Business Briefs
PUC denies Young Bros. appeal
The state Public Utilities Commission has denied an appeal by interisland cargo carrier Young Bros. Ltd. to reverse a September ruling that granted Pasha Hawaii Transport Lines permission to carry cargo through the islands on a trial basis.
Young Bros. asked the PUC on Oct. 4 to reconsider the approval given to Pasha. The agency denied the request in an order issued yesterday.
The PUC in its ruling said Young Bros. failed to present new evidence or arguments, which is necessary for such appeals. The agency called the company’s appeal "nothing more than an improper attempt to relitigate the same issues and arguments that were raised by (Young Bros.) in its prior filings."
Pasha expects to launch interisland shipping of vehicles and other wheeled cargo by the end of the year, breaking into the regulated market previously served exclusively by Young Bros. The PUC is allowing the competition through Dec. 31, 2013, pending an analysis leading to a final determination that could terminate or extend the service.
Fed IDs firms that used crisis aid
WASHINGTON » The Federal Reserve revealed details yesterday of trillions of dollars in emergency aid it provided to U.S. and foreign banks during the financial crisis.
New documents show that the most loan and other aid for U.S. institutions over time went to Citigroup, followed by Merrill Lynch, Morgan Stanley, Bank of America, Bear Stearns, Goldman Sachs, JPMorgan Chase and Wells Fargo. Many of the individual loans they took were worth billions and had short durations, but were paid back and renewed many times.
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Merrill Lynch was later acquired by Bank of America, while Bear Stearns collapsed and was sold to JPMorgan.
The documents are a reminder of how crippled the financial system had become during the crisis and how much it’s recovered since. Banks earned $14 billion from July through September this year.
Economy ending year strongly
WASHINGTON » The economy is showing new life in the final months of the year. Factories are busier, construction spending is up and auto sales are rising.
A private trade group said U.S. factory output grew for the 16th straight month in November as auto sales rebounded and businesses invested more in industrial machinery.
The Institute for Supply Management said its index of manufacturing activity came in at 56.6 for November. Any reading above 50 indicates growth. At the depths of the recession, it was closer to 30. And a new survey by the Federal Reserve finds that almost all of the nation — 10 of its 12 regions — is growing economically.
In addition, the Commerce Department said spending rose in October for the second straight month, mostly because of a jump in spending on home improvement.
Cyber Monday sales top $1 billion
NEW YORK » Americans jumped on deals and promotions offered online on Cyber Monday, spending $1 billion and making it the busiest online shopping day ever, according to new data.
Research firm comScore Inc. says revenue rose 16 percent from a year ago to $1.03 billion on the Monday after Thanksgiving, the first one-day spending total above $1 billion ever.
Still, analysts cautioned that better results in stores and online during the busy Thanksgiving weekend don’t necessarily mean the whole holiday period will be strong. Shoppers might have just been lured by discounts, pulling forward sales from December.
ON THE MOVE
» Mobi PCS has named Robyn Ishikawa as product manager. Her experience includes manager, program-project management as well as carrier services coordinator for Sprint.
» The Hawaii Tourism Authority board of directors has announced the following vice chairman and committee assignments: Douglas Chang to serve as vice chairman. Administrative standing committee, Ron Williams, chairman; Kelvin Bloom, vice chairman; and Douglas Chang, member. Budget & audit standing committee, Vernon Char, chairman; Michael Kobayashi, vice chairman; and Kelvin Bloom and Patrick Fitzgerald, members. Marketing standing committee, Sharon Weiner, chairman; Leon Yoshida, vice chairman; and Douglas Chang and Kyoko Kimura, members. Strategic planning standing committee, Kyoko Kimura, chairman; Patricia Ewing, vice chairman; and Douglas Chang and Cha Thompson, members.
» Dck pacific construction has named Jocelyn Des Laurier as business development manager. Des Laurier was a sales executive for Oce North America and national accounts manager and market development executive at Eastman Kodak Co.