Nurses and Kaiser OK tentative pact
The Hawaii Nurses Association has reached a tentative agreement with Kaiser Permanente on a national contract.
The pact calls for two across-the-board wage increases of 3 percent, an enhanced sick-leave cash-out option, and funding for work-force development trust funds. HNA is the only union to join the Coalition of Kaiser Permanente Unions.
Hawaiian Air parent is rated ‘buy’
Hawaiian Holdings Inc., the holding company for Hawaiian Airlines, was rated a "buy" in new coverage by analyst Michael Linenberg of Deutsche Bank.
The 12-month target price is $11 a share. Hawaiian closed up 12 cents yesterday at $6.95.
Carrier Hawaii moves headquarters
Carrier Hawaii has opened a new main office and distribution center in Kapolei Business Park.
The move is in response to Oahu’s projected population growth and commercial activity in the area, the company said in a release. Carrier has held its current headquarters in Waipio Gentry since 1993, and faced an expiring lease with no renewal options.
Carrier will still keep its Honolulu branch on Halekauwila Street.
Ross opening in Kona on July 2
Ross Dress for Less will be opening its Kona location on July 2.
The 5,500-square-foot store is located at the Kona Commons Shopping Center. The store blessing will begin 8:30 a.m. July 2. Ross will also offering chances to win shopping sprees from July 2 through 11.
Ross operates 11 other locations in Hawaii, including a Hilo location.
Hartford Financial settles for $72M
NEW HAVEN, Conn. » A federal judge has given preliminary approval to a settlement under which The Hartford Financial Services Group Inc. will pay $72.5 million to more than 21,000 people nationwide who alleged the insurer engaged in fraud in settling their injury claims.
U.S. District Judge Janet Hall approved the agreement last week in Bridgeport, Conn., to resolve the class-action lawsuit. It was announced yesterday by attorneys for those who sued.
The plaintiffs alleged Hartford engaged in fraudulent settlement practices by deducting up to 15 percent of the value of their settlements in undisclosed annuity costs.
The 21,000 people were due payments for claims dating to 1997 involving car accidents, workers’ compensation and other injuries. They are expected to receive an average of about $3,300 each as a result of the settlement.
BP stock facing more pressure
BP shareholders who already have lost billions because of the spill in the Gulf of Mexico now must deal with the federal government’s demand that the oil company set up a multibillion-dollar fund to help victims of the spill.
That potential fund and the possibility that BP could forgo its second-quarter dividend drove the stock down again yesterday after a small rebound at the end of last week. BP shares fell $3.30, or 9.7 percent, to close at $30.67 in New York. The shares were worth $60.48 when the Transocean rig it was leasing exploded on April 20 and later sank. BP has lost about $90 billion in value.
Transocean shares dropped $2.07, or 4.4 percent, to close at $44.78.
BP held a board meeting yesterday to discuss deferring its second-quarter dividend and putting the money into escrow until it knows how much the spill will cost. BP spokeswoman Sheila Williams in London said the company was aware of President Barack Obama’s demand for a compensation fund, but declined to comment further.
ON THE MOVE
Colliers Monroe Friedlander has appointed Jody L. Nako as member of the office division. She has more than 20 years of real estate experience, including as leasing director for Pacific Office Properties and general manager of Hawaii Loa Ridge Owners Association.
The Hawaiian Electric utilities have claimed three of the top 10 spots in the national rankings for the use of solar power for the second consecutive year. Maui Electric Co. ranked second, Hawaii Electric Light Co. ranked third and Hawaiian Electric Co. ranked ninth.
The U.S. Small Business Administration Hawaii District office has inducted Susan Utsugi into its Nominator’s Hall of Fame. Utsugi is senior vice president and region manager of Central Pacific Bank.
Karen Char, chief executive officer of John Child & Co., and Christine Camp, president and chief executive officer of Avalon Group, have been honored with the 2010 James Felt Creative Counseling Award. They were presented the award for their work developing and implementing a long-term real estate strategy for the Hawaii Opera Theatre.