OHA to get money for Kakaako land hazard

The Office of Hawaiian Affairs will receive federal assistance to check for contamination on much of the 25 acres of Kakaako land the agency received last year from the state to settle a debt.

The U.S. Environmental Protection Agency announced Wednesday that it has awarded OHA two grants for $400,000 to assess hazardous substances and petroleum contamination on its land in Kakaako makai of Ala Moana Boulevard.

OHA received the grant through a Brownfields Assessment program. Some of the money also will be used for community engagement, the EPA said.

State lawmakers gave OHA the land valued at about $200 million to settle long-standing claims over revenue the agency was supposed to receive from state lands once belonging to the Hawaiian kingdom.

The land includes property used for boat repair operations, warehousing, base yards, a research lab, an office building and the former Fisherman’s Wharf restaurant.

Delta will pay dividend, buy back shares

MINNEAPOLIS » Delta Air Lines will start paying a quarterly dividend and buy back some of its shares — investor-friendly moves common in other industries but rare for airlines. For years, the industry repelled long-term investors with high debt, losses, labor strife, bankruptcies, and roller-coaster stock prices. Now, airline bosses are eager to show that those days are over and their companies are good investments.

Delta said Wednesday the dividend and stock buyback will return $1 billion to shareholders. The airline has posted a profit three straight years, while paring its debt by $5 billion.

Wendy’s loses share in value menu category

NEW YORK » Wendy’s is trying to reinvent itself as a purveyor of relatively higher-quality fast food. The problem is that its competitors are aggressively promoting cheap eats and stealing away price-conscious customers.

The company known for its square hamburger patties and Frosty shakes reported Wednesday a first-quarter profit of $2.1 million that met Wall Street expectations. But sales of $603.7 million fell short of Wall Street’s hopes. The company said it lost market share in the value category, which accounts for 20 percent of the fast-food industry. Wendy’s plans to adjust its marketing to emphasize the 99-cent portion of its revamped "Right Price, Right Size" value menu, which offers options ranging from 99 cents to about $2.

Freddie Mac posts $4.6 billion net income

WASHINGTON » Mortgage giant Freddie Mac earned $4.6 billion from January through March, helped by a stronger housing market. The government-controlled company has turned a profit in the past six quarters.

Freddie said Wednesday that it will pay a dividend of $7 billion to the U.S. Treasury next month and requested no additional federal aid for the fourth consecutive quarter.

ON THE MOVE

First Hawaiian Bank has promoted:
>> Martha Lee to vice president and branch manager from assistant vice president of the Manoa branch.

>> George Pascual to vice president and personal banking officer from assistant vice president of the Main Banking Region.

>> Joyce Sakai to vice president and team leader from vice president of the commercial real estate division.

>> Craig Takahashi to vice president and personal banking officer from assistant vice president of the Main Banking Region.