Unionized Island Air pilots have ratified a new four-year labor agreement that includes wage increases, work rule advances and furlough protections, according to the Air Line Pilots Association.

The annual wage increases total 12 percent over the life of the contract. Other economic and work rule improvements will allow for increased compensation, the union announced yesterday.

"Faced with many challenges throughout the negotiating process, we believe the end result speaks for itself," said Capt. Charlie Ciszek, chairman of the ALPA unit at Island Air. "We are pleased with management's willingness to work with us toward achieving a new agreement that recognizes the pilots' contributions to the success of Island Air."

BOH EARNINGS FORECAST LOWERED

A Wall Street analyst has cut his 2009 earnings forecast for Bank of Hawaii, citing the weakening local economy and increased credit exposures.

But Morgan Stanley's Ken Zerbe noted that the bank continues to have a strong capital and reserve position, high quality funding sources and minimal exposure to a construction downturn.

Zerbe lowered his estimate for Bank of Hawaii's 2009 earnings from $2.51 per share to $2.33 in a report yesterday.

"We continue to view BOH as a well-run, conservative bank that has been largely isolated from many of the Mainland credit problems, at least up until recently," Zerbe wrote.

"Following our meeting with management, we expect the pace of credit deterioration to increase, including potentially large increase in charge-offs during 2Q09."

MARINES HOSTING JOB FAIR ON BASE

More than 20 businesses and government agencies will accept applications at a job fair today at Marine Corps Base Hawaii.

Marine Corps Community Services and Marine Corps Base Hawaii, Windward O'ahu's largest employer, will host the event from 9 a.m. to noon at Kahuna's Community Ballroom on the base.

Marine Corps Community Services, Marine Corps Base Hawaii, the Honolulu Police Department and the FBI are among the agencies and businesses looking for employees at the fair.

Marine Corps Base Hawaii is also looking for employees to fill numerous positions including tradesmen, craftsmen, sales associates, maintenance supervisors and technicians.

This event is open to U.S citizens 18 years or older.