Psychology convention draws 8,000 to convention center
About 8,000 people are attending the American Psychological Association’s annual convention at the Hawai‘i Convention Center that started Wednesday and ends on Sunday, the Hawaii Tourism Authority said. The convention is expected to generate an estimated $37.8 million in visitor spending, $3.7 million in state tax revenue, and 64,320 booked room-nights, the HTA said.
This is the second time the Hawai‘i Convention Center has hosted the American Psychological Association’s annual gathering, with the previous one taking place in 2004.
Many attendees have brought family members along with them and are extending their stay in the islands, furthering the economic impact to Hawaii’s visitor industry, HTA said.
La Perla luxury store to open on Friday
La Perla, a luxury brand of lingerie, swimwear and ready-to-wear clothing favored by Hollywood celebrities, will open an Ala Moana Center store Friday.
The store, La Perla’s first in Hawaii, will be on the mall level in the Macy’s wing. It will be open Monday through Saturday from 9:30 a.m. to 9 p.m. and from 10 a.m. to 7 p.m. Sundays.
Established in Italy in 1954 by corset-maker Ada Masotti, the company branched into swimwear in 1971, opened its first boutiques in Milan and Paris in 1991, introduced a ready-to-wear collection in 2002, and in 2008, was bought by JH Partners, a San Francisco-based private equity firm focused on luxury brands.
Businesses donate $300K to Conservancy
The Nature Conservancy of Hawaii said Wednesday it raised more than $300,000 for local conservation from 61 businesses in fiscal year 2013.
Dustin Sellers, president of ProService Hawaii and a Conservancy trustee, led the effort to raise money from businesses. Since 1987, the Conservancy has raised more than $4 million from businesses to protect Hawaii’s natural resources.
Businesses that gave $10,000 or more were Alaska Airlines, Alexander & Baldwin, ABC Stores, CDF Engineering LLC, Hawaiian Electric Co., Hawaiian Electric Industries, James Campbell Co., Macy’s Foundation, Outrigger Enterprises Group, ProService Hawaii, Skyline Eco-Adventures LLC, The Howard Hughes Corp. and The Shidler Family Foundation.
"In difficult economic times, protecting the environment can get deferred, but these companies know the importance of the environment to Hawaii’s economy," said Suzanne Case, the Conservancy’s Hawaii executive director.
Ohana Pacific sees boost in assets, deposits
Ohana Pacific Bank’s earnings more than quadrupled in the second quarter as assets and deposits both jumped at least 10 percent from the year-earlier period.
The smallest bank in the state also said it plans to open a branch in Kalihi, its first, by the start of the fourth quarter.
Ohana Pacific, headquartered on Kapiolani Boulevard near Ala Moana Center, opened in June 2006 to cater to the Korean community and small businesses and endured five straight years of losses before turning a profit the past two years.
The bank’s net income last quarter rose to $260,951, including a $75,000 tax credit, from $61,665 a year ago when there was no such credit.
Assets rose 10 percent to $103.5 million from $94.2 million while deposits increased 10.6 percent to $89.6 million from $81.1 million.
Loans rose 5.9 percent to $66.5 million from $62.8 million a year earlier but decreased 4.9 percent from $69.9 million a year ago due to the payoff of a large loan last quarter.
"Although our total loans have decreased during the second quarter, we have very healthy loan inventory in the pipeline," Ohana Pacific President and CEO James Hong said Wednesday. "I’m confident that the loan balance will pick up for the third quarter."
Isles at top on return on solar investment
Homeowners in Hawaii who buy and install a solar photovoltaic system will earn an average return on their investment of 24 percent per year, the highest amount in any state, according to a report released Wednesday by the solar industry website Geostellar.
Geostellar Solar Index calculated the rates of return in each state and the District of Columbia based on a range of criteria, including solar intensity, tax credits and rebates, local utility rates and installed costs of solar panels.
Washington, D.C., had the second highest rate of return at 20 percent, followed by New York, at 16 percent, and Connecticut, 16 percent, the report said. At the bottom of the list were South Dakota, North Dakota, Idaho, Arkansas, Indiana and Mississipi, all which had rates of return of zero.
The rates of return are annual averages through the 25-year life of a solar array. Investing in a solar energy system creates dividends in the form of cash no longer paid to the utility.
Geostellar compared the value of the dividend with the amount invested in solar energy systems to determine a rate of return that can be compared with other investments.
Facebook passes $38 IPO price
NEW YORK » Facebook’s stock has passed its $38 IPO price for the first time since its rocky public debut last May, crossing a symbolic hurdle that has eluded it for more than a year.
Shares of Facebook Inc. increased 1.2 percent to $38.08 in morning trading Wednesday. That’s the highest the stock has traded since the company’s highly anticipated initial public offering ended with a thud. The stock is up by more than 50 percent since last week.
The world’s biggest online social network has been on a roll since reporting stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue. Facebook’s ability to grow mobile revenue was one of the biggest concerns in the weeks leading up to its IPO last year.
ON THE MOVE The following have joined The Nature Conservancy of Hawaii’s Board of Trustees:
»Peter K. Tomozawa is a former partner and managing director at Goldman Sachs & Co. and has served 17 years with the investment banking firm. He is a commissioner for the Hawaii Charter School Commission.
» Alan H. Arizumi is an executive vice president of wealth management withFirst Hawaiian Bank and has 30 years of banking experience. He oversees the bank’s wealth management group division after managing its business, dealer and card services group.
» Catherine Ngo is the executive vice president and chief administration officer for Central Pacific Bank and has more than17 years of executive experience in the banking and private equity industries. She oversees legal and compliance, human resources, marketing and service quality.
Blood Bank Hawaii has received a $50,000 grant from First Hawaiian Bank Foundation. The grant will go toward buying a new bloodmobile and refurbishing an older one.
