May 31, 2010
Thank you Maui News for sharing the following important information:
HAIKU - The fifth annual self-guided House of the Sun Solar Tour sponsored by the Hawaii PV Coalition will he held from 10 a.m. to 1 p.m. June 5.
Persons interested in photovoltaic (PV) energy, solar hot-water systems and energy efficiency can see them in action at a number of buildings located across the Valley Isle.
This year’s tour will feature a question-and-answer session from 1 to 2 p.m. with Rising Sun Solar & Electric’s Brad Albert and certified public accountant Doug Levin of Levin & Hu LLP.
Albert says, “This year’s tour is coming at a great time because there have been a number of policy changes - as well as rumors about these changes - which may have confused and potentially discouraged residents considering solar. We hope that we will be able to answer questions and encourage Maui to ‘go solar.’ The truth is, there is increased access to the Maui grid, and the prices and incentives have never been better.”
The tour is free, and experts will be at the sites to explain the setups.
The title sponsor is Sunpower, and the tour will showcase solar installations by Rising Sun Solar & Electric, Provision Solar and Maui Solar Project.
Early registration and carpooling are encouraged. Upon registration for the event, participants will receive a tour program, which includes a map, driving directions and list of properties with descriptions of solar-system types, sizes, brands and energy-efficiency measures.
To register, visit www.hawaiipvcoalition.org/solartour.php to complete the online registration form. For more information, contact the Hawaii PV Coalition at 579-8288.
The coalition is made up of businesses and homeowners who support the greater use and more rapid diffusion of solar-electric applications across the state.
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Why Are Investors Returning to the Dollar?
Why is the U.S. dollar so strong, given the trillions of dollars the Treasury is borrowing and printing?
Because when the lights go out, you’d like to be at home. You know where all the furniture is, even in the dark. It’s the same with investing. When a panic hits, and U.S. investors look to raise their cash positions, they act predictably – and perhaps rationally. Let’s say, for simplification and illustration, you are an American and you own just three stocks. One is a U.S. diversified energy exploration and regulated utility holding company, the second is the same type of firm in India, and the third is the same type of firm in RSA – South Africa. When there’s blood in the streets, where are you most comfortable investing? At home or abroad? Where, when you need current news the most, do you expect to find the fastest information about your holdings? In your home country or abroad?
Most of us would answer that question: “In the U.S.” I spent 30 years in the Intelligence Community as, among other things, a geopolitical analyst, so I might answer the question differently. But for most of us, Dorothy had it right: “There’s no place like home.” As a result, the facts show that Americans are repatriating their dollars held overseas at a record rate and, indeed, are even selling US-traded ADRs of well-established and highly-regarded foreign firms.
We know we have the best politicians and regulators that money can buy (!) and, however bad things are here, the niggling suspicion is that things are probably worse “over there.” So zlotys and yuan are being exchanged for dollars at a rapid pace. And not just any dollars, Johnny. We are buying U.S. Treasuries at such a clip that the yield for 30-year Treasuries has declined to 4.31%. Some people are willing to believe that 4.31% will keep them ahead of inflation and taxes from now until 2038. For holding a 1-year Treasury, investors are OK getting just 1.28%. Anything to “preserve” their cash. After inflation and taxes, 1.28% will leave you with less than you started with but many believe, perhaps realistically, that keeping 97 or 98 cents for certain at least gives you 97 or 98 cents to buy the bargains later on when things are even cheaper.
So dollars keep coming home and going into Treasuries, making dollars more scarce as a unit of exchange for transactions like buying oil from Saudi Arabia or unwinding a CDS in Sweden. You can pay for your oil in Euros or Yen or Zimbabwean Dollars (well, for a teaspoon or two, anyway) but the price is figured in U.S. Dollars, so a strong dollar hurts everyone not using dollars as their primary mode of exchange. Add to this the fact that financial institutions worldwide now need U.S. Dollars. Why? Because much of the international financial chicanery is dollar-denominated and unraveling faster than a ball of yarn in the paws of a 6-week-old kitten. To pay off dollar obligations, it’s best to have dollars.
That’s the short reason why the U.S. Dollar is strong right now. But let’s talk about what comes next. We’ll sell our current buys some time in the future, be it tomorrow or 10 years from now, so it’s the future that interests me most. And there I see a radically different picture. The need for U.S. Dollars to unwind derivatives positions is temporary. The flight to Treasuries will abate. The U.S. will, regrettably, have a lessened role in international finance. Would you trust a bunch of unruly children who violated the rules of the playground with impunity – until they got caught? We’ll need to re-build credibility with responsible stewardship, solid corporate governance, and appropriate regulation.
Since the U.S. economic “miracle” created out of thin air and thinner derivatives during the “let’s keep the party going” years was based on easy credit, we need to show that we can extend credit to grow businesses and actually have a scintilla of hope that those loans will be repaid out of future earnings – not eternal home price appreciation or financial engineering from a bunch of quants who haven’t a clue about the real world of actions and consequences.
What do you do about it? You can panic and sell everything, you can buy Treasuries, or you can catch falling knives. I’m willing to accept some scarring from that last alternative as long as it leaves me with the world’s best knife collection. I know the strength in the U.S. Dollar has to be short-term. So as part of building my knife collection, I am doing three things:
For the Short term (2-6 months), I am gingerly stepping in and buying some U.S. stocks that are down 60, 70 and 80%. You can buy large-cap U.S. leaders today like Alcoa (AA), US Steel (X), Chesapeake Energy (CHK), Terex (TEX), Gannett (GCI), Joy Global (JOYG) and Freeport-McMoRan Copper & Gold (FCX) for 25-30 cents on the dollar. (Current price vs. high for the past 12 months.) Since money is coming back to the U.S. and since mutual funds have been pressuring these kinds of companies the first half of October, they’re often good for a fine rebound during the traditionally-stronger November-April seasonal time frame.
(A word on why the mutual funds are panic-selling now: most mutual funds have adopted October 31 as their “year-end” for realizing gains and losses. These portfolio managers, hoping not to be fired, are loathe to carry their bad performers into the “new year” beginning November 1. If I were a cynical sort just because I’ve been in this business for nearly 40 years, I might note, too, that their bonuses are based solely on what they do in a given “accounting year” so, like doctors, they can bury their mistakes in October and start brand-new fresh in November. With an incentive like that, why not sell everything now and buy back in November? But I am not a cynic. Just a realist.)
For the Intermediate term (6-18 months), I’m buying GOLD. I may be a bit early buying today since I believe the U.S. Dollar will need to adjust downward (a slam dunk, in my view) and oil will need to climb from current levels (a slam dunk, in my view) before gold makes a sustained move through $1000 on its way to $1500+. But at these prices it’s just too cheap not to begin positioning for the intermediate term. I like Goldcorp (GG), Freeport-McMoRan (FCX) and Anglo-Ashanti (AU) the best, but I’m also buying bullion via Central Fund of Canada (CEF) and SPDR Gold Trust (GLD) as well as stocks via Market Vectors Gold Miners (GDX) and a number of mutual funds. The world cannot borrow or print $4 trillion and not see inflation. Gold is the best way to protect yourself against inflation. Especially at these fire-sale prices.
For the Long term (18 months-Forever), I’ll buy The Market. “Buy when others are terrified.” They’re terrified. Hard as it is to put a few shekels aside for the distant future in such times, I’m buying the ETFs corresponding to the Dow (DIA), Nasdaq (QQQQ), and S&P 500 (SPY). If we’re quick, we can catch these by the handle, bolster or spine instead of the blade…
Disclosure: Currently long TEX, FCX, JOYG, GG, AU, CEF, GDX, DIA, QQQQ, SPY. Will be long others above over the next week…
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In the Maui news on Friday May 28, 2010 it was reported that Loan applications surged on the announcement of the interest rate reduction. The article went on to say that the window of opportunity for low interest rates may close soon. The average 30-year fixed rate loan sank to 4.78% and 15 year lonas are at their lowest in two decades. One analyst says “strike now”. Intrest rates may not be this low for long. It is a great time to buy and a great time to refinance.
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Maui Lani village Center broke ground on a new fee simple commercial complex designed for medical and business offices. The offices, ranging from 2,000 to 6,000 sq ft will be ready for occupancy by the end of the year. This news adds further evidence of a turn-around and improvement in the Maui economy.
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May 26, 2010
Plan uses $57M from hurricane fund, $10M line of credit
By Loren Moreno
Advertiser Education Writer
Gov. Linda Lingle yesterday declared an end to one of the most controversial and highly contentious chapters in the history of Hawai’i’s public education system.
With $57 million from the hurricane relief fund and a $10 million, interest-free line of credit from local banks, Lingle said teachers and other school workers will be back on the job five days a week next school year.
The 17 furlough days this school year resulted in Hawai’i having the shortest instructional calendar in the nation and drew a scolding from U.S. Education Secretary Arne Duncan.
For more than eight months, the Hawaii State Teachers Association, the state Board of Education and Lingle bickered over numerous plans to eliminate furlough Fridays, which were agreed to last September and implemented a month later. Lingle and the education officials clung to their positions, especially on the issue of which school workers were essential to restore furlough days.
Protesters appeased
But the bitterness appeared set aside during the governor’s press conference yesterday, when even parents who had protested against the governor to the point of being arrested applauded as she declared an end to teacher furloughs.
“We can now refocus on education,” said Ruth Silberstein, principal of Pālolo Elementary School. “If a good thing came out of this, the public is open to support the transformation of our schools.”
Silberstein was part of a group of 20 parents and educators who met with Lingle last week about ending furlough days. Lingle said the discussions she had with those teachers, parents and principals influenced her to end furlough days before today’s end of the current school year.
Lingle says she’ll release $57.2 million of the $67 million from the hurricane relief fund that lawmakers had set aside to eliminate furlough days for next school year, which she believes should cover 11 of next year’s 17 furlough days. Teachers have already agreed to give up six of their non-instructional planning days to cover the remaining days.
The plan also includes a $10 million interest-free line of credit from local banks, because education officials insist that the full $67 million is needed to put children back in the classroom for all of the next school year.
Public charter schools will receive $2.2 million in federal State Fiscal Stabilization Funds.
“I am happy that there is resolution,” said Lois Yamauchi, a parent with the grassroots organization Save Our Schools Hawaii, which conducted a weeklong sit-in in the governor’s office in April. Yamauchi also was part of the group that met with Lingle last week.
“I would have preferred for her to release the full $67 million, but if this is what it takes for her to feel comfortable, that’s fine with me. As long as the kids get back to school,” said Yamauchi, whose sons attend Mānoa Elementary and the Education Laboratory School.
The $10 million gap
The $10 million difference represents the governor’s insistence that only essential workers be brought back to school on furlough days, while education officials say all workers should be back on the job.
To bridge that gap between the sides, Don Horner, chairman and chief executive officer of First Hawaiian Bank, said his bank and Bank of Hawaii will offer the state Department of Education an interest-free $10 million line of credit. Lingle credited Ted Liu, director of the state Department of Business, Economic Development and Tourism, with the creation of that public-private partnership.
“It would not have been possible without this good idea and the banks stepping up,” Lingle said. “We have a difference in point of view. I believe that $57.2 million, plus now the $2.2 million specifically for charter schools, I think that’s enough to cover all of the furlough days. If that turns out not to be true, the line of credit is there and available. This was a way to make both sides correct, or both sides able to stay with their position,” Lingle said.
Education officials say that even though the $10 million loan is available, it is unlikely they would take advantage of it.
“We’re going to have to find the funds any way we can without having to borrow,” said Kathy Matayoshi, interim superintendent of schools. “We’re going to look first at our own budget — look for the pennies under the couch — and try to see whether we can come up with the $10 million.”
Education officials will also rely heavily on the next governor to fund the full school year. Lingle’s term in office ends this December.
“It’s possible to ask for the additional $10 million. It is still there,” Matayoshi said. “We’ve been clear what our essential employee list is, and that is we will bring everyone back for the restored days. That’s the commitment we made with the unions. It’s part of our overall agreement.”
Looking ahead
State Board of Education chairman Garrett Toguchi noted that BOE members began calling for use of the state’s hurricane relief fund to end furlough days 11 months ago.
“The main thing, right now, is that we’ve been given the green light to end furloughs,” Toguchi said. “In the end if we are going to be short $10 million, we will work with the next governor to see how to balance it, whether it’s taking the loan or taking the additional money from the hurricane fund.”
The first furlough day next school year was scheduled for Aug. 27. Educators say they look forward to a school year with one less distraction.
Silberstein, the Pālolo principal , said teachers at her school sacrificed their time to keep kids on track despite the furlough days, including volunteering an extra hour a day after school to make up for lost instructional time.
“The kids suffered. In poverty areas like ours, the kids suffered because they were lacking meals that they relied on from school because their parents cannot afford,” she said. “There was no structure for them on furlough Fridays when their parents were working hard. … So we saw more inappropriate behaviors and their frustration.”
Bebi Davis, a physics and chemistry teacher at Farrington High School, said she is ready to put the furlough issue behind her.
“Now I can give my students the full impact of physics,” Davis said. “It’s going to make a difference. They will have a lot more hands-on experience. I’ll have more time to spend with them.”
Davis said some of her current students expressed to her that furlough days made them feel less motivated or less interested in being at school.
“The positive with this is everyone in Hawai’i sees that we do need some form of reform in the schools. Not just money, not just quantity, but quality of education. It got a lot of people refocused,” Davis said.
HSTA president Wil Okabe said he was pleased with the final resolution to furloughs.
“To ensure that their students could be back in the classroom with them for every instructional day, teachers have made significant sacrifices, including giving up six preparation and planning days — planning and preparation that will still need to be done on teachers’ personal time,” Okabe said in a written statement. “We hope this past year has refocused everyone on the need to give our students and their schools the priority they deserve.”
Reach Loren Moreno at lmoreno@honoluluadvertiser.com.
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May 25, 2010
Posted on: Tuesday, May 25, 2010
Chinese bank cards will be valid in Isles
First-of-its-kind deal with Bank of Hawaii includes ATMs, 1,000 merchants
By Alan Yonan Jr.
Advertiser Staff Writer An agreement that will allow Bank of Hawaii and its participating merchants to accept bank cards from China’s largest issuer will provide more incentive for Chinese visitors to travel to the Islands, officials say.
Chinese visitors who hold cards from China UnionPay, a bank card association similar to Mastercard or Visa, will be able to walk into more than 1,000 merchants locally to make purchases. The visitors also can use the cards to conduct transactions at Bank of Hawaii’s 484 automatic teller machines.
More than 2.1 billion cards have been issued by CUP member banks.
The joint market development agreement for merchant and ATM terminals announced yesterday is the first CUP has signed with an American bank. The relationship also calls for the two sides to promote each other in their respective markets.
“For us in China this will be great publicity,” said Betty Brow, Bank of Hawaii executive vice president and head of its international banking division. “This will actually encourage more visitors to come to Hawai’i. Most Chinese visitors travel with cash. This will give them more confidence because they don’t have to worry about converting their currency,” she said.
Chinese travelers are much sought after among visitor destinations around the world because they spend more than counterparts from any other country — about $7,200 per person per trip, according to the U.S. Commerce Department. Hawai’i has averaged just over 50,000 Chinese visitors in each of the past five years, and that number is expected to grow because of China’s growing economy and new wealth.
Bank of Hawaii will initially enable about 1,000 of its participating merchants, primarily those geared toward tourists, to accept the CUP cards, Brow said. The bank plans to add another 1,000 to 2,000 merchants over time. The cards can be used as credit or debit cards, but most Chinese use them as debit cards, Brow said.
Bank of Hawaii is reprogramming its ATMs to have the transaction screens display messages in Chinese characters for CUP card holders, Brow said. The bank also is waiving the ATM transaction fee for CUP cardholders.
Executives from both companies attended a signing ceremony yesterday at the Sheraton Waikiki Hotel, including Cai Jianbo, first executive vice president of China UnionPay; Al Landon, BOH chairman and chief executive officer; and Peter Ho, BOH president and chief banking officer.
“With a growing number of visitors from China coming to Hawai’i every year, this is a tremendous opportunity to provide extended customer service, and to ensure they are able to access funds and make transactions when needed,” Landon said. “This agreement is expected to help Chinese tourism and spending here in Hawai’i, and ultimately will help to create an overall positive experience in Hawai’i for Chinese visitors.”
Cai said China UnionPay would consider expanding its relationship with Bank of Hawaii in the future.
“Hawai’i is one of the most important markets for CUP,” Cai said. “CUP attaches great importance to the cooperation with BOH. The two parties shall explore further cooperation opportunities on the basis of this agreement.”
Reach Alan Yonan Jr. at ayonan@honoluluadvertiser.com
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May 21, 2010
Schools around Maui County will hold graduation ceremonies this weekend. Baldwin High School will hold its graduation at 6 tonight in War Memorial Stadium. Saturday ceremonies include: Lanai High School (2 p.m., Pedro Dela Cruz gymnasium), Hana High School (3:30 p.m., school field), Molokai High School (4 p.m., school gymnasium), Maui High School (5 p.m., War Memorial Stadium). Sunday ceremonies include: Kaahumanu Hou Christian School (6 p.m., Cathedral of the King) and Lahainaluna High School (6:30 p.m., athletic field).
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May 19, 2010
Updated at 12:07 p.m., Wednesday, May 19, 2010
Honolulu Advertiser Article
State raises outlook for tourism this year
Advertiser Staff
Expectations for tourism arrivals and spending, as well as the Hawai’i’s gross domestic product are being raised in the latest economic forecast from the state Department of Business, Economic Development and Tourism.
The state’s latest projections boost the performance of the visitor industry, a key contributor to Hawai’i’s economy. The forecast calls for visitor arrivals to increase 2.6 percent this year, or higher than the 2.1 percent in DBEDT’s previous forecast.
It also calls for visitor spending to rise by 2.6 percent. That’s an jump from the 2.0 percent seen previously.
The updated forecast also sees gross domestic product rising by a rosier amount, rising 1.1 percent this year when adjusted for inflation. It had been projected to rise 0.9 percent.
The forecast maintains its jobs outlook, saying they are still expected to fall by 0.9 percent this year as employment lags recovery. The report noted job growth should gradually turn positive late in the year, though not enough to offset declines earlier in 2010.
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May 17, 2010
South Maui Condominium
Best Buy List
As of May 14, 2010
Price Condominium Loc Vac Comments
$ 189,000 Kihei Shores C208 SK N 2BR Loc, Nice, & Price!
$ 199,000 Lanakila B106 NK N 2BR (Short Sale) Nice/Price
$ 224,900 Maui Vista 2217 SK Y 1BR Loc, Nice & Price!
$ 225,000 Kamoa Views 210 SK N 1BR Loc, Nice, & Price!
$ 250,000 Kihie Kai 15 NK Y 1BR Oceanfront & Price!
$ 264,957 Kauhale Makai 329 NK Y 1BR Oceanfront/Oceanviews
$ 299,000 Maui Banyan H114 SK Y 1BR Location & Price!
$ 299,000 Island Sands 210 (New) M Y 1BR Direct Oceanfront, Price
$ 299,900 Kamaole Sands 4-103 (New) SK Y 1BR Loc, Nice, & Price!
$ 300,000 Kihei Akahi C215 (New) SK Y 1BR Loc, Nice, & Price!
$ 329,900 Kai Ani Village 2-204 SK N 2BR New & Nice!
$ 339,000 Luana Kai A106 NK Y 1BR Oceanfront & Price!
$ 395,000 Hale Kanani 3-101 (New) SK N 3BR Loc, Nice, & Price!
$ 399,000 Hale Kamaole 212 (New) SK Y 1BR Loc, Nice, & Price!
$ 399,000 Menehune Shores 225 NK Y 2BR (Short Sale) Oceanfront!
$ 425,000 Sugar Beach 409 NK Y 1BR Sandy Bch Oceanfront!
$ 449,000 Grand Champions 103 W Y 1BR (Short Sale) On GC!
$ 468,900 Wailea Fair Villa K202(New)W N 2BR Oceanveiws & On GC!
$ 489,000 Grand Champions 37 W Y 2BR Large & Price!
$ 569,000 Kihei Beach 503 NK Y 1BR Nice Oceanfront!
$ 594,900 Ke Alii Oc Villas Q103(New)SK N 3BR Loc, Large, & Nice!
$ 610,000 Wailea Ekolu 1304 W Y 1BR Great Oceanviews!
$ 729,000 Royal Mauian 508 SK Y 1BR Beautiful Oceanfront!
$ 750,000 Wailea Ekahi 16E W Y 1BR Beautiful & Oceanviews
$ 839,000 Kai Malu 21B W N 3BR (Short Sale) Res Condo!
$ 995,000 Hokulani Golf Villa 10 SK N 2BR Nice Res Condo on GC!
$1,100,000 Hale Pau Hana 105 (New) SK Y 1BR Spectacular Oceanfront!
$1,195,000 Royal Mauian 610 SK Y 2BR Beautiful Oceanfront!
$1,599,000 Maalaea Surf H5 NK Y 2BR Spectacular Oceanfront!
$2,345,000 Makena Surf B303 Mak Y 2BR Spectacular Oceanfront!
$2,495,000 Hoolei G-6 W Y 3BR Location, New & Large!
(New)=New Additions to List, Vac=Vacation Rentals allowed in project Y=Yes, N=No Mak=Makena, W= Wailea, SK= South Kihei, NK= North Kihei, M= Maalaea
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May 14, 2010
Maui’s visitor spending was up 25.2% over last
March to $257.7M, and spending per person per
day was up 9.4% to $175.20 for the same
period.
The Maui News, 04/29/10
Alaska Airlines made two announcements on
additional routes, adding a second year-round,
daily service between Portland, Oregon and
Honolulu starting September 20th ( the airline
currently flies between Portland and Maui) and a
nonstop daily flight between Kahului, Maui and
San Diego, California beginning October 1st.
Travel Weekly 4/13/10 and Pacific Business News, 04/22/10
The sale of the luxury Hotel Hana-Maui to
privately held, Amstar Group LLC (Amstar), was
announced, and the deal is expected to close in
May 2010. This is the third property ownership
change within eighteen months. Amstar’s
subsidiary, Green Tea LLC, will manage the
property. The Denver-based real estate
investment and development company plans to
revamp operations of the 66-room boutique
hotel, which will mean short-term job reductions.
The Honolulu Advertiser and The Maui News, 04/21/10
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