Environmental nonprofit gets $200,000 grant from Castle

Kupu, a local youth and environmental nonprofit, announced Thursday it has received a two-year $200,000 grant from the Harold K.L. Castle Foundation.

The grant will support three of Kupu’s four major environment-related programs for Windward Oahu youth: Hawaii Youth Conservation Corps, CommunityU and Environmental Education to You.

HYCC places young adults in internships with natural resource agencies to get experience and preparation for a career in the environmental field. CommunityU balances conservation work with classroom studies and gives youth the opportunity to receive an alternative diploma along with personal development training. E2U interns collaborate with local public schools to introduce natural resource curriculums, including facilitating outdoor excursions, eco-clubs and service projects.

Fed still on track to raise rates despite concerns, Yellen says

WASHINGTON » Federal Reserve Chairwoman Janet Yellen said the Fed is on track to start raising interest rates later this year, but expressed multiple concerns over head winds that are still holding back the U.S. economy.

She described the outlook for the economy and inflation as "highly uncertain" amid lingering weakness in the labor market and new potential threats overseas.

Yellen, speaking Friday on the economy for the first time since the Fed’s June meeting, sees reasons for encouragement. Consumer spending appears to be picking up, and employment is likely to keep expanding, she said.

"Based on my outlook, I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate," Yellen said, referring to the Fed’s key short-term interest rate, which has been at a record low near zero since December 2008. But she also outlined a host of concerns, from low wage growth to a low labor participation rate to "disappointing" productivity. She reiterated that inflation is still well below the Fed’s 2 percent target.

GM recalling 780,000 SUVs due to power lift gate issue

DETROIT » General Motors is recalling nearly 780,000 crossover SUVs mainly in North America because the rear power lift gates can suddenly fall and hit people.

The recall covers the Buick Enclave from the 2008 to 2012 model years and the Chevrolet Traverse from 2009 to 2012. Also affected are the GMC Acadia from 2007 to 2012 and Saturn Outlook from 2007 to 2010.

Court leaves probation intact for creator of Beanie Babies

CHICAGO » A U.S. appeals court Friday agreed with a sentence of probation for the billionaire creator of Beanie Babies, rejecting arguments by federal prosecutors that he deserved prison time for hiding millions of dollars in a Swiss bank account.

H. Ty Warner was accused of evading $5.6 million in U.S. taxes by concealing assets. He pleaded guilty, made full restitution and paid a nearly $54 million civil penalty. But when the trial judge sentenced him to two years’ probation, prosecutors — who sought at least a year in prison — took the rare move of appealing the sentence.

ON THE MOVE

The Hawaii Bankers Association has elected the following officers for the new fiscal year that began June 1: 

» President: Robert S. Harrison, chairman and chief executive officer of First Hawaiian Bank

» Vice president: Peter S. Ho, chairman, president and chief executive officer of Bank of Hawaii

» Secretary/treasurer: Richard Wacker, president and chief executive officer of American Savings Bank

» Executive director: Edward Y.W. Pei, executive vice president of the Hawaii Bankers Association

The Rehabilitation Hospital of the Pacific has announced the following new addition and promotion: 

» Sheri Matsu­moto is REHAB’s new marketing manager. She was previously a loan marketing manager at Finance Factors and served in the marketing and administrative offices of the Queen’s Medical Center and Anchor QEA, and Hart Crowser in Seattle.

» Garrett Yama­moto has been promoted to inpatient therapy manager from therapy clinic supervisor. He will be in charge of managing REHAB’s therapy department, focusing on bringing continuing education courses on the campus.