BUSINESS BRIEFS
Young Brothers, ILWU reach deal
Advertiser Staff
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About 200 unionized workers at interisland shipping company Young Brothers Ltd. have reached a tentative agreement with the company on a new six-year labor contract.
The workers, members of the International Longshore and Warehouse Union local 142, include longshore workers, freight clerks, clerical and maintenance workers.
Details of the agreement were not immediately available.
Ratification votes are set for Feb. 21 on Kaua'i, Feb. 25 in Hilo, Feb. 26 in Kawaihae and Feb. 27 in Honolulu. A joint ratification vote for workers on Maui, Moloka'i and Lana'i is scheduled for March 2.
AVERAGE HAWAI'I GAS PRICE UP A PENNY
The average price of a gallon of gasoline statewide rose one cent this week, AAA Hawaii reported yesterday.A gallon of regular averaged $2.36, up from $2.35 the previous week, the AAA said in its Hawaii Weekend Gas Watch.
In Honolulu, the average price was $2.28 a gallon, unchanged from last week. The Honolulu average was up 7 cents from a month ago, but down $1.07 from a year ago.
In Hilo, the average price was $2.48 a gallon, up 3 cents from a week ago. It was 6 cents higher than a month ago, but down $1.09 from a year ago.
The average price in Wailuku of $2.48 a gallon was unchanged from last week. It was up 5 cents from a month ago, but $1.37 lower than last year.
HAWAII TOURISM KOREA PLANS GUIDEBOOK
Hawaii Tourism Korea said it is planning to publish the second edition of its Hawaii Travel Guidebook in May.The Korean language guide is considered the premier resource for Korean visitors on sights and attractions here.
More than 41,000 South Koreans visited Hawai'i in 2007, the most recent year for which statistics are available. Hawai'i tourism industry officials are expecting a jump in South Korean visitors following the easing of visa restrictions last fall.
Hawaii Tourism Korea is part of Hawaii Tourism Asia, which has been contracted by the Hawai'i Tourism Authority to market Hawai'i in Asia.
STARWOOD HOTELS' CREDIT RATING CUT
Starwood Hotels & Resorts Worldwide Inc.'s credit rating was cut to junk by Fitch Ratings after the third-largest U.S. lodging company forecast a 50 percent drop in profit this year amid the global recession.Starwood's Hawai'i operations include Sheraton and Westin hotels and resorts on O'ahu, Maui, Kaua'i and the Big Island.
The cut to BB+ from BBB- affects Starwood's $1.875 billion credit facility, $1.375 billion of outstanding term loans, and $2.25 billion of outstanding senior unsecured notes.
