Business Briefs

Star-Advertiser union ratifies 5-year pact

Newsroom workers at the Honolulu Star-Advertiser have ratified a new five-year contract with the company.

Union members voted 61-17 in favor of the contract with 83 percent of members casting ballots, the union said in an email to members Thursday night.

The contract includes a 10 percent pay increase over five years and a sick-leave benefit for part-time workers.

Union members will pay a greater share of their medical insurance premiums.

"This is a good agreement for both parties and provides labor stability over many years," said Dennis Francis, president and publisher of the Star-Advertiser.

Members of the union’s bargaining committee had recommended approval.

Hawaii, mainland gas prices remain high

The average retail price for gasoline in the U.S. rose about 2 cents on Friday to $3.647 per gallon, according to AAA, Wright Express and Oil Price Information Service. That’s the second highest level ever for this time of year. It was a little higher in 2008.

In Hawaii, the average rose 1.2 cents to $4.111. Hawaii is the only state in the country with gas prices at $4 or higher.

Oil prices, meanwhile, fell Friday along with the prospects for global economic growth as the government reported the economy added no jobs last month. Benchmark crude fell $2.48, or 2.8 percent, to finish at $86.45.

UH gets $6.1M solar equipment grant

The University of Hawaii has been awarded $6.1 million in federal funding to develop equipment that will allow Hawaiian Electric Co. to accept more solar power into its grid.

The funding is part of a $6.9 million grant the state received from the U.S. Department of Energy for two solar energy technology projects.

UH researchers will develop two photovoltaic inverters that will be controlled by the utility through smart-grid technology, according to a news release from the office of Gov. Neil Abercrombie.

"This technology has the potential to significantly reduce the impacts of distributed PV systems and facilitate their broader adoption at lower cost," according to the news release.

HECO limits the amount of solar-generated electricity that can be fed into the grid.

Another $750,000 was awarded to the state Department of Business, Economic Development and Tourism to help the Public Utilities Commission resolve grid-reliability issues and allow utilities to bring more renewable energy sources online.

Feds sue 17 big banks over mortgages

NEW YORK » In a sweeping move, the government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among the 17 targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co. and Goldman Sachs.

The lawsuits were filed Friday by the Federal Housing Finance Agency, which oversees Fannie and Freddie, the two agencies that buy mortgage loans and mortgage securities issued by the lenders.

The total price tag for the securities bought by Fannie and Freddie affected by the lawsuits: $196 billion.

GM pulls Lutz from retirement to aid execs

General Motors Co. has lured the ultimate car guy out of retirement to advise its senior leadership.

Bob Lutz, 79, a former GM vice chairman for product development, left the company last year, but never really ended his 47-year career in the auto business.

Lutz had been informally advising GM on its new products for the past 16 months from his home near Ann Arbor, Mich.

The move by GM CEO Dan Akerson should help the company because its top-selling new products were conceived and designed under Lutz’s leadership.

The new models like the Chevrolet Cruze compact and the GMC Terrain and Chevrolet Equinox midsize crossover SUVs, all designed under Lutz, have led GM’s recovery from its 2009 bankruptcy.

He also championed the Chevrolet Volt, an electric car that has a small gas generator to power it when the batteries are depleted.

Lutz said Friday in an email that his advisory role will extend beyond new cars and trucks.

"The scope is general," he said. "It’s not focused on or limited to product development."

Campbell profit recedes as soup sales dip

Campbell Soup Co., the world’s biggest soup maker, said fourth-quarter profit declined 12 percent after soup, sauce and beverage sales dropped in the U.S.

Net income fell 12 percent to $100 million, or 31 cents a share, in the period ended July 31, from $113 million, or 33 cents, a year earlier, the Camden, N.J.-based company said. Excluding some items, earnings of 43 cents topped the 38-cent average of 16 analysts’ estimates.

Chief Executive Officer Denise Morrison, who took over from Doug Conant last month, plans to introduce new soups after Campbell products failed to lure as many consumers as expected during the economic slowdown and struggled to attract younger customers.

The company will debut 27 soup products this fiscal year, up from three the year before.

ON THE MOVE

Kauai Island Utility Cooperative has announced the promotion of Karissa Jonas to chief financial officer and vice president of finance. Her responsibilities include overall financial management of the cooperative as well as supervision of all accounting, financial and warehouse personnel. Jonas began her career with KIUC in 2005.

Nordic PCL Construction Inc. has named Glen Kaneshige to president and district manager. He had been executive vice president of Nordic PCL since the acquisition of Nordic Construction Ltd. by Denver based PCL Construction Services in April 2008.

The Concierge Association of Hawaii has announced Frank Hernandez of Halekulani Hotel as president of CAH. Hernandez has been a concierge at Halekulani since 2002. Other board members include Naomi Abe, vice president of operations; Kawai Yamashiro, vice president of public relations; Susan Koki, vice president of membership; Wendy Wong, vice president of finance; and Jennifer Park, secretary.

Orasi Design has hired Ikaika Uchima as senior designer. He has more than 10 years of industry experience, including graphic designer at Margo Tahitian Pearl in Hawaii and in graphic design and digital media companies in Southern California.