Hawaiian Telcom cleared of union charge
The National Labor Relations Board dismissed Wednesday an unfair labor practices charge filed by the union representing more than 700 workers at Hawaiian Telcom Inc.
The union, IBEW Local 1357, filed the charge in January, challenging the company’s decision to implement its final contract offer after the two sides reached an impasse in negotiations.
Union leaders said they were considering several options, including striking, organizing a work slowdown, appealing the decision and continuing to "work on a settlement offer."
"While we are disappointed with the decision, our goal of making sure we position the members to succeed is not done. We are meeting with our attorney and our international office to explore all of our options," according to a post on the union’s website.
The company issued a news release saying the dismissal of the charge was based on the NLRB’s determination that both sides had bargained in good faith. "Dialogue between the company and IBEW 1357 representatives is ongoing," the company said in a news release.
Economic growth slower than estimated
WASHINGTON » The U.S. economy was looking slightly weaker Thursday, ahead of today’s critical report on May job growth.
Economic growth was a little slower in the first three months of the year than first estimated, largely because governments and consumers spent less and businesses restocked their supplies more slowly.
The number of people who applied for unemployment benefits rose to a five-week high last week. And a survey of private companies showed only modest hiring gains last month.
Retail sector gains might not last for long
NEW YORK » Americans loosened their purse strings in May, but it may have been a temporary splurge.
Some major retailers, including Target and Macy’s, posted sales increases Thursday that beat Wall Street estimates as shoppers were lured in by Mother’s Day promotions and colorful new styles of clothing. The gains followed a dismal showing from the month before.
Still, it might not be time to celebrate just yet. Revenue growth remains slower than earlier in the year, and worries about the global economy are starting to escalate again.
Wary investors run to safety of U.S. bonds
NEW YORK » Investors stampeded into U.S. government bonds Thursday, driving the interest rate on the 10-year Treasury note as low as 1.54 percent, a record.
People were fearful that the U.S. economy might be hitting the skids at the same time as Europe is falling apart and the economies of China and India are slowing. When investors want to protect their portfolios, they tend to plow money into U.S. government bonds, which are considered among the safest in the world because they are less likely to lose value and are easily tradable.
The previous record low of 1.55 percent was set in November 1945. That was just after the end of World War II, when government price controls kept interest rates artificially low to preserve financial stability.
Eurozone’s structure flimsy, banker opines
FRANKFURT, Germany » The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis.
Mario Draghi said Thursday that the crisis had exposed the inadequacy of the financial and economic framework set up for the euro monetary union launched in 1999.
Draghi said the central bank had done what it could to fight the 21⁄2-year-old debt crisis by reducing interest rates and giving 1 trillion euros ($1.2 trillion) in emergency loans to banks.
But it was now up to governments to chart a course ahead by reducing deficits, carrying out sweeping reforms to spur growth and strengthening the euro’s basic institutions.
ON THE MOVE
» Rehabilitation Hospital of the Pacific Foundation has named Jean Nakanishi its new executive director. She started as an assistant executive director at REHAB Foundation in April 2011. Nakanishi has 18 years of experience in management, marketing and operations and was previously vice president of Riggs Distributing and exclusive distributor of Sub-Zero and Wolf appliances.
» Kaiser Permanente Hawaii has named Maria Borje-Bonkowski its new regional compliance officer. She has 15 years of health care experience, including as director of Health Plan Regulatory Service.
» The Hawaii Knights of Columbus have announced their officers for fiscal year 2012-2013: Michael P. Victorino, state deputy; Steve Lopez, state secretary; Deacon Ed Vargas, state treasurer; Robert Allen, state advocate; and Michael Akana, state warden.
SHIP AHOY!
Today’s ship arrivals and departures:
Honolulu Harbor
Agent |
Vessel |
From |
ETA |
ETD |
Berth |
Destination |
HL |
Horizon Reliance |
— |
— |
1:30 a.m. |
51A |
Los Angeles |
ISS |
JRS Canis |
— |
— |
5 a.m. |
1B |
Japan |