BUSINESS BRIEFS
Matson lowering surcharge to 27%
Advertiser Staff and News Services
Matson Navigation Co. said it is lowering its fuel surcharge by 6 percentage points for its Hawai'i service, to 27 percent from 33 percent, effective Sunday as a result of declining fuel prices. It is the third consecutive decrease since Sept. 21.
The state's largest shipping company said it also is lowering the fuel surcharge on its Guam/CNMI and Micronesia service by 6 percentage points, to 28.5 percent from 34.5 percent.
"Matson is pleased to be able make a third decrease in its fuel surcharge in the past month," said Dave Hoppes, senior vice president for ocean services. "Following an extended period in which oil costs hit historical record highs, it is encouraging to see this downward trend continue to be reflected in the prices the company is now paying for bunker fuel."
For most customers, this represents a decrease in shipping costs ranging from $140 to $220 per container, Hoppes said. "We are hopeful this current trend will continue, resulting in further decreases. We will continue to monitor fuel costs and adjust the surcharge accordingly."
FICOH ADDS IDENTITY THEFT PROGRAM
First Insurance Co. of Hawaii has become the latest local company to offer an identity theft program to help customers.
The company said select personal and commercial policy holders will be offered the program from Identity Theft 911. At least two other companies here offer similar services to customers to enhance their banking and insurance offerings.
Hawai'i ranks 39th in the nation in terms of ID theft complaints per 100,000 people, according to Federal Trade Commission data.
There were 589 such complaints in 2007, down from 615 a year prior.
CVS EXTENDS TENDER OFFER FOR LONGS
CVS Caremark Corp. extended its tender offer for Longs Drug Stores Corp. yesterday after the percentage of shares tendered came in under the required two-thirds, Bloomberg News reported.
About 65.9 percent of outstanding shares were tendered by the end of Wednesday, when the offer was scheduled to expire, Woonsocket, Rhode Island-based CVS said today in a statement. CVS made a $2.7 billion bid for the West Coast chain in August. Larger Walgreen Co. offered more to buy Longs a month later and then withdrew the bid on Oct. 8.
Longs Drug, which operates more than 500 drugstores in the western U.S., is the largest drugstore chain in Hawai'i.
Shares of Longs closed up 16 cents at $71.44 yesterday, while CVS shares closed up $1.42 at $28.12.
GROUP URGES FUNDING FOR HIGHWAYS
A transportation group is urging Congress to fund more than 3,000 "ready-to-go" highway projects, including six in Hawai'i worth $42 million.
The group, the American Association of State Highway and Transportation Officials, said the projects could be under contract within the next three months.
MENEHUNE MAC OPENS HOLIDAY STORE
Menehune Mac has opened a temporary holiday store in Kahala Mall offering a range of food and body products.
The store, between Reyn's and Kahala Kids, will be open during mall hours through Dec. 31.
Menehune Mac is best known for its chocolate-covered macadamia nuts, but the store also will carry items such as taro chips, Maui jellies and coffee and tea from Hawaiian manufacturers.
Gift baskets also will be available.
