State personal income seen growing
Hawaii’s economic forecasters are estimating that personal income will grow more this year than previously predicted.
The Council on Revenues decided Tuesday to raise its expectations of personal income growth, to 2.3 percent from 0.6 percent, for the 2010 calendar year. State Tax Department Director Stanley Shiraki said the council also set its estimated personal income growth rate for 2011 at 3 percent.
The seven-member Council of Revenues is responsible for preparing revenue estimates used by the state government in crafting its financial plans.
Rate increase aids Gas Co.’s parent
Macquarie Infrastructure Co. said second-quarter revenue rose 25 percent to $207.4 million, helped by a rate increase at the Gas Co. in Hawaii and fuel sales at its Atlantic Aviation subsidiaries.
The company reported net income of $400,000 during the April-to-June quarter, compared to a $26.8 million loss in the same period a year earlier.
Macquarie said free cash flow at the company was $6.3 million in the quarter, up from a year earlier.
"MIC regards free cash flow as an important tool in assessing the performance of its capital intensive, cash generative businesses," the company said in a news release.
Sephora to open third store
Sephora, a skin-care and makeup company, said it will open its third store in Hawaii at the Waikiki Shopping Plaza on Sept. 3. The 7,458-square-foot store will be the latest of more than 270 the company has opened in North America.
Hana Security plans layoffs
Hana Security Services is planning to lay off an undetermined number of employees as of Sept. 30 because its contract with the Navy will be reduced, according to a notice submitted by the company to the state Department of Labor and Industrial Relations.
The Honolulu-based company, which provides armed security services at Pearl Harbor and other base locations, said in a letter to the department that it will do everything possible to preserve as many jobs as it can and will assist displaced employees to find other work.
Island Air wins reliability award
Island Air has received Bombardier’s 2009 Annual Airline Reliability Performance Award for having the highest overall dispatch reliability and placing first overall in the Q100/200/300 product category for the North America region.
The Honolulu-based carrier also earned the same title in the same product and region category in the previous year.
HEMIC financial strength reaffirmed
Hawaii Employers Mutual Insurance Co., the Honolulu-based workers’ compensation insurer better known as HEMIC, had its "A" rating for financial strength reaffirmed by A.M. Best Company. It also had an issuer credit rating of "A." The outlook for both ratings is stable.
"The rating reflects HEMIC’s excellent risk adjusted capitalization, historically profitable underwriting and operating performance, conservative operating strategies and dominant market position in the Hawaii workers’ compensation market," said Jason Yoshimi, president and chief financial officer.
Today’s ship arrivals and departures:
ON THE MOVE
Outrigger Enterprises Group has hired Anthony Freda as resort manager for Kapalua Villas. He was previously a food and beverage director at the Koele Lodge and Manele Bay Hotels of the Four Seasons Resorts Lanai.
The American Society of Civil Engineers has honored Brennon Morioka with the civil government award. He is the director for the state Department of Transportation and has been with the DOT since 2005.
Baldrige & Associates Structural Engineering has announced that Aaron Cooley has been certified as "Master of Special Inspection" by the International Code Council. Cooley is a testing and inspection manager and joined the MSIs by passing examinations in structural welding, structural steel and bolting, structural masonry and reinforced concrete.
Owners Tom and Jayne Kerns have started excavation this month for Hawaii’s newest brewpub, Big Island Brewhaus. Originally, in August 2008, the Kerns bought Waimea’s Tako Taco Taqueria Restaurant and planned to expand and add a brewery.