Business Briefs

A&B signs solar contract with Hoku

Alexander & Baldwin Inc. signed an agreement with Hoku Solar Inc. to design and build a 7.2-megawatt solar project on A&B land on Kauai’s southern shore, the two companies announced Thursday.

The facility will provide enough energy annually to supply the needs of 1,000 homes, according to Hoku.

Honolulu-based Hoku Solar will partner with San Diego-based Helix Electric Inc. to build the facility on 20 acres at Port Allen. Hoku Solar is a unit of Hoku Corp.

A&B will sell the electricity generated by the facility to Kauai Island Utility Cooperative for 20 cents per kilowatt-hour under a 20-year power purchase agreement approved by the state Public Utilities Commission last week.

The project is expected to be finished late this year. It will be operated by Mc Bryde Resources Inc., an A&B subsidiary.

Conference about disabilities on next week

The Pacific Rim International Conference on Disability & Diversity is expected to draw more than 950 attendees from 31 countries at its annual meeting at the Hawai‘i Convention Center on Monday and Tuesday.

Attendees will participate in 285 breakout sessions, workshops and symposiums across three broad thematic areas: foundation, exploration and innovation.

Special sessions will discuss healing and transformation through art; using data and technology strategies to improve instruction and student achievement; and a zero-tolerance program to deter bullying in schools.

For more information, visit www.pacrim.hawaii.edu.

Banks lend again but customers are wary

NEW YORK » Since the credit crisis of 2008, everyone has been waiting for the banks to start lending money again. It’s finally happening, but there’s a catch: Businesses are afraid to spend it.

Bank loans to businesses grew 10 percent last year after dropping 19 percent in 2009 and 9 percent in 2010, according to the Federal Reserve. JPMorgan Chase, Bank of America and Wells Fargo confirmed the growth in their latest financial results.

But much of the loan growth comes from lines of credit, not traditional loans. And instead of tapping available credit to power up plants, open factories and hire people, businesses are waiting.

At the same time, they are hoarding cash. JPMorgan, the nation’s largest bank, is holding a record $200 billion in business deposits, up 26 percent last year alone. Wells Fargo and Bank of America also say deposits from middle-market businesses have soared.

Passwords may be off-limits for employers

SEATTLE » A Democratic senator from Connecticut is writing a bill that would stop the practice of employers asking job applicants for their Facebook or other social media passwords, he said Thursday.

U.S. Sen. Richard Blumenthal said that such a practice is an “unreasonable invasion of privacy for people seeking work.”

“These practices seem to be spreading, which is why federal law ought to address them. They go beyond the borders of individual states and call for a national solution,” said Blumenthal, who first spoke to Politico on Wednesday.

The AP reported this week that some private and public agencies around the country are asking job seekers for their social media credentials.

The practice has alarmed privacy advocates, but the legality of it remains murky.

Experts say the terms of service for Facebook and other sites don’t carry much weight in these cases.

The Department of Justice regards it as a federal crime to enter a social networking site in violation of those terms, but the agency said during recent congressional testimony that such violations would not be prosecuted.

Jobless aid applications hit 4-year low

WASHINGTON » The number of people seeking U.S. unemployment aid fell to a four-year low last week, bolstering the view that the job market is strengthening.

The Labor Department said Thursday that weekly applications dropped by 5,000 to a seasonally adjusted 348,000. That’s the lowest level since March 2008, just months into the Great Recession. The four-week average of applications, a less volatile measure, dipped to 355,000, matching a four-year low.

Applications have steadily declined since last fall. The drop has coincided with the best three months of hiring in two years. From December through February, employers added an average of 245,000 jobs per month. That has pushed down the unemployment rate to 8.3 percent, the lowest in three years.

30-year mortgage rate jumps above 4 percent

WASHINGTON » The average U.S. rate on a 30-year fixed mortgage rose above

4 percent for the first time in five months. The sharp increase suggests the window to buy or refinance a home at historically low rates is closing.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 4.08 percent, up from 3.92 percent the previous week. A month ago it touched 3.87 percent, the lowest since long-term mortgages began in the 1950s. The average on the 15-year fixed mortgage rose to 3.30 percent, up from 3.16 percent last week and a record low of 3.13 percent two weeks ago. Rates are rising because they tend to track the yield on the 10-year Treasury note. The economic outlook has improved in recent weeks, leading investors to shift money out of long-term U.S. Treasury bonds and into stocks. That has driven Treasury yields higher.

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ON THE MOVE

Outrigger Enterprises Group has announced the following:

» Crista Aguano as controller for the condominium and vacation ownership division. Her experience includes director of finance at Marriott Vacation Club International and controller at Palace Station Hotel & Casino in Las Vegas.

» Jessica Thomas as senior tax accountant for its corporate services department. Her experience includes working at Klynveld, Peat, Main and Goerdeler Honolulu and Denver office as well as senior tax associate for KPMG in New York.

Hawaiian Ocean Transport has announced Charlie Battiato as Hawaii sales manager to the company’s sales team based in Honolulu. He has 30 years in the transportation industry.