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Credit ratings agency Moody’s lowered Hawaiian Electric Industries and its utility subsidiary Hawaiian Electric Co.’s rating outlook to negative from stable Friday due to concerns about risks related to transforming the company’s oil-dominated generation base to renewable energy resources.
The company’s power supply improvement plan filed in August 2014 includes $3.8 billion of capital expenditures over the next five years. And in the most recent earnings call, HEI said its planned capital expenditure will be about $700 million and $720 million, respectively, in 2016 and 2017.
Moody’s said the plan also will likely require the company to sign large liquefied natural gas supply contracts that likely are worth a substantial $7 billion.
Moody’s said it will continue to evaluate HEI and HECO on a stand-alone basis despite NextEra Energy Inc.’s pending $4.3 billion acquisition of HEI.
The rating and outlook of HEI’s bank subsidiary, American Savings Bank, was unaffected by Friday’s action. American Savings would become a separate stand-alone company if the state Public Utilities Commission approves the sale.
Courtyard to celebrate Laie grand opening
Courtyard Oahu North Shore will mark its grand opening Saturday as the second Courtyard by Marriott property on the island.
The 144-room hotel is adjacent to the Polynesian Cultural Center and offers amenities including the Bistro, a restaurant serving American food, an 80,000-square-foot waterfall swimming pool, a fitness center and meeting rooms.
Rooms include free Wi-Fi access, minirefrigerators and flat-screen TVs, while suites also are equipped with microwave ovens.
Nightly rates start at $259 and daily parking costs $10. No resort fees are assessed.
Courtyard Oahu North Shore is a “dry” hotel, meaning alcohol is not served on the premises. However, guests may bring their own, according to a spokeswoman.
Jury awards Jordan $8.9M for use of name
CHICAGO >> Jurors at a civil trial focused on the market value of Michael Jordan’s identity handed him a major win Friday, ordering a grocery store chain to pay him $8.9 million for invoking his name in a steak ad without his permission.
The amount was close to the $10 million his attorneys said the one-time use of his name was worth, and Jordan hugged his lawyers after the decision was read in a federal court in Chicago, where Jordan won six NBA titles with the Bulls.
“I’m so used to playing on a different court,” a visibly delighted Jordan told reporters outside the courthouse. “This shows I will protect my name to the fullest. … It’s my name and I worked hard for it … and I’m not just going to let someone take it.”
Jordan added that the case “was never about money” and that he’ll give the damages award to charities in Chicago.
A judge ruled before trial that the now-defunct Dominick’s Finer Foods, which was owned by Safeway, was liable. So the sole unresolved issue was damages for the unauthorized ad in a 2009 Sports Illustrated. It congratulated Jordan on his Hall of Fame induction and included a $2-off coupon above a photo of a sizzling steak. Jurors deliberated for six hours before returning with the $8.9 million figure, at one point sending a note to the judge that said, “We need a calculator.”
Jordan’s fame loomed over the case, with one would-be juror struck from the jury pool during jury selection after describing Jordan as his idol. During closings earlier Friday, Jordan attorney Frederick Sperling appealed to city pride in trying to persuade jurors to side with Jordan.
“He gave us six championships,” he told jurors.
Steven Mandell, the Dominick’s attorney, told jurors he was also proud of Jordan’s accomplishments in sports. But he said Jordan’s attorneys overvalued their client’s name, saying jurors should award Jordan no more than $126,900.
Online data may never be fully purged
NEW YORK >> The Ashley Madison hack is a big reminder to all Web users: If you submit private data online, chances are it will never fully be deleted.
The hackers, who stole the data about a month ago and then posted it online this week, claimed in a statement that part of the reason for the theft was Ashley Madison’s fraudulent promise to fully delete users’ information if they paid the company a $19 fee.
The website — whose slogan is “Life is short. Have an affair” — is marketed to people looking for extramarital relationships. It purports to have about 39 million members.
ON THE MOVE
KapohoKine Adventures has hired Quinn Nelson as a store manager. She was previously the service supervisor at Puna Kamalii Flowers, where she worked in the disabled-adults program. In addition to her new position, Nelson is a head competitive coach at Hilo’s Pacific Gymnastics.
Hagadone Printing Co. has announced Howard Young as vice president of sales. He has more than 20 years of experience in marketing, sales and advertising, including serving as general manager of SureWest Directories and Propel Marketing in Roseville, Calif., under GateHouse Media.Young also previously worked as a vice president of sales for PennySaver in Brea, Calif., and as a western region director of Garden Grove, Calif.-based Money Mailer.
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