Rate on 15-year mortgage hits record low

WASHINGTON » The average rate on a 15-year fixed mortgage has fallen to a record low, leading to an increase in refinancing applications. But cheaper loans are unlikely to lift the struggling housing market or boost the weak economy.

The rate on the 15-year loan, a popular refinancing option, dropped to 3.54 percent this week from 3.66 percent last week, Freddie Mac said Thursday. That’s the lowest since the mortgage buyer began tracking it in 1991.

The average rate on the 30-year fixed loan fell to a yearly low of 4.39 percent from 4.55 percent the previous week.

Kraft Foods to split into 2 companies

PORTLAND, Ore. » Kraft Foods Inc. said Thursday it plans to split into two publicly traded companies, with one focusing on its international snack brands like Trident gum and Cadbury chocolates and the other on its North American grocery business, which includes Maxwell House coffee and Oscar Mayer meats.

Kraft is the latest in a string of U.S. companies, including rival Sara Lee Corp., to separate its business to cater to different niche markets.

As companies increasingly look for ways to drive growth during a difficult economic environment, there’s been a major shift from thinking bigger is always better to sharpening their strategy on smaller businesses that focus on a group of brands.

Retailers report solid sales gains for July

NEW YORK » The back-to-school season got off to a strong start as discounts and high temperatures in July drove shoppers to air-conditioned malls.

Despite bad economic news that kept consumer confidence shaky, a number of retailers reported July revenue on Thursday that beat Wall Street estimates, including Target, Macy’s and Saks. The International Council of Shopping Centers’ preliminary tally of retailers’ revenue at stores open at least a year was up 4.6 percent, a slower pace than June’s 6.9 percent gain but in line with forecasts.

ON THE MOVE

Starwood Hotels & Resorts Hawaii named Angela Nolan general manager for the Westin Ka‘anapali Ocean Resort Villas on Maui. Nolan started in the hospitality industry in 1995 and worked at Kapalua Bay Hotel, the Sheraton Maui Resort, Trump International Hotel and Tower Las Vegas and Planet Hollywood Towers by Westgate, Las Vegas.

The Plumbing and Mechanical Contractors Association of Hawaii has installed its board of directors for 2011-2013: Ken Richardson, president; Patrick Miura, director; Tyrus Kagawa, vice president; Mark Suzuki, director; Barry Lai, treasurer; Glenn Tango, director; Kevin Kanekoa, secretary; Samuel Fujikawa, director; Kent Matsuzaki, director; and Gregg Serikaku, executive director.

Seven attorneys from Alston Hunt Floyd and Ing were recognized in Chambers USA: America’s Leading Lawyers for Business 2011: Paul Alston, William S. Hunt, Louise K.Y. Ing, Ellen Godbey Carson, David A. Nakashima, Terry Thomason and Anna Elento-Sneed.

The Entrepreneurs Foundation of Hawaii announced that Avalor Energy Corp. has become a member company. AEC is a Honolulu-based renewable energy holding company that develops large scale projects and advanced clean energy technologies through its subsidiary companies.