30-year mortgage dips to 3.88 percent

WASHINGTON » The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.

Mortgage buyer Freddie Mac said Thursday that the interest rate on 30-year loans dropped to 3.88 percent this week, down from 3.9 percent.

In February the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s.

The 30-year loan is the most common financing option for homebuyers.

Partnership helps Hawaiian finance plane

First Hawaiian Bank has collaborated with a German lender on a $67 million loan to Hawaiian Airlines that will be used to finance the carrier’s seventh Airbus A330-200.

The A330 was flown from the Airbus factory in Toulouse, France, to Los Angeles today and is due to arrive in Honolulu on Monday. First Hawaiian and Norddeutsche Landesbank Girozenrale of Germany are each financing 50 percent of the loan.

"We are pleased to play a role in the expansion of Hawaiian Airlines’ aircraft fleet here," Bob Fujioka, First Hawaiian vice chairman and chief lending officer, said Thursday.

"They are a respected employer and corporate citizen who share our core values."

The airplane is the second of four that Hawaiian will have delivered in the first half of this year. Hawaiian also is due to receive A330s in May and June. This was the only one of the four that involved financing participation from a Hawaii bank.

The A330 is the 41st aircraft in Hawaiian’s fleet. The airline now has seven A330s and 16 Boeing 767s, which are used for long-haul routes, and 18 Boeing 717s used for interisland service.

Council clears way for air conditioning plan

Developers of a project that will use cold ocean water to produce air conditioning for buildings in downtown Honolulu said Thursday they have received from the City Council three easements needed to run pipes underground in the area.

Honolulu Seawater Air Conditioning is expected to break ground on the project before June and have it completed sometime next year.

"We are grateful for the continuous support from the various city agencies and the utility companies and look forward to our continued cooperation, together leading downtown Honolulu towards a greener future," said Bill Mahlum, company president and chief executive officer.

The company estimates that the electricity saved with the system will eliminate the need to burn 178,000 barrels of oil a year.

The system is projected to cut electricity consumption for cooling downtown buildings by 75 percent.

Exxon-Mobile trips through first quarter

NEW YORK » Exxon Mobil struggled just about everywhere in the first quarter.

It produced less oil and natural gas. Profits dropped at its chemical plants and U.S. refineries. And its overall net income fell 11 percent, the first decline in quarterly earnings since late 2009.

America’s largest energy company earned $9.45 billion, or $2 per share — short of Wall Street expectations and below the $10.7 billion, or $2.14 a share, it earned a year earlier.

Revenue rose 8.8 percent to $124.1 billion, but that also fell short of analysts’ forecasts.

Chrysler earns $473M on robust U.S. sales

DETROIT » Chrysler had its best quarterly profit in 13 years. Not bad for a company that almost died three years ago.

The company earned $473 million in the first quarter, mainly from strong U.S. sales, which rose 39 percent from January through March. Customers snapped up Ram pickups, Jeep Grand Cherokee SUVs and Chrysler 200 sedans.

The profit was more than four times what Chrysler made a year earlier. The company’s performance was the best since the third quarter of 1998 when Chrysler earned $682 million during the pickup truck and SUV boom.

Amazon rakes in $13.18 billion in revenue

SEATTLE » Amazon.com Inc. posted first-quarter profits Thursday that blew by analysts’ estimates and caused the company’s stock to jump in extended trading.

Net income for January through March came to $130 million, or 28 cents per share. That’s down from net income of $201 million, or 44 cents per share, a year ago.

But that was much higher than the 6 cents per share expected by analysts polled by FactSet.

Revenue grew 34 percent to $13.18 billion, also beating the $12.91 billion expected by analysts.

Dancine Takahashi

ON THE MOVE

Ke Ali’i Pauahi Foundation, a nonprofit support organization to Kamehameha Schools, has hired the following:

» Dancine Takahashi as director of alumni relations. She has 18 years of experience in the banking industry.

» Myron Mitsuyasu as director of finance. He has 18 years of service with Kamehameha Schools.

Young’s Market Co. of Hawaii has announced the following senior management appointments:

Myron Mitsuyasu

» Bradley S. Crowe is vice president of the on-premise division. He has 17 years of experience in the wholesale distribution industry.

» Alan R. Murrell is vice president of operations. He has been with the company for 29 years.

» Maria "Agnes" Ramos is human resources manager. She has more than 20 years of human resource experience.