Intel CEO Paul Otellini retires in surprise move
Intel CEO Paul Otellini is retiring in May, giving the world’s largest maker of microprocessors six months to find a new leader.
The decision surprised Intel’s board of directors, which expected Otellini to remain CEO until the company’s customary retirement age of 65. Otellini is 62.
Volta fuels 62,000 miles of driving
Honolulu-based Volta Industries said it has dispensed enough electricity at its 10 electric vehicle charging stations over the past six months on Oahu to provide more than 62,000 miles worth of driving.
Volta designs, installs and maintains EV charging stations and provides the energy to the EV drivers free of charge. Companies such as Central Pacific Bank, Cutter Mitsubishi, First Insurance and RevoluSun buy advertising on the charging stations.
The stations are designed by Volta and assembled in Hawaii. They are able to provide approximately 15 to 20 miles of driving per hour of charging.
"Thanks to our sponsors, EV drivers on Oahu have saved the equivalent of $10,000 in gasoline charges, offsetting enough CO2 to fill 10 Washington Monuments," said Scott Mercer, Volta co-founder and chief executive officer.
Roberts, GreenCar provide Poipu shuttle
Roberts Hawaii and GreenCar are partnering to provide a shuttle service between Lihue Airport and hotels at the Poipu Resort where GreenCar rents hybrid and plug-in electric vehicles by the hour.
The hotels served by the shuttle are the Grand Hyatt Kauai Resort and Spa, Marriott Waiohai Beach Club and Koa Kea Hotel. Guests at all three hotels have access to GreenCar’s self-serve car rental service.
"It’s a more convenient, full-service transportation alternative for Poipu that takes cars off the road," said Warren Doi, co-founder of GreenCar.
The charge for the 15-mile trip from the airport to Poipu varies depending on how many people in a party are booked under the same reservation. The one-way fare ranges from $38 for a single person to $12 per person for seven travelers. The round-trip fare ranges from $72 per person to $23 per person for seven travelers.
Housing recovery props up U.S. economy
WASHINGTON » From purchases and prices to builder sentiment and construction, the U.S. housing market is making consistent gains.
The latest evidence came in reports Monday that sales of previously occupied homes rose in October and that builders are more confident than at any other time in 61⁄2 years.
The housing market’s recovery still has a long way to go. But for now it’s helping prop up an economy that’s being squeezed by a global slowdown and looming spending cuts and tax increases.
5 banks cut mortgage balances by $6.3B
LOS ANGELES » Five of the biggest U.S. banks have cut struggling homeowners’ mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.
More than 309,000 borrowers received some form of mortgage relief between March 1 and Sept. 30, according to a report issued Monday by settlement monitor Joseph Smith.
That translates to roughly $84,385 per homeowner, according to the report, which is based on mortgage servicers’ own accounts of their progress.
U.S. credit card debt rose in third quarter
LOS ANGELES » Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer credit data shows.
Average credit card debt per U.S. borrower grew 4.9 percent in the July-to-September period from a year earlier, to $4,996, credit reporting agency TransUnion said Monday.
At the same time, the rate of credit card payments at least 90 days overdue hit 0.75 percent, up from 0.71 percent in the third quarter of last year, the firm said.
Lowe’s revenue beats Wall Street forecast
NEW YORK » Lowe’s Cos.’ said Monday that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue, as the company’s efforts to revamp its merchandise and prices appeared to gain traction.
Its adjusted earnings without charges and its revenue both beat Wall Street forecasts. Its shares rose more than 6 percent Monday.
Oil up on Mideast fears, ‘fiscal cliff’ hopes
NEW YORK » The price of oil closed Monday above $89 a barrel, at its highest point in nearly a month on rising concerns about the Middle East and less worry about the U.S. "fiscal cliff."
President Barack Obama and leaders of the House and Senate appeared to have constructive discussions Friday to avoid a series of automatic tax increases and spending cuts scheduled to kick in on Jan. 1 in the absence of government action. Economists have been warning of dire consequences if no action is taken.
Overseas, the escalating conflict between Israel and Hamas raised concerns about Middle East crude supplies. Analysts say supplies could be disrupted if the conflict engulfs countries elsewhere in the Middle East, which produces more than a third of the world’s oil.
On the Move
Central Pacific Bank has promoted Christine Daleiden to senior vice president, senior legal counsel and assistant corporate secretary. She has more than 20 years of legal experience and has been with Central Pacific Bank as a legal counsel since 2011. Prior to joining CPB, Daleiden was a financial institutions specialist for the Division of Financial Institutions in the state Department of Commerce and Consumer Affairs.
Matson Inc. has announced that Ku‘uhaku T. Park has joined the firm as vice president of government and community relations at the company’s headquarters in Honolulu. His experience includes working as managing principal of Oni Malie, manager of public affairs group at Watanabe Ing, government and public affairs manager for the Hawaii division of Horizon Lines and marketing manager for Hawaii Family Dental Centers and Hawaii Bio-Waste Systems.
The Honolulu Board of Realtors has nominated Margaret Murchie as director of the Hawaii Association of Realtors. She is vice president of Coldwell Banker Pacific Properties in Kahala and has been licensed since 1978.
