Hawaii student debt second-lowest in U.S.

The average student debt in Hawaii is the second-lowest in the nation, according to a study by the NerdScholar unit of personal finance research company NerdWallet.

Hawaii ranks No. 1 as best state for student debt, however, because the Aloha State has the lowest percentage of students graduating with debt, at 38 percent.

NerdScholar attributed the low percentage to the low tuition costs offered by the University of Hawaii system, whose campuses accept low-income students. Some 40 percent of students at the UH-Hilo campus in the 2010-2011 academic year were Pell Grant recipients, reflecting a commitment to students at all income levels, researchers said.

The average Hawaii student debt is $17,447, compared with students in Utah with the lowest average debt of $17,227, but there, 45 percent of students graduate still owing money, NerdScholar found.

Hawaii’s overall student debt score was 0.72, compared with 7.78 in Utah, and compared with 91.11 in New Hampshire, which was declared the worst U.S. state for student debt. There, 75 percent of students graduate in debt, with an average amount of $32,440.

Idaho polysilicon plant contractor sues Hoku

The general contractor for the failed Hoku Corp. polysilicon processing plant in Idaho said it filed fraud and racketeering charges Tuesday against Honolulu-based Hoku.

Hoku filed for Chapter 7 bankruptcy on July 2, citing massive debts it racked up in its construction of the polysilicon plant. Hoku has been controlled since 2009 by China-based Tianwei New Energy Holdings.

"We very much regret having to take this step," said JH Kelly president Mason Evans. "But we believe it is necessary to prevent further damage to those who put their trust and faith in the promises made by Hoku/Tianwei during the past several years. We can no longer sit idly by and wait for Hoku/Tianwei to honor commitments made to us and many Idaho residents, businesses and elected officials."

The lawyer representing Hoku in the bankruptcy case could not be reached for comment.

At the height of the plant’s construction, JH Kelly had hired more than 100 subcontractors and employed 543 Idahoans, according to the company. Hoku fell victim to falling polysilicon prices, which resulted in numerous cancellations for pre-orders, which had been helping fund construction of the plant.

Fed remains on track to slow bond buys

WASHINGTON » The Federal Reserve appears on track to slow its bond purchases by the end of this year if the economy continues to improve. But it remains divided over the exact timing of the move.

That’s the message from the minutes of the Fed’s July 30-31 meeting released Wednesday.

A few policymakers said they wanted to assess more economic data before deciding when to scale back the central bank’s $85 billion a month in Treasury and mortgage bond purchases. These policymakers "emphasized the importance of being patient," the minutes said.

Others said it "might soon be time" to slow the purchases, which have helped keep long-term borrowing rates near record lows.

UPS to cut insurance for spouses of some

United Parcel Service told its white-collar employees Wednesday that it will stop providing health care coverage to their spouses who can obtain coverage through their own employers, joining an increasing number of companies that are restricting or eliminating spousal health benefits.

UPS said its decision was prompted in part by "costs associated with" the federal health care law that is commonly called Obamacare. Several health care experts, however, said they believed the company was motivated by a desire to hold down health care costs, rather than because of cost increases under the law.

In a memo addressed to employees, UPS estimated that about 33,000 spouses were covered under its insurance plan for white-collar employees and that "about 15,000 of these would have health care coverage available through their own employers."

The percentage of employers adopting changes in policies like UPS’ new limits has doubled in the last five years to 6 percent of companies with 500 or more employees, according to a corporate survey by Mercer, a consulting firm.

Lowe’s rides housing recovery to higher net

MOORESVILLE, N.C. » Lowe’s second-quarter net income rose 26 percent as Americans feeling good about sprucing up their homes again snapped up indoor and outdoor home products and supplies.

The second-largest home-improvement chain’s results beat Wall Street expectations. It also raised its full-year earnings and revenue forecasts Wednesday.

Lowe’s earned $941 million compared with $747 million in the year-earlier period. Revenue increased 10 percent to $15.71 billion from $14.25 billion.

ON THE MOVE

Hawaiian Airlineshas promoted Timothy Liu to senior director of international sales in Asia from director of network strategy, his position since 2010. He has 15 years of experience in airline and business management, including serving in various revenue management and analyst positions for other domestic carriers such as United Airlines and Northwest Airlines. Liu also was a business management consultant at Bain & Co. in Seoul and Los Angeles and Brierley+Partners inDallas.

Aston Hotels & Resorts has hired Nathan Nakanishi as its information technology manager. He has more than 20 years of information technology experience, including serving as a network and systems manager at Rehabilitation Hospital of the Pacific as well as an information technology employee of Hawaiian Island Homes and Hawaii Coffee Co./Paradise Beverages.

Coldwell Banker Pacific Properties has announced the following New Agent Training Office members:

» Michael Li was previously an assistant manager for Ross Stores.

»Autumn Matsu-waki was previously an executive assistant for M.E.D.I.A 4 U.

»BernadetteMauricio was previously a branch office administrator for Edward Jones.

»Tina Nunes was previously an office manager for Geraldine S. Wade, Advanced Medical Acupuncture.

» Mike Okimoto was previously a customer service associate for Professional Image.