BUSINESS BRIEFS
Honolulu 3rd priciest place in U.S.
Advertiser Staff and News Services
U.S. Census Bureau figures show only New York and San Francisco were more expensive places to live than Honolulu last year.
The national average consumer price index is 100. Honolulu was 163.1, Manhattan was 212.3 and San Francisco was 168.5.
The index in Las Vegas was 109.8 — much closer to the national average.
And if ranking third in cost of living wasn't enough, Honolulu had the second biggest increase in the overall prices of items — rising 4.8 percent. Of the 26 cities listed, only Tampa-St. Petersburg, Fla., was higher at 5.2 percent.
Housing costs in Honolulu rose 7.2 percent, fuel and utilities 5.3 percent and food and beverages 5.5 percent.
None of the figures take into account the economic downturn of 2008.
GENERAL GROWTH GAINS SOME TIME
General Growth Properties Inc., the second-largest U.S. shopping mall owner, said lenders agreed to extend a deadline to pay or refinance $900 million in loans for Las Vegas properties until Feb. 12.
The Chicago-based company's holdings include Ala Moana Center and Ward Centers in Honolulu.
The mortgage loans are for the Fashion Show and Palazzo properties. Without the extension General Growth faced the possibility of defaulting on the loans.
Gambling proceeds on the Las Vegas Strip fell 26 percent to $475 million in October from a year earlier, the 10th straight monthly decline, according to a recent report from Nevada's Gaming Control Board.
General Growth's financial woes stem from its $11.3 billion purchase of Rouse Co. in November 2004, financed almost completely with debt. Its shares closed down 8 cents at $1.58 yesterday.
FIRST OF HAWAII RATINGS STRONG
First of Hawaii Group has received an "A" (excellent) financial strength rating and "a" (strong) issuer credit rating from A.M. Best Company.
A.M. Best's Ratings are the benchmark for assessing the financial strength of insurance related organizations and the credit quality of their obligations.
The outlook for all ratings is stable.
"The ratings reflect the group's very strong risk-adjusted capitalization, strong overall earnings profile and sound localized market presence as a leading insurance provider in Hawaii," A.M. Best said in a news release.
The group also benefits from the operational and financial support of its ultimate owners, Chicago-based CNA Financial Corp. and Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd., according to the release.
HAWAII SELF STORAGE AIDS NONPROFITS
Hawaii Self Storage is giving $2,600 to three Kapolei nonprofit organizations; the money was raised during the company's Family Fun Festival in October.
The money will be divided among the following charities: Kapolei Drama Club, $1,200 ; Kapolei Public Library, $700; and Kalaeloa Outreach, $700.
The checks will be presented Dec. 22 during a ceremony at Hawaii Self Storage's facility on Kamokila Boulevard in Kapolei. It is the fifth self-storage facility built from the ground up by local development company MW Group Ltd.
The company entered the local self-storage market in 2001 by developing the $15 million, 180,000-square-foot Salt Lake Self Storage in Mapunapuna.
