Laird Hamilton sells Maui home for $2.4M

Big-wave surfer Laird Hamilton and his wife, professional volleyball player Gabrielle Reece, have sold their home on Maui for $2.4 million.

The fully furnished, 6,400-square-foot house is situated on a bluff in Haiku overlooking the ocean near the famed Peahi surf break, according to a Realtor’s listing. The home includes a fitness center, a 1,000-square-foot wraparound lanai and a 1,764 square-foot garage that can accommodate six vehicles and several watercraft. Hamilton and Reece built the home on a 10-acre parcel in 2004. The sale to an undisclosed buyer closed on Sept. 23. The asking price was $2.75 million.

HMAA expands beyond health services

The Hawaii Medical Assurance Association has created a new division, Business Alliance Hawaii, to offer suites of non-health-related services to small- and midsize businesses.

The three initial services offered are pay-as-you go workers’ compensation coverage, coverage for identity theft and legal protection, and an information technology security service.

The expanded services are part of a result of an agreement with Ceridian Corp. signed in March and reflect partnerships with other companies doing business in Hawaii, including HEMIC, ID Theft Solutions and SuperGeeks.

Mobi boosts network coverage on Maui

Mobi PCS has activated a new cellular site on Maui that will enhance its network coverage in the Paia area.

The coverage area extends throughout Paia town and Spreckelsville, along Hana Highway between Kahului Airport and Haiku, as well as on Baldwin Avenue toward Makawao, the company said Friday in a news release.

The network enhancements allow Mobi customers to use their unlimited voice and data services with fewer dropped calls and clearer indoor and outdoor reception, according to the company.

Disney CEO to retain post until March 2015

LOS ANGELES » Disney CEO Robert Iger will remain in his job through March 2015 and then serve as executive chairman for another 15 months to help break in a new chief executive, the company said Friday.

The definite end to what will be a decadelong tenure suggests the eventual promotion of one of his two closest lieutenants, either Jay Rasulo, 55, the chief financial officer, or Tom Staggs, 50, chairman of the parks division. The two veteran executives swapped jobs in late 2009 in a move that groomed both to take over one day.

Iger, 60, took the reins of the Walt Disney Co. in September 2005 after the tumultuous ouster of Michael Eisner following a shareholder revolt led by Roy Disney, the late nephew of the company’s founder.

GM delays second shift at Volt plant

DETROIT » General Motors says it is delaying plans to add a second shift at the factory that makes its Chevrolet Volt electric cars.

The company says it has found ways to make one shift more efficient and produce the same number of cars as two shifts. Spokesman Chris Lee says GM still will add 300 workers at the Detroit-Hamtramck plant — but not a second shift — by the end of this year to make more Volts.

GM will not add a second shift until late 2012 as the plant starts building the 2013 Chevrolet Malibu midsize sedan.

GM says demand for the Volt still is strong and it’s sticking with plans to build 60,000 next year. That number includes the Opel Ampera, a version of the Volt to be sold in Europe.

Wholesale inventories rise for 20th month

WASHINGTON » Wholesale businesses increased their stockpiles of autos, computer equipment and heavy machinery in August, boosting inventories for a 20th straight month as their sales rose at the fastest pace in five months.

The combination of rising sales and inventories should be a good sign for future factory output.

The Commerce Department said Friday that wholesale inventories rose 0.4 percent in August after a 0.8 percent July gain. Sales were up 1 percent, the best showing since a 3 percent rise in March.

The stronger sales gain was an encouraging sign after a slowdown that had raised concerns about whether the economy could be in danger of toppling into a recession. Economists expect overall economic growth to post a modest rebound in the second half of this year.

Sprint will drop Clearwire compatibility

NEW YORK » Sprint Nextel Corp. said Friday that it will stop selling phones and other devices compatible with Clearwire Corp.’s current network at the end of next year, after it switches on its own higher-speed, fourth-generation data network. Sprint is Clearwire’s largest customer and majority owner but does not control it. Phones labeled “Sprint 4G” use Clearwire’s network today.

Economic uncertainty dampens borrowing

WASHINGTON » Consumers slashed their borrowing in August by the most in 16 months. The drop suggests many worried about taking on new debt while the economy slumped and the stock market fluctuated wildly.

Fewer people used their credit cards. And a measure of demand for auto and student loans fell. Total borrowing dropped $9.5 billion in August, the Federal Reserve said Friday. In July, borrowing increased $11.9 billion.

Americans have been struggling all year with high unemployment, meager pay raises and pricier good and gas. That has depressed consumer spending, which fuels 70 percent of economic growth.

ON THE MOVE

Swinerton Builders has announced Wendy Kaneyama is its new preconstruction manager. Her responsibilities include overseeing preconstruction efforts, acting as the main point of contact during preconstruction.

RevoluSun has named John Cheever as a Hawaii-based renewable energy developer. He was previously a member of the social studies faculty at Punahou School and a math teacher at Live Oak School in San Francisco.

J.D. Watumull has been elected to the board of trustees of the Urban Land Institute, an international organization headquartered in Washington, D.C. Watumull is the vice president of Watumull Properties, which is based in Honolulu.

The federal government has awarded $80,000 to Faith Action for Community Equity in Hawaii to provide a more comprehensive range of primary health care services. The funding from the U.S. Department of Health and Human Services will help FACE plan for development of a comprehensive primary care health center, the department said in a news release.