Mortgage rates sink to 4.93%

WASHINGTON » Mortgage rates fell this week to the lowest level of the year, as rates dropped on U.S. government securities.

The average rate on a 30-year fixed-rate mortgage dipped to 4.93 percent this week from 5 percent a week earlier, Freddie Mac said yesterday. The average rate on a 15-year fixed-rate mortgage was 4.3 percent, down from 4.36 percent last week. Rates on one-year, adjustable-rate mortgages fell to 4.02 percent from 4.07 percent.

StarKist cutting in American Samoa

American Samoa's last remaining tuna cannery says it's cutting its work force by another 600 to 800 people to keep up with global competition.

StarKist Co. says this will shrink its American Samoa work force to fewer than 1,200 employees, down from a high of more than 3,000 in 2008. StarKist Chief Executive Officer Don Binotto said yesterday it's difficult to compete when workers' wages are nearly 10 times those of its competitors in Thailand and other countries. The Pacific territory's tuna industry has been hit hard by a 2007 federal law mandating the same minimum wage laws that apply to the 50 states.

Chicken of the Sea closed its cannery in September, citing the minimum wage law.

AECOM gets $21.5M Fort Shafter pact

AECOM Technology Corp., which provides technical and management support services for government and commercial clients around the world, has been awarded a $21.5 million design and planning contract by the U.S. Army Corps of Engineers' Honolulu District for the new U.S. Army Pacific Command and Control Facility Complex at Fort Shafter.

The 330,000-square-foot complex will consist of five district functional areas, ranging from general administration to sensitive compartmented information facilities, and also will include a 1,100-car parking structure.

U.S.-Hong Kong forum set for today

Business and government leaders will gather in Honolulu today for the first Hawaii U.S.-Hong Kong Business Forum.

Speakers will include Donald Tong, Hong Kong commissioner for economic and trade affairs; Simon Galpin, director-general of Invest Hong Kong; and Louis Ho, regional director, Americas, for the Hong Kong Trade Development Council. For more information, go to www.ushkforum.org.

Nordstrom registers stronger sales

PORTLAND, Ore. » Nordstrom Inc. says its affluent clients remain cautious but are willing to shop more these days.

The high-end retailer reported yesterday that stronger sales drove its first-quarter net income up nearly 44 percent. Nordstrom raised its full-year outlook on the results.

Nordstrom, based in Seattle, said it earned $116 million, or 52 cents a share, compared with $81 million, or 37 cents a share, in the same quarter last year. Revenue grew nearly 17 percent to $2.09 billion.

Sony aiming for black as loss shrinks

TOKYO » Sony Corp., maker of the PlayStation 3, stayed in the red last business year but predicts a return to profit as restructuring and an aggressive 3-D roll-out bear fruit.

The Tokyo-based company reported yesterday it is progressing toward profitability, booking a Yen40.8 billion ($439 million) loss for the year ended March 31. That's an improvement from the previous year's Yen98.9 billion, which was Sony's first annual red ink in 14 years.

The electronics and entertainment giant credited LCD televisions and digital cameras for helping drive its turnaround. It also cited its life insurance unit, where revenue surged 58 percent. Sony expects to climb back into the black in the year through next March. It forecasts a net profit of Yen50 billion on revenue of Yen7.6 trillion.

ON THE MOVE

Walt Disney Parks and Resorts has named Elliot Mills as managing director for Aulani, a Disney Resort & Spa at Ko Olina in Hawaii. He has more than 20 years of resort management experience and was previously general manager of Kauai Marriott Resort.

KHON2 has rehired Steve Hiramoto as local sales manager. He has more than 30 years' experience in the local broadcast industry and was previously with KHON2 as well as KHNL/K5 and KIKU-TV.

JW Marriott Ihilani Resort & Spa at Ko Olina has hired two group sales managers:

» Asha Wignarajah previously represented 13 Marriott Resorts throughout Hawaii, Mexico and the Caribbean as well as worked at Hawaii World/Distinguished Resorts.

» Dion Kiernan has 27 years of sales experience and was previously a national director of business development for Renaissance Hotels & Resorts.

Aqua Hotels & Resorts has appointed Robin Graf as general manager of Kauai Beach Resort. He has 20 years of hotel industry experience, including GM for the Wyland Waikiki, Park Shore Waikiki, Waikiki Parc Hotel and Outrigger Waikoloa Beach Hotel as well as resident manager for Hilton Hawaiian Village and Hilton Waikoloa Village.