Business News & Headlines | Honolulu Star-Advertiser

Powell says Fed cannot hold bitcoin, not seeking to change that

Reuters — Thu, 19 Dec 2024 00:03:00 +0000

NEW YORK >> Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

Apple hits out at Meta’s numerous interoperability requests

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

BRUSSELS >> Apple today hit out at Meta Platforms, saying its numerous requests to access the iPhone maker’s software tools for its devices could impact users’ privacy and security, underscoring the intense rivalry between the two tech giants.

U.S. to extend airbag probe rather than require vehicle recall

Reuters — Wed, 18 Dec 2024 23:35:00 +0000

WASHINGTON >> The National Highway Traffic Safety Administration said on Wednesday it will not seek an immediate recall of airbag inflators in about 50 million U.S. vehicles assembled by 13 automakers and instead will conduct further investigation.

Amazon workers to strike at multiple U.S. warehouses

Reuters — Wed, 18 Dec 2024 22:20:00 +0000

Thousands of Amazon.com workers will walk off the job on Thursday at 6 a.m. ET (1 a.m. Hawaii time), in the crucial final days of the holiday season, after union officials said the retailer failed to come to the bargaining table.

Wall Street tumbles over 1,100 points on Fed projection

Reuters — Wed, 18 Dec 2024 21:40:00 +0000

NEW YORK >> Wall Street closed sharply lower today, with the Dow falling over 1,100 points after the U.S. Federal Reserve delivered a rate cut as expected but signaled it will ease the pace of further cuts in the coming year.

Musk: Congress should not vote to extend funding

Reuters — Wed, 18 Dec 2024 21:00:00 +0000

WASHINGTON >> Elon Musk, tapped by President-elect Donald Trump to prune the federal government, today pressured Republicans in Congress to reject a stopgap spending bill, which would trigger a partial government shutdown.

Fed lowers key rate quarter-point; sees slower pace of cuts

Reuters — Wed, 18 Dec 2024 20:08:00 +0000

WASHINGTON >. The U.S. Federal Reserve cut interest rates a quarter percentage point today and signaled it will slow the pace at which borrowing costs fall any further, given a relatively stable unemployment rate and little recent improvement in inflation.

Supreme Court to hear TikTok’s attempt to stop U.S. ban

New York Times — Wed, 18 Dec 2024 18:33:00 +0000

WASHINGTON >> The Supreme Court agreed today to hear TikTok’s challenge to a law that could ban its U.S. operations, putting the case on an exceptionally fast track, culminating in oral arguments at a special session Jan. 10.

Japan breaks annual visitor record in 11 months

Reuters — Wed, 18 Dec 2024 09:00:00 +0000

TOKYO >> Japan set a new annual record for visitor arrivals with one month to spare, official data showed on Wednesday, as the weak yen helped propel the nation’s tourism boom.

Starbucks workers’ union authorizes potential U.S. strike

Reuters — Tue, 17 Dec 2024 20:33:00 +0000

The workers’ union representing more than 10,000 Starbucks baristas said they have authorized a potential strike, ahead of this year’s final round of bargaining talks with the coffee giant on Tuesday.

Japan’s Honda and Nissan to begin merger talks, Nikkei reports

Reuters — Tue, 17 Dec 2024 19:43:00 +0000

Japanese auto giants Honda Motor and Nissan Motor will start negotiations to merge as they face growing competition from bigger global electric vehicle makers, the Nikkei newspaper reported on Tuesday.

Gov. Josh Green’s state budget accounts for tax cuts, fire settlement

Dan Nakaso — Tue, 17 Dec 2024 10:06:00 +0000

Gov. Josh Green has unveiled his proposed state budget for the next two fiscal years, which accounts for record tax cuts for residents that begin in January, the state’s $800 million share of a proposed $4.037 billion settlement to settle lawsuits in the aftermath of the 2023 Maui wildfires and includes likely raises for unionized workers.

On the Move: Dec. 17

None — Tue, 17 Dec 2024 10:05:00 +0000

Anthology Finn Partners has announced the following promotions and new hire:

Pohoiki Bay dredging projected to begin in February

None — Tue, 17 Dec 2024 10:05:00 +0000

Puna residents and lawmakers are eager to get boats back in the water when the Pohoiki Boat Ramp reopens in late 2025.

TikTok turns to Supreme Court in last-ditch bid to avert ban

Reuters — Mon, 16 Dec 2024 20:50:00 +0000

WASHINGTON >> TikTok made a last-ditch effort today to continue operating in the United States, asking the Supreme Court to temporarily block a law intended to force ByteDance, its China-based parent company, to divest the short-video app by Jan. 19 or face a ban.

Bitcoin rallies past $107,000, hopes grow for strategic reserve

Reuters — Mon, 16 Dec 2024 18:30:00 +0000

Bitcoin’s record rally topped $107,000 today after President-elect Donald Trump reiterated that he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

Trump, SoftBank CEO announce $100 billion U.S. investment

Reuters — Mon, 16 Dec 2024 17:30:00 +0000

PALM BEACH, Florida >> President-elect Donald Trump, with SoftBank Group CEO Masayoshi Son at his side, announced today that SoftBank would invest $100 billion in the U.S. over the next four years in what would be a boost to the U.S. economy.

Trump team eyes reversal of Biden EV, emissions policies

Reuters — Mon, 16 Dec 2024 16:30:00 +0000

Incoming President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and to strengthen measures blocking cars, components and battery materials from China, according to a document seen by Reuters.

Lamborghini delays first EV launch to 2029 as market not ready

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

SANT’AGATA BOLOGNESE, Italy>> Italy’s Lamborghini will always make cars in Italy as it plans to launch its first electric model only in 2029, amid a market for luxury sports cars that is not ripe for full electrification, CEO Stephan Winkelmann said today.

UH partnership will target disparities in cancer outcomes

Allison Schaefers — Mon, 16 Dec 2024 10:06:00 +0000

The University of Hawaii Cancer Center and the John A. Burns School of Medicine today are launching a historic partnership called Ka ‘Umeke Lama, which aims to erase the disparities that affect cancer outcomes and ensure all people have access to high-quality cancer care, regardless of background or geography.

On the Move: Kainoa Casco

None — Mon, 16 Dec 2024 10:04:00 +0000

Maui Land &Pineapple Co. has named Kainoa Casco vice president of land productivity and asset management. Casco joins with more than 15 years’ experience in sustainability, renewable energy and responsible development.

Queen’s plans new hospital in Kailua-Kona with helipad, housing

Dan Nakaso — Sun, 15 Dec 2024 10:06:00 +0000

The Queen’s Health Systems plans to build an 80-bed hospital next to the Kailua-Kona Costco on Hawaii island that would include a helipad to cut travel time to its trauma center on Oahu and, critically, construct adjacent, below-market-rate housing to recruit and retain some of the estimated 300 hospital staff, nurses and doctors.

On the Move: Michelle Bartell and Anahita Mostafavi

Michelle Ramos — Sun, 15 Dec 2024 10:04:00 +0000

Aloha United Way has named Michelle Bartell its new chief executive officer effective Jan. 1. Bartell currently serves as senior vice president and director of community advancement, and will succeed CEO John Fink, who will retire.

Hale Moiliili high-rise to offer Hawaiian Home Lands’ housing

Victoria Budiono — Sat, 14 Dec 2024 10:05:00 +0000

Construction has begun on Hale Moiliili, a high-rise rental apartment complex that will be the state’s only affordable housing project exclusively serving beneficiaries of the Department of Hawaiian Home Lands.

Canada says it will respond robustly if U.S. imposes tariffs

Reuters — Fri, 13 Dec 2024 23:45:00 +0000

TORONTO >> Ottawa and the provinces will respond robustly if the incoming U.S. administration goes ahead with a promise to impose tariffs on imports from Canada, Finance Minister Chrystia Freeland said today.

T-Mobile announces $14B share buyback program

Reuters — Fri, 13 Dec 2024 20:40:00 +0000

U.S. wireless carrier T-Mobile said today it would buy back as much as $14 billion worth of shares by 2025 end as part of its previously stated plan to return up to $50 billion over the next three years to shareholders.

Poll: Americans sour on tariffs tied to rising inflation

Reuters — Fri, 13 Dec 2024 16:05:00 +0000

WASHINGTON >> Americans don’t think import tariffs are a good idea if they lead to higher prices and are skeptical they would help U.S. workers, a Reuters/Ipsos poll found, underscoring the political risks to President-elect Donald Trump’s plan to impose heavy fees on goods from China, Mexico and other nations.

Trump team seeks to scrap crash reporting rule Tesla opposes

Reuters — Fri, 13 Dec 2024 16:00:00 +0000

The Trump transition team wants the incoming administration to drop a car-crash reporting requirement opposed by Elon Musk’s Tesla, according to a document seen by Reuters, a move that could cripple the government’s ability to investigate and regulate the safety of vehicles with automated-driving systems.

Costco tops quarterly sales, profit estimates on steady demand

Reuters — Fri, 13 Dec 2024 12:00:00 +0000

Costco Wholesale beat first-quarter revenue and profit expectations on Thursday as its bulk and discounted offerings, appealing to budget-conscious American shoppers, drove early holiday-season sales growth for the membership-only retailer.

Honolulu City Council approves seizure of Queen Theater

Ian Bauer — Fri, 13 Dec 2024 10:06:00 +0000

The Queen Theater, once an iconic, 1930s-era landmark in the heart of Kaimuki that over the decades would attract illicit and illegal activities, public complaints and vagrants, is now on track to be a city-owned property.

New Honolulu facility offers interim housing, services to families

Victoria Budiono — Fri, 13 Dec 2024 10:05:00 +0000

Family Promise of Hawaii officially unveiled Thursday its new facility on Young Street, designed to provide both emergency shelter and comprehensive support services for families experiencing homelessness.

On the Move: Amy Nguyen-Chyung

Michelle Ramos — Fri, 13 Dec 2024 10:05:00 +0000

Hawaii Pacific University has named Amy Nguyen-Chyung the next dean of the College of Business effective in July; she currently serves as a consultant at the university prior to her tenure as dean. Nguyen- Chyung was previously faculty co-director of the Institute for the Global Entrepreneur at the University of California San Diego and assistant professor of strategy at the University of Michigan’s Ross School of Business. She has more than 15 years of experience in consulting and international finance and investments.

Elon Musk’s net worth tops $400B amid Tesla, SpaceX surges

Reuters — Thu, 12 Dec 2024 23:20:00 +0000

Tesla CEO Elon Musk’s net worth crossed $400 billion today, the Forbes real-time billionaires list showed, boosted by a nearly 71% surge in the automaker’s shares this year and the soaring valuation of his rocket company SpaceX.

Wall Street closes lower as investors assess data

Reuters — Thu, 12 Dec 2024 23:00:00 +0000

NEW YORK >> Wall Street pulled back today as investors evaluated key economic indicators ahead of the Federal Reserve’s meeting next week.

30-year mortgage rate hits lowest level in nearly 2 months

Reuters — Thu, 12 Dec 2024 18:30:00 +0000

WASHINGTON >> Mortgage rates dropped to the lowest level in nearly two months this week, a trend that if sustained could boost home sales in the coming months.

Honolulu City Council postpones empty-homes tax bill

Ian Bauer — Thu, 12 Dec 2024 10:05:00 +0000

An empty-homes tax meant to penalize real-property owners who leave their Oahu residences vacant for extended periods of time was formally deferred Wednesday evening by the Honolulu City Council.

On the Move: George C.K. Leong

Michelle Ramos — Thu, 12 Dec 2024 10:04:00 +0000

First Hawaiian Bank has named George C.K. Leong senior vice president and division manager for the bank’s commercial real estate division. Leong joined the bank in 2005 as vice president of the bank’s commercial real estate division. His more than 30 years’ experience in banking and lending include 27 years in commercial real estate lending.

Albertsons sues Kroger for billions after merger bid ends

Reuters — Wed, 11 Dec 2024 22:06:00 +0000

Albertsons terminated its $25 billion bid to merge with Kroger today after courts blocked the deal then sued Kroger, alleging a breach of contract that led to the deal’s demise.

U.S. consumer prices post biggest rise in seven months

Reuters — Wed, 11 Dec 2024 20:00:00 +0000

WASHINGTON >> U.S. consumer prices increased in November by the most in seven months, but the Federal Reserve was still expected to deliver a third consecutive interest rate cut next week to support a labor market that has been cooling.

Facebook, Instagram down for thousands of users

Reuters — Wed, 11 Dec 2024 18:40:00 +0000

Meta’s Facebook and Instagram were down for thousands of users across the United States today, according to outage tracking website Downdetector.com.