Orders for durable goods plummet
PIXABAY
The Commerce Department said Friday that orders for durable goods — items meant to last at least three years — reversed a sharp gain in such orders in June.
WASHINGTON >> Orders for long-lasting manufactured goods sank 6.8 percent in July, the biggest fall in nearly three years, led by a drop in the volatile category of civilian aircraft. But a gauge of business investment rose last month.
The Commerce Department said Friday that orders for durable goods — items meant to last at least three years — reversed a sharp gain in such orders in June.
The numbers were warped by a 19 percent drop in orders for transportation equipment, a category that bounces wildly from month to month. Specifically, orders for civilian aircraft tumbled 70.7 percent in July — payback for a 129.3 percent surge in June. Excluding transportation, orders rose a solid 0.5 percent last month.
Economists had expected orders to drop after the big gain in June. Overall, American industry continues to look mostly solid. Manufacturers have rebounded from a slump in late 2015 and early 2016 caused by cutbacks in the energy industry and a strong dollar that makes U.S. goods costlier overseas.
Apple shuts out Iranian mobile apps
TEHRAN, Iran >> Apple Inc. has removed all Iranian mobile apps from its App Store, authorities said Friday.
Ali Maleki, who works for Iran’s biggest e-commerce site, Digikala, said the apps were shut down around 10 days ago. He said Digikala’s app was removed “based on the new type of sanctions which were imposed against Iran.”
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ON THE MOVE
First Hawaiian Bank has appointed the following vice presidents:
>> Ashley Ito is the new vice president and commercial real estate loan documentation manager in the Commercial Loan Center. Ito was an attorney for Watanabe Ing LLP where she practiced in the areas of commercial and residential loan documentation and commercial real estate leasing and sales.
>> Kevin Bourgeois is the new vice president for the Data Management Department Enterprise Technology Division. Bourgeois has more than 20 years in financial services and 25 years of information technology experience.
>> Jodene Arakaki has rejoined the bank as a vice president and compliance officer for the Trust Compliance Department. She was previously a wealth-planning adviser for First Hawaiian Wealth Advisory Division. Prior to the bank, she was an attorney in the Tax, Trust and Estates, and Employee Benefits departments at Cades Schutte LLP.
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