DBEDT picks California company for contract
The Department of Business, Economic Development and Tourism has given a contract to Oakland, Calif.-based Renewable Funding to develop and manage a green finance program for the state.
The "Green Energy Market Securitization," or GEMS, program will allow low- and moderate-income homeowners, renters and nonprofits to finance the purchase and installation of energy-saving devices without high upfront costs.
The GEMS program will use $150 million in low-cost bond market funds and other sources of private capital to finance the upfront cost of solar photovoltaics, Renewable Funding said in a news release Tuesday.
The GEMS program is scheduled to begin providing financing in late 2014.
Windward Mall seeks keiki entrepreneurs
Applications are being accepted for the third annual Kids Inc. at Windward Mall in Kaneohe this summer.
Children ages 6 to 15 can submit their business ideas via the Windward Mall Facebook page from Monday through June 30. Those whose ideas are accepted for the Kids Inc. Business Showcase will be able to set up and operate their businesses from 10 a.m. to 3 p.m. July 26.
Participants may offer a service, create a product from scratch or resell a product purchased from a wholesaler.
Kids will be able to keep 100 percent of their earnings.
The Kids Inc. program "allows kids to be creative, challenge themselves and to gain a better understanding of what they can expect in the business world. … We can’t wait to see the great ideas children have this year," said Alex Kirley, Windward Mall’s senior marketing manager.
The Honolulu Star-Advertiser is a sponsor of the event.
Steep tariffs target Chinese solar panels
The Commerce Department on Tuesday imposed steep duties on importers of Chinese solar panels made from certain components, asserting that the manufacturers had benefited from unfair subsidies.
The duties will range from 18.56 to 35.21 percent, the department said. The decision, in a long-simmering trade dispute, addresses one of the main charges in a petition brought by manufacturer SolarWorld Industries America.
While it is preliminary, the ruling means that the United States will begin collecting the tariffs in advance of the final decision, expected later this year.
Hillshire to talk with Tyson, Pilgrim’s Pride
NEW YORK » Hillshire Brands says it will hold separate talks with Pilgrim’s Pride and Tyson Foods as the two meat processing heavyweights engage in a bidding war for the maker of Jimmy Dean sausages and Ball Park hot dogs.
The announcement by Hillshire comes a day after Pilgrim’s Pride raised its bid to $55 per share, or $6.8 billion, from $45 a share. That tops Tyson’s offer of $50 a share, or $6.2 billion, made last week.
Those values are based on Hillshire’s 123 million shares outstanding. Pilgrim’s Pride puts the total value of its new bid at $7.7 billion. Tyson Foods values its proposal at $6.8 billion, including debt.
Eurozone inflation drop seals deal for ECB
FRANKFURT, Germany » Another unexpected drop in inflation in the 18-country eurozone has made it a near certainty that the European Central Bank will act this week to support the economy. The annual inflation rate fell to 0.5 percent in May, below the 0.6 percent that markets expected, the previous month’s 0.7 percent — and way, way below the ECB’s goal of just under 2 percent.
The worryingly low figure has stamped out what few doubts may have been left that the ECB will loosen its monetary policy at its monthly meeting Thursday by cutting interest rates, and possibly more, to try to boost a weak recovery that’s fraught with worries.
U.S. factory orders increased again in April
WASHINGTON » Orders to U.S. factories rose for a third consecutive month in April, adding to evidence that manufacturing is regaining momentum after a harsh winter.
Orders increased 0.7 percent in April, pushed higher by a surge in demand for military hardware, the Commerce Department reported Tuesday. That followed a 1.5 percent increase in March and a 1.7 percent climb in February.
ON THE MOVE
Damon Key Leong Kupchak Hastert has announced that Sara E. Coes, an attorney with 10 years’ legal experience in business and transactional matters in Asia, has joined the firm. She was previously a general counsel for Honeywell International.
Central Pacific Bank has promoted Jamie Won to vice president and Kapahulu branch manager. She will be responsible to lead, coach and inspire her team to meet and exceed the specific financial needs of CPB’s customers. Won has 30 years of banking experience and has been with CPB since 2011.
The University of Hawaii at Manoa has named Wendy Yamamoto Suetsugu executive director of the Hawai‘i State Center for Nursing. She was previously director of clinical operations in the Department of OB/GYN and Women’s Health at University Clinical, Education and Research Associates.
