13 isle hotels rated among world’s best

Based on 80,000 responses to what it calls a "highly nosy" readers’ choice survey, Conde Nast Traveler magazine has placed 13 Hawaii resorts and hotels on its 2014 Gold List, which ranks the world’s best hotels.

Of the 200 U.S. properties ranked, the Hawaii properties included, along with their scores, are: Four Seasons Resort Hualalai on Hawaii island (95.4), Four Seasons Resort Lana‘i, The Lodge at Koele (95.3), Four Seasons Resort Maui at Wailea (94.8), Four Seasons Resort Lana‘i at Manele Bay (94.7), Trump International Hotel Waikiki Beach Walk (93.1), St. Regis Princeville on Kauai and Halekulani in Waikiki (both at 91.6), Grand Hyatt Kauai Resort and Spa (91.1), Fairmont Orchid on Hawaii island (90.5), Koa Kea Hotel and Resort on Kauai and Fairmont Kea Lani on Maui (both at 90.4), Honua Kai Resort and Spa, Maui (90.2), and Wailea Beach Villas on Maui (90.0).

The magazine did not release a global list for comparing Hawaii resorts against others around the world, but various lists by region are available online.

State to help DOT with energy program

The state Energy Office will provide technical assistance to the Department of Transportation for a recently announced energy efficiency program at isle airports that is expected to save $518 million in energy costs over 20 years, the state announced Wednesday.

Improvements to be made at the state’s 12 airports include the replacement of transformers, light fixtures and chilled water and air conditioning systems, according to a news release from the state Department of Business, Economic Development and Tourism. The upgrades will include the addition of solar photovoltaic panels, installation of smart controls, and deferred maintenance.

The state is paying for the program using a financing mechanism approved by the Legislature known as energy savings performance contracting.

In an energy savings performance contract, a private energy service company identifies and evaluates energy-saving opportunities and then recommends a package of improvements to be paid for through savings. The company guarantees that savings meet or exceed annual payments to cover all project costs. If savings don’t materialize, the contractor pays the difference.

Home building hits fastest pace in 5 years

WASHINGTON » U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

The Commerce Department said Wednesday that developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. That’s 23 percent more than October’s pace of 889,000 and the fastest since February 2008, just a few months after the recession began. Construction of single-family homes jumped 21 percent to an annual pace of 727,000, also the highest in more than five years. Apartment construction soared 26 percent to a 354,000 annual pace.

Permits for future building slipped 3 percent to just over 1 million, down from 1.04 million in October. The drop reflected a decline in apartments, which can be volatile. Permits for single-family homes rose.

JPMorgan sues FDIC for more than $1B

JPMorgan is suing the Federal Deposit Insurance Corp. to recover more than $1 billion tied to its purchase of Washington Mutual when that bank failed in 2008.

In a federal court complaint, the biggest U.S. bank said that the FDIC failed to honor obligations under the Washington Mutual agreement, and that has subjected JP Morgan to massive liability.

The FDIC became the receiver for Seattle-based Washington Mutual when it collapsed during the height of the financial crisis in September 2008. It was the largest bank failure in U.S. history. The FDIC brokered the sale of Washington Mutual’s assets to JP Morgan for $1.9 billion. JPMorgan said the FDIC made promises to indemnify or protect the bank against liabilities if it stepped in.

New York-based JP Morgan Chase & Co. said in a court filing Tuesday that the FDIC later declined to acknowledge that government and investors’ claims against JP Morgan for sales of Washington Mutual’s risky mortgage-backed securities should have been claims against the receivership, not the bank.

Oracle sees small drop in net income

NEW YORK » Oracle’s fiscal second-quarter net income edged down slightly, hurt by flat revenue from new software licenses and cloud software subscriptions.The business software maker earned $2.55 billion, or 56 cents a share, compared with $2.58 billion, or 53 cents a share, in the same quarter a year ago. Revenue rose 2 percent to $9.28 billion. Revenue from new software licenses and cloud software subscriptions was flat at $2.38 billion, but rose 1 percent excluding the effects of currency exchange rates.

Larry Ellison, who owns 97 percent of the island of Lanai, as well as local commuter Island Air, is the CEO and co-founder of Oracle.

ON THE MOVE

Cades Schutte has announced the following:

»Kalikoonalani Fernandes is an associate in the finance and real estate department as well as the litigation department. She previously served as a judicial extern to Simeon R. Acoba Jr., associate justice of the Hawaii Supreme Court.

»Andrea K. Ushijima is an associate in the finance and real estate department. As a law student, Ushijima served as a judicial extern to SusanOki Mollway, chief justice of the U.S. District Court for the District of Hawaii, as well as a teaching assistant for Legal Practice.

» Carolyn Voulgaridis is an associate in the litigation department. She served as an extern in the area of health law, where she gained experience working with health organizations on matters such as certificates of need, risk management, the Stark Law and health care provider contracts.

SHIFTING GEARS

Claims add 37 percent to car insurance costs

Car insurance premiums in Hawaii jumped by an average of 37 percent after a claim, according to a report by InsuranceQuotes.com.

The national average premium increase for a first claim is 38 percent, but after a second claim, the national average increase is 86 percent. In Hawaii, drivers with two claims pay an average of 117 percent more than a claim-free driver, the study said.

Averages are based on a 45-year-old female driver in a 2012 sedan, as well as National Association of Insurance Commissioners auto insurance rates by state in 2010.

In Hawaii, the NAIC annual average premium of $766 goes up to $1,052 after one claim, an increase of 37.4 percent.

The state with the highest post-claim premium increase is Massachusetts, where one claim can lead to an average premium increase of 67 percent.

Chevron raises $350K for isle school projects

The 2013 "Fuel Your School" program by Chevron U.S.A. Inc. and DonorsChoose.org raised $350,000 in Hawaii.

The funds benefited more than 400 local public school classroom projects, including 185 resources to support science, technology, engineering and math curriculum, a Chevron publicist.

The funds affected more than 32,500 students.

The Chevron Fuel Your School program provided teachers at 110 Hawaii public schools with classroom resources.

Hawaii’s $350,000 was part of nearly $7.1 million generated across the U.S. in states where Chevron Corp. operates.