Mircroalgae firm holds line on losses

Kona-based Mera Pharmaceuticals Inc. narrowed its losses for the three months ending July 3, as it reduced overhead costs.

The microalgae producer said it lost $48,118 for the quarter compared with $91,224 the same period a year earlier.

Although revenue declined by 34 percent in the quarter, Mera said it was able to cut losses by reducing research and development costs and administrative expenses. In addition, Mera said it trimmed inventories to bring them in better alignment with sales.

Mera uses microalgae to produce astaxanthin, a nutritional supplement marketed under the name AstaFactor. Mera also owns intellectual property related to the use of microalgae in both nutritional and biofuel applications. In addition, Mera produces gourmet sea salt.

Mobi activates new Maui site

Mobi PCS has activated a new cellular site in Waihee on Maui, enhancing its 3G CDMA network in the area.

The site provides coverage in residential areas of Waihee, as well as for the Waiehu Golf Course.

Mobi said it was the ninth new cell site it has activated in Hawaii so far this year.

San Francisco to host APEC prelude

The State Department has selected San Francisco to host two weeks of meetings between ambassadors from 21 nations as a prelude to the Asia-Pacific Economic Cooperation forum President Obama is hosting in Hawaii next year.

California Gov. Arnold Schwarzenegger and San Francisco Mayor Gavin Newsom announced Monday that the city would be the site of the September 2011 Senior Officials’ Meeting.

The event is an opportunity for negotiators and business leaders from Pacific Rim nations to discuss trade, energy, transportation and other economic issues.

The heads of state meeting will be held two months later in Honolulu.

The governor’s office described the gathering as the first high-level international meeting that California has successfully applied to host in more than a decade.

Gates and Buffett heading to China

Microsoft Corp. co-founder Bill Gates and billionaire investor Warren Buffett said yesterday they won’t be pressuring China’s newly minted millionaires to give up their fortunes during a trip this month to China to promote philanthropy.

Gates and Buffett have been campaigning to persuade American billionaires to give most of their fortunes to charity. Their visit to China will include a private dinner Sept. 29 in Beijing with a group of wealthy Chinese. According to the Bill and Melinda Gates Foundation office in China, some invitees have rung to ask if they will be required to pledge donations.

In a letter carried by the official Xinhua News Agency, Gates and Buffett said that while 40 American families have signed what they call the "giving pledge," the drive was not necessarily suited to China.

"We know that the Giving Pledge is just one approach to philanthropy, and we do not know if it’s the right path forward for China," they wrote. "Some people have wondered if we’re coming to China to pressure people to give. Not at all."

ON THE MOVE

Century 21 of Hawaii has presented these awards:

» Century 21 Liberty Homes: JoAnn Foulkes, top sales associate; and Leona E. Soto, top listing associate.

» Century 21 Realty Specialists: Eva Hinderleider, top sales associate; and Scott A. Chai, top listing associate.

Matson Navigation Co. has been honored with the Logistics Management magazine’s annual "Quest for Quality" award in the Ocean Carrier category. This is the eighth consecutive year that Matson has received this award as well as been chosen best for on-time performance.

A Central Pacific Bank customer, who wishes to remain anonymous, has donated $25,000 to a scholarship endowment fund through the Hawaii Community Foundation. The scholarship will be awarded in 2011-2012 to selected CPB employees and/or their dependents pursuing a post-secondary education.

Alternate Energy has promoted Craig Kawamura to director of sales and marketing from sales associate.

King’s Hawaiian Bakery West is building a new bakery and distribution facility in Oakwood, Ga., which is expected to create 126 new jobs over the next two years. The company was founded in 1950 as a "tiny storefront" bakery in Hilo and moved its headquarters to Torrance, Calif., in 1977. Today it produces 1.2 million pounds a day of snack rolls, sweet bread dinner rolls, sandwich and round loaves.