Business briefs
Advertiser Staff and Wire
A&B invests in Hokua high-rise
Alexander & Baldwin Inc. said it plans to invest $40 million in the $210 million luxury high-rise being developed by two other local companies, the MacNaughton Group and the Kobayashi Group.
Construction on the 40-story tower named Hokua is scheduled to start later this year at the corner of Queen Street and Ala Moana at the diamondhead end of Victoria Ward Centres in Kaka'ako.
The tower is expected to be completed in late 2005.
Pioneer fined again over corn
The Environmental Protection Agency has fined Pioneer Hi-Bred $72,000 after the company failed to disclose a leakage of genetically modified corn pollen at its Kaua'i research site.
The fine comes after Pioneer last year agreed to pay $9,900 in fines to settle an EPA claim the company broke environmental rules in planting its experimental corn, genetically modified to produce a mild insecticide.
In that case, Pioneer agreed to quarantine other nearby corn plots, test them for contamination by the genetically modified pollen, and destroy any contaminated plants. The EPA says Pioneer did destroy the contaminated plants — but didn't immediately tell the agency about the contamination.
A&B profits up 79.4 percent
Honolulu conglomerate Alexander & Baldwin earned first-quarter profits of $17.6 million as its shipping subsidiary rebounded from post-Sept. 11 struggles.
The profits, worth 43 cents per share of A&B's publicly traded stock, were up 79.4 percent from abnormally low first-quarter 2002 profits of $9.8 million, or 24 cents per share. This year's profits are closer to typical for A&B.
Sales of $273 million on the quarter were up 16.3 percent from first-quarter 2002.
It was the 17th straight quarter of profits for A&B.
Lingle still plans on tourism chief
Gov. Linda Lingle said today her search for a tourism czar is ongoing.
Lingle brought up the idea of appointing a cabinet-level tourism liaison, during her campaign, but later had trouble selecting someone because of government pay restrictions.
Though state legislators and others have criticized her idea of seeking financial support from business associations to fund the position, Lingle said the industry is supportive of the concept.
"I still think it's a good possibility and it's not one that we've abandoned," she said.
