Hoku’s solar plant gets power reprieve
BOISE, Idaho » The lights will stay on at Hoku Corp.’s plant in Pocatello, at least for now.
Idaho Power Co. had threatened to shut off electricity after the Honolulu-based polysilicon maker missed a $1.9 million payment in November because of cash problems.
But Idaho Public Utilities commissioners set a schedule Tuesday to hear the dispute, with arguments set for Tuesday or Jan. 11.
And as long as the case is unresolved, regulators say Idaho Power cannot shut off electricity to Hoku.
Hoku has warned that losing power in the middle of a freezing winter could jeopardize just-completed facilities at its new $390 million Pocatello plant.
Idaho Power says allowing Hoku to continue to receive electricity without paying its bills puts the utility at risk of losing millions in the deal.
Manufacturing growth hits 6-month peak
WASHINGTON » Manufacturing grew in December at the fastest pace in six months, and hiring at U.S. factories picked up.
The data helped bolster the view that the economy gained momentum at the end of last year.
The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its manufacturing index rose to 53.9 from 52.7 in November. Readings above 50 indicate expansion.
Manufacturing grew in the U.S. in December, as well as in China and India, two of the world’s largest economies.
November construction spending up 1.2%
WASHINGTON » Construction spending jumped in November as builders spent more on single-family homes, apartments and remodeling projects.
The Commerce Department said Tuesday that spending on construction projects rose 1.2 percent in November, following a revised 0.2 percent drop in October.
The increase was the largest since a 2.2 percent rise in August.
The November increase pushed spending to a seasonally adjusted annual rate of $807.1 billion, still barely half the $1.5 trillion that economists consider healthy. Analysts say it could be four years before construction returns to healthy levels.
Fed interest rate forecasts go quarterly
WASHINGTON » In a major shift, the Federal Reserve will start updating the public four times a year on how long it plans to keep short-term interest rates at record lows, according to minutes from its December policy meeting.
The first forecast will be included in the central bank’s economic projections after its Jan. 24-25 meeting, the minutes said.
The change marks the Fed’s latest move to make its communications more open and explicit. It could help assure investors, companies and consumers that rates won’t rise before a specific time.
Starbucks increases prices in some states
NEW YORK » Starbucks said Tuesday that it is raising some prices regionally as it faces rising ingredient costs.
The Seattle-based coffee chain is raising prices about 1 percent overall in the Northeast and Sunbelt regions. It wouldn’t disclose all the states where it is raising prices, but the regions include New York; Washington, D.C.; and most Southern states.
The company said prices won’t rise in California or Florida.
Other cities where it will raise prices include Boston, Atlanta, Dallas and Albuquerque, N.M.
Former Brookstone CEO will join Sears
NEW YORK » Sears Holdings Corp.’s CEO says he’s looking to former Brookstone head Ron Boire as its new chief merchandising officer to help meld the store experience with online and mobile shopping.
The struggling company, which on Thursday named 79 of the 100 to 120 stores that it plans to close, said Tuesday that Boire will lead merchandising and retail for both the Sears and Kmart brands.
Boire officially starts next week.
Boire, whose resume also includes stints at Best Buy and Toys R Us, became president and CEO of Brookstone, which sells entertainment, travel, wellness and other electronics and gadgets, in October 2009.
ON THE MOVE
Hawaii Health Systems Corp. Oahu region has announced the appointment of Amy Yasunaga as chief nurse executive. She will oversee the nursing services departments at Maluhia and Leahi Hospital. Yasunaga has 33 years of nursing and health care experience, including as a family nurse practitioner at the state Department of Public Safety and program manager of the Department of Health Statewide Sexual Assault Program.
The USS Missouri Memorial Association has announced Steve Colon as a member of its board of directors, which oversees the association’s mission to create and maintain a memorial to the people and events that reflects our nation’s legacy. Currently, Colon is the president at Hunt Development Group LLC’s Hawaii Division.
Hawaiian Airlines has generated a $140,000 donation for the American Diabetes Association Hawaii. The donations were raised during the "2011 Step Out Walk to Fight Diabetes." The total amount raised by the 2011 walk was $535,000.
