BUSINESS BRIEFS
Economic index down again in Oct.
Advertiser Staff
An index of Hawai'i's current economic indicators fell for the seventh consecutive month in October.
The coincident index produced by the Federal Reserve Bank of Philadelphia shows Hawai'i's index fell by 0.1 percent, in line with the overall U.S. economy's decline.
The index measures economic indicators thought to closely coincide with the overall economy such as jobs, unemployment, average hours worked in manufacturing and inflation-adjusted income. An increase in the number indicates economic expansion, while a decline indicates contraction.
Hawai'i's coincident index hit a high of 121.34 in March and has declined every month since then. In October, the index level was 119.22.
2ND ROMANO'S MACARONI GRILL OPENS
Romano's Macaroni Grill has opened its second restaurant in Hawai'i, this time in Queens' MarketPlace at Waikoloa Beach Resort on the Big Island.
The restaurant, which opened Monday, joins Macaroni Grill's Ala Moana location, which has led the chain in sales since it opened two years ago. Randy Schoch, Hawai'i franchisee for Romano's Macaroni Grill, said he expect the Waikoloa Beach Resort also to be one of the top performers in Macaroni Grill's 220- restaurant chain.
Schoch is chief executive officer of Scottsdale, Ariz.-based Desert Islands Restaurants, a management entity that oversees operations of the two Macaroni Grill locations and five franchised Ruth's Chris Steak Houses in Hawai'i. The company employs 450 workers throughout Hawai'i, and adds an additional 140 jobs with the opening of the new Romano's Macaroni Grill at Waikoloa Beach Resort.
Robert Keon has been named general manager for the new Romano's Macaroni Grill. He previously worked at Ruth's Chris Steak House at The Shops at Mauna Lani.
FITCH EXPECTS SALE OF $120M IN BONDS
Fitch Ratings said it expects the state to sell $120 million of highway revenue bonds the week of Dec. 9. It's assigned a AA- rating to the issue.
The money raised through the sale will go to state highway capital improvement projects and the bonds will be repaid from the state highway fund, which receives revenue from the state's fuel tax of 17 cents a gallon on gasoline and diesel oil, and rental car surcharge taxes.
The state has looked at increasing public works projects to help combat an economic downturn. It also is about to sell more than $600 million of general obligation bonds in December, having been delayed since late September because of turbulence in financial markets.
QUIKSILVER CREDIT RATING LOWERED
Standard & Poor's Ratings Services lowered its corporate credit rating on Quiksilver, the surfwear apparel maker and retailer that operates retail shops in Hawai'i and elsewhere.
The agency lowered ratings to B+ from BB- and reduced the rating on the Huntington Beach, Calif.-based company's $400 million senior unsecured notes due 2015 to B1 from B. All of the ratings are below investment grade.
"The ratings downgrade reflects Quiksilver's continued weak credit measures, and our uncertainty regarding the company's ability to improve operating performance, given the current challenging economic and retail environment," said S&P analyst Susan H. Ding, in a press statement.
Quiksilver shares fell 10 cents to $1.20 in trading yesterday.
