Business briefs

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State retirement system gaining

The state Employees' Retirement System reported a 21.8 percent return on assets for calendar year 2003, propelled by a rebound in its stock holdings. The pension fund's value stood at $8.5 billion at the end of last year.

During the three months ended Dec. 31, returns rose by 8.9 percent and assets gained a net $600 million. For the six months to Dec. 31, ERS reported a return of 12 percent.

Committee OKs hotel tax credit

A hotel tax credit bill that could result in a drop of up to $140 million in tax revenue over the next 10 years advanced in the Legislature yesterday. The House tourism committee approved the tax credit for Waikiki; Kailua and Hilo on the Big Island; Lahaina, Maui; Moloka'i; Coconut Plantation on Kaua'i; and other designated areas.

County retail tax bill shelved

A bill to allow counties to levy a tax on retail sales was deferred indefinitely by Senate tourism and transportation committees yesterday. The measure would have authorized counties to establish a retail sales tax of up to 1 percent on sales of "tangible personal property."

R. Field founder severs ties

Richard Field is severing his ties with Foodland Supermarket Ltd., but the gourmet food and wine departments he created in the Beretania and Kailua stores will remain in operation and continue to use the R. Field name.

Field said his contract with Foodland expired more than a year ago.

He founded R. Field Wines in 1977 and sold his business to Foodland in 1997.

Ohana hotel sold on Maui

The Ohana Maui Islander Hotel has been sold.

SVP Islander, an Arizona company, sold the hotel to Virginia-based Bay West Investment Co., according to a filing with the state Department of Labor. The new owners may retain Outrigger Hotels and Resorts as manager of the hotel, and most, if not all, of the 64 workers will continue to be employed, according to the filing.