Business Briefs

30-year mortgage rate declines to 3.59 percent

WASHINGTON » Average long-term U.S. mortgage rates fell this week, resuming their downward trend of this year after rising slightly last week. Rates are near historically low levels.

Mortgage company Freddie Mac said Thursday that the nationwide average for a 30-year mortgage declined to 3.59 percent from 3.66 percent last week. The average rate is at its lowest level since May 2013.

The rate for the 15-year loan, a popular choice for people who are refinancing, eased to 2.92 percent from 2.98 percent last week.

A year ago the average 30-year mortgage stood at 4.23 percent and the 15-year mortgage at 3.33 percent. Mortgage rates have remained low even though in October the Federal Reserve ended its monthly bond purchases, which were meant to hold down long-term rates.

Board challenges Paradise Park reopening

The Manoa Neighborhood Board wants the state Department of Land and Natural Resources to reconsider its recent approval to reopen Paradise Park as a Hawaiian cultural center and garden after what the board said was a decision made without community input.

The Manoa board passed a resolution Wednesday on a unanimous 14-0 vote to make the reconsideration request based on DLNR’s conclusion that there was a lack of public concern over the park proposal.

Board members contend that two community meetings about the park plan were not well publicized or attended. A presentation was made to the board a year ago but did not include much detail.

"Once residents became aware of the redevelopment, a large outpouring of community concerns became evident," the resolution said.

DLNR administratively approved changes to the park’s 1966 conditional use permit in October on the basis that the new plan is not a different or greater land use under the permit that allows a botanical and zoological garden for recreational purposes.

Paradise Park opened as a botanical garden with exotic birds in 1968 and closed in 1994.

Longs gives $10,000 to help stop smoking

Longs Drugs gave a $10,000 donation to the I Ola Lahui Clinic’s smoking cessation program Jan. 30. I Ola Lahui is a nonprofit that serves Native Hawaiians and other medically underserved groups.

Longs Drugs’ parent company, CVS Health Corp., the second-largest drugstore chain in the United States, announced a year ago that it would stop selling tobacco at its 7,600 stores. It also has funded smoking cessation programs as part of its effort to help customers quit smoking.

Troy Brennan, chief medical officer of CVS Health, presented the $10,000 check to Aukahi Austin, executive director of I Ola Lahui Clinic, at the Longs Drugs store on South King Street.

Brennan said in a statement, "One year ago, we knew that removing cigarettes and tobacco products from our stores would not be enough on its own to make a meaningful difference in the lives of our customers and patients who smoke. We believe our combined efforts of eliminating pharmacy-associated access to tobacco products and a devoted smoking cessation program through our channels will help our patients on their path to better health."

Shirokiya’s realty arm is renamed

The residential real estate brokerage firm named for retailer Shi­ro­kiya has changed its name after the owner of Shi­ro­kiya at Ala Moana Center sold his half interest in the firm. Shi­ro­kiya Residential Estates LLC is now known as iProperties Hawaii.

Shirokiya Residential Estates was created in September 2013 by the owner of Shi­ro­kiya in Hawaii, Take­shi Seki­guchi, a­nd the owner of I Properties LLC, Abe Lee.

The company with 84 agents claims it has brokered more than $100 million in home sales.

The change to iProperties was made after Seki­gu­chi sold his stake in the company to Lee.

Sekiguchi started a separate brokerage firm, SRE Matrix Inc., in May. SRE, which stands for Smart Real Estate, pays its agents a salary and bonuses as part of an alternate business model that refunds what typically would be the 3 percent agent commission to its home-buying customers.

Twitter shares spike amid strong results

NEW YORK » Twitter shares flew nearly 10 percent higher aftermarket, as the messaging service shrank losses and nearly doubled quarterly revenue by drawing more users and expanding its advertising offerings. The number of new Twitter users was fewer than expected, but Twitter showed that it’s able to make money from the users it does have.

Twitter’s user growth lags other popular social networks. The company had 288 million monthly users at the end of the quarter, up 20 percent from a year earlier. But the pace of growth slowed in the quarter, something Twitter attributed to changes in the way third-party apps integrate Twitter.

For the final three months of 2014, it had losses of $125.4 million, or 20 cents a share, down from a loss of $511.5 million, or $1.41 a share, a year earlier. Excluding one-time items, Twitter earned $79.3 million, or 12 cents a share — double the 6 cents expected by analysts, FactSet said.

Revenue surged to $479.1 million from $242.7 million, also topping analysts’ average estimate of $453.8 million.

Twitter’s stock closed before the report at $41.26, a decline of 37.5 percent in the past year amid concerns about its ability to broaden its audience. After the results, the stock jumped $3.79, or 9.2 percent, to $45.05 in extended trading.

On The Move

» The Association of Certified Fraud Examiners has awarded Natalie Iwasa of Hono­lulu the globally preferred Certified Fraud Examiner credential. Iwasa is president of Nata­lie J. Iwasa, CPA Inc. and is also a certified public accountant.

» Prudential Locations has announced the appointment of two new partners: 

Bryan Balisacan has nearly 10 years of real estate industry experience. He has received a number of professional honors, including being a “Presidents Circle Awards Winner” from 2011 to 2013 as well as one of the “Top 100 Realtors” in Hawaii in 2011 and 2012.

Kendra Okihiro has been in the real estate industry since 2009. She has received awards such as the “2014 Chairman’s Gold” award and was named as one of Hono­lulu Magazine’s Best Realtors. She also won an “Outstanding Client Service Award” and was recognized as an “Aloha Aina” nominee.

» Prince Resorts Hawaii has announced the appointment of Brian Soma as director of group sales. His experience includes marketing and sales positions at various luxury hotels, and he was previously a director of sales and marketing at JW Marriott Ihilani Ko Olina Resort & Spa.

Ship Ahoy!

Today’s ship arrivals and departures: