Howzit Howard - August 16, 2011

(HawaiiNewsNow) - Fitch ratings, contradicting Standard & Poor's, has affirmed its top rating for US debt.  Fitch calls the debt deal a significant positive development, and notes that a sizable portion of USs indebtedness is the direct result of intervening in capital markets after the 2008 financial crisis.

Qantas Airways and Japan Airlines have announced plans for a joint subsidiary. Jetstar Japan will link smaller cities the hubs airports of Tokyo and Osaka.  Flights will start next year.  Qantas already has a discount subsidiary, also called Jetstar, which actually flies more Australians to Hawaii than Qantas itself does.

Jay Schidler's Pacific Office Properties, owner of Restaurant Row, Davies Pacific Center and other Honolulu office buildings, reports a quarterly operating loss of 8 million dollars.

BAE Systems Hawaii wins 8 million more work on the USS Paul Hamilton.  The ship is supposed to be shipshape by December.

Drought areas are widening again.  The Big Island's Waimea irrigation system is now below 50 feet.  Oahu's Waimanalo reservoir is down to 47 feet.

Economic reports this morning. July factory production better than expected.  July housing construction down, but not down as much as expected.