Hawai'i's average price for a gallon of regular gasoline rose by two cents yesterday from the previous Thursday to $3.47, according to AAA Hawaii's Weekend Gas Watch.

The average price in Honolulu is $3.37, three cents more than last week, six cents more than last month and $1 more than last year.

In Hilo, the average was $3.47, a penny less than last week, six cents less than last month and 96 cents more than last year.

In Wailuku, the average was $3.84, two cents more than last week, a nickel more than last month and $1.23 more than last year.

Nationwide, motorists are paying the highest prices for gasoline since October 2008, the Associated Press reports.

The national average hit $2.7999 a gallon, according to AAA, Wright Express and Oil Price Information Service.

Prices have now jumped 18.9 cents in the past month and are 87.9 cents higher than year-ago levels. On Oct. 23, 2008, prices averaged $2.8215 a gallon.

FITCH DOWNGRADES CENTRAL PACIFIC RATING

Fitch Ratings downgraded the long-term issuer default rating of Central Pacific Financial Corp. to CC from CCC, saying the company remains under serious credit stress.

Fitch also assigned a similar rating to the company's Central Pacific Bank subsidiary. It noted Central Pacific has been trying to raise capital unsuccessfully and that the company may face a Federal Reserve Board enforcement action if it is unable to raise about $130 million.

Fitch also noted the company has implemented a recovery plan to downsize the bank and improve financial ratios.

TRUTAG'S MICROTAGS WIN INNOVATION NOD

TruTag Technologies said it has been selected as the 2010 North American Pharmaceutical and Biotechnology Innovation of the Year by Frost and Sullivan.

The firm was recognized for its microtags that can be put on a range of goods, including medicine, food and other products, to authenticate and identify items with its "spectral signature."

Frost and Sullivan said the TruTag product was an innovative and comprehensive security solution for maintaining the integrity of drug supplies.

TruTag Technologies is being spun out as an independent company from Cellular Bioengineering Inc., a Honolulu company with more than 25 patents and patent applications.

INTELLIGENT DECISIONS OPENS ON O'AHU

Intelligent Decisions Inc., a Virginia-based firm, has opened an office on O'ahu to serve customers in Hawai'i as well as others in Asia and the Pacific.

The company provides a range of information technology, software and hardware solutions for customers. The Hawai'i office's employees will include Simon Mijolovic and Kaipo Batoon.