A private developer that acquired 540 acres of former military base land in Kalaeloa from the Navy in 2009 now owns the water and wastewater systems for the area.
Hunt Cos. announced its purchase from the Navy on Thursday, and said it plans to improve the old systems, which need repairs.
The company, which will operate the utilities as Kalaeloa Water Co., did not disclose terms of the acquisition completed Nov. 30.
Hunt plans to redevelop much of the area and said infrastructure enhancements are a key to that goal. The Navy closed Barbers Point Naval Air Station in 1999.
Long-term mortgage rate dips to 3.93%
WASHINGTON >> The rate on 30-year fixed-rate U.S. mortgages slipped to 3.93 percent this week.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year home loan rate was down from 3.94 percent last week and 4.16 percent a year ago.
The rate on 15-year, fixed-rate mortgages was unchanged this week at 3.36 percent. It was 3.37 percent a year ago.
The rate on five-year adjustable-rate mortgages rose to 3.36 percent from 3.35 percent last week and 3.19 percent a year ago.
On Wednesday, the Federal Reserve raised short-term interest rates for the third time in 2017. “The market had already priced in the rate hike, so long-term interest rates, including mortgage rates, hardly moved,” said Len Kiefer, a Freddie Mac economist.
Delta goes with Airbus for $12.7B order
Delta Air Lines has picked Europe’s Airbus over Boeing for a huge order of new jets.
Delta said Thursday that it will order 100 Airbus A321neo jets with a list price of $12.7 billion and take an option to buy another 100 jets, a deal that Chicago-based Boeing had hoped to land.
Financial terms of the order were not disclosed so it isn’t known how much Delta will actually pay Airbus. Airlines typically get huge discounts off the published price of new planes.
CEO Ed Bastian said at an annual investors meeting that travel demand remains strong both on international and U.S. routes.
ON THE MOVE
Atlas Insurance Agency has announced the following changes as of Jan. 1:
>> Myles Murakami will be the firm’s new chief executive officer. Murakami is currently the company’s president, a position he’s held for more than 15 years.
>> Chason Ishii will take over as president. Ishii is currently the executive vice president-sales. He joined the firm in June 2016.
Central Pacific Bank has appointed Enock Freire as vice president and senior financial consultant with Central Pacific Investment Services. Freire has more than 25 years of business experience. He previously served as assistant vice president and financial consultant for American Savings Bank.
