U.S. appeals court upholds TikTok law forcing its sale
The ruling is expected to be appealed to the Supreme Court. Read more
Business
The latest business, finance and economic news from Hawaii, across the nation and around the world. Coverage includes airlines, businesses and more.
U.S. jobs data cements Federal Reserve rate cut this month
A quarter-percentage-point reduction would bring the Fed’s policy rate to the 4.25%-4.50% range, a full percentage point below where it was in September when the central bank began its easing cycle Read more
Nearly $5 million dredging project completed at Hilo small boat harbor
The harbor, one of East Hawaii’s last boat launches after the Pohoiki Boat Ramp in Puna was cut off during the 2018 Kilauea eruption, had not been dredged in over seven years. Read more
On the Move: Janet Covington and Deanna D’Olier
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. Read more
Trump appoints former PayPal exec as AI and crypto czar
“He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” Trump said in a post on his social-media site Truth Social, without saying whether “czar” was an official title. Read more
Bitcoin storms above $100K as Trump 2.0 fuels crypto euphoria
Once it broke $100,000 in Thursday’s Asian morning, boosted by U.S. President-elect Trump’s nomination of pro-crypto Paul Atkins to run the Securities and Exchange Commission, it was soon at an all-time high of $103,619. It last fetched $101,139, up about 3.2% on the day. Read more
Healthcare industry rethinks risk after murder of UnitedHealth CEO
UnitedHealthcare, part of UnitedHealth Group, is the biggest U.S. insurer. CVS operates Aetna, another top insurer. Read more
U.S. judge rejects Boeing plea deal in fatal 737 MAX crashes
Boeing and the DOJ now have 30 days to update the court on how they plan to proceed in the case, O’Connor ruled. Read more
Construction driving Hawaii’s economic growth, state says
There are no shortage of projects underway or coming up soon, including the proposed replacement for Aloha Stadium, the completion of Honolulu’s rail system, and a new Oahu Community Correctional Center. Read more
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On the Move: December 5, 2024
Central Pacific Bank has announced the following promotions. Read more
Rate cut bets boost stocks as bitcoin breaks $100,000
Over the past week and a half, markets have all but priced in an extra U.S. rate cut for 2025 and the implied chance of a cut in December has lifted from even to around 75%. Read more
Trump picks former SEC commissioner Paul Atkins to run agency
The appointment of Atkins, a lawyer and former top SEC official who has advocated for de-regulation, spells relief for Wall Street and the crypto industry which have chafed under President Joe Biden’s hard-charging SEC Chair Gary Gensler. Read more
UnitedHealthcare CEO killed in Manhattan in targeted attack
The suspect, wearing a mask and carrying a gray backpack, fled on foot before mounting an electric bike and riding into Central Park, police said. Read more
DHHL project goes to developer with ties to the agency’s leader
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. Read more
On the Move: Larry Panzeri
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. Read more
Oahu restaurant owner must pay workers $158K for wage violations
The amount includes unpaid tips plus damages for the 14, and unpaid overtime for one employee at two restaurants — one in Kahala and one in Chinatown. Read more
Mattel sued over ‘Wicked’ dolls with porn website link
In a proposed class action filed in federal court in Los Angeles, Holly Ricketson said she bought a “Wicked” doll for her daughter, who then visited an adult entertainment website through the link provided by the toymaker. Read more
Cyber Monday U.S. spending breaches $13 billion
Consumers spent 7.3% more compared to Cyber Monday in 2023. Read more
China bans key mineral exports to U.S. amid trade tensions
Beijing’s directive on so-called dual-use items with both military and civilian use, which cites national security concerns and takes immediate effect, also requires a stricter review of end-usage for graphite items shipped to the U.S. Read more
Art Cashin, Wall Street veteran and CNBC regular, dies at age 83
Cashin chaired the NYSE Fallen Heroes Fund, which assists families of first responders killed in the line of duty. Read more
Judge rejects request to restore Musk’s $56 billion Tesla pay
The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk’s future at the world’s most valuable carmaker. Read more
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More Business
U.S. appeals court upholds TikTok law forcing its sale
U.S. jobs data cements Federal Reserve rate cut this month
Nearly $5 million dredging project completed at Hilo small boat harbor
On the Move: Janet Covington and Deanna D’Olier
Trump appoints former PayPal exec as AI and crypto czar
