Kraft CEO gets $15.7M
Kraft Foods Inc. gave its CEO a pay package worth $15.7 million in 2011, which represents a 17 percent raise from the previous year. The compensation for Irene Rosenfeld included $276,000 for use of the company aircraft, car expenses, retirement plan contributions among other items.
Rosenfeld, 58, took over as CEO in 2006.

Hawaii Volcanoes Lodge wins contract

The National Park Service has awarded Hawaii Volcanoes Lodge Co. LLC a 15-year concession contract to operate the Volcano House, Namakanipaio Campground, and other commercial services within Hawaii Volcanoes National Park.

Owned by Ortega National Parks LLC and Aqua Hotels and Resorts Inc., the new operator has extensive hospitality experience both in Hawaii and nationally.

"We are very excited to have Hawaii Volcanoes Lodge Co. join with us as we enter a new era of the Volcano House operation and once again share quality visitor services with over 1.4 million annual visitors to the park," said Park Superintendent Cindy Orlando.

Since the previous operator left at the end of 2009, NPS has invested over $4 million in upgrades to the Volcano House for fire and safety improvements, including seismic upgrades. The new operator will be required to complete about $2.5 million to $3.5 million in additional renovations and pay a franchise fee to NPS for maintenance and visitor services.

Bernanke suggests holding down rates

WASHINGTON » Federal Reserve Chairman Ben Bernanke says the U.S. job market remains weak despite three months of strong hiring and that the reserve’s existing policies will help boost economic growth.

Bernanke’s comments Monday to a group of economists in Arlington, Va., drove stocks higher. Many took his cautious words about the economy to mean the Fed is likely to stick to its plan to hold short-term interest rates at record lows through 2014.

Further job gains will likely require stronger consumer and business demand, Bernanke said in a speech to the National Association for Business Economics spring conference.

U.S. home contracts ebbed in February

WASHINGTON » The number of Americans who signed contracts to buy homes in the U.S. dipped in February from nearly a two-year high, a mixed signal ahead of the spring home-buying season.

The National Association of Realtors said Monday that its index of sales agreements declined 0.5 percent last month to a reading of 96.5. January’s reading of 97 was the highest since April 2010, the last month buyers could qualify for a federal home-buying tax credit.

A reading of 100 or higher is considered healthy. April 2010 was the last time it was that high.

Raise taxes, spend less, economists say

NEW YORK » Economists say a combination of higher taxes and lower spending is the best way to reduce the federal budget deficit, according to a survey on economic policies conducted by the National Association for Business Economists released Monday.

The economists forecast that short-term interest rates would remain at current levels for at least another year. And they said the Federal Reserve should not buy more bonds to support and stimulate the economy, as it has in the last few years, even though the policy has been effective.

An overwhelming majority in the poll — 87 percent of the economists surveyed — said higher taxes should be considered along with less spending to reduce the federal budget deficit.

Germany shifts on raising bailout funds

BERLIN » Germany has backed down from its resistance to boosting Europe’s financial firewalls, after Chancellor Angela Merkel said she was open to temporarily boosting the eurozone’s bailout funds to $930 billion. But the move still falls short of what may be needed to protect Italy and Spain from collapse.

Merkel’s statement is a change for Germany, which has so far insisted there was no need to increase the lending capacity of the bailout funds beyond the planned $668 billion — despite uncertainty about the ability of Rome and Madrid to repay their debts.

However, a temporary increase to $935 billion — of which close to $267 billion already is committed to previous bailouts — may not be enough to convince markets and global institutions such as the International Monetary Fund that the eurozone is doing enough to stop its debt crisis from spreading.

PepsiCo’s CEO gets modest pay increase

NEW YORK » PepsiCo Inc. gave CEO Indra Nooyi a pay package worth $14.1 million in 2011, which was relatively flat from the previous year.

The compensation for Nooyi included a salary of $1.6 million, up from $1.3 million in 2010. Stock and option awards were about the same at $9.5 million, and her incentive-based bonus was $2.5 million, down from $3 million. PepsiCo determines incentive pay each year with a formula that factors in the company’s and an individual’s performance.

All other compensation for Nooyi in 2011 came to $520,000 and covered costs for use of the company aircraft and retirement plans contributions.

On the Move

Shriners Hospitals for Children in Hono­lulu has named Dr. Arabella I. Leet as its new chief of staff. She is a former associate professor in the division of pediatric orthopaedics in the Department of Orthopaedic Surgery at Johns Hopkins University as well as director of the Orthopaedic Center for Children with Cerebral Palsy at the Kennedy Krieger Institute.

The Oahu Visitors Bureau has hired Marie Wata­nabe as sales manager, responsible for meetings, incentives, conventions and exhibitions. She also will represent Oahu at trade shows and on sales calls as well as be an administrator for the Customer Relationship Management system.  

Kiewit Building Group has appointed Greg Uye­ma­tsu as deputy project manager of its Farrington Guideway project. He has been with Kiewit for 15 years.