Hawaii Electric wants to build more geothermal
Hawaii Electric Light Co. put out a call Thursday for proposals to add 50 megawatts of geothermal energy to the electrical grid on Hawaii island.
HELCO, a subsidiary of Hawaiian Electric Co., expects to select a developer or developers by the end of August. Interested developers must inform HELCO of their intent to bid by March 7. Bids are due April 30.
The 50 megawatts of geothermal generating capacity would be in addition to the 38 megawatts already provided to HELCO by Puna Geothermal Venture, the state’s sole geothermal plant.
Hawaii island has the state’s highest share of renewable energy generation, with more than 40 percent of its electricity coming from wind, solar, geothermal and hydro sources.
Founder, CEO of Groupon gets the boot
Struggling online deals pioneer Groupon has fired its quirky founder and CEO, Andrew Mason, amid worries that people are tiring of the online restaurant, spa and Botox deals that Groupon built its business on.
In a refreshingly candid memo to staff, Mason said Groupon’s employees "deserve the outside world to give you a second chance. I’m getting in the way of that. A fresh CEO earns you that chance."
Shares jumped more than 4 percent in extended trading following Thursday’s announcement, which had been anticipated for months.
"I’ve decided that I’d like to spend more time with my family. Just kidding — I was fired today," Mason, 32, wrote. "If you’re wondering why, you haven’t been paying attention."
He referred to controversy over the accounting practices used in regulatory filings ahead of Groupon Inc.’s November 2011 initial public offering of stock as well as "two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price."
Shares of struggling J.C. Penney fall 17%
NEW YORK » J.C. Penney is the biggest loser.
Shares of J.C. Penney Co. plunged 17 percent Thursday, the biggest loser on the Standard & Poor’s 500 index for most of the day. The drop came a day after the department-store chain reported its fourth consecutive larger-than-expected quarterly loss on another steep sales decline.
The drop means Penney shares, now trading under $18, have lost nearly 60 percent of their value since January of last year when CEO Ron Johnson announced his plan to ditch hundreds of sales in favor of "everyday low prices."
Barnes & Noble’s e-book market weakens
NEW YORK » Physical books may have a longer shelf life than expected. Barnes & Noble posted a third-quarter loss Thursday, partly because demand for its e-books and Nook e-book readers has plummeted.
Many predicted the eventual demise of paper books as e-book readers and e-book demand soared. But that trend appears to be slowing, at least with the Nook, according to Barnes & Noble CEO William Lynch. And digital "cannibalization" — consumers buying e-books instead of paper books — has also slowed.
The company said sales of digital media — including digital books, digital newspapers and magazines, and apps — rose just 7 percent during the fiscal third quarter. Sales had risen 38 percent in the second quarter and 46 percent in the first quarter.
Freddie Mac continues profitable run
WASHINGTON » Mortgage giant Freddie Mac earned $4.5 billion from October through December, its fifth straight profitable quarter. The government-controlled company credited fewer delinquencies on home loans and rising home prices for the gains.
Freddie says it paid a dividend of $1.8 billion to the U.S. Treasury and requested no additional federal aid.
The fourth-quarter results compared with net income of $619 million in the same quarter of 2011.
Chrysler focusing on factories in Indiana
KOKOMO, Ind. » Chrysler is investing millions in the Kokomo, Ind., area as it shifts most of its vehicles to new transmissions that save fuel and better suit the driving habits of Americans.
The automaker will invest nearly $400 million at four plants, adding 1,250 jobs to what it says is the largest transmission factory complex in the world. The plants will make fuel-efficient eight- and nine-speed automatic transmissions.
Chrysler plans to use the new nine-speed transmission in key front-wheel-drive vehicles such as the Dodge Dart compact, which has lagged sales expectations.
The transmission also will go into a new Chrysler 200 midsize sedan early next year and the Jeep Cherokee midsize SUV, which will replace the aging Jeep Liberty in the summer.
On the Move
Accuity LLP has announced the following promotions:
>> Kara Kitazaki-Chun to senior manager. She has five years of experience in the firm, specializing in management consulting, regulatory compliance, internal audit and business process improvement.
>> Trudy Lynn Pajinag to manager. She has seven years of experience in the firm, specializing in nonprofit, corporate, partnership and individual taxation.
>> Maria Tarmoun to manager. She is a state certified public accountant specializing in the retail, real estate and ranching industries; entities with foreign reporting requirements; high-net-worth individuals; and private foundations.
