Business News & Headlines | Honolulu Star-Advertiser

Google Payment Corp under U.S. regulatory supervision

Reuters — Fri, 06 Dec 2024 23:00:00 +0000

The U.S. watchdog for consumer finance today announced it was ordering federal supervision of Google Payment Corp., the internet giant’s payment arm, a decision the company immediately said it was challenging in court.

Nasdaq, S&P 500 hit record highs amid jobs data, upbeat forecasts

Reuters — Fri, 06 Dec 2024 22:40:00 +0000

NEW YORK >> The Nasdaq and the S&P 500 rose to record closing highs today following upbeat forecasts from Lululemon Athletica and other companies and as U.S. jobs data fueled expectations the Federal Reserve would cut interest rates this month.

U.S. appeals court upholds TikTok law forcing its sale

Reuters — Fri, 06 Dec 2024 18:23:00 +0000

WASHINGTON >> A U.S. federal appeals court today upheld a law requiring Chinese-based ByteDance to divest its popular short video app TikTok in the United States by early next year or face a ban.

U.S. jobs data cements Federal Reserve rate cut this month

Reuters — Fri, 06 Dec 2024 17:41:00 +0000

Federal Reserve officials appear more likely to cut interest rates this month after data showed the U.S. labor market remained strong but continued to cool in November, with a deeper debate to come next year over whether to pause further reductions in borrowing costs.

Nearly $5 million dredging project completed at Hilo small boat harbor

None — Fri, 06 Dec 2024 10:05:00 +0000

Boaters are in deep water at last after a months-long dredging project at Wailoa Small Boat Harbor in Hilo wrapped up last week.

On the Move: Janet Covington and Deanna D’Olier

None — Fri, 06 Dec 2024 10:04:00 +0000

Child &Family Service has named Janet Covington clinical supervisor of military family services, previously clinical director of the Steven A. Cohen Military Family Clinic since 2020. Covington is a licensed marriage and family therapist, licensed mental health counselor and national certified counselor with more than 15 years of experience, including as psychological health coordinator for the Hawaii Army National Guard and military and a family life counselor.

Trump appoints former PayPal exec as AI and crypto czar

Reuters — Fri, 06 Dec 2024 08:00:00 +0000

President-elect Donald Trump today said he was appointing former PayPal Chief Operating Officer David Sacks as his “White House A.I. & Crypto Czar,” another step towards overhauling U.S. policy.

Bitcoin storms above $100K as Trump 2.0 fuels crypto euphoria

Reuters — Thu, 05 Dec 2024 22:54:00 +0000

Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by skeptics as a coming-of-age for digital assets as investors bet on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets.

Healthcare industry rethinks risk after murder of UnitedHealth CEO

Reuters — Thu, 05 Dec 2024 22:11:00 +0000

NEW YORK >> Health insurance companies are reassessing the risks for their top executives after the murder of UnitedHealthcare CEO Brian Thompson on Wednesday in Manhattan, with both UnitedHealth and rival CVS Health removing photos of their leadership teams from their websites after the shooting.

U.S. judge rejects Boeing plea deal in fatal 737 MAX crashes

Reuters — Thu, 05 Dec 2024 19:47:00 +0000

A U.S. judge on Thursday rejected Boeing’s agreement to plead guilty to fraud in the wake of two fatal 737 MAX crashes, faulting a diversity and inclusion provision in the deal.

Construction driving Hawaii’s economic growth, state says

Dan Nakaso — Thu, 05 Dec 2024 10:05:00 +0000

Hawaii’s economy performed slightly better than expected in 2024 and — with a red hot construction industry, in particular — should show even more gains for 2% growth in 2025, according to the latest economic data from the state Department of Economic Business and Development.

On the Move: December 5, 2024

None — Thu, 05 Dec 2024 10:04:00 +0000

Central Pacific Bank has announced the following promotions:

Rate cut bets boost stocks as bitcoin breaks $100,000

Reuters — Thu, 05 Dec 2024 06:00:00 +0000

SINGAPORE >> Bitcoin broke $100,000 today as investors bet on a friendly regulatory shift in the U.S., while Asian stocks were firm after Wall Street indexes notched record highs on growing confidence in U.S. interest rate cuts.

Trump picks former SEC commissioner Paul Atkins to run agency

Reuters — Thu, 05 Dec 2024 00:53:00 +0000

WASHINGTON >> Republican President-elect Donald Trump on Wednesday said he would nominate Paul Atkins to run the Securities and Exchange Commission, putting a prominent and experienced conservative Washington insider atop Wall Street’s major regulator.

UnitedHealthcare CEO killed in Manhattan in targeted attack

Reuters — Wed, 04 Dec 2024 17:49:00 +0000

NEW YORK >> Brian Thompson, the CEO of UnitedHealth’s insurance unit, was killed on Wednesday morning outside a Midtown Manhattan hotel in what police described as a targeted attack by a gunman lying in wait for him.

DHHL project goes to developer with ties to the agency’s leader

Andrew Gomes — Wed, 04 Dec 2024 10:06:00 +0000

The state Department of Hawaiian Home Lands has selected a developer with ties to the agency’s leader to build out a big part of a homestead community on Hawaii island.

On the Move: Larry Panzeri

None — Wed, 04 Dec 2024 10:04:00 +0000

Central Pacific Bank has announced it has hired Larry Panzeri as manager of the bank’s Kihei branch. Panzeri joins with more than 20 years’ experience in management and sales, previously serving as branch manager for numerous financial institutions on Maui, as well as in New York and Massachusetts. He is designated by the Nationwide Mortgage Licensing System and Association of Finance &Insurance Professionals, and as a Certified Credit Union Financial Counselor and notary public.

Oahu restaurant owner must pay workers $158K for wage violations

Star-Advertiser Staff — Tue, 03 Dec 2024 21:40:00 +0000

The U.S. Department of Labor on Monday announced the owner of Domo Cafe restaurants in Honolulu must pay more than $158,000 in back wages to 14 workers.

Mattel sued over ‘Wicked’ dolls with porn website link

Reuters — Tue, 03 Dec 2024 20:00:00 +0000

Mattel was sued today by a South Carolina mother for mistakenly putting a link to a pornographic website on packaging for dolls tied to the blockbuster movie “Wicked.”

Cyber Monday U.S. spending breaches $13 billion

Reuters — Tue, 03 Dec 2024 17:30:00 +0000

Americans spent $13.3 billion online on Monday in the United States, according to an Adobe report, as consumers nabbed steep holiday discounts on everything from electronics to toys following lackluster demand at U.S. stores on Black Friday.

China bans key mineral exports to U.S. amid trade tensions

Reuters — Tue, 03 Dec 2024 16:00:00 +0000

China has banned exports to the U.S. of items related to the minerals gallium, germanium and antimony that have potential military applications, its commerce ministry said on Tuesday, a day after Washington’s latest crackdown on China’s chip sector.

Art Cashin, Wall Street veteran and CNBC regular, dies at age 83

Reuters — Mon, 02 Dec 2024 23:55:00 +0000

NEW YORK >> Art Cashin, a renowned market pundit and the UBS director of floor operations at the New York Stock Exchange, has died at the age of 83, UBS said.

Judge rejects request to restore Musk’s $56 billion Tesla pay

Reuters — Mon, 02 Dec 2024 23:30:00 +0000

WILMINGTON, Delaware >> A Delaware judge ruled on Monday that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it.

Cyber Monday deals heat up as U.S. retailers offer deep cuts

Reuters — Mon, 02 Dec 2024 20:30:00 +0000

After lackluster spending at U.S. stores on a deals-heavy Black Friday, retailers are pulling out all the stops with steep promotions and discounts on their websites and apps to entice people to buy holiday gifts and other merchandise after the long Thanksgiving weekend.

Intel CEO Pat Gelsinger ousted amid turnaround plan concerns

Reuters — Mon, 02 Dec 2024 19:30:00 +0000

SAN FRANCISCO >> Intel Chief Executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Stellantis considers Picat and Filosa for CEO, says source

Reuters — Mon, 02 Dec 2024 19:20:00 +0000

PARIS >> The board of Stellantis is considering its head of North American operations, Antonio Filosa, and procurement chief Maxime Picat as internal candidates for the CEO position, a source close to the matter said today.

Apple accused of silencing workers, spying on personal devices

Reuters — Mon, 02 Dec 2024 18:00:00 +0000

Apple has been accused in a new lawsuit of illegally monitoring its workers’ personal devices and iCloud accounts while also barring them from discussing their pay and working conditions.

Malaysia pushes back on U.S. tariff evasion by Chinese companies

Reuters — Mon, 02 Dec 2024 16:00:00 +0000

KUALA LUMPUR >> Malaysia has urged Chinese companies to refrain from using it as a base to “rebadge” products to avoid U.S. tariffs, its deputy trade minister said on Monday, amid increasing export restrictions and concerns of a U.S.-China trade war.

Expediting Japanese travel part of bigger push for visitors

Dan Nakaso — Mon, 02 Dec 2024 10:06:00 +0000

Japanese travel to Hawaii will now be easier as Gov. Josh Green and the visitor industry continue to work to encourage more Japanese travel despite the weakness of the yen.

Volkswagen workers to go on warning strikes across Germany

Reuters — Sun, 01 Dec 2024 22:42:00 +0000

BERLIN >> Volkswagen workers will go on warning strikes on Monday at plants across Germany, labor union IG Metall said, marking the first large-scale walkouts at Volkswagen’s domestic operations since 2018.

Coffee prices at 47-year high on Brazil crop concerns

Reuters — Fri, 29 Nov 2024 22:00:00 +0000

Coffee prices settled lower today after hitting the highest in nearly half a century during the session, buoyed by tightening supplies as next year’s crop in top grower Brazil struggles to recover fully from this year’s drought.

Taylor Swift fans turn out on Black Friday for vinyl album

Reuters — Fri, 29 Nov 2024 21:30:00 +0000

LOS ANGELES/CHICAGO/NORTH BERGEN, N.J. >> Young Taylor Swift fans and their parents lined up outside some of Target’s nearly 2,000 U.S. stores early on Black Friday to buy copies of her new Eras Tour book and vinyl album.

S&P 500, Dow close at record highs on tech, retail in focus

Reuters — Fri, 29 Nov 2024 19:45:00 +0000

The S&P 500 and Dow Jones Industrial Average notched record closing highs in a shortened Black Friday session, lifted by technology stocks such as Nvidia, while retail was in focus as the holiday shopping season kicked off.

Yen hits six-week high, dollar dips for month-end

Reuters — Fri, 29 Nov 2024 18:00:00 +0000

NEW YORK >> The yen jumped to a six-week high against the dollar today after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month.

Inflation worries drive bargain hunt among Black Friday shoppers

Reuters — Fri, 29 Nov 2024 16:05:00 +0000

NEW YORK/LONDON >> Brushing snowflakes off her hair, Teagan Hickson walked into a Walmart Supercenter in Fort Wayne, Indiana, with hopes of picking up a few holiday deals on Black Friday. The first thing the mother of two spotted: A pallet stacked high with Gourmia digital air fryer ovens for $50 each.

Hawaii County plans $20M affordable housing project in Waimea

None — Fri, 29 Nov 2024 10:05:00 +0000

A 43-lot affordable housing subdivision in Waimea has received a thumbs-up from the Big Island’s Leeward Planning Commission.

On the Move: Marielle Florendo and Elizabeth Graves

Michelle Ramos — Fri, 29 Nov 2024 10:04:00 +0000

The Hawaii Employers Council has hired Marielle Florendo as labor relations consultant and Elizabeth Graves as trainer in talent and organizational development. Florendo joins with more than 10 years’ experience in the legal field, and Graves was previously a trainer and interventionist in Orlando, Fla.

Data: Thanksgiving online sales up about 4% so far this year

Reuters — Thu, 28 Nov 2024 21:45:00 +0000

Online sales in the U.S. were up about 4% for the first half of the Thanksgiving holiday, compared to a 2% rise last year, Salesforce data showed on Thursday, a fresh sign that shoppers are lapping up steep discounts from retailers.

Hawaii tourism seen strengthening in first quarter 2025

Allison Schaefers — Thu, 28 Nov 2024 10:05:00 +0000

Hawaii’s travel industry may have more to celebrate in the New Year than it expected now that the first quarter is finally showing signs of strengthening.

Maui Council resolution supports health workers in labor fight

Nina Wu — Thu, 28 Nov 2024 10:05:00 +0000

The Maui County Council has passed a resolution urging Maui Health to negotiate in good faith with its workers to secure a fair contract to improve wages and establish safe staffing.