Hawaiian attendants ratify narrow-body aircraft pact

Hawaiian Airlines flight attendants have ratified a tentative agreement reached earlier this month between the company and the Association of Flight Attendants on new contract terms covering the operation of long-range, single-aisle aircraft the company plans to acquire to complement its current fleet of wide-body aircraft serving Hawaii from the U.S. West Coast.

On Jan. 7, Hawaiian announced the signing of a memorandum of understanding with airframe manufacturer Airbus to acquire 16 new A321neo aircraft between 2017 and 2020, with rights to purchase an additional nine aircraft.

Hawaiian’s pilots ratified a similar agreement between the company and the Air Line Pilots Association on Jan. 28.

Bernanke defends low interest rates

WASHINGTON » Facing criticism from Republican lawmakers, Chairman Ben Bernanke stood behind the Federal Reserve’s low-interest-rate policies Wednesday and sought to reassure members of Congress that the central bank has a handle on the risks.

In his second day of testimony on Capitol Hill, Bernanke told members of the House Financial Services Committee that the Fed’s bond purchases are needed to boost a still-weak economy and that they have helped create jobs for average Americans.

The bond purchases are intended to lower long-term interest rates. That encourages more borrowing and spending, which generates growth.

J.C. Penney posts fourth straight big loss

NEW YORK » J.C. Penney reported another much larger than expected loss in the fiscal fourth quarter on a nearly 30 percent plunge in revenue, in the latest sign that shoppers aren’t happy with the changes it’s made in the past year.

The results mark a full year of massive quarterly losses and revenue declines that have missed Wall Street estimates since the midpriced department store chain began a turnaround strategy that included ditching coupons and most of its sales events in favor of everyday low prices, bringing in hipper designer brands such as Betsey Johnson and remaking outdated stores.

The quarterly performance puts additional pressure on CEO Ron Johnson, the former Apple Inc. executive who was brought in a little more than a year ago to turn around the retailer.

Penney, based in Plano, Texas, widened its loss to $552 million, or $2.51 a share, in the fourth quarter that ended Feb. 2. That’s up from a loss of $87 million, or 41 cents a share, a year ago. Revenue dropped 28.4 percent to $3.88 billion.

For the full fiscal year, Penney lost $985 million, or $4.49 a share, compared with a loss of $152 million, or 70 cents a share, in the year ended Jan. 28, 2012. Revenue fell 24.8 percent to $12.98 billion from the previous year’s $17.26 billion.

Wonder bread sale almost set, source says

NEW YORK » Wonder bread could start appearing in school lunchboxes again soon.

A person familiar with the situation says a bid by Flowers Foods to buy Wonder and several other bread brands from bankrupt Hostess was met with no qualifying competing offers.

Hostess hasn’t been making any of its cakes and breads since late November, when the company announced it was going out of business and closed its plants after years of financial struggles. The shuttering included the loss of about 18,000 jobs.

The $360 million bid by Flowers also includes Nature’s Pride, Butternut, Home Pride and Merita breads, along with 20 bakeries and 38 depots. Any sale would be subject to approval by a bankruptcy court on March 19.

Demand for core factory goods up 6.3%

WASHINGTON » Orders for U.S. factory goods that signal business investment plans jumped last month by the most in more than a year, suggesting companies are confident about their business prospects.

The Commerce Department said Wednesday that orders for so-called core capital goods, which include industrial machinery, construction equipment and computers, rose 6.3 percent in January from December. A sharp fall in demand for commercial aircraft caused overall durable goods orders to drop 5.2 percent, the first decline since August.

Orders for commercial aircraft are volatile from month to month and can cause large swings in the overall figure. Boeing reported orders for only two planes in January, down from 183 in December. Orders for defense equipment also plummeted by the most in more than 12 years.

Pending home sales highest since 2010

WASHINGTON » A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in nearly three years. The increase suggests sales of previously occupied homes will continue rising in the coming months.

The National Association of Realtors said Wednesday that its seasonally adjusted index for pending home sales rose 4.5 percent last month to 105.9. That’s the highest since April 2010, when a homebuyers tax credit was about to expire. There is generally a one- to two-month lag between a signed contract and a completed sale.

Pacific Super Car Club celebrates exotic rides

Owners of unusual high-end, high-performance cars are invited to join the newly formed Pacific Super Car Club, a nonprofit organization.

Interested owners will be invited to events including a cruise planned for a Sunday that will be videotaped for "Island Driver TV" on OC 16. Prospective members can receive personal notification about the new club via the various car clubs and auto dealers.

Owners of these types of cars are invited to join: Acura NSX, Aston Martin, BMW 8 series, Bentley, Bricklin, Bristol, Bugatti, Cobra (both real and remakes as well as Shelby Mustang Cobras), Corvette Z series, DeLorean, Ferrari, Ford GT, Ford GT40 (real and remakes), Jensen, Lamborghini, Lancia, Lexus LFA, Lotus, Mangusta, Maserati, Morgan, Mercedes SLR, Nissan GTX, Noble, Panoz, Pantera, Porsche Carrera GT, GT2 and GT3, Porsche Spyder, Rolls Royce, Saleen 7, Tesla and Viper.

For further information, prospective club members can contact Ed Kemper at 524-0330 or edracers@ aol.com; or Lindsey Akamu at 687-5243 or lindseya@fisherhawaii.net.

Auto Lunch Bunch to offer preview of big car show

Attendees at the monthly Auto Lunch Bunch will get an advance look at the annual First Hawaiian International Auto Show from Dave Rolf, executive director of the Hawaii Automobile Dealers Association. The show will be held March 22-24 at the Hawai‘i Convention Center.

Mazda Madness is the theme for the Kars at the Kurb display, which will include a newly arrived Mazda 6 with SkyActiv technology courtesy of Cutter Mazda; a "dirty rallycross" Mazda Miata from Avery Tsui, and possibly a Wankel-engined Mazda RX-7 or RX-8.

Attendees also will be treated to a 1960s-era Chevrolet infomercial.

Reservations for the luncheon in the usual spot, at 1599 Ala Moana Blvd., can be made via billmaloney15@ aol.com or to Ed Kemper at 225-2965. The price is $14.25.

ON THE MOVE

Craig M. Warren has been hired as executive vice president of sales for the Hawaii State Federal Credit Union. Warren heads development of long-range growth strategies, directs and oversees senior management for Hawaii State FCU’s frontline departments and serves as an adviser to Andrew Rosen, president of Hawaii State FCU. Warren has been in the financial services industry since 1987, much of that time in executive management at both Central Pacific Bank and Bank of Hawaii.

Big Brothers Big Sisters Hawaii has announced its new executive officers:

» Keith Gurney as its board chair. He is the Hawaii regional services manager for Xerox Corp.

» Heather Schwarm, board vice-chair and chair for fund development. She is executive vice president and chief financial officer of American Savings Bank.

» Larry Taff, board secretary. He is the chief executive officer of Pacific Office Properties.

» Ricky Takemoto, board treasurer and chair for budget and finance. He owns Ricky Takemoto CPA.

» Jeffrey Loo, chair for board governance. He is a principal for J.W. Loo & Associates.

» Aubrey Hawk, chair for marketing and public relations. She owns Aubrey Hawk Public Relations.