Victoria’s Secret is opening a store at the Queen Ka‘ahumanu Center in 2016. The location will be the first on the neighbor islands for the brand that specializes in intimate women’s apparel. Earlier this month the center announced another popular national retailer, Bath & Body Works, would open its first neighbor island outlet at the center this fall. Victoria’s Secret has stores in Ala Moana Center, Pearlridge Center and in Waikiki.

HawaiiUSA FCU Ewa branch delayed

HawaiiUSA Federal Credit Union’s plans to open a new branch in the Ewa Town Center, at 91-1401 Fort Weaver Road, have been postponed. The credit union’s grand opening celebration, scheduled for Sept. 5, also has been postponed.

Recent rainstorms damaged the new branch, originally scheduled to open Monday. Although repairs are underway, HawaiiUSA has not yet rescheduled the opening.

30-year mortgage rate drops to lowest levels since May

WASHINGTON » Average long-term U.S. mortgage rates dropped this week to their lowest levels since May, in a week marked by turmoil in global markets that was stoked by economic developments in China.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage fell to 3.84 percent from 3.93 percent a week earlier. The benchmark rate hasn’t been that low since May 21.

The rate on 15-year fixed-rate mortgages declined this week to 3.06 percent from 3.15 percent.

The panic selling and extreme gyrations in stock markets sent investors to the safety of U.S. government bonds, raising their prices and dampening their rates. Mortgage rates often track the yield on the 10-year Treasury bond, which dipped below 2 percent Monday, a day of epic losses and price swings on Wall Street. The yield recovered to 2.18 percent Wednesday. That compared with 2.22 percent the previous Wednesday.

On Monday a brief 1,000-point plunge in the Dow Jones industrial average just minutes after stocks opened for trading sent shivers from Wall Street to Main Street. The average ended the day down 3.6 percent. The market staged a robust recovery Wednesday, clocking its best day in nearly four years as the Dow average gained 4 percent.

U.S. economy has stellar second quarter

WASHINGTON » The U.S. economy staged a far bigger rebound last quarter than first thought, outpacing the rest of the developed world and bolstering confidence that it will remain sturdy in coming months despite global head winds.

The economy as measured by gross domestic product expanded at an annual rate of 3.7 percent in the April-June quarter, the Commerce Department reported Thursday. That’s more than a percentage point greater than the initial 2.3 percent estimate and a sharp upgrade from the anemic 0.6 percent advance during the January-March quarter.

Jobless aid applications drop to 271,000

WASHINGTON » Fewer people sought U.S. unemployment benefits last week, evidence that employers remain confident in the economy and are laying off fewer workers.

The Labor Department said Thursday that weekly applications for unemployment aid dropped 6,000 to a seasonally adjusted 271,000. The four-week average, a less volatile measure, ticked up 1,000 to 272,500.

Unemployment benefit applications are a proxy for layoffs and are at historically low levels, suggesting businesses are holding onto their staffs. Earlier this month the four-week average stood at 266,000, the lowest since April 15, 2000.

Ruling might aid fast-food unionizing

NEW YORK » It could be easier for unions to bargain for better pay and working conditions on behalf of millions of workers at McDonald’s, Burger King and other fast-food chains after a National Labor Relations Board ruling Thursday.

The ruling, which came from a case involving a waste management company and its staffing company, refines the board’s standard for determining when parties can be identified as employers. The ruling could have broader implications for unions that have struggled to organize workers at many fast-food restaurants, which often are owned by big companies but run by franchisees.

Mall tycoon Sy tops Philippines’ rich list

MANILA » Property, retail and banking tycoon Henry Sy, whose conglomerate owns the chain of SM Supermalls in the Philippines and China, has retained the title of the Philippines’ richest person for the eighth consecutive year, with his net worth up $1.7 billion from last year to $14.4 billion.

Forbes Philippines, which puts together the list, said Thursday that the value of Sy’s publicly traded conglomerates, SM Investments and SM Prime Holdings, rose 17 and 20 percent respectively over the past year. His companies announced record income from banking and retail businesses and two new mall partnerships in 2014. Sy also has a stake in privately owned power supplier National Grid Corp.

John Gokongwei Jr. of JG Summit conglomerate, which owns SM’s rival mall chain, Robinsons, is the second richest with a net worth of $5.5 billion. Forbes said he moved up three spots after his company’s stocks rose 30 percent, boosted by revenue growth in its petrochemical business and investments in Meralco, the Philippines largest power distributor. JG Summit also has interests in food and beverages, airlines, telecoms, property development, banking, retail and hotels.

Forbes compiles the net worth of the Philippines’ richest based on stock prices and exchange rates, with the value of private companies based on similar companies that are publicly traded.

On The Move

» Bank of Hawaii has announced the following appointments:

— Ryan Field has been appointed to vice president and IT controls and compliance manager for IT risk and security. Prior to the bank, Field worked for KPMG and Pelatron in Honolulu and PricewaterhouseCoopers in Boston.

— Janis Loventhal has been promoted to vice president and credit officer from consumer credit officer of direct lending. Loventhal has more than 25 years of experience specializing in credit for local banks, including working at Central Pacific Bank and Prudential Bache Securities.

— Kimberly Weitzel has been promoted to vice president and financial consultant from senior sales assistant in Bankoh Investment Services. Prior to the bank, Weitzel was a registered representative for Mutual of Omaha in Honolulu.

» Central Pacific Bank has appointed Stephanie Nomura to vice president and investment manager. She has 12 years of income portfolio management experience, including serving as an assistant vice president and fixed-income portfolio manager at First Hawaiian Bank.

Ship Ahoy!

Today’s ship arrivals and departures: