Mortgage rates are unchanged

McLEAN, Va. » Rates on 30-year mortgages didn't budge from last week and remained above 5 percent, Freddie Mac said yesterday.

The average rate for 30-year fixed-rate mortgages was 5.07 this week, the same as the previous week. Thirty-year fixed-rate mortgages averaged 4.80 percent a year ago, Freddie Mac said.

Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers.

10.7% Gas Co. rate increase approved

The Gas Co. will be raising its rates by 10.7 percent, an increase approved by the state Public Utilities Commission.

The increase is to generate an additional $9.21 million, said company spokeswoman Stephanie Ackerman. The approval of the increase late Wednesday is less than the 11.03 percent interim increase approved by the PUC last summer. The Gas Co., which serves 68,000 commercial and residential customers, will be required to refund the difference.

Hawaii banks add more ATMs

Two isle banks are expanding their network of ATMs.

Central Pacific Bank will add to its statewide network of more than 100 ATMs when it installs eight ATMs at Ward Centers in June. The bank also has programmed its ATMs for personalized service. Customers may cut down on time by presetting their choice of language, cash withdrawals and receipt options.

First Hawaiian Bank also will add eight ATMs to its network, bringing the total to 241 machines statewide by the end of May. The new machines will be located at various shopping malls, including Sears, Zippy's and Shirokiya at Ala Moana Center, and one each at Sears store locations at Pearlridge Center, Windward Mall, Prince Kuhio Plaza in Hilo, Queen Kaahumanu Shopping Center on Maui and Kukui Grove Shopping Center on Kauai.

CenturyTel to buy Qwest for $10B

NEW YORK » CenturyTel Inc., the country's fifth-largest local-phone company, plans to buy the third largest, Qwest Communications International Inc., in a stock deal worth more than $10 billion so the companies can try to better deal with the dark future of the land-line phone business.

The number of land lines in the U.S. shrinks by about 10 percent per year as consumers increasingly rely on their wireless phones or service from cable companies.

Buying Qwest could give CenturyTel a chance to cut overlapping functions like billing, administration, call centers and back-end services. Other phone companies, mainly rural ones, are also merging for the same reasons.

Development panel seeks feedback

The Hawaii Community Development Authority has launched a new online portal where the public can review and comment on work in progress.

The website is an addition to other steps the organization takes to inform and obtain input from the public.

“;Planning the Future of Kakaako Makai”; is the current document up for review and comment at hcda-public-consultation.org. Questions can be directed to the HCDA online or via phone at 594-0300.

Alaska Air boosts Hawaii service

SEATTLE » Alaska Airlines said yesterday it will inaugurate daily service between San Diego and Kahului beginning Oct. 1, and four-times-a-week seasonal service between Portland, Ore., and Kona starting Nov. 12

In addition, it will add a second flight between Seattle and Kona that will operate three times a week from Nov. 11 to April 10, 2011. These new flights are in addition to the new daily service between Portland and Honolulu the carrier announced last week.

ON THE MOVE

The Hawaii Government Employees Association has promoted Maureen Wakuzawa to controller from financial supervisor. She has 18 years' experience with HGEA and has been financial manager at Halekulani Hotel and senior auditor at N&K CPA's Inc.

Hunt Development Group presented a $2,500 check to Hale Pono Boys & Girls Club of Hawaii. The donation will support the Ewa Beach Clubhouse's programs and activities.

The Schuler Family Foundation presented a $15,000 check to Malama Learning Center in Kapolei. The donation is the first payment of a $75,000 pledge the foundation has made to the organization, and it will help Malama Learning Center execute its vision of being a place to bring art, science, conservation and culture together to promote sustainable living in Hawaii.

The Hawaii Small Business Administration has selected PRTech LLC as the 2010 U.S. Small Business Administration's State of Hawaii “;Small Business Exporter of the Year.”; The company is a Honolulu-based, multilingual marketing firm and software/website developer specializing in increasing clients' Asian traveler market share.