Hospital to renovate Kaneohe building

Castle Medical Center said Tuesday it will spend $24 million to renovate its Castle Professional Center building in Kaneohe.

Castle said it will provide enhanced office space for primary care physicians and medical specialists. The medical center will expand ancillary services already offered at Castle Professional Center, including imaging services, laboratory, rehabilitation services, urgent care and pharmacy, the nonprofit center said in a news release.

The existing parking structure will be demolished and replaced with a new structure that will accommodate 80 more vehicles. In addition, Castle’s investment in Castle Professional Center will include infrastructure upgrades such as replacement of the current air-conditioning units, elevators and sprinkler systems, as well as a renovation of both the exterior and interior of the building.

State’s financial situation on agenda

The state budget director and top-ranking legislators will provide an update on the state’s financial situation Thursday at a forum presented by ThinkTech Hawaii.

Panelists will include Kalbert Young, state budget and finance director; Sen. David Ige, chairman of the Senate Ways and Means Committee; Rep. Sylvia Luke, chairwoman of the House Finance Committee; and Rep. Aaron Ling Johanson, vice chairman of the House Finance Committee.

The 2014 Legislative Midterm Update will run from 11:30 a.m. to 1:30 p.m. at the Downtown Laniakea YWCA. Admission and lunch are $30 for advanced purchase, $20 for students and $35 for walk-ins. For more information go to thinktechhawaii.com.

Credit union’s new card has extra security

Hawaii State Federal Credit Union began offering a new Visa Signature credit card Tuesday that has an embedded microchip offering an additional layer of security. The card features an image of Mokolii Cove and Chinaman’s Hat that was photographed by David Johnson.

The credit union said existing credit and debit cards that HSFCU members currently have will be converted to the EMV (Europay, MasterCard, Visa) chip after the credit union completes its project during the second half of this year.

YouTube clip producer bought by Disney

LOS ANGELES » Disney’s $500 million purchase of YouTube video producer Maker Studios is a sign that the entertainment industry’s content and technology startups are coming of age and proving to be as valuable to Hollywood as app makers are to the giants of Silicon Valley.

The deal announced Monday also signals Hollywood’s new openness to technological innovation, an acknowledgement that media giants don’t have all the answers. The acquisition comes a month after the Walt Disney Co. launched a technology startup incubator called Disney Accelerator, which promises to seed 10 companies with $120,000 each to develop ideas that will have a big impact on entertainment and technology.

Disney’s purchase price — which could hit $950 million if Maker hits performance targets — also validates the increasing value of so-called "multichannel networks."

Those are the miniature media empires that provide funding and support to video creators while taking a cut of ad revenue generated from views on YouTube.

Payday loans often extended, at high cost

WASHINGTON » A new study found that about half of all payday loans are made to people who extend the loans so many times that they end up paying more in fees than the original amount they borrowed.

Payday loans, also known as cash advances or check loans, are short-term loans at high interest rates. They often are made to borrowers with weak credit or low incomes.

The report released Tuesday by the Consumer Financial Protection Bureau found that 4 of 5 payday borrowers either default on or extend a payday loan over the course of a year.

Additional fees are charged when loans are extended or rolled over.

ON THE MOVE

Hawaii Energy has announced the following promotions and hires: 

» Joe Simpkins is director of technical services. He is also a professional engineer and a certified energy manager and auditor.

» Caroline Carl is a residential program manager at Hawaii County. Carl previously worked at the Kohala Center on Hawaii island.

» Rob Devera­turda is a public relations practitioner. Deveraturda previously served at public relations agencies in Honolulu and New York.

Four Seasons Resort Hualalai on Hawaii island has announced:

» Shaun Acosta has been named executive sous-chef. Acosta has been with Four Seasons Resort since 2006.

» Angela Kenyon was named chef de cuisine of Beach Tree restaurant. Kenyon recently served as sous-chef of Beach Tree restaurant.