BUSINESS BRIEFS
Matson cuts fuel surcharges again
Advertiser staff
Matson Navigation Co., Hawai'i's largest shipping company, said it will lower its fuel surcharge — a fourth consecutive time in six weeks — by 2 percentage points for its Hawai'i service, to 25 percent from 27 percent.
The company also said it cut the surcharge for its Guam/CNMI and Micronesia service by 2 percentage points, to 26.5 percent from 28.5 percent. Both cuts are effective Sunday.
For most customers, this represents a decrease in shipping costs ranging from $45 to $75 per container.
With the latest adjustment, Matson's fuel surcharge will have been lowered by 17.25 percentage points since Sept. 20.
4 ISLE CITIES TOPS IN AIRFARE INCREASES
Hawai'i cities claimed the top four spots in a federal ranking of markets with the biggest increases in airfares during the second quarter.
Kona took the No. 1 spot on the list compiled by the Bureau of Transportation Statistics, with a 36.1 percent increase in airfares during the April-June period, compared with the same three months a year earlier.
Kahului ranked second, with an increase of 33.8 percent. Lihu'e was third with a 32.2 percent increase, and Honolulu was fourth with a 23.9 percent increase.
Nationally, airfares increased an average of 7.2 percent during the period, according to the report.
HONOLULU'S JOBLESS RATE HITS 4.2%
Honolulu's unemployment rate jumped to 4.2 percent in September as the ranks of the jobless swelled by more than 7,000 compared with a year earlier.
Figures released by the U.S. Bureau of Labor Statistics show nonseasonally adjusted unemployment was up 1.5 percentage points compared with September 2007, when the jobless rate was 2.7 percent.
The bureau's preliminary figures show there were 19,300 unemployed people out of 458,100 people in Honolulu's workforce. A year earlier, 12,000 people were unemployed.
Previously, the state reported that the seasonally adjusted unemployment rate hit a near seven-year high of 4.5 percent in September.
CVS-LONGS DEAL COULD CLOSE TODAY
CVS Caremark Corp. says it has completed its tender offer for California-based Longs Drugs Stores Corp., and expects to close the $2.7 billion buyout today.
CVS says 28.3 million shares, or 78 percent of available Longs stock, was tendered in favor of its bid. It says Longs' shares will no longer be publicly traded after the sale closes.
The company had said two weeks ago that it had received the necessary support to close the deal. The takeover will give CVS 521 additional stores, primarily in California but also in Hawai'i, Arizona and Nevada.
AIG HAWAII KICKS OFF FOOD DRIVE
AIG Hawaii has launched a statewide food drive with the goal of collecting 10,000 pounds of food — about six pallets of canned goods — for the O'ahu and Neighbor Island food banks by Nov. 19.
In a letter to AIG Hawaii policy holders, Robin Campaniano, AIG Hawaii president and chief executive officer, invited customers and the public to help by dropping off nonperishable food donations at designated AIG Hawaii offices. On O'ahu, donations can be made at AIG offices in Restaurant Row, Pearl City and the Kunia Wal-Mart. On the Neighbor Islands, donations can be made at AIG offices in Kahului, Hilo and Lihu'e.
