BUSINESS BRIEFS
Lana'i launches housing project
Advertiser Staff and News Services
Castle & Cooke Resorts broke ground yesterday on a housing project on Lana'i for low- and moderate-income buyers.
The Courts will have 38 one-bedroom units and 10 two-bedroom units in 11 two-story walk-up buildings. The units are targeted at families earning at or below 60 percent of Maui County's median income. The Courts housing is scheduled to be completed in November 2007.
The project is part of Castle & Cooke's long-term commitment to create a sustainable community for residents of Lana'i, which is 98 percent owned by David Murdock, owner and president of Castle & Cooke Resorts.
NAVY AUTHORIZES FUEL CELL CONTRACT
Kapolei-based Hoku Scientific Inc. yesterday said the U.S. Navy exercised its two options for a fuel cell demonstration contract valued at $2.5 million.
The options exercised by the Navy require Hoku and a separate company called IdaTech LLC to manufacture a total of eleven demonstration-ready fuel cell systems, and to demonstrate 10 of these systems for 12 months.
ROTARY OFFERS FOREIGN PROGRAM
The Hawaii Rotary District 5000 is seeking qualified professionals between the ages of 25 and 40 to travel to Albania and Italy on an exchange program from May 30 to June 30.
The Group Study Exchange program provides 30-day travel grants for four non-Rotarian professionals. The Hawai'i team members will live in host Rotarian homes and study and observe their host country's professional, commercial and industrial operations, systems of government, and education, health, welfare and social institutions.
Applications can be requested by e-mailing mariet tab@hawaii.rr.com, or by calling 780-8472. They can also be downloaded from the Web site: www.rotary.org. The deadline for applications is Oct. 27.
WAL-MART RAISES STAKE IN SEIYU
LITTLE ROCK, Ark. — Wal-Mart Stores Inc. said yesterday it will increase its stake in Japanese retailer Seiyu to more than 50 percent in a $600 million deal and promoted two executives to facilitate its expansion in the world's second-largest retail market.
Wal-Mart, which has held a 42 percent stake in Seiyu Ltd., declined to disclose the size of the new stake. But the world's biggest retailer will purchase up to $597 million of a $1 billion issue of ordinary and preferred shares by Seiyu, the Japanese retailer said in a statement.
AMERICAN CUTS 15 ROUNDTRIPS
FORT WORTH, Texas — American Airlines announced yesterday it was temporarily cutting flights in markets it serves from its two largest hubs, citing high jet-fuel prices that also were blamed for a new round of fare increases.
American, the nation's largest passenger air carrier, said it was canceling 15 roundtrips temporarily from Chicago O'Hare and Dallas-Fort Worth international airports. Northwest Airlines also announced flight reductions.
