The Collection sells out second phase

The Lofts @ The Collection sold out Saturday.

A&B Properties Inc. said Monday that the second phase of its condominium development, consisting of 54 units, sold out in a little over half a day.

To be built at the former CompUSA site at Ala Moana Boulevard and South Street, 48 studio lofts sold at between $349,000 to the mid-$370,000 range, while the six two-bedroom, two-bath, units sold at between $540,000 to the low $580,000 range, the company said in a statement.

Other prospective owner-occupant buyers can be added to a backup list, should any initial purchasers withdraw within the 30-day cancellation period.

Interested buyers camped out in line Friday night, awaiting their chance to buy a unit in the development.

New Hawaiian Air Foundation gives grants

Three Hawaii nonprofit organizations have received a total of $100,000 as the first grantees of the newly created Hawaiian Airlines Foundation. The foundation will provide single annual grants in three areas of focus: Educational programs that seek to improve student achievement in Hawaii, programs that perpetuate Hawaiian cultural knowledge and awareness, and programs that protect and preserve the ecology and ecosystems of the state.

The 2014-2015 grantees are Education ($50,000), Kualapuu School, Molokai; Culture ($25,000), PA‘I Foundation, Oahu; and Environment ($25,000), Papahana Kuaola, Oahu

The application process for the Hawaiian Airlines Foundation will begin at the beginning of each calendar year and will be driven by recommendations from the Hawaiian Airlines workforce. Employees will be invited to suggest worthy charities in Hawaii in each of the three focus areas. The foundation board will then invite three organizations in each category to apply for grants, and will select a single grantee in each category. The applicants must have a nonprofit 501(c)(3) public charity status and must operate within the state.

Sales of U.S. new homes fell in July

WASHINGTON » Fewer Americans bought new homes in July, evidence the housing sector is struggling to gain traction more than five years into the economic recovery.

The Commerce Department said Monday that new-home sales fell 2.4 percent last month to a seasonally adjusted annual rate of 412,000. The report also revised up the June sales rate to 422,000 from 406,000.

Inventory of new homes on the market rose to six months, a level last reached in October 2011. The median price of a new home last month was $269,800, up 2.9 percent over the past 12 months.

Late credit card payments dip in quarter

LOS ANGELES » Americans are doing a better job of making timely credit card payments, even as many lenders increasingly extend credit to more people with less-than-stellar credit.

The rate of U.S. credit card payments at least 90 days overdue fell to 1.16 percent in the April-June quarter — the lowest level in at least seven years, credit reporting agency TransUnion said Monday.

The second-quarter credit card delinquency rate is down from 1.27 percent in the same period last year and 1.37 percent in the first three months of this year.

The late-payment rate peaked in the first quarter of 2009 at 3.12 percent, TransUnion said. The firm’s data set goes back to 2007 and is drawn from information culled from virtually every U.S. consumer who uses credit.

Average card debt per borrower was up slightly in the second quarter, rising about 0.2 percent to $5,234. It rose 1.4 percent from the first quarter of this year.

Investors urge Ann Taylor to explore sale

Ann Inc., the parent company of the Ann Taylor stores, is being pressed to explore options, including a sale, by the activist investor Engine Capital and the hedge fund Red Alder.

In a letter made public on Monday, Engine Capital and Red Alder said they believed the company could be worth $50 to $55 a share to an acquirer, or a 33 to 46.5 percent premium to its stock price as of Friday. The retailer operates more than 1,000 stores and outlet stores under the Ann Taylor and Loft brands. Engine Capital and Red Alder said they owned more than 1 percent of Ann Inc. stock.

Economists say Fed is on ‘the right track’

NEW YORK » A majority of economists believe the Federal Reserve is doing the right things to help repair the U.S. economy, according to a survey released Monday by the National Association of Business Economists. The survey also showed that a vast majority of economists believe the U.S. economy is at little risk of inflation in the coming years.

In the association’s semiannual survey, 53 percent of economists said the Fed’s stimulus programs were "on the right track" for the U.S. economy while 39 percent thought the Fed was doing too much.

Isle solar farm sold

Nevada-based Blue Earth Inc. has closed on the $2 million sale of its 500,000-watt Waianae solar farm to Kenyon Energy. The sale gives Blue Earth additional resources to apply toward combined heat and power projects, and sets in motion a broader relationship with Kenyon Energy to similarly convert Blue Earth’s solar project pipeline.

ON THE MOVE

Kaiser Permanente Hawaii has promoted Mark Linscott to executive director of strategic planning and deployment, which he served several months in an interim role. Linscott joined Kaiser in 1992 as a human resources employee file clerk and served in other positions, including as operations director for KP HealthConnect and director of strategic planning.

Hilton Hawaiian Village Waikiki Beach Resort has appointed Christine Gonzalez as its new director of catering and event services. She has 25 years of management in the hospitality industry and was previously director of convention services and catering at the Rosen Centre Hotel as well as Hilton Worldwide for 10 years.

Hawaiian Host has promoted Alan Yamaguchi to general manager for Hawaii island operations. Prior to his promotion, Yamaguchi was the field representative in grower relations and has more than 40 years of experience in sugar cane and macadamia field research.

Pacific Historic Parks has hired Terri Watson as executive director of the company’s newly formed education institute. She has more than 30 years of nonprofit leadership experience, including serving as executive director of Farallones Marine Sanctuary Association and LightHawk.