Toyota delayed steering recall

MIAMI » Toyota waited nearly a year in 2005 to recall trucks and SUVs in the United States with defective steering rods, despite issuing a similar recall in Japan and receiving dozens of reports from American motorists about rods that snapped without warning, an Associated Press investigation has found.

The lengthy gap between the Japanese and U.S. recalls triggered a new investigation yesterday by the National Highway Traffic Safety Administration, which could fine the automaker up to $16.4 million.

The agency has now linked 16 crashes, three deaths and seven injuries to the steering rod defect. When a steering rod snaps, the driver cannot control the vehicle because the front wheels will not turn.

Aloha Petroleum buys Shell assets

Aloha Petroleum Ltd. has signed purchase and sales agreements to buy Shell's retail and terminal assets in Hawaii. Some of the assets are subject to third-party rights of first refusal or an option to purchase.

No purchase price was disclosed.

The agreements were reached with Equilon Enterprises LLC, which does business as Shell Oil Products U.S. and Honolulu Terminal LLC.

Aloha is expected to continue operating retail locations under the Shell brand, according to a news release. No other details were available.

The closing date will be determined after the satisfaction of all conditions in the agreements and the completion of all required regulatory reviews.

Honolulu contractor part of $4B pact

Guam MACC Builders A JV, consisting of Honolulu-based Watts Constructors, Obayashi Corp., Healy Tibbitts and Webcor Builders, has been chosen as one of seven contractors for a design-build multiple-award construction contract for U.S. military construction projects for sites in Guam and other areas under the Naval Facilities Engineering Command, Pacific. The total value of all awarded contracts is $4 billion with a contract term of 60 months.

The construction is in preparation for the transfer of 8,000 U.S. troops from existing military bases on Okinawa and might include waterfront construction, barracks, airfields, hangars and training facilities.

General Growth regains profitability

CHICAGO » Improving economic conditions and business trends for its retail tenants helped shopping mall owner General Growth Properties Inc. report a gain in first-quarter funds from operations, reversing a year-ago loss.

The company, which filed for Chapter 11 bankruptcy protection more than a year ago, said yesterday that the recovering economy led to a rise in sales and leasing activity for the quarter. General Growth Chief Executive Officer Adam Metz said the company, which owns Ala Moana Center and Ward Centers in Honolulu, continues to curb its expenses and noted that occupancy rates have stabilized.

The company said core funds from operations, a key industry measure, rose to $254.1 million, or 78 cents a share, from a core FFO loss of $122.9 million, or 38 cents a share, in the previous-year quarter. General Growth also returned to profitability in the quarter, posting net income of $78.4 million, or 25 cents a share, compared with a loss of $396.1 million, or $1.27 a share, in the previous-year quarter. Revenue fell 3 percent to $761.2 million.

Fannie Mae seeks $8.4B more in aid

WASHINGTON » Fannie Mae has again asked taxpayers for more money—this time, $8.4 billion—after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion. Last quarter, Fannie Mae lost $13.1 billion, or $2.29 a share. That takes into account $1.5 billion in dividends paid to the Treasury Department. It compares with a loss of $23.2 billion, or $4.09 a share, in the year-ago period.

ON THE MOVE

Watts Constructors has promoted the following:

» Kelvin Osborne to senior vice president from vice president of Hawaii operations. He joined the company in 2005 and has 27 years of construction experience.

» Fred Thornhill to senior vice president from vice president of business development. He joined the company in 2001 and served as vice president at the Nova Group.

>> Vince Fragomene to vice president of heavy industrial and marine division from construction manager. He joined Watts in 2004 and was previously a lieutenant in the Navy.

Sofos Realty has hired new team members:

» Jay Elicker as vice president of investment sales and leasing. He was previously with PM Realty Group.

» Anthony Provenzano as sales associate in the sales and leasing group. He was previously with PM Realty.

» Alex Fergus as sales associate in the sales and leasing group. He was previously project manager at Nicobar Group.

» Jeryl Kam has rejoined the company as executive assistant to Steve Sofos, chief executive officer and principal broker. She was previously an executive assistant with Hawaiian Telcom.