Stocks at 5-Month high

NEW YORK » Stocks surged yesterday to their highest level in five months after a report that activity in U.S. services companies powered ahead in September, a hopeful sign for the economy’s largest sector and the country’s main source of employment. A surprise move by the Bank of Japan to cut its key interest rate to virtually zero also lifted stocks worldwide. The Dow Jones industrial average rose 193 points, or 1.8 percent, to close at 10,945.

Hawaiian starts Maui-Vegas service

Hawaiian Airlines has launched nonstop service between Maui and Las Vegas with two flights a week on Mondays and Thursdays.

The flights depart Kahului Airport at 8 a.m. and arrive at McCarran International Airport in Las Vegas at 4:35 p.m. Return flights are on Sundays and Wednesdays, departing Las Vegas at 6:25 p.m. and arriving in Kahului at 9:25 p.m.

Hawaiian is flying the route with a wide-body Boeing 767-300 aircraft seating up to 264 passengers.

Walgreen buys Servco Pacific facility

Walgreen Co. has purchased the former Servco Pacific Inc. dealership in Wahiawa for $3.1 million. The sales broker, Colliers Monroe Friedlander Inc., announced yesterday the transaction consisting of 69,887 square feet of land on Kamehameha Highway.

Servco Pacific opened in Wahiawa in 1930 but closed about two years ago after consolidating operations to its newly renovated Waipahu location.

"This development will be very positive for Wahiawa town," said Ronald Ward, Colliers vice president, who negotiated the deal on behalf of Servco. "Not only will it bring new job opportunities to the area, but it will be a catalyst for additional renovation and development along Kamehameha Highway."

Walgreens, which has 10 stores in Hawaii, has as many as nine projects in the works throughout the islands.

The Deerfield, Ill.-based drugstore chain acquired Safeway Inc.’s Honolulu site on Pensacola and Beretania streets in August for $22.5 million to open another Oahu store in 2012.

Kauai condo prices fall 40%

Kauai’s median condo price dropped 40 percent in September, according to a report from Hawaii Information Service. Most of the median price decline for Kauai condos was attributable to sales in Lihue, where there were nine condo sales for a median $76,000 in September. A year earlier there were four sales for a median $207,500 in Lihue.

For all of Kauai there were 20 condo sales last month, up 54 percent from 13 sales a year earlier. The median price, which is a point at which half the sales were for more and half for less, dropped to $299,500 from $501,500.

In Kauai’s single-family home market, there were 16 sales last month, unchanged from a year earlier. The median price was up 5 percent to $496,750 from $474,500.

Big Isle single-family home prices up

Big Island single-family home sales were down 2 percent to 124 last month from 127 a year earlier. The median price was up 11 percent to $251,000 from $226,500 in the same period. Condo sales on the Big Island rose by eight, or 25 percent, to 40 last month from 32 a year earlier. The median price was down 12 percent to $285,000 from $325,000 in the same period.

BMW, Hyundai tops in crash tests

DETROIT » BMW’s 5 Series and Hyundai Sonata were the only new-for-2011 vehicles to receive an overall five-star safety rating in the National Highway Traffic Safety Administration’s new safety evaluations.

The revised rating system will assess each new 2011 model for side pole crash testing and crash prevention technologies. It also used female crash test dummies for the first time in crash simulations. Each vehicle received a 1 through 5 score on its ability to withstand frontal and side impacts. A third score measures the model’s rollover risk. Then each vehicle receives an overall rating.

Because so many vehicles had reached the highest rating under the old rating criteria, and because the new standards are much more rigorous, not all previously rated five-star vehicles will remain at five stars.

On the Move

Hoakalei Country Club has named Toshifumi "TK" Kiuchi as director of international sales. He will be responsible for identifying and enrolling new Hoakalei Country Club members who reside outside of the United States. Kiuchi previously worked various positions at Haseko for more than 20 years.

ProPark has promoted Lance Santos to operations manager from manager at their Maui store. He will be responsible for overseeing operations for all properties on Oahu as well as Maui. Santos has been with the company since 1993.

CEO of Intrawest Holdings Bill Jensen has appointed Steven Rose as general manager of Honua Kai Resort & Spa. He will manage the daily operation of the 628-suite resort on Kaanapali North Beach on Maui. Jensen has nearly 30 years of hospitality and resort operations experience, including as general manager of the Westin Monache Resort in Mammoth Lakes, Calif., the American Club at Destination Kohler and the Pines Lodge, a RockResort.

Baldridge & Associates Structural Engineering has hired Benjamin Klootwyk as its special inspector for its testing and inspection division.