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Business Briefs
For Tuesday, January 6, 2009
POSTED: 01:30 a.m. HST, Jan 06, 2009
HAWAII
Japan Airlines sees less isle traffic
During the Japanese New Year vacation period from Dec. 26 to Sunday, JAL Group, the parent of Japan Airlines, said yesterday that it transported 51,608 passengers from Japan to Hawaii, a 6.1 percent decrease in passengers from a year ago. There were 11.3 percent fewer available seats from 2007 and a load factor of 89 percent to Hawaii.The company said it carried 381,912 passengers on its international routes. The load factor was 75 percent, while the seat supply and passenger bookings were down 4.4 percent and 5.5 percent respectively.
During the holiday period, JAL Group operated 71 additional international flights to such destinations as Bali, Guam, Honolulu, Fairbanks, Fort Lauderdale, Majuro, Miami, Palau and Saipan.
The company also said that on Feb. 3, JAL Group will start offering Web-based carbon offset program that will allow passengers using its flights to voluntarily offset the CO2 gases generated by their trips.
HawTel says pension underfunded
Hawaiian Telecom Communications Inc., which filed for bankruptcy protection last month, says its pension fund is underfunded.Three years ago, the fund was overfunded by $280 million. But then-owner Verizon Communications Inc. took that excess when it sold Hawaiian Telecom to the Washington D.C.-based Carlyle Group. The remaining fund has been hit hard by a declining stock market.
Now the company says it can no longer provide lump-sum payments to retirees and may instead have to issue monthly checks over a long period of time.
Scot Long, business manager for the International Brotherhood of Electrical Workers, Local 1357, says his members are deflated.
The situation could lead to higher rates for residential and business customers.
Honolulu office availability up in 2008
Honolulu office availability is at 9.7 percent, up 0.2 percent last year from 2007, according to data released yesterday by CB Richard Ellis.Energy expenses are driving increases in office property operating budgets, with operating expenses increasing an average 15 cents in 2008.
Gross average asking rents increased slightly, indicating that net rents are softening, while absorption of office space for the fourth quarter is down 37,446 square feet. For the year, it is down 17,018 square feet. There is 105,011 square feet of sublease space in the metro area.
Little Hawaiian Craft Shop reopens
Little Hawaiian Craft Shop said yesterday it has reopened in its new 1,736-square-foot location on level three of the Royal Hawaiian Center.Little Hawaiian, a Hawaii-owned and operated business, has been operating since 1968, specializing in a range of made-in-Hawaii products. It is open from 10 a.m. to 10 p.m. For more information, call the store at 926-2662.
Borders Group names new CEO
NEW YORK » Borders Group Inc., which has struggled along with other booksellers as people buy more books online and from discounters, announced a new CEO and other top managers yesterday as it also reported weak holiday sales.The Ann Arbor, Mich.-based company also warned that its stock is in danger of being delisted from the New York Stock Exchange. The shares have lost nearly all of their value in recent months.
BRIEFCASE
Tyson president to step down
Tyson Foods Inc. says its president and chief executive, Dick Bond, will step down immediately and be replaced by a former CEO as the world's largest meat processor continues to weather a downturn in the nation's meat industry.HAWAII
Japan Airlines sees less isle traffic
During the Japanese New Year vacation period from Dec. 26 to Sunday, JAL Group, the parent of Japan Airlines, said yesterday that it transported 51,608 passengers from Japan to Hawaii, a 6.1 percent decrease in passengers from a year ago. There were 11.3 percent fewer available seats from 2007 and a load factor of 89 percent to Hawaii.
The company said it carried 381,912 passengers on its international routes. The load factor was 75 percent, while the seat supply and passenger bookings were down 4.4 percent and 5.5 percent respectively.
During the holiday period, JAL Group operated 71 additional international flights to such destinations as Bali, Guam, Honolulu, Fairbanks, Fort Lauderdale, Majuro, Miami, Palau and Saipan.
The company also said that on Feb. 3, JAL Group will start offering Web-based carbon offset program that will allow passengers using its flights to voluntarily offset the CO2 gases generated by their trips.
HawTel says pension underfunded
Hawaiian Telecom Communications Inc., which filed for bankruptcy protection last month, says its pension fund is underfunded.Three years ago, the fund was overfunded by $280 million. But then-owner Verizon Communications Inc. took that excess when it sold Hawaiian Telecom to the Washington D.C.-based Carlyle Group. The remaining fund has been hit hard by a declining stock market.
Now the company says it can no longer provide lump-sum payments to retirees and may instead have to issue monthly checks over a long period of time.
Scot Long, business manager for the International Brotherhood of Electrical Workers, Local 1357, says his members are deflated.
The situation could lead to higher rates for residential and business customers.
Honolulu office availability up in 2008
Honolulu office availability is at 9.7 percent, up 0.2 percent last year from 2007, according to data released yesterday by CB Richard Ellis.Energy expenses are driving increases in office property operating budgets, with operating expenses increasing an average 15 cents in 2008.
Gross average asking rents increased slightly, indicating that net rents are softening, while absorption of office space for the fourth quarter is down 37,446 square feet. For the year, it is down 17,018 square feet. There is 105,011 square feet of sublease space in the metro area.
Little Hawaiian Craft Shop reopens
Little Hawaiian Craft Shop said yesterday it has reopened in its new 1,736-square-foot location on level three of the Royal Hawaiian Center.Little Hawaiian, a Hawaii-owned and operated business, has been operating since 1968, specializing in a range of made-in-Hawaii products. It is open from 10 a.m. to 10 p.m. For more information, call the store at 926-2662.
Borders Group names new CEO
NEW YORK » Borders Group Inc., which has struggled along with other booksellers as people buy more books online and from discounters, announced a new CEO and other top managers yesterday as it also reported weak holiday sales.The Ann Arbor, Mich.-based company also warned that its stock is in danger of being delisted from the New York Stock Exchange. The shares have lost nearly all of their value in recent months.
BRIEFCASE
Tyson president to step down
Tyson Foods Inc. says its president and chief executive, Dick Bond, will step down immediately and be replaced by a former CEO as the world's largest meat processor continues to weather a downturn in the nation's meat industry.
Today’s Edition
- Nonprofits feel pain of poor economy
- Symphony cancels concerts and will downsize
- New life for paraplegic lawyer
- Furlough rally held at Capitol
- Educators accused of unethical conduct
- Senate to grill DOE on stimulus
- Communication gaffe raises fuss in HPD chief selection
- Ala Wai traffic lanes reopened
- Newswatch
- Police / Fire
- The Search for Signs of Hawaiian Life
- Iraqis who return home face unemployment and poor services
- Prospect of more U.S. troops worries a wary Afghan public
- Kokua Line: State can enter property to act on hazards
- Surf sample sale in Kahala
- Got nutrients?
- Religion briefs
- Wood Craft: Sacred Hearts volleyball team is perfect
- Kahuku rallies for the Red
- Moanalua's time comes
- Farrington has Castle's number
- Desperate times at Aloha Stadium
- Further Review: UH's 2-6 mark makes a win tonight a must
- Wahine run over Fresno State
- Hawaii Beat
- Scoreboard
- Television & Radio
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