A&B begins Kakaako condo tower sales
Developer Alexander & Baldwin Inc. opens a sales office today to begin selling units in its planned 345-unit condominium high-rise in Kakaako.
The 43-story project named Waihonua at Kewalo is the first condo tower in Honolulu to launch sales since the recession, and will be an early barometer showing to what extent the upscale high-rise condo market has recovered.
Prices mostly range from $400,000 for one-bedroom units with 645 square feet of living space to $720,000 for three-bedroom units with 1,225 square feet of space. Prices top out at $1.9 million for a 2,000-square-foot penthouse.
The sales office on the corner of Kapiolani Boulevard and Piikoi Street is being operated by local brokerage firm Heyer & Associates.
Construction on the tower between the Hawaiki and Ko‘olani high-rises is anticipated to begin by the end of next year, followed two years later by completion.
Territorial plans third repurchase program
The parent of Territorial Savings Bank has adopted a third stock repurchase program in which it may buy back up to 552,000 shares of its common stock, or approximately 5 percent of the current outstanding shares.
"The board of directors believes this repurchase plan should enhance the long-term interest of the company’s shareholders," Territorial Bancorp Inc. CEO Allan Kitagawa said.
Territorial said repurchases will be made at management’s discretion at prices considered attractive and in the best interests of both the company and its stockholders.
Territorial’s stock rose 41 cents, or 2.1 percent, to $19.59 Friday on the Nasdaq Stock Market.
The buyback announcement was made after the market closed.
Aloha Kia expanding on Oahu, neighbor isles
Aloha Kia will expand its dealership operations to Kona and Kauai and will open a new concept "learning center" in Windward Mall in early January.
The Kona Kia dealership, scheduled to open in the first quarter of 2012, will be adjacent to Big Island Harley-Davidson, a sister dealership, said Bill van den Hurk, Aloha Auto Group president.
An earlier Kia dealership in the area closed three years ago, while the Hilo location remained open.
Lihue’s Kia facility, about two miles from van den Hurk’s Harley dealership, could break ground next month and be open by August or September, he said.
The "Aloha Kia Learning Center" will open in Windward Mall early next month. The 3,500-square-foot showroom will be a "no-pressure" way for potential customers to learn about the brand’s various models and use computers to design a model they might like to purchase from the Mapunapuna or Waipahu dealerships.
"Mall rents are not cheap," van den Hurk said, but Aloha Kia is getting some financial backing from Kia corporate for the "experiment" on the Windward side, where the automotive brand has not had a physical presence.
Ford recalls sedans over wheel problems
DETROIT » Ford is recalling more than 128,000 Ford Fusion and Mercury Milan sedans from the 2010 and 2011 model years because the wheels can fall off the cars.
The recall affects only cars with 17-inch steel wheels built from April 1, 2009, through April 30, 2009, and from Dec. 1, 2009, through Nov. 13, 2010.
Federal regulators say that bolts holding the wheels on can fracture, causing a vibration. If the vibration is ignored, the wheels can separate from the car.
Ford says it’s not aware of any crashes or injuries caused by the problem.
Trade deficit falls for fourth straight month
WASHINGTON » The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil.
The shrinking trade gap boosted growth over the summer and might do so again in the final three months of the year.
But economists worry the trend could reverse next year, especially if Europe’s debt crisis worsens.
The Commerce Department said Friday that the trade deficit shrank 1.6 percent to $43.5 billion. It was the fourth straight monthly decline.
Overall imports fell 1 percent to $222.6 billion, which largely reflected a 5 percent decline in oil imports. The average price of imported oil fell for the fifth straight month to the lowest level since March.
Oil prices rose last winter because of turmoil in the Middle East and North Africa.
On the Move
» Bank of Hawaii has announced the following:
• Toshiya Matsumoto as vice president and senior international banking officer in the International Commercial Banking Department. Before joining Bank of Hawaii, Matsumoto was a vice president for the Japan team at Central Pacific Bank.
• James L. Yepes has been promoted to vice president and compliance officer in the Investment Services Group Compliance Department from assistant vice president and securities trading compliance officer. He joined the bank in 2006 as a securities trading compliance officer.
» Central Pacific Bank has appointed Angela Thompson as customer service manager of Kailua Branch. Thompson has more than 20 years of experience in employee supervision, cash handling, customer service and ATM operations.
