Alexander & Baldwin said yesterday it will build a 17-acre residential development overlooking Port Allen Harbor on Kaua'i that will feature a 75-unit multistory condominium project and 60 single-family homes.

The condominium portion of the development is named Kai Olino and will include two- and three-bedroom units ranging from 1,000 square feet to 1,300 square feet. Prices are expected to run from $325,000 to $550,000. The single-family development, called Keala'ula, will consist of three-bedroom homes in several models on lots that will average 6,000 square feet. Pricing has yet to be determined.

NATION WORLD

CONSTRUCTION CUT NATIONALLY

Builders trimmed spending on construction projects around the country in June, marking their fourth consecutive monthly cutback.

The latest snapshot of construction activity released by the Commerce Department yesterday showed that builders have pared spending each month after the value of construction projects surged to an all-time high of $1.13 trillion, on an annualized basis, in February.

EARNINGS HIGHER THAN EXPECTED

Reported second-quarter earnings of companies in the Standard & Poor's 500 index are running 13.6 percent higher than last year, according to Thomson Financial.

Of the 500 companies, 378, or 76 percent, had reported earnings for the quarter as of yesterday morning. Second-quarter earnings have come in 3.9 percent higher than analysts' average expectations.

ADVISORY FIRM BACKS CHEVRON

Influential proxy voting advisory firm Institutional Shareholders Services Inc. yesterday endorsed Chevron Corp.'s bid to acquire Unocal Corp., dealing another blow to Chinese oil company Cnooc Ltd.'s unsolicited rival bid for the California-based oil and natural gas producer.

ISS said Unocal shareholders should vote in favor of Chevron's current $17 billion offer because Cnooc's $18.5 billion bid risks being rejected by policy-makers.

COCA-COLA STAYS OLYMPIC SPONSOR

Coca-Cola Co., the longest-serving Olympic sponsor, is extending its relationship through 2020.

The deal starts in 2009 and covers the 2010 Winter Olympics in Vancouver, British Columbia, the 2012 Summer Games in London and the games of 2014, 2016, 2018 and 2020.