Dow’s longest win streak in 17 years ends
U.S. stock markets fell Friday, ending the longest winning streak for the Dow Jones industrial average in nearly 17 years. The Dow fell 25.03 points, or 0.2 percent, to 14,514.11. The Standard & Poor’s 500 index fell 2.53 points, or 0.2 percent, to 1,560.70, still shy of an all-time high set in October 2007. The Nasdaq index fell 9.86 points, or 0.3 percent, to 3,249.07.
The Dow had a 10-day winning streak through Thursday, its longest since November 1996. The string of wins pushed the blue-chip index up 484 points, or 3.4 percent, to a Thursday close of 14,539.14. The index’s closing price on Feb. 28, just before the rally began, was 14,054.49.
Korean Air adds Honolulu-Incheon flight
Korean Air, which has two daily flights from Honolulu to Incheon, South Korea, will be adding a one-stop flight between the two cities with a layover of about 1 1/2 hours at Narita International Airport in Tokyo.
Since Korean Air doesn’t currently have a nonstop flight from Honolulu to Tokyo, the new flight will allow Honolulu passengers the option to fly directly to Japan or stop over in Narita and continue on to Incheon, just outside Seoul, according to Korean Air spokesman Dustin Young.
Korean will initiate the flight March 31 aboard a 276-seat Airbus A330-300 aircraft.
Fund pays $600M in insider trading case
Hedge fund CR Intrinsic Investors will pay more than $600 million in what federal regulators are calling the largest insider trading settlement ever.
The Securities and Exchange Commission charged the firm with insider trading in 2012, alleging that one of its portfolio managers illegally obtained confidential details about an Alzheimer’s drug trial from a doctor before the final results went public and made trades from that information.
The SEC said Friday the fund agreed to settle the charges and that the parties neither admit nor deny wrongdoing.
Gas spike drives consumer prices up 0.7%
WASHINGTON >> A rise in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest.
The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said Friday. It was the biggest monthly rise since June 2009.
Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months. Since last month’s increase, gas prices have started to fall.
Auto output lifts factory production in U.S.
WASHINGTON >> A strong increase in auto output boosted U.S. factory production last month, the latest sign that manufacturing is helping to drive economic growth after lagging for much of 2012.
Factory output rose a seasonally adjusted 0.8 percent in February from January after falling 0.3 percent in the previous month, the Federal Reserve said Friday.
The biggest gain was in autos and auto parts, where production increased 3.6 percent after falling 4.9 percent in January. Car sales have risen steadily this year after reaching a five-year high in 2012.
Ex-bank officials grilled over trading loss
WASHINGTON >> Two former high-ranking executives at JPMorgan Chase faced tough questions from senators Friday about why the bank played down risks and hid losses from regulators when it was losing billions of dollars.
The hearing was held a day after the Senate Permanent Subcommittee on Investigations issued a scathing report that ascribed widespread blame for $6.2 billion in trading losses to key executives at the firm.
Douglas Braunstein, the former chief financial officer, and Ina Drew, the former chief investment officer overseeing trading strategy, were pressed to explain why bank executives gave federal examiners in April information that significantly understated losses for the first quarter of 2012.
Journalist faces prison for aiding hackers
SAN FRANCISCO >> A lawyer for a Reuters editor accused of helping hackers deface a Los Angeles Times story said Friday that the journalist didn’t commit the crime, but even if he did, it was an Internet prank that shouldn’t send anyone to prison for 25 years.
Federal authorities allege that in December 2010, Matthew Keys provided hackers from the group Anonymous with login information to access the computer system of the Tribune Co., the parent company of the Times. Tribune also owns a Sacramento television station that fired Keys months earlier.
According to the Justice Department, a hacker altered a Times news story to read "Pressure builds in House to elect CHIPPY 1337," a reference to another hacking group. "Chippy 1337" claimed responsibility for defacing the website of video game publisher Eidos in 2011.
Keys was charged with one count each of conspiracy to transmit information to damage a protected computer, as well as transmitting and attempting to transmit that information. If convicted, the New Jersey native faces a combined 25 years prison and a $500,000 fine, if sentenced to the maximum for each count. He is scheduled for arraignment April 12 in Sacramento.
On the Move
Hyatt Regency Waikiki Beach Resort and Spa has named Brad Mettler as Director of Sales and Marketing of the Year for Large Hotels by Hyatt Hotels Corp. He has been with Hyatt Regency Waikiki Beach Resort and Spa for four years. Mettler started with Hyatt Hotels and Resorts as a corporate management trainee for Hyatt Regency New Orleans.
State Chief Information Officer Sanjeev "Sonny" Bhagowalia was honored by Federal Computer Week magazine with the prestigious "Federal 100 Award," which recognizes top leaders in industry, academia and government who had the greatest impact on the government information systems community in 2012. Hawaii’s was the lone state government to have a recipient among the 100 honorees, which included 22 from industry, two from academia and 75 from the federal government.
Coldwell Banker Pacific Properties has announced that Margie Keliiliki has joined its Kapolei office. She was previously a Realtor associate for Prudential Locations and served as a travel consultant.
