Economy slows

U.S. economic growth slowed to an annual rate of 1.7 percent in the second quarter, compared with 3.7 percent in the first quarter, the Commerce Department said yesterday, reporting a slight upward revision to its prior second-quarter estimate. The deceleration of real gross domestic product in the second quarter was due to a "sharp acceleration" in imports and a "sharp deceleration" in private inventory investment.

Isle tech company attracts $4.75M

A Honolulu technology startup has received a $4.75 million equity investment from two venture capital companies and other investors.

Adama Materials develops nanotechnology-based advanced materials.

The company was started in 2008 when University of Hawaii mechanical engineering professor Mehrdad Ghasemi Nejhad and UH business school graduate Donovan Kealoha won first place and the technology prize in a UH business plan competition.

The company was originally funded by Office of Naval Research grants.

Adama Materials said Wednesday that Artiman Ventures led the investment. It is being joined by Startup Capital Ventures, the company’s founders and a group of Hawaii-based investors including Cellular Bioengineering Inc.

Mint business restarts after 12 years

After a 12-year break, Royal Hawaiian Mint is back in business with a new location at the Waikiki Trade Center, 2255 Kuhio Ave., Suite 711.

The company, founded on the Big Island in 1974, specializes in making collectibles for tourists at a 600-ton press in Waikele.

Its previous sales location was at the corner of King Street and Kalakaua Avenue.

Along with its own Hawaiian designs honoring subjects from King Kalakaua to the modern-day hula, the company has designed and minted special-edition coins for such clients as the Bishop Museum, Bank of Hawaii, Iolani Palace, Hawaiian Airlines and Duty Free Shoppers.

The company said it is one of only a handful of private mints operating in the U.S.

Sale expected of Coke bottling works

Shareholders of Coca-Cola Enterprises are expected to approve today the sale of its North American bottling operations, which includes Hawaii, to Coca-Cola Co. for about $12.3 billion.

The deal is expected to close within a week if shareholders approve it, according to Kenth Kaerhoeg, a spokesman for Coca-Cola Co., based in Atlanta. Coca-Cola Enterprises European bottling operations aren’t included in the deal.

Coca-Cola Bottling Co. of Hawaii operates five facilities in Honolulu, Hilo and Kona and on Kauai and Molokai. The Maui bottler, Maui Soda & Ice Works Ltd., is not part of the transaction.

Japan ups cigarette tax to cut smoking

TOKYO » Japan has imposed a record 40 percent tax hike on cigarettes, effectively raising the price on most brands by a third, to curb smoking.

The hike, which lifted the price of the popular Mild Seven brand to 410 yen ($4.88) per pack, will raise 63.1 billion yen over the first year, the finance ministry said. But the primary goal is to encourage smokers to quit, officials at the health and finance ministries said.

About 36 percent of Japanese men smoke, down from about 50 percent a decade ago. The rate among women is 12.1 percent.

On the Move

The North Hawaii Community Hospital board of directors has selected Ken Wood as president and chief executive officer of the hospital. He has held many executive positions, including executive vice president of Blue Cross Blue Shield of Massachusetts and chief operating officer and chief marketing officer for Blue Shield of California.

Brian Paul has been named the head golf professional for the Tom Weiskopf-designed golf course at the Club at Kukui’ula on Kauai. He will oversee golf operations, including staffing, member communications, culinary services and retail and club programming. Paul was previously director of golf at Stonebrae Country Club in Hayward, Calif.

The University of Hawaii at Manoa School of Nursing and Dental Hygiene received a $100,000 gift from the First Hawaiian Bank Foundation. The fund will create a "Cancer Nursing Care Simulation Initiative" that will provide students and practicing nurses with an environment in which to build their skills in caring for adult oncology and pediatric patients.