Postal Service loses $1.3 billion over quarter
WASHINGTON >> The U.S. Postal Service lost $1.3 billion in the final three months of last year, despite a blizzard of campaign advertising for the fall political elections and a big holiday mail and shipping season.
The loss announced Friday was far less than the $3.3 billion in the comparable quarter the previous fiscal year but still showed the effects of a continued decline in first-class mailing as customers continue to flock to the Internet for emailing, bill paying and the like. Postal officials also pleaded anew with Congress to free the service from a mandate that it prepay for expected retiree health care costs.
Volta to offer free ad space to nonprofits
Volta Industries, a Honolulu-based company that operates an electric vehicle charging network on Oahu, said it will provide free advertising space on its charging stations to two nonprofit or community organizations to help them build awareness.
Interested groups have until Feb. 22 to submit their applications to be considered in the program, called "Awareness Powered by Volta."
Volta will choose three semifinalists, and the public will choose the winning group to receive three months of free advertising at a Volta’s EV charging station kiosks valued at $3,000. The runner-up will receive one month of free advertising valued at $900.
An application form is available on Volta’s website at www.voltacharging.com.
Volta offers free charging at its stations, which are located at shopping malls and other public locations. Volta makes money by charging for advertising on its kiosks.
Exports likely fueled U.S. growth in quarter
WASHINGTON » A jump in energy-related exports and a steep decline in oil imports lowered the U.S. trade deficit in December to nearly a three-year low.
The improvement suggests the economy grew in the October-December quarter instead of shrinking as the government estimated last week.
A brighter outlook for trade also illustrates how a boom in oil and gas production is reducing crude oil imports and making the U.S. a leader in the export of fuels. And it shows that higher domestic sales of fuel-efficient cars are lowering dependence on oil.
EU leaders agree to $1.28 trillion budget
BRUSSELS, BELGIUM » European Union leaders agreed Friday to a significantly reduced seven-year budget worth 960 billion euros ($1.28 trillion) — the first cut in spending in the 27-country group’s history.
European Council President Herman Van Rompuy announced that the agreement had been reached after two days of nearly round-the-clock negotiations — the longest negotiations of his tenure in office. The final total was about 40 billion euros less than the European Commission had originally proposed.
The issue of what to give to the EU was made more difficult because, he said, its members were struggling with poor economic growth and harsh austerity measures.
Wholesale stockpiles fell 0.1% in December
WASHINGTON » U.S. wholesalers cut their stockpiles slightly in December while their sales were unchanged, suggesting businesses were cautious at the end of a weak quarter.
The Commerce Department said Friday that wholesale business stockpiles dipped 0.1 percent in December from November to $497.7 billion. That followed a 0.4 percent rise the previous month.
Inventories of furniture and automotive goods fell by the most in more than three years. Farm product stockpiles also dropped sharply, likely reflecting the impact of this summer’s drought in the Midwest.
Deliveries of 787 could slip, Boeing warns
Boeing acknowledged Friday that it may not be able to deliver its 787 as fast as hoped.
The company said it has told customers expecting the next 787 deliveries that those planes have either been delayed or at risk for a delay.
Boeing is still building the long-range, fuel-efficient planes, and it said Friday that it has no plans to slow production.
Asia weakness plagues McDonald’s sales
NEW YORK » McDonald’s says a key sales figure dropped again in January as the world’s biggest hamburger chain faced ongoing weakness in Japan and sales in China were hurt by a food scare and the timing of a holiday.
The Oak Brook, Ill.-based company said global sales at restaurants open at least 13 months dropped 1.9 percent for the month. The figure is a key metric because it strips out the volatility of newly opened and closed locations.
After years of outperforming rivals, McDonald’s has been struggling amid intensifying competition and challenging economic conditions around the world. Late last year the company ousted the head of its U.S. business after the sales figure dropped for the first time in nearly a decade. CEO Don Thompson, who took the top spot this summer, has vowed to add business by emphasizing value while planning a series of new limited-time offers to attract customers.
Nissan profit falls on China sales slump
TOKYO » Nissan Motor Co. reported a 35 percent plunge in October-December profit to ¥54.1 billion ($579 million) as global sales languished, especially in China, where anti-Japanese sentiment flared over a territorial dispute.
Quarterly sales dipped 5.3 percent from a year earlier to ¥2.2 trillion ($23.5 billion), Yokohama-based Nissan said Friday. Nissan’s earnings fell short of the ¥61 billion ($652 million) profit forecast by a FactSet survey of analysts.
On the Move
Anthology Marketing Group has hired Danny Jason Gallegos as its information technology manager. He has been in the IT consulting industry since 2006, including serving as an IT consultant for PDC Systems Hawaii, Blackbird Consulting and Roland, Schorr & Tower.
Chaminade University has appointed RaeDeen Keahiolalo-Karasuda as director of its Office of Native Hawaiian Partnerships. She was previously a research and evaluation division manager for Kamehameha Schools.
The Board of Trustees of Lyman House Memorial Museum has appointed Barbara Moir as its president and executive director. She was previously the museum’s deputy director as well as curator of education and operations.
