Mortgage rates fall to 5.06%

WASHINGTON » Rates for 30-year home loans edged lower for the second straight week, a report said yesterday, but remained above last month's record lows. The average rate on a 30-year fixed mortgage was 5.06 percent this week, down from 5.09 percent a week earlier, mortgage company Freddie Mac said. Rates dropped to a record low of 4.71 percent in December. The average rate on a 15-year fixed-rate mortgages fell to 4.45 percent, down from 4.50 percent last week.

Hawaiian Air pilots ratify contract

Hawaiian Airlines pilots overwhelmingly ratified a new contract that will give them pay increases of between 4 and 6 percent immediately, and total increases of between 15 and 22 percent over the term of the 68-month agreement.

Ninety percent of the pilots eligible to vote cast ballots, with 83 percent voting in favor of the agreement.

The agreement also increases the company contribution to the pilots' retirement plans, provides company management more flexibility in pilot training and scheduling, and allows Hawaiian the flexibility to acquire or code share with a turboprop feeder airline, provided the feeder carrier does not compete with Hawaiian's existing interisland jet operation.

Business fee discount continues

Hawaii businesses will continue to save an estimated $1.7 million on certain business registration filings due to an extension of discounts on statutory fees initiated in 2003 by the Lingle administration.

The state Department of Commerce and Consumer Affair's 50 percent fee discounts apply to all businesses for applications for, or assignments of, trade names, trademarks and service marks, as well as registrant name changes for trademarks and service marks.

Fifty percent discounts for securities dealers, salespeople and investment advisers also will continue in effect for several types of filings.

The DCCA fees will return to statutory levels on Jan. 1, 2011. Details may be found online at hawaii.gov/dcca or via phone at 586-2722.

State renews Time Warner cable pact

The state Department of Commerce and Consumer Affairs has renewed Time Warner Entertainment Co.'s non-exclusive cable franchise for cable television services on Oahu.

The department said yesterday that the order allows the company to continue using public rights of way to provide cable service to consumers.

In exchange, the order requires Time Warner Entertainment to use the latest technology to provide a wide diversity of information sources and services to the public.

Since the renewal is for 20 years, the department said it required the company to submit technology upgrade plans every five years for approval, which may result in amendments to the franchise conditions.

Vegas Monorail files for bankruptcy

LAS VEGAS » The Las Vegas Monorail has filed for Chapter 11 bankruptcy protection in hopes of restructuring its debt.

Las Vegas Monorail Chief Executive Officer Curtis Myles said in a statement released late Wednesday that the transit system had enough revenue to pay its operating costs and some of its debt. He said the monorail's hours will not be affected.

Myles says the company needs to get through bankruptcy before it can expand its system to the airport and other points along the Las Vegas Strip.

Myles says the monorail has been hurt by a 30 percent drop in convention visitors to Las Vegas.

The Las Vegas Monorail is run without public funding.

ON THE MOVE

Hawaiian Carpet One has promoted Corey Egami to manager of the company from manager of the cabinet department. He was previously a manager trainee for the company as well as assistant manager at Foodland.

Wealth Strategy Partners has promoted Aleks Jakovijevic as sales manager from financial adviser. He was previously working as a financial analyst for Morgan Stanley.

National Oceanic and Atmospheric Administration Office of National Marine Sanctuaries has hired Dan Dennison as constituent outreach and partnerships coordinator for Papahanaumokuakea Marine National Monument. He has 37 years of broadcasting experience, including as news director at KHNL/KFVE-TV and KHON-TV in Honolulu, KSBY-TV in San Luis Obispo, Calif., and KOAA-TV and KRDO-TV in Colorado Springs, Colo., as well as Western Slope Bureau chief/reporter for KUSA-TV and legislative/general assignment reporter at KMGH-TV in Denver.