Health Connector’s end extended to Friday

Health Connector’s end extended to Friday

The Hawaii Health Connector will end operations on Friday instead of today as originally expected, a state official said Monday.

Gov. David Ige is accelerating the shutdown of the nonprofit health insurance exchange that had been assigned to enroll residents in Obamacare. With the Connector out of cash to continue outreach efforts the state will take over that task.

Ige’s administration decided to abandon the troubled program, which has struggled since its launch in October 2013 to meet enrollment targets, provide satisfactory service and raise enough money to be self-sustaining. The Connector has burned through $130 million of $204 million in federal money granted to the state to build the exchange but not to fund ongoing operations.

The state was supposed to take over Connector operations in February, after the end of the open-enrollment period, which began Nov. 1 and concludes Jan. 31.

‘12 Days of Christmas’ items top $34,000

PITTSBURGH >> Lords a-leaping, is the U.S. economy slow to recover! The cost of 10 lords a-leaping increased 3 percent over last year, but nine of the other 12 gifts listed in the carol “The Twelve Days of Christmas” stayed the same price as last year, according to the 32nd annual PNC Wealth Management Christmas Price Index released Monday. The set of gifts spelled out in the final verse of the song would cost $34,131 this year, or 0.6 percent more than the adjusted 2014 price of $33,933. PNC decided to adjust the prices of turtle doves and swans after realizing the prices quoted by vendors didn’t reflect the birds’ overall value on the open market over the years.

Ford to book $600M expense for labor pact

DETROIT >> Ford Motor Co. will book a $600 million charge in the fourth quarter for signing bonuses paid to union workers under a new four-year contract.

But the company said Monday that the deal with the United Auto Workers limits labor cost increases to 1.5 percent per year and is consistent with its full-year financial guidance. Ford is forecasting a pretax profit of between $8.5 billion and $9.5 billion this year.

The new contract gives raises to all of Ford’s 53,000 U.S. hourly workers and eliminates a two-tier wage system at its plants over eight years.

VTech breach may affect 5M customers

NEW YORK >> Kid’s technology maker VTech says the personal information of about 5 million of its customers and their children may have been stolen by hackers.

The Hong Kong-based company disclosed the breach of a customer database late last week, but didn’t say until Monday how many people could be affected.

The news comes just as the holiday shopping season is kicking into gear and kid’s smartwatches and tablets made by companies such as VTech are expected to be high on wish lists. VTech’s Kidizoom Smartwatch is predicted to be a top seller this holiday season, while its InnoTab tablets have been popular in the past.

Compromised information in the VTech breach includes the names, birthdates and genders of child users. It also includes adult user information, including names, email addresses, passwords, secret questions and answers for password retrieval, IP addresses, mailing addresses and download histories.

The affected database doesn’t contain any credit card numbers, or personal identification information such as Social Security or driver’s license numbers, VTech says.

U.S. pending home sales up in October

WASHINGTON >> Slightly more Americans signed contracts to buy homes in October, a modest rebound after two prior monthly declines. The figures add to evidence that the housing market has lost some of its momentum after rapid sales growth earlier this year.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 0.2 percent to 107.7 last month. The index has increased 3.9 percent over the past 12 months.

“The data suggest that growth in home sales has slowed significantly,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.

Japan leaders appeal to cash-rich firms

TOKYO >> Japan’s central bank governor and other officials are stepping up appeals to cash-rich corporations to do more to boost the country’s faltering economic recovery.

The flurry of comments aimed squarely at business leaders coincides with a push by Prime Minister Shinzo Abe to attack broader trends slowing Japan’s growth: a shrinking and aging population and a corporate culture light on work-life balance and heavy on overwork.

Soon after taking office nearly three years ago, Abe launched a three-pronged recovery strategy focused on reviving the world’s No. 3 economy through strong public spending, massive monetary easing and sweeping reforms of a post-war industrial structure that is not delivering the growth and productivity gains seen in the past.

The so-called “Abenomics” policies have weakened the yen, helping to fatten corporate earnings and share prices and have made some headway in countering deflation.

With the economy in its second recession since Abe took office, the appeals to big business to share more of its wealth have gained urgency.

On The Move

» Damon Key Leong Kupchak Hastert has hired Megumi Honami as an associate in the firm’s business and commercial law, real estate and immigration and naturalization practice groups. She was previously a summer law clerk at Damon Key, a legal intern for 15WG/JA at Joint Base Pearl Harbor-Hickam, and a research and teaching assistant. Honami also served as an executive legal assistant at Masuda & Ejiri (now known as Nagashima Ohno & Tsunematsu) in New York, the Japanese law firm’s first office in the United States.

» The Salvation Army-Hawaiian & Pacific Islands Division has hired the following employees:

— Kristopher Alcordo has been appointed direct mail and digital strategist. He previously served as an Internet marketing manager for Kaufmann & Harris as well as social media manager for kybotech.co.uk.

— Tatu Sasaki has been appointed community development manager. He previously served as a director of business support for PBS Hawaii.

Ship Ahoy!

Today’s ship arrivals and departures: