Home prices saw slower growth in June
WASHINGTON » U.S. home prices rose in June by the smallest year-over-year amount in 20 months, slowed by modest sales and more properties coming on the market.
Data provider CoreLogic said Tuesday that prices rose 7.5 percent in June compared with 12 months earlier. That’s a solid gain but less than the 8.3 percent year-over-year increase in May and a recent year-to-year peak of 11.9 percent in February.
On a month-to-month basis, June prices rose just 1 percent, down from 1.4 percent in May. But CoreLogic’s monthly figures aren’t adjusted for seasonal patterns, such as warmer spring weather.
Aircraft drive increase in factory orders
WASHINGTON » Orders to U.S. factories increased in June, led by demand for aircraft, industrial machinery and computers and electronics.
Orders rose a seasonally adjusted 1.1 percent compared with the previous month, the Commerce Department reported Tuesday. Factory orders had fallen 0.6 percent in May after three straight months of gains.
An 8.4 percent jump in demand for commercial aircraft fueled the latest gains. But there were additional increases outside this volatile category that point to businesses investing with the expectation of economic growth.
Over the past year, factory orders were up 2.5 percent.
Airspace rumor hurts European airlines
MOSCOW » Shares in European airlines fell Tuesday on a report that Russia is considering cutting off the country’s airspace for European flights to Asia, a move that would force costly detours.
A report published by the Russian business daily Vedomosti quotes anonymous Russian officials as saying this would be a response to the sanctions the EU imposed on Moscow.
The officials say the idea of limiting or cutting off the airspace is being discussed but no formal decision has been made, according to Vedomosti, a respected newspaper.
Shares in Finnair, which operates a lot of flights from Northern Europe to Asia, slumped 5.6 percent. Air France-KLM fell 3.8 percent while IAG, the owner of British Airways, saw a 2.9 percent drop.
Disney beats expectations in third quarter
LOS ANGELES » The animated hit "Frozen" continued to help boost the Walt Disney Co., as the company reported third-quarter net income that rose 22 percent, topping analysts’ expectations.
The movie sold well at international box offices, in home video and lifted merchandise sales, the company said Tuesday.
The Burbank, Calif.-based company said net income in the three months through June 28 increased to $2.25 billion, or $1.28 per share, from $1.85 billion, or $1.01 per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.17 per share.
The company said revenue climbed 8 percent to $12.47 billion from $11.58 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $12.16 billion, according to Zacks.
ON THE MOVE
Hastings & Pleadwell: A Communication Company has hired Kawena Carvalho-Mattos as its account coordinator in charge of digital communication and social media tactics. She began as an intern in January.
Samuel K. Izumi has been appointed principal of Kahuku Elementary School. He had been acting principal of Kahuku Elementary since December 2013 and was the principal of Hauula Elementary School from 2009 to 2013.
Pyramid Insurance has hired Ernest Fukeda Jr. as president. He is a 37-year- veteran in the insurance industry and has held management positions in several insurance carriers in Hawaii. Fukeda also serves on the boards of Queen’s Health System, Queen’s Medical Center, Molokai General Hospital and the Hawaiian Humane Society.
