Honolulu tops the nation in PV per capita

Honolulu ranks first among major U.S. cities for the amount of installed solar energy generating capacity per capita, according to an environmental advocacy group.

Honolulu had 265 watts of solar per person at the end of 2013, a significantly larger share than the next-highest city, San Jose, Calif., with 97 watts per person, according to the report by Environment America.

Honolulu ranked fifth for total installed solar generating capacity with 91 megawatts. The strong interest in solar energy in Hawaii is driven in part by the state’s high electrical rates, which are roughly three times the national average.

Quarterly earnings mixed at top U.S. banks

The contrasting fortunes of two of the nation’s biggest banks — JPMorgan Chase and Wells Fargo — at first glance point to the ascendancy of Main Street over Wall Street.

On Friday, JPMorgan reported an 18.5 percent slump in first-quarter profit, hurt by steep revenue declines in its once-vaunted trading machine. JPMorgan’s fixed-income trading fell roughly 26 percent, to $3.76 billion, from $4.75 billion a year earlier.

In contrast, first-quarter earnings at Wells Fargo, less dependent on such Wall Street profit generators, rose 14 percent, fueled in part by a surge in auto lending and loans to corporations.

The growth in the bank’s car loan business underscores the shifts in the strategies used by JPMorgan and Wells Fargo.

In the first quarter, Wells Fargo said it originated $7.8 billion in auto loans, a 15 percent increase from the same period a year earlier. The gains cemented Wells Fargo as one of the nation’s largest auto lenders. In contrast, JPMorgan’s auto loans grew by 3 percent in the same time period.

Yet Wells Fargo’s relative strength raises questions about whether the bank is delving into more risky lending to bolster its bottom line. Wells Fargo has become a leading player in the subprime auto market, where loans often carry high interest rates.

Regulators want banks to extend more loans to consumers to help expand the economy — but without repeating the mistakes they made during the subprime mortgage crisis.

Overall, JPMorgan earned $5.27 billion, or $1.28 a share, which was well below analysts’ expectations of $1.40 a share. Wells Fargo earned $5.9 billion, or $1.05 a share.

Fees are shrinking 401(k)s, study finds

WASHINGTON » It’s the silent enemy in our retirement accounts: high fees. And now a new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 percent a year — would erase $70,000 from an average worker’s account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.

The study comes from the Center for American Progress, a think tank. Its analysis, backed by industry and government data, suggests that U.S. workers, already struggling to save enough for retirement, are being further held back by fund costs.

Subway cuts ‘yoga mat chemical’ in bread

NEW YORK » Subway says an ingredient dubbed the "yoga mat chemical" will be entirely phased out of its bread by next week. The disclosure comes as Subway has suffered from an onslaught of bad publicity since a food blogger petitioned the chain to remove the ingredient.

The ingredient, azodicarbonamide, is approved by the Food and Drug Administration for use in food as a bleaching agent and dough conditioner. It can be found in a wide variety of products, including those served at McDonald’s, Burger King and Starbucks and breads sold in supermarkets. But its unfamiliar name has an unappetizing ring, and the petition became a flash point by noting that the chemical is also used to make yoga mats and isn’t approved for use in some other parts of the world.

Coldwater Creek files for bankruptcy

SANDPOINT, Idaho » The women’s clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts.

Coldwater Creek said Friday that its stores and its website are still open and selling clothing and other goods to shoppers. But it expects to start sales to liquidate its inventory in early May. It plans to hold going out of business sales in the coming months.

The chain said it spent the past six months evaluating its options but that its declining financial resources, tough retail conditions and its inability to find other viable options drove it to file for bankruptcy protection.

Exxon CEO compensation up 3% to $28.1M

IRVING, Texas » The CEO of Exxon Mobil Corp. received compensation worth $28.1 million last year, a 3 percent increase over the previous year, according to an Associated Press analysis of a company regulatory filing.

Most of Rex W. Tillerson’s compensation was in the form of stock awards, which the largest U.S. oil company valued at $21.3 million when they were granted.

His overall compensation for 2013 was up from $27.2 million in 2012, under the AP’s calculation.

ON THE MOVE

ProService has hired Keka Sanborn as chief health care officer. He has more than 20 years of experience in health care benefits, including as health care consultant for Essence Group Holdings Corp. subsidiary Lumeris, vice president of payer relations and contracting for Hawaii Pacific Health, national vice president of Medicaid contracting and procurement for Coventry Healthcare and national vice president of contracting and procurement for Corizon Health.

Hawaii National Bank has announced the following promotions and branch transfer:

» Daniel Fong to senior vice president from vice president and general corporate counsel and compliance administrator.

» Kai Austin to vice president and loan officer for the bank’s Corporate Banking Department from assistant vice president and Bishop Street branch manager.

» Jay Dow to vice president and loan officer for the bank’s Corporate Banking Department from assistant vice president and loan officer.

» Clarence Rega­lado to assistant vice president and Pearl City branch manager from assistant manager of the bank’s main branch.

» Jarrett Oshiro to assistant vice president and branch manager of the Bishop Street branch from the Pearl City branch.

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