U.S. banks report record earnings of $40.3 billion

WASHINGTON >> U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans.

The largest banks are increasingly driving the industry’s profits, while many smaller institutions continue to struggle.

The industry earned $40.3 billion in the first quarter, the Federal Deposit Insurance Corp. said Wednesday. That’s the highest figure ever for a single quarter. And it’s up 15.8 percent from the first quarter of 2012.

Record profits show that banks have come a long way from the 2008 financial crisis. But the report sent a reminder that the industry is still struggling to help the broader economy recover from the Great Recession.

New rules affect Medicare recipients 

Starting July 1, Medicare will introduce a new competitive bidding program for certain types of durable medical equipment. This will affect some Medicare beneficiaries in Hono­lulu. If you have Original Medicare, the traditional fee-for-service program offered directly through the federal government, and need certain medical equipment and supplies, you will likely need to use Medicare contract suppliers for Medicare to help pay for the item. If your current supplier is a contract supplier, you don’t need to do anything. If not, you may need to switch to a contract supplier.

For a list and other questions please go to the website: www.medicare.gov/supplier or call 800-633-4227. TTY users should call 877-486-2048.

This program is intended to help save money and limit Medicare fraud and abuse.

Agriculture program to aid exporters 

A nonprofit export organization and the state Department of Agriculture want to help local agriculture producers tap new markets for sales through shipping.

The Hawaii Pacific Export Council and the department have organized four events in the next two months for agriculture producers to meet with more than two dozen cargo delivery firms and tour shipping facilities to learn more about sending products to other islands, the mainland and other countries.

The events are June 14 at Kapiolani Community College on Oahu, June 27 at the University of Hawaii Maui College, July 19 at the University of Hawaii at Hilo and July 26 at Kauai Community College.

There is a $35 cost to participate. For more information visit hawaiiexportsupport.com or tinyurl.com/SWIFInfo online.

Photovoltaic permits see decline

For the week of May 20, Honolulu’s total number of residential photovoltaic (PV) permits issued was 181, down 12.6 percent from the previous week and down 28.7 percent from the same period last year, said the state Department of Business, Economic Development and Tourism. Year-to-date, Honolulu’s total number of residential PV permits reached 4,804, a 25.2 percent increase from the same period last year.

Honolulu’s total value of residential PV permits for the week was $5.3 million, up 2.2 percent from the previous week but down 40.9 percent from the same period last year.  For the year so far, Honolulu’s total value of residential PV permits reached $142.6 million, a 12.8 percent increase from the same period last year.

Chaminade nursing program accredited

Chaminade University said Wednesday its nursing program has been accredited by the Commission on Collegiate Nursing Education. The nursing program had previously been accredited by the state.

“We are delighted to have reached this major milestone in our program,” said Chaminade Nursing Dean Stephanie Genz. “Accreditation would not have been possible without the hard work and commitment of our entire team here at Chaminade.”

In spring of 2014, the first class from the Chaminade University School of Nursing will graduate with about 50 students.

Rich enjoy most tax breaks, study shows

WASHINGTON >> Wealthier households benefit significantly more than lower earners from big tax breaks such as deductions for mortgage interest and charitable giving, the government said in a study Wednesday.

More than half the benefits of 10 major tax breaks go to the one-fifth of U.S. households at the top of the income scale, according to the Congressional Budget Office.

The top 1 percent of earners reaps 17 percent of these tax breaks, which also include preferential treatment of investment income and the deduction for sales and income taxes paid to state and local governments.

Exxon CEO defends continued use of oil

DALLAS >> The CEO of Exxon Mobil Corp. says there’s no quick replacement for oil, and sharply cutting oil’s use to reduce greenhouse gas emissions would make it harder to lift 2 billion people out of poverty.

Rex Tillerson jousted with environmental activists who proposed that the company set goals to reduce emissions from its products and operations. Shareholders sided with the company and voted nearly 3-to-1 to reject the proposal.

Check out Lincoln MKZ, Ford GT at Auto Lunch Bunch meeting

Luxury and speed are the themes for this month’s Auto Lunch Bunch gathering at noon Tuesday in Waikiki.

The Kars at the Kurb display will include a 2013 Lincoln MKZ from Honolulu Ford-Lincoln and Kelvin Bloom’s 1,250-horsepower Ford GT, which hit 236 mph in one mile from a standing start.

Bloom, the luncheon speaker and president of Aston Hotels & Resorts, will discuss his upcoming attempt to improve his record to 250 mph. A video will highlight the history of Ford Racing.

Attendees are asked to bring $14.25 in cash to the usual location at 1599 Ala Moana Blvd. to cover the meal, drink and a tip.

RSVP via email to billmaloney15@aol.com or call Ed Kemper at 225-2965.

ON THE MOVE

 Miki Asahi joins Century 21 All Islands as a real estate associate. She served 16 years as an executive sales consultant for Mercedes-Benz of Honolulu and Servco Lexus of Honolulu.

The Shidler Group has named as partner Charles “Chuck” Harris, who will be responsible for research and strategy development for new business ventures and investments. Harris has been with the company since 2005 and was previously a vice president. Before joining the Shidler Group, Harris served 22 years in the U.S. Navy, including as a commanding officer of the USS Honolulu.

Kaiser Permanente Hawaii has announced that Dr. Peggy Latare has received her achievement of diplomate from the American Board of Obesity Medicine. Latare is the first physician in Hawaii and among the first in the nation to become certified to treat people for obesity. She also specializes in family medicine and has been with Kaiser Permanente since 1989.