Texas firm buys isle mamaki tea producer
Mamaki of Hawaii Inc., owner and operator of Wood Valley Plantation in Pahala, Hawaii island, has been purchased by Texas-based UMED Holdings Inc.
Mamaki is a plant used by Native Hawaiians to make tea with healing properties.
Wood Valley Plantation is located above the 2,000-foot elevation in the Kau district and produces award-winning coffee as well as mamaki. The mamaki operation is being expanded to help meet anticipated demand, the company said in a statement.
UMED Holdings has interests in energy, agricultural operations, precious metals exploration, software and aircraft maintenance, and is traded over-the-counter.
Change of venue for free Miyazaki film
The location for the "Film and Food: Pop-Up in the Park" event, scheduled for 5 to 10 p.m. Oct. 13, as well as the screening of "Spirited Away" by Hayao Miyazaki, has been changed to Kakaako Makai Gateway Park.
In announcing the change, organizers said the cleanup of Mother Waldron Park, the original location, still would proceed from 9 to 11 a.m. today.
California gasoline prices move upward
LOS ANGELES » Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon in some areas, ending a week of soaring costs that saw some stations close and others charge record prices.
The average price of regular gas across the state was nearly $4.49 a gallon, the highest in the nation, according to AAA’s Daily Fuel Gauge report.
In Southern California, the price jumped 20 cents a gallon overnight to $4.53 in Ventura. And in the Los Angeles-Long Beach area, prices went up 19 cents to nearly $4.54. It wasn’t any better to the north, as a gallon of regular in San Francisco averaged nearly $4.60.
CBO tallies 2012 deficit at $1.1 trillion
WASHINGTON » A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion-dollar deficits on President Barack Obama’s watch.
The result was a slight, $207 billion improvement from the 2011 deficit of $1.3 trillion.
The bleak figures from the Congressional Budget Office, while expected, add fodder for the heated presidential campaign, in which Obama’s handling of the economy and the budget is a main topic. Friday’s release came as the government announced that the unemployment rate dropped to 7.8 percent last month, matching the rate when Obama took office.
U.S. consumer credit up $18.1B in August
WASHINGTON » Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt.
Total consumer borrowing increased $18.1 billion in August compared to July, the Federal Reserve reported Friday. In July, consumer borrowing had fallen for the first time in nearly a year.
The rebound in August along with a separate report that showed the nation’s unemployment rate dropped to 7.8 percent in September were viewed as encouraging signs for the economy.
Avon Products chairman to step down
NEW YORK » Beauty products seller Avon Products said Friday that its chairman and former CEO Andrea Jung will step down at the end of the year, ending her 18-year tenure at the company.
Jung will be replaced as chairman by lead director Fred Hassan. Hassan joined the board in 1999 and has served as lead independent director since 2009. He is a managing partner at private equity firm Warburg Pincus and a former CEO of pharmaceutical company Schering-Plough Corp.
Jung will continue to be an adviser to the board. She joined Avon in 1994 and became the first female CEO for the 126-year-old company in 1999. She came under fire for failing to stem the company’s declines and wrap up a bribery investigation.
Feds study Ford Escape throttle problems
DETROIT » U.S. safety regulators are looking into throttle problems in older Ford Escapes at the request of a consumer group.
The nonprofit North Carolina Consumers Council has asked federal regulators to investigate two complaints from drivers who say the small SUV stalled or surged forward.
The government will look at 1.6 million Escapes from the 2005 to 2012 model years. If the National Highway Traffic Safety Administration decides to launch a formal investigation, it could lead to a recall of some of the popular SUVs.
Campbell gave new CEO $7.4M pay package
NEW YORK » Campbell Soup CEO Denise Morrison, who is looking to revive the company’s fortunes, was given a pay package worth $7.4 million for her first year on the job.
The world’s biggest soup maker gave Morrison a salary $950,000, stock awards worth $5.1 million and non-equity incentive pay of $1.2 million in fiscal 2012, according to a filing with the Securities and Exchange Commission Friday.
The balance of Morrison’s deal came from items such as retirement plan contributions and disability benefit premiums.
The pay package is less than the $10.2 million Campbell Soup Co. gave former CEO Douglas Conant in fiscal 2011.
ON THE MOVE
Mobi PCS has named Mark Woelfel as chief financial officer. He was previously the firm’s director of financial planning and analysis as well as served as a chief financial officer for the Sycuan Band of Kumeyaay Nation, which is a Native American tribe in California that owns hotels, a casino and other investments.
Hawaii Prince Hotel Waikiki and Golf Club has promoted Robert Coburn to front office manager from hotel assistant manager, which is a position he held since February 2012. Prior to joining the company, Coburn spent 14 years in Las Vegas working for Cosmopolitan of Las Vegas Hotel, Four Seasons Hotel Las Vegas, Red Rock Resort & Casino and Treasure Island Hotel & Casino. He also was an assistant guest service manager for Hyatt Regency Waikiki as well as worked for the Sheraton Waikiki Hotel and Halekulani.
Central Pacific Bank has promoted Marcella Stroh to senior vice president and senior commercial banking manager. She joined the bank in 1969 and served in various positions such as vice president and senior commercial banking officer, assistant vice president and relationship banking officer, branch manager and internal service coordinator.
