Dow eclipses 12,000
The Dow Jones industrial average closed above 12,000 for the first time in 2 1/2 years yesterday, putting the Great Recession even farther in the rearview mirror and erasing most of the damage it inflicted on tens of millions of retirement accounts. The Standard & Poor’s 500 index closed above 1,300 for the first time since Aug. 28, 2008. The remarkable run for stocks began on March 9, 2009, when the Dow stood at 6,547, its lowest point in 12 years.
HECO seeks local biodiesel producer
Hawaiian Electric Co. is seeking a company to supply locally produced biodiesel to power its recently completed 110-megawatt generating station in Campbell Industrial Park.
The request for proposals says HECO prefers locally produced biodiesel, but if it isn’t available in sufficient quantities, the utility said it would accept biodiesel produced on the mainland or a mix of the two.
The contract is for 3 million to 7 million gallons of biodiesel a year over a three-year period. The contract will replace a two-year deal with an Iowa-based supplier of biodiesel made from waste animal fat. That contract that expires in July 2012.
The Campbell plant is the largest commercial power plant in the world powered exclusively by biodiesel, according to HECO.
Included in the RFP is a request to supply 250,000 additional gallons per year for the 8-megawatt Honolulu International Airport Emergency Power Facility, which is projected to be in service in summer of 2012.
HVCB is named Marketer of the Year
The Hawaii Chapter of the American Marketing Association has named the Hawaii Visitors and Convention Bureau its 34th "Hawaii Marketer of the Year," and will honor its accomplishments at an annual luncheon April 19 at the Hawai’i Convention Center.
HVCB will be honored for stabilizing and regaining the visitor industry’s momentum with its 2010 North American Consumer Marketing Campaign.
Additionally, Hawaiian Airlines’ launch of its new service to Tokyo’s Haneda International Airport won the award for Best Marketing of a New Product or Service; Outrigger’s One Million Hawaiian Miles Sweepstakes won for Best E-marketing; and the Best Nonprofit Marketing Award will be presented to the Hawaii Meth Project.
U.S. auto sales are off to a good start
DETROIT » Americans gave automakers a confidence boost in January. They bought more cars and trucks and showed a still-fragile auto industry that they were ready to replace their clunkers in 2011.
Sales of cars and light trucks in the United States rose 17 percent from a year earlier to 819,895.
That’s still below the 1 million sold in January 2008, before most people felt the impact of the recession, but better than the last two years, when January sales fell below 700,000.
Nearly all big car companies reported double-digit gains for the month, a sign that the slow recovery in U.S. auto sales that began in 2010 remains on track. While the recovery could falter if turmoil in the Middle East pushes up gas prices or unemployment stays high, the industry was happy with what it saw last month.
On the Move
Damon Key Leong Kupchak Hastert has hired Steven Gray as an associate. He was previously a summer associate for Damon Key, legal intern at Federal Signal and legal extern at Native Hawaiian Hospitality Association.
The Kahala Hotel & Resort has promoted James Kareka to director of sales. He has 20 years of travel industry experience and was previously a vice president of global sales for Casto.
Coldwell Banker Pacific Properties has announced the following:
» Sally Palafox as Realtor-associate. She has five years of real estate experience and has been a schoolteacher.
» Candace Chang as Realtor-associate. She was previously a volunteer driver for Hawaii Meals on Wheels for five years.
Big Island Carbon has announced the following:
» Chuck Sharkey as vice president of business development. His experience includes executive and consulting roles in a variety of organizations.
» Arnie Aistars as director of marketing and product management. He has 14 years’ experience in sales and marketing of specialty chemicals and scientific equipment.