BUSINESS BRIEFS
HVCB earns Gold Service Award
Advertiser Staff
The Hawai'i Visitors and Convention Bureau won a 2008 Gold Service Award from one of the meetings industry's top publications, Meetings & Conventions magazine, the organization announced today.
Magazine subscribers, planners and other professionals in the meetings and conventions industry voted for HVCB to receive the honor based on their experience when holding events in the Islands. It marked the 19th consecutive year HVCB has earned the Gold Service Award.
Criteria used by the planners in casting their votes included professionalism of staff, assistance with ground transportation planning, guidance on local attractions, and liaison with local vendors and services.
UH RESEARCH LAB GETS $26.2M DEAL
The Applied Research Laboratory at the University of Hawai'i has been awarded a $26.2 million contract for research, development and specialized engineering services in ocean environmental effects, astronomical research, advanced electro-optical systems, lasers and remote sensing detection systems.
The contract with the U.S. Navy Sea Systems Command was not competitively procured. The U.S. Department of Defense said the capabilities at the Applied Research Laboratory have been determined to be essential to support numerous programs.
A&B, MATSON RATINGS AFFIRMED
Standard & Poor's Ratings Services has affirmed its ratings on Alexander & Baldwin Inc., including its "A-" long-term corporate credit rating. It also affirmed the rating on the long-term corporate credit of A&B unit Matson Navigation Co.
Standard & Poor's said the ratings reflect the companies' strong competitive position in ocean shipping, and A&B's favorable real estate asset quality. It also noted the companies have a solid financial profile. The ratings agency said it does not expect to revise its "stable" outlook on the companies in the near future because of the slowing Hawai'i economy, which might affect shipping and real estate activities.
GROWER TO SELL MORE IN-SHELL NUTS
ML Macadamia Orchards L.P. said it will sell Mauna Loa Macadamia Nut Corp. between 9 million and 12 million additional pounds of in-shell macadamia nuts under an agreement to an existing contract. The nuts will be sold at a price of 60 cents a pound with certain moisture and kernel recovery adjustments.
ML Macadamia said it also increased its revolving credit agreement with American Ag Credit to $6 million, from $4.5 million.
'UMEKE MARKET OPENS DOWNTOWN
'Umeke Market Natural Foods & Deli said it has opened a Downtown Honolulu location to serve breakfast and lunch.
The location will offer some of the best-selling items from 'Umeke's flagship Kahala store such as Turkey Hummus Focaccia and Free-Range Sage Chicken Salad sandwiches. It will also offer selected grocery items, snacks and natural drinks.
The location at Bishop Square will also provide catering services of breakfast and lunch.
POWERBUOY DEVICE TO BE DEPLOYED
Ocean Power Technologies Inc., the Pennington, N.J.-based company that's developing technology to turn ocean waves into electricity, said it expects to deploy one of its PowerBuoy devices off Kane'ohe next month.
Ocean Power reported its net loss widened to $14.7 million from $9.6 million a year earlier. It said revenue jumped 89 percent to $4.8 million.
