Waioli Tea Room’s reopening is delayed
The historic Waioli Tea Room will reopen Nov. 18, not this Monday, as was previously announced.
The Salvation Army, which is renovating the popular restaurant operation and will be its operator upon reopening, announced Friday that unforseen circumstances had caused a delay. The circumstances were not detailed.
Longtime operator Brian Jahnke did not renew his 10-year lease as the operation was no longer profitable, he told the Honolulu Star-Advertiser in October.
Reservations are being accepted by the Salvation Army for breakfast, high tea and special events, at 988-5800.
Home Depot apologizes for racist tweet
NEW YORK » Home Depot Inc. on Thursday apologized for a tweet that showed a picture of two African-American drummers with a person in a gorilla mask in between them and asked, "Which drummer is not like the others?"
The tweet, from Home Depot’s official Twitter account, was part of a "College Gameday" college football promotion on ESPN.
It was quickly pulled, but not before people took screen shots of it and it was widely circulated on social media. NBC and CNBC, among others, reported on the Tweet.
Retailer Home Depot said Friday that it has fired the person and outside agency that was responsible for the tweet, but did not disclose their names.
SAC Capital pleads guilty in $1.8B deal
NEW YORK » SAC Capital Advisors has pleaded guilty to criminal fraud charges in a record $1.8 billion deal with the government.
The company’s longtime general counsel Peter Nussbaum entered the plea to wire fraud and securities fraud Friday in Manhattan. But a federal judge didn’t immediately accept the plea, saying she’d wait until a probation report is made.
The plea comes four days after the federal government announced it had reached a deal requiring the largest penalty ever for insider trading. The deal requires the Stamford, Conn.-based hedge fund to close its business to outside investors.
It also allows prosecutors to continue its criminal investigation and spares no individuals from scrutiny, including its founder, Steven A. Cohen.
Cohen was accused by federal regulators over the summer in a civil action of failing to prevent insider trading at the company. He has disputed the allegations.
U.S. consumer spending slows to 0.2% gain
WASHINGTON » U.S. consumers slowed their spending in September, even as overall income grew at a solid pace for the second straight month.
Consumer spending rose 0.2 percent in September, after a 0.3 percent gain the previous month, the Commerce Department reported Friday. Americans cut spending on long-lasting manufactured goods 1.3 percent. That partly reflected a drop in auto sales. Labor Day weekend auto sales were counted in August.
Income rose 0.5 percent in September, matching the August gain. The increases in both months were the strongest since February. September’s gain was helped by the end of government furloughs, which had reduced federal pay in the previous two months.
The gain in income and the slowdown in spending meant consumers saved 4.9 percent of their after-tax income, up from 4.7 percent in August.
Chrysler, Toyota recall some 2014 models
Chrysler is recalling almost 94,000 of its 2014 Jeep Grand Cherokees in the United States because of electronic problems that could disable two safety systems, the automaker told the National Highway Traffic Safety Administration in a report posted Friday on the safety agency’s website.
In addition, Toyota said it was recalling about 3,800 Tacoma pickups from the 2013-14 model years because their four-cylinder engines could be damaged and possibly stop running.
In the Chrysler report, which was dated Oct. 1, the automaker said a software problem with the anti-lock braking module could disable the anti-lock braking and electronic stability-control systems. In addition, the issue could cause the "illumination of multiple warning lights" and a loss of lighting for the instrument cluster.
Chrysler said that it had begun an investigation in April after receiving complaints from owners and that it was unaware of any accidents or injuries related to the problem.
Toyota said it was recalling the Tacomas because the valve springs of the 2.7-liter engine "might have corrosive pitting" because of improper maintenance of manufacturing equipment by a Japanese supplier.
The pitting could cause the valve spring to break, which Toyota said could cause "rough engine performance." In some cases, the company said, the engine might suddenly fail.
IN THE NEWS
Maui property sale paves way for Target
A subsidiary of Safeway Inc. has completed the $40 million purchase of a 24.45-acre site on Maui that it plans to develop into the Puunene Shopping Center with the island’s first Target store. Target Inc. will buy 11.88 acres and be the anchor tenant.
Property Development Centers of Pleasanton, Calif., said Friday that the land it acquired from Alexander & Baldwin Inc. at the corner of Mokulele Highway and Hookele Street in Kahului will add 275,000 square feet of retail space and include 1,425 parking stalls. The project is expected to generate 250 construction jobs. The center, expected due to open in March 2015, is anticipated to bring up to 300 jobs to the area.
ON THE MOVE
Bank of Hawaii has announced the following promotions:
>> Kawika Fiddler to vice president and commercial real estate loan officer from assistant vice president in the commercial real estate loan division.
>> Robert Kurisu to vice president and commercial real estate credit underwriter from assistant vice president in the commercial real estate loan division.
Yamamoto Caliboso has announced Terri Ann M.K. Motosue has joined the firm as a member. She will be practicing in real estate, finance, energy and corporate law. Prior to joining the firm, Motosue served as a managing partner of Carlsmith Ball from 2008 to 2011.
