Aloha State to share $127M settlement
Hawaii, 45 other states and the District of Columbia will share in a $127 million settlement with Lender Processing Services Inc., a provider of integrated technology and other services to the mortgage and real estate industries.
The multistate agreement with the D.C. and states’ attorneys general announced Thursday resolves inquiries surrounding LPS’ default operations, including the former document preparation, verification, signing and notarization practices of certain company operations.
The amount of Hawaii’s share in the settlement was not disclosed. LPS also recently settled securities fraud litigation brought by an employees retirement system and American Home Mortgage Servicing Inc.
Gasoline price rises 13 cents in 2 weeks
NEW YORK » Gasoline prices are getting an early start on their annual spring march higher.
The average U.S. retail price rose 13 cents over the past two weeks to $3.42 per gallon, and within a few days it will likely set a record for this time of year.
The culprits: rising crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.
Doritos will come in ‘Taco Bell’ flavor
NEW YORK » Frito-Lay wants a bigger bite of Taco Bell’s popular Doritos Locos Tacos.
The snack food giant plans to roll out its Doritos in a "Taco Bell" flavor as a limited-time product this spring, aiming to capitalize on the popularity of the Doritos-flavored tacos introduced by the fast-food chain last year.
Frito-Lay says it will be the first time since the 1990s that it has offered Doritos branded with the logo of a national restaurant chain.
Boeing owes us, says airline flying 787s
TOKYO » Japan’s All Nippon Airways is prepared to recoup from Boeing whatever damages it suffers from flight cancellations and other costs caused by the worldwide grounding of 787 jets, a senior executive said Thursday.
All Nippon Airways Co.’s chief financial officer said the airline was focused on investigating the cause of the 787 battery problems, and it was not yet in damages negotiations with Boeing Co. He also said efforts were focused on minimizing flight disruptions and revenue losses by using other aircraft.
ANA, the biggest customer for the Dreamliner with 17 of the jets in its fleet, canceled 459 domestic and international flights last month, resulting in about 1.4 billion yen ($15.4 million) in lost revenue. It is unclear when the aircraft will be cleared by regulators to fly again.
Growth of consumer spending slows
WASHINGTON » U.S. consumers increased their spending in December at a slower pace, while their income grew by the largest amount in eight years. Income surged because companies rushed to pay dividends before income taxes increased on high earners.
The Commerce Department said Thursday that consumer spending rose 0.2 percent in December, compared with a 0.4 percent increase in November.
Income jumped 2.6 percent in December from November, the biggest gain since December 2004. The main driver of the increase was dividend payments, which companies accelerated to beat the possible January rise in tax rates.
Unemployment claims leapt last week
WASHINGTON » The number of Americans seeking unemployment aid rose sharply last week but remained at a level consistent with moderate hiring.
Weekly applications for unemployment benefits rose 38,000 to a seasonally adjusted 368,000, the Labor Department said Thursday. The increase comes after applications plummeted in the previous two weeks to five-year lows. Applications fell by a combined 45,000 in the second and third weeks of January.
The volatility reflects the government’s difficulty adjusting the data to account for layoffs after the holiday shopping season. Job cuts typically spike in the second week in January as retailers dismiss temporary employees hired for the winter holidays. Layoffs then fall in the second half of the month.
Rate on 30-year mortgage increases to 3.53 percent
WASHINGTON >> The average U.S. rate on 30-year fixed mortgages rose this week to a four-month high but remains low by historical standards.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 3.53 percent. That’s up from 3.42 percent last week and the first time the rate has exceeded 3.5 percent since September.
The average for the 15-year fixed mortgage advanced to 2.81 percent from 2.71 percent last week.
Mortgage rates tend to track the yield on the 10-year Treasury note. It rose to 2 percent Thursday, up from 1.85 percent a week ago.
Strong fourth-quarter earnings and positive reports on housing have pushed stocks higher. That lowered demand for Treasurys, considered safe investments. As demand for Treasurys declines, the yield increases.
Even with the increases, mortgage rates remained near historic lows.
ON THE MOVE
Perry Confalone has been reappointed as chairman of the Hawaii Employers Council Board of Governors for 2013. He is the owner of Perry Confalone Labor & Employment Law.
The new council’s executive committee members are Dennis Brown, president and chief executive officer of Big Brothers Big Sisters Hawaii; Michael Cheng, senior vice president of Hawaii Medical Service Association; Clayton Kamida, president and chief executive officer of the Hawaii Employers Council; John Monahan, president and chief executive officer of the Hawaii Visitors and Convention Bureau; David Rietow, co-owner and president of Agro-Resources Inc.; and Tammy Nakamatsu, senior vice president of Bank of Hawaii.
The HMSA Foundation has awarded $130,000 to Hawaii Health Systems Corp. to enable the state community hospital system to develop palliative and hospice training programs for social workers, nurses and physicians at Leahi Hospital, Maluhia, Kula Hospital and Samuel Mahelona Memorial Hospital.
The Alliance for Work-Life Progress has awarded First Insurance Co. of Hawaii the 2013 Work-Life Seal of Distinction.
FICOH is the only company in Hawaii to receive the award since it was inaugurated last year. The 54 honorees for 2013 include Johnson & Johnson, Marriott, Johns Hopkins University and the U.S. Department of Agriculture.
