Business briefs

Advertiser Staff

Hilo gas price hits record high

The average price for regular gasoline in Hilo, Hawai'i, hit a record $2.381, according to a survey released yesterday by AAA travel club. The average in Honolulu was $2.240, and in Wailuku, Maui, the average for regular was $2.614 a gallon. Statewide the average price for regular gasoline was $2.338 a gallon.

Gill re-elected to union post

Eric Gill won re-election yesterday to lead the more than 10,000 members of the Hotel Employees and Restaurant Employees Local 5 in a race against Tony Rutledge Jr., whose father lost two bitter elections to Gill.

Gill won with 70 percent of the vote and will serve a three-year term.

Banana sales, output increase

Farm-level sales of bananas rose nearly 7 percent in 2003 to $9.2 million, according to state figures released yesterday. Output increased 13 percent to 22.5 million pounds. The farm price for bananas fell 2 cents to 41 cents a pound.

CPB introduces loan program

Central Pacific Bank, in partnership with state and federal agencies, is launching a loan program designed to help finance businesses in low- to moderate-income communities or those in enterprise areas called HUBZones. The program also aims to assist businesses that are majority owned by ethnic minorities, women and veterans. For more information, call the bank at 544-0676.

Time-share deal worth $94M

The minority owner of the Embassy Vacation Resort Ka'anapali time-share has agreed to purchase the interest it didn't own in the Maui property in a deal valued at about $94 million.

Las Vegas-based Sunterra Corp. said it will buy the 72 percent interest in the 413-unit time-share from an affiliate of Goldman Sachs. The transaction is expected to be completed later this month or early July.