For Thursday, May 12, 2011
POSTED: 1:30 a.m. HST, May 12, 2011
First Hawaiian gives $1.2M to Japan
First Hawaiian Bank Chairman and CEO Don Horner presented a check for one hundred million yen, or $1.176 million, to the Japanese Red Cross Society during a recent visit to Japan in support of the relief efforts to help victims of the March 11 earthquake and tsunami.
In attendance at the ceremony were Nobuhiko Higashikuni, the nephew of the emperor; Yoshiharu Otsuka of the society; and Ed Hawkins, president of the Japan-America Society of Hawaii.
First Hawaiian established the Japan-Hawaii Relief Fund with an initial $100,000. Contributions were collected at all of the bank's 63 branches in Hawaii, Guam and Commonwealth of the Northern Mariana Islands. Donations as small as $1 were deposited into the bank's fund.
Several thousand customers contributed to the Japan-Hawaii Relief Fund including $105,000 from the Friends of Hawaii Charities, $25,000 from Tanaka's of Tokyo, $5,000 from Maui Divers and an additional $5,000 from Carole Kai Charities, among other donations.
MLP to auction golf-related equipment
Maui Land & Pineapple Co. will auction off unneeded equipment next week now that it no longer owns and operates golf courses at its Kapalua Resort.
Lawn maintenance equipment, tractors, backhoes, trucks, golf carts and a range-ball retriever are among items in the auction being conducted by Great American Group.
The auction will be held Wednesday at 120 Kane St. in Kahului and online. Bidding terms are available at greatamerican.com.
Maui Land sold Kapalua Bay Golf Course last year and the Kapalua Plantation Golf Course in 2009 to pay down debt and help fund operations.
Hedge fund insider convicted
NEW YORK » A former Wall Street titan was convicted yesterday of making a fortune by coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades in technology and other stocks — what prosecutors called the largest insider trading case ever involving hedge funds.
Raj Rajaratnam was convicted of five conspiracy counts and nine securities fraud charges at the closely watched trial in federal court in Manhattan. The jury had deliberated since April 25, and at one point was forced to start over again when one juror dropped out due to illness.
Prosecutors alleged the 53-year-old Rajaratnam made profits and avoided losses totaling more than $60 million from illegal tips. His Galleon Group funds, they said, became a multibillion-dollar success at the expense of ordinary stock investors who didn't have advance notice of the earnings of public companies and of mergers and acquisitions.
Intel increases dividend again
SAN FRANCISCO » Intel Corp. raised its quarterly dividend yesterday by 16 percent, boosting what was already one of the highest-yielding shareholder payouts in technology.
The second increase in six months demonstrates Intel's confidence in the personal computer market, which is still large and growing despite a threat from tablet computers such as Apple Inc.'s iPad. Intel CEO Paul Otellini said rapid growth in worldwide computing demand is putting the company on track to boost revenue by more than 20 percent from last year's $43.6 billion.
The dividend increase, to 21 cents per share from 18.12 cents per share, will start with the third quarter of 2011 and boost the annual dividend yield to 3.6 percent.
ON THE MOVE
Outrigger Enterprise Group has named Kieran Yap corporate tax director. He will be responsible for supervising the company’s international tax and domestic affairs and the tax department.
Craig G. Nakamura is the newest member of the Hawaii Tourism Authority board. He was confirmed by the state Senate on May 3. Nakamura is an attorney at Carlsmith Ball on Maui.
Hawaiian Airlines has appointed Andrew Watterson vice president of planning and revenue management. Watterson is responsible for Hawaiian’s flight scheduling, route planning, revenue management and ticket pricing. He fills the position previously held by Avi Mannis, who was appointed to an expanded role as vice president of marketing in Hawaiian’s recent corporate realignment. Watterson spent the past 12 years with Dallas consulting firm Oliver Wyman as a partner in the aviation, aerospace and defense practice.