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States’ jobless rate up
Unemployment rates increased in half of U.S. states in January from December, as employers nationwide added the fewest jobs in seven months.
The Labor Department said Monday that unemployment rates rose in 25 states. They fell in eight states and were unchanged in 17. Hawaii’s rate rose to 5.2 percent in January from 5.1.
Tetris Online lays off 20 employees
Honolulu-based Tetris Online Inc. has laid off 20 of its 50 employees, a company spokesman said Monday.
Employees included in the layoffs were part of the company’s production team working on Facebook games, said Casey Pelkey, Tetris Online vice president for marketing. There also were layoffs in customer service, quality assurance, art and product development, Pelkey said in an email. The layoffs were effective Feb. 15.
Dean Hirata, Tetris Online chief financial officer, felt the company could achieve its business goals with a smaller team and greater efficiency, Pelkey said.
Founded in 2006 by Minoru Arakawa and Henk Rogers, Tetris Online has the exclusive rights to market the Tetris game in North America and Europe. Tetris Online also is the developer of Tetris Party for WiiWare, Tetris Splash for Xbox Live Arcade and Tetris Friends Online Games.
HEI plans to sell 6.1 million shares of stock
Hawaiian Electric Industries Inc. plans to sell at least 6.1 million shares of common stock to pay for capital improvements at its utility subsidiary and to repay debt, company officials announced Monday.
If demand is sufficient, HEI has the option of selling an additional 900,000 shares, bringing the total offering to 7 million shares, the officials said.
J.P. Morgan Securities and Morgan Stanley & Co. are managing the stock offering, which is expected to be priced today.
The announcement was made after the market closed. At Monday’s closing price of $27.27 a share, the sale of 6.1 million shares would raise $166 million for HEI before expenses are factored in.
HEI had 98.5 million shares outstanding at the end of trading Monday. The sale of 6.1 million shares would bring total shares outstanding to 104.6 million.
HEI’s most recent stock offering was in December 2008, when it sold 5 million shares to raise $115 million.
Taxpayers failing to file in 2009 due cash
The IRS said it has $7.4 million for 7,200 Hawaii residents who have not filed a 2009 income tax return. To collect the potential refund, a return for 2009 must be filed with the IRS no later than April 15.
The median potential refund for Hawaii residents is $599, the IRS said.
There is no penalty for filing a late return qualifying for a refund. Most taxpayers have a three-year window of opportunity for claiming a refund. If no return is filed within three years, the money becomes property of the U.S. Treasury.
By failing to file a return, people stand to lose more than the refund of taxes withheld or paid during 2009. In addition, many low- and moderate-income workers may not have claimed the Earned Income Tax Credit. For 2009 the credit is worth as much as $5,657. The credit helps individuals and families whose incomes are below certain thresholds. The threshold for 2009 for a single filer with one child was $35,463 or, if married with one child, $40,463.
Land lack saps homebuilders’ confidence
Confidence among U.S. homebuilders fell this month because of concerns that increased demand for new homes is exceeding supplies of ready-to-build land, building materials and workers.
In the short term, those constraints could slow sales. But builders’ outlook for sales over the next six months has reached its strongest point in more than six years.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday fell to 44 from 46 in February. It was the second decline since January, which was preceded by eight straight monthly gains. A measure of current sales conditions declined from February’s reading.
End of joint venture will cost 1,600 jobs
STOCKHOLM » Swedish wireless equipment maker Ericsson and Switzerland’s STMicroelectronics say they will lay off up to 1,600 workers globally as part of a plan for splitting up their unprofitable joint venture.
STMicroelectronics, one of Europe’s largest chip makers, announced in December that it wanted out of ST-Ericsson as it struggled with a downturn in global demand. After months of talks the two companies said Monday they had agreed to end the joint venture.
Ericsson said it will take on the joint venture’s "thin modem" products, designed for smartphones and tablets, while STMicroelectronics will deal with other existing products and related businesses.
Probst to fill in as CEO at Electronic Arts
REDWOOD CITY, Calif. » Video game publisher Electronic Arts Inc. says CEO John Riccitiello will step down March 30. The company named Larry Probst executive chairman while it searches for a replacement. Probst was CEO from 1991 to 2007, when Riccitiello took over. Probst has served as EA’s chairman since 1994.
Separately, EA said fourth-quarter revenue and earnings per share will be at the low end or below its January guidance.
On the Move
Central Pacific Bank has promoted Tammy Reardon to vice president and manager of the Business Client Service Center. She has 33 years of banking experience, having been with Central Pacific Bank since 1979. At CPB, Reardon has served as a teller, operations officer, assistant vice president and regional service manager for the neighbor islands as well as assistant vice president and Business Client Service Center manager.
American Savings Bank has donated $30,000 to the University of Hawaii at Manoa Shidler College of Business in order to become the title sponsor of the 2013 UH Business Plan Competition, which is organized by the Pacific Asian Center for Entrepreneurship. The contest is an intense program that provides resources, mentorship and training to UH students who want to start business ventures.
First Hawaiian Bank Foundation has awarded Chaminade University a $15,000 grant. The award will support the school’s technology equipment project to upgrade its interior design computer work stations.