BUSINESS BRIEFS
Gas falls to statewide average $3.76
Advertiser staff
Local gas prices are continuing their downward spiral.
Hawai'i motorists paid an average of $3.76 for a gallon of regular yesterday, down 3 cents from Tuesday and a full 52 cents lower than the same day a month ago, according to AAA Hawaii's Weekend Gas Watch.
In Honolulu, the average price dipped to $3.63, with one retailer reporting prices below $3 a gallon. That dealer — discount retailer Costco — was selling regular for $2.899 a gallon. The Honolulu average price was down 2 cents from a day earlier, and down 57 cents from a month ago
In Hilo, the average price was $3.85 a gallon, unchanged from a day earlier and 52 cents lower that a month earlier.
The average price in Wailuku was $4.21 a gallon, 2 cents lower than the day before and 36 cents from a month ago.
TWO PROMOTED AT A&B PROPERTIES
Alexander & Baldwin Inc. announced two promotions at its real estate subsidiary, A&B Properties Inc., following a reorganization of top management announced in late August.
Richard B. Stack Jr. has been promoted from vice president of development to senior vice president of development. Stack, who has been with A&B since 1998, reports to Paul W. Hallin, who as executive vice president of development is responsible for overall development activities.
David I. Haverly has been promoted from vice president of leasing to senior vice president of leasing. Haverly, who has been with A&B since 1999, reports to Norb Buelsing, who was named president of A&B Properties as part of management changes announced in August that took effect Oct. 1.
AIR TRAVEL COSTS AMONG U.S. HIGHEST
Average air travel costs paid by Honolulu residents are among the highest in the country, according to a new index published by travel search engine www.Cheapflights.com.
"Travelnomics: The Travel Price Index," takes prices in 30 U.S. cities and compares them to the cost of living in those cities.
The cities where travel costs are the highest include Salt Lake City, Honolulu and Minneapolis, according to the index. Cities scoring favorably on the Index include San Francisco, Washington, D.C., and Los Angeles.
Cheapflights culled airfare figures from its database of more than 1.5 million flight deals across hundreds of cities. The cost-of-living data is supplied by the Economic Research Institute.
HEI STOCK RECOMMENDATION RISES
A stock analyst has upgraded his recommendation on shares of Hawaiian Electric Industries following the Honolulu-based utility company's signing of an agreement with the state.
www.Briefing.com said D.A. Davidson upgraded Hawaiian Electric to "neutral" from "underperform" and increased the target price on the shares to $27 from $24.50. The recent agreement will change the company's business model over the next several years as the state tries to increase the amount of renewable energy generated in the state.
ISLE CEMENT SHIPMENTS FALL 14.1%
Shipments of finished portland cement in Hawai'i fell less than the national average in August, according to U.S. Geological Survey figures reported by Bloomberg News.
There were 35,040 metric tons of the cement shipped in August in Hawai'i, or 14.1 percent less than a year earlier. Meanwhile shipments declined 21.7 percent nationally for the month.
Portland cement shipments are thought to be an indicator of construction activity.
