airways to seek joint ventures with U.S. airlines.

The agreement also would provide opportunities for growth of U.S. carrier operations at Narita Airport near Tokyo and ensure fair competition regarding the new opportunities at Tokyo's Haneda Airport, which is close to the city center, according to a statement from the U.S. Department of Transportation.

A joint venture allows airlines to share cost and revenue on certain flights regardless of which airline owns or flies the aircraft. It differs from a simple code-sharing agreement in which one airline bears all the cost but another airline might get a share of the revenue for booking a customer on a flight.

Treasury limits some executive pay

WASHINGTON » The Obama administration's pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000.

The 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors also must take more than half their compensation in stock, and at least half must be delayed for three or more years, said Kenneth Feinberg, the Treasury Department's special master for executive compensation.

About 12 executives were granted exemptions to the $500,000 cash cap.

A&B sells California shopping center

A&B Properties Inc. has sold the Village at Indian Wells, a 104,600-square-foot shopping center in Indian Wells, Calif.

The real estate subsidiary of Alexander & Baldwin Inc. did not disclose the sale price. However, Norbert Buelsing, president of A&B Properties, said “;favorable pricing was achieved for the resort community shopping center, a reflection of a recent lease extension with an anchor tenant and active property management throughout our 11-year ownership at the Village.”;

With the sale, the company's commercial property and investment portfolio consists of 8.3 million square feet of retail, office and industrial space in Hawaii and eight mainland states.

On the Move

» The Hawaii Venture Capital Association has named Mark Duda its Clean Tech Entrepreneur of the Year. He is a founding partner with both Distributed Energy Partners and RevoluSun.

» Hearts on Fire has awarded the Wedding Ring Shop “;Best in the World”; from more than 600 retailers in 32 countries. The designation placed it in an elite group of exemplary retailers servicing the fine-jewelry market.

» American Society of Pension Professionals and Actuaries awarded Suemori & Inouye Inc. a certificate of the highest level of record-keeping excellence. The Honolulu-based firm became the 20th company in the nation to obtain the certificate for retirement plan record keepers and third-party administrators.

» The Hawaii Psychological Association has announced the winners of the 10th annual Psychologically Healthy Workplace Awards: Maui Divers Jewelry, large-business category; Communications Pacific and Kaikor Construction, small-business category; Aloha Pacific Federal Credit Union, nonprofit category; and the Department of Education's Leeward Autism Program, government category.