BUSINESS BRIEFS
Maui Electric cleared to raise rates
Advertiser Staff
The Public Utilities Commission yesterday approved an interim rate increase of 3.7 percent for Maui Electric Co. customers on Maui, Moloka'i and Lana'i.
The increase reflects a previously announced agreement between Maui Electric and the state Division of Consumer Advocacy.
The impact on a typical household using between 500 and 600 kilowatts per month would be: Maui, a $6.44 per month increase to $190.80; Moloka'i, a $6.46 per month increase to $191.82; and Lana'i, a $6.09 per month increase to $183.36.
REGULAR GAS PRICE UP 32 PERCENT
The average price of a gallon of regular gasoline in Hawai'i has risen 32 percent in the past year to $3.81, according to figures on the American Automobile Association's www.fuelgaugereport.com Web site.
The price in Honolulu rose about 63 cents a gallon, or 23 percent, to $3.368 compared with a year earlier.
SEA SALT PRODUCTION DISRUPTED
HANAPEPE, Kaua'i — Kaua'i salt makers said development surrounding salt patches in Hanapepe threatens the quality and quantity of their product — and a unique Hawaiian tradition.
Hanapepe is home to the state's only natural salt ponds still used today to make sea salt in the same fashion as ancient Hawaiians. But salt maker Kuulei Santos said an area between a nearby parking lot and beach was filled with old asphalt, disrupting the drainage of water to the beds.
State Rep. Roland Sagum, D-16th (Ni'ihau, Lehua, Waimea), met this week with more than two dozen residents concerned with the state of the ponds.
He brought two other lawmakers from the House Water, Land, Ocean Resources and Hawaiian Affairs Committee with him so they could learn about the issue.
JAL, ALL NIPPON BOOKINGS SOAR
Japan Airlines Corp. and All Nippon Airways Co., Japan's two biggest carriers, said reservations rose for overseas plane travel during the new year holiday period on increased popularity for trips to the U.S. and Asia, Bloomberg News reported.
Japan Airlines' bookings for international flights between Dec. 28 and Jan. 6 rose 1 percent to 439,866 people from the comparable period a year ago, while All Nippon had a record 147,027 bookings for overseas travel in the same period, up 8.8 percent, Bloomberg said.
It reported Japan Airlines as saying reservations for travel to the Americas rose by 15 percent and there was a 29 percent increase in reservations for Vietnam. All Nippon's travel bookings to Asian countries from Japan jumped 14 percent, the company said.
A&B RECEIVES 'A-' CREDIT RATING
Standard & Poor's Ratings Services has affirmed its "A-" long-term corporate credit rating for Alexander & Baldwin Inc. and its Matson Navigation Co. subsidiary. The ratings agency said the outlook for both companies remains stable.
"Ratings on Alexander & Baldwin reflect its solid competitive position in ocean shipping, strong real estate asset quality, and modest financial risk profile, offset somewhat by risks associated with significant investment requirements and concentrated end-market demand," said Standard & Poor's credit analyst Funmi Afonja in a press statement.
Standard & Poor's reported A&B had about $529.5 million of lease-adjusted debt outstanding at the end of September.
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