Honolulu to sell up to $925M in bonds
The City and County of Honolulu plans to sell up to $925 million in general obligation bonds next week to finance capital improvements and refinance debt.
The bonds will be offered to individual investors during a one-day retail order period on Oct. 24. An order period for institutional investors will follow on Oct. 25.
Several series of bonds will be issued in the sale, all of which will be exempt from Hawaii income taxes. Some of the series, however, will be subject to federal taxation, according to a news release from the city and county.
The bonds were authorized by the City Council on Sept. 12 but have not yet been rated by the ratings agencies. Bank of America Merrill Lynch will be the lead underwriter for the bond issue.
Confident consumers give retail sales a lift
WASHINGTON » Americans spent more money at retailers in September — a buying surge that reflected growing consumer confidence and the launch of the latest iPhone.
Retail sales jumped 1.1 percent last month, producing the best two months of sales in two years, according to figures released Monday by the Commerce Department.
The spike in spending could boost sluggish growth and help revitalize President Barack Obama’s campaign after a strong debate performance by challenger Mitt Romney.
The increase comes only 10 days after a report that unemployment fell to its lowest level since Obama took office. And it follows a survey last week by the University of Michigan that showed consumer confidence rose in early October to a five-year high.
Morgan Stanley sued over subprime loans
NEW YORK » The American Civil Liberties Union accused Morgan Stanley of violating civil rights laws by encouraging a lender to push more expensive and risky mortgages in black neighborhoods of Detroit.
The ACLU and others filed the lawsuit Monday on behalf of five homeowners who took out loans from New Century Mortgage Corp., a subprime lender that has since collapsed. Morgan Stanley said the allegations were "completely without merit."
The lawsuit claims Morgan Stanley pushed New Century to make the risky loans because Morgan made its profit at the start of the process and sold the loans before they could go bad.
Manufacturers aim to hire more veterans
WASHINGTON » Some of the nation’s leading manufacturing companies announced a new program Monday to help veterans gain the skills necessary to fill some of the estimated 600,000 high-tech manufacturing jobs that remain open because employers can’t find qualified applicants.
The manufacturers say the program will be initially offered in 10 cities. (Hawaii cities are not among them.)
The companies will work with local community and technology colleges to offer training and to put veterans on a fast track to obtaining certification in such areas as electronics, welding and machining.
The effort to hire more veterans will also involve working with employers. General Electric and Military Families at Syracuse University are developing a reference guide that employers can use to help them more effectively recruit and mentor veterans. The guide will be made available to those companies participating in efforts by the U.S. Chamber of Commerce and the White House to help 100,000 veterans and their spouses obtain work by 2014.
Business stockpiles grew 0.6% in August
WASHINGTON » U.S. companies restocked their shelves at a solid pace in August while sales rose for a second straight month. The combination of higher stockpiles and increased sales should help boost economic growth.
Business inventories grew 0.6 percent in August following a July gain of 0.8 percent that had been the strongest since January, the Commerce Department said Monday. Sales were up 0.5 percent in August following a 0.9 percent rise in July that followed a big drop in June.
Kindle customers entitled to credits
NEW YORK » Amazon has alerted its Kindle customers that they are entitled to a credit on prior electronic book purchases as part of settlements between some major e-book publishers and the government.
In September a federal judge approved the U.S. Justice Department’s settlement with Hachette, HarperCollins and Simon & Schuster, which were accused of conspiring in a price-fixing scheme.
Amazon.com Inc. told its Kindle customers over the weekend that they will be contacted when the credit is applied to their account if the court approves the settlement in February. Customers don’t need to do anything to receive the credit.
Amazon said that while it doesn’t know the amount of the credit until the court approves the settlements, the state Attorneys General estimate it will be from 30 cents to $1.32 for every eligible Kindle book purchased between April 2010 and May 2012. The credit can be used to buy e-books or print books, or customers can request a check in the amount of the credit.
ON THE MOVE
ProService Hawaii has hired Marci McCalmon as a sales support manager. Her experience includes work as a partnership account manager with the Institute of Internal Auditors.
Kaiser Permanente Hawaii has announced the addition of eight physicians:
» Dr. Keola Beale to hematology/oncology at Moanalua Medical Center
» Dr. William Goh to maternal fetal medicine at Moanalua Medical Center
» Dr. Steven Kramer to family medicine at the Honolulu Clinic
» Dr. Christopher Lenart to neurosurgery at Moanalua Medical Center
» Dr. Serena Lo to geriatrics at the Honolulu Clinic
» Dr. Cristina Mogos to neonatology at Moanalua Medical Center
» Dr. Cherry Rose Rosales to family medicine at Waipio Clinic
» Dr. Bien Lazatin to family medicine at Maui Lani Clinic
RIM Architects has announced the following:
» Bryan Fujiwara as the firm’s design assistant. His experience includes commercial, transportation, government facilities and private residential designs.
» Kate Poland joins the company as a design assistant. Her experience includes private residential, government facilities, restaurant and retail designs.
» Grant Montgomery has relocated to RIM Architects’ Hawaii office from the firm’s San Francisco branch. His experience includes retail/restaurant, education, hospitality and transportation/industrial projects for private and government clients.
