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Business news is moving!
Aloha,
Starting today, November 9, 2012, all Business news will be move to The Beat blog at http://hawaii.news.blogs.civilbeat.com/.
Thank you for following this blog and we hope to see you on The Beat!
Mahalo,
Your Team at Civil Beat
Commune Hotels & Resorts seeks to expand to Hawaii
Commune Hotels & Resorts is looking to expand its luxury boutique hotel brand into a number of key markets around the world, including Hawaii.
Commune Hotels' Co-Chairman John Pritzker, son of the late Hyatt Hotels Corp. (NYSE: H) founder Jay Pritzker, has hired Niki Leondakis as the CEO who will lead the expansion of the company's 46-hotel portfolio into Hawaii, London, New York, Chicago, Miami, Seattle, Cabo San Lucas in Mexico and Palo Alto, Calif.
— Pacific Business News
Hawaiian Telcom reports lower Q3 earnings
Hawaiian Telcom Holdco Inc. reported a third-quarter profit of $5.6 million, or 52 cents per diluted share, compared to $7.4 million, or 68 cents per diluted share, in the third quarter of 2011.
Honolulu-based Hawaiian Telcom Holdco (Nasdaq: HCOM) attributed the lower earnings to a $1 million depreciation and amortization because of investments to its broadband network.
— Pacific Business News
Wikipedia buzz predicts blockbuster movies' takings weeks before release
Patterns of activity on Wikipedia can predict the opening box office takings of blockbuster movies a month before they are released, according to scientists.
Taha Yasseri, a physicist at the Budapest University of Technology and Economics, has created a mathematical model that takes into account data such as the number of readers and editors for the Wikipedia page of an upcoming movie and shown that it correlates with takings on the film's opening weekend.
— The Guardian
Netflix takes poison pill to ward off Icahn takeover
The board of film rental firm Netflix has adopted a "poison pill" strategy to ward off a potential hostile takeover bid by activist investor Carl Icahn.
The shareholder rights plan would flood the market with newly issued shares if anyone buys more than 10% of the firm.
— BBC
EPA Cites Hyundai, Kia For Inflating Gas Mileage On 900,000 Cars
If you bought a Hyundai or Kia over the past three years, you could soon be getting some money back from the two automakers.
The Environmental Protection Agency says the South Korean carmakers, owned by the same parent company, overstated the gas mileage on 900,000 vehicles over the past three years. The EPA discovered the bloated figures during an audit of gas mileage tests undertaken by the companies. The agency said last week it was investigating how the carmakers arrived at the numbers.
— NPR
Kaiser Permanente Hawaii seeks 5.3% rate increase for 2013
Kaiser Permanente Hawaii has asked the State Insurance Division for approval to raise rates by 5.3 percent on Jan. 1 for more than 150,000 members, which would affect more than 5,000 businesses.
The Honolulu Star-Advertiser reports Kaiser, which says the increases are needed to cover rising medical costs, is also proposing an increase of 9.1 percent in premiums for more than 14,000 individuals.
— Pacific Business News
Hawaii plans to put solar power on state's public schools within five years
The Hawaii Department of Education plans to choose a solar vendor by the end of this school year to install photovoltaic systems at all 256 public schools in the state over a five-year period.
The Honolulu Star-Advertiser reports the state plans to sign a 20-year master power-purchase agreement with a vendor that would allow the Department of Education to purchased the electricity generated by the solar energy systems at a reduced rate. The newspaper reports the department has already met with the Hawaii Public Utilities Commission to discuss the plan and plans to talk with Hawaiian Electric Co. (NYSE: HE) soon.
— Pacific Business News
Fed Says Banks Saw Rising Demand for Auto and Real-Estate Loans
Banks in the U.S. reported stronger demand for auto loans and commercial and residential mortgages during the third quarter, according to a Federal Reserve survey.
The Fed described the share of banks reporting increased demand as “significant.” Demand for most other loan types was “about unchanged,” the Fed said today in Washington in its quarterly survey of senior loan officers.
— Bloomberg
Hawaii visitor spending up 16% in September, but arrivals growth slows
Total spending by visitors to Hawaii rose 16 percent in September to $1.1 billion, and was nearly 20 percent higher for the first nine months of the year compared to the same period in 2011, the Hawaii Tourism Authority said Tuesday.
Hawaii visitors spent a total of $10.7 billion from January through September, compared to $8.9 billion during the same period in 2011, an increase of 19.5 percent, the HTA said.
— Pacific Business News
Apple ousts two top execs over missteps
In the biggest management shake-up since Tim Cook took the helm, Apple has ousted two top executives blamed for a pair of embarrassing missteps.
Apple Inc. said Scott Forstall, its longtime executive and a protege of co-founder Steve Jobs, was leaving the company. As head of the mobile software division, Forstall oversaw the iOS operating system that runs the best-selling iPhone andiPad that together account for the bulk of Apple's sales.
— Los Angeles Times
Personal Spending, Income Up In September
Americans increased their spending in September at twice the rate that their income grew, a sign of confidence in the economy. Still, consumers made up the difference by saving less for a third straight month, a troubling trend.
The Commerce Department said Monday that consumer spending increased 0.8 percent in September from August. That followed a 0.5 percent gain in August and was the best showing since February.
— NPR
Hawaiian Telcom Holdco stock restrictions expire
Hawaiian Telcom Holdco, Inc. said Monday that restrictions on trading its common stock that went into effect in April expired on Sunday.
Honolulu-based Hawaiian Telcom Holdco (Nasdaq: HCOM) said the trading restrictions, which expired on Sunday — the second anniversary of the company's emergence from Chapter 11 bankruptcy — had been in place to avoid potentially adverse tax consequences.
— Pacific Business News
Competing With Apple, Google Announces Three New Devices
Small, medium and large. That's basically what Google announced today: That they will now offer touch-screen devices in three different sizes.
Like Apple — which has the iPhone, the iPad Mini and the iPad — Google now has the Nexus 4, Nexus 7 and Nexus 10.
The 4 is a smartphone, the 7 is a medium-size tablet and the 10 is a large tablet.
— NPR
Supreme Court to consider copyrights, resales
Supap Kirtsaeng came to the United States from Thailand to attend Cornell and pursue a doctorate in mathematics from the University of Southern California. He developed a strong entrepreneurial streak along the way.
Discovering how expensive textbooks were in his new land, and how relatively cheaply one could buy essentially the same book back home, Kirtsaeng went into business to support his life in the States.
— The Washington Post
New York stock markets close as insurers calculate hurricane damage
Hurricane Sandy has closed New York's stock markets as the city prepares for the worst – but although finance chiefs may be sitting it out at home they are already trying to calculate the costs.
The storm is sweeping across a densely populated areas of the country, an area that accounts for 20% of the US population, some of its largest business hubs and much of its most expensive real estate.
— The Guardian
Courier loses bag containing Hawaii business, individual tax documents on Big Island
A contracted courier recently lost a bag containing tax documents filed by businesses and individuals on the Big Island that was supposed to be delivered to Hilo Airport for a flight to Honolulu, Hawaii Department of Taxation officials said.
The Hawaii Tribune Herald reports the bag, which was lost on Oct. 4 from a truck operated by Security Armored Car & Courier Service of Hawaii, contained about 75 documents including check payments, business license and cancellation forms, general excise tax forms and individual tax returns.
— Pacific Business News