BUSINESS BRIEFS
Bank of Hawaii rating upgraded
Advertiser Staff and News Services
Moody's Investor Service has changed its outlook for Bank of Hawaii Corp.'s debt and financial strength ratings to positive from stable.
The change "reflects Moody's increased confidence that Bank of Hawaii can maintain its superior profitability over the long term relative to its peer group while upholding its current conservative credit profile," the rating agency said in a news release.
Moody's noted that Bank of Hawaii's strong market position in Hawai'i — with approximately 28 percent of deposits — is a source of "recurring and stable earnings."
CHRYSLER CUTS RETAIL DELIVERIES
DETROIT — Faced with vehicles languishing on its U.S. dealer lots, DaimlerChrysler AG said yesterday it will slash retail deliveries by nearly 24 percent in the third quarter.
The lineup of subsidiary Chrysler Group has been bogged down by gas guzzlers and a misplaced faith in summer incentives. The move would follow the lead of Ford Motor Co. and General Motors Corp., which previously announced production cuts in response to slow sales of trucks and SUVs. Chrysler is cutting retail shipments in the quarter that ends Sept. 30 by 90,000 vehicles to 290,000 vehicles.
HOME-BUILDING HITS THE SKIDS
WASHINGTON — Housing construction plunged in August, falling to the lowest level in more than three years as the once-booming industry showed further signs of a dramatic slowdown.
The Commerce Department reported yesterday that construction of new homes and apartments fell by 6 percent, the third consecutive decline and a much bigger setback than analysts had been forecasting. The weakness pushed the annual rate for construction down to 1.665 million units, the slowest pace since April 2003.
