SpaceX sent a Falcon rocket soaring toward orbit Monday night with 11 small satellites, its first mission since an accident last summer. Then, in an even more amazing feat, it landed the 15-story leftover booster back on Earth safely.
It was the first time an unmanned rocket returned to land vertically at Cape Canaveral, Fla., and represented a tremendous success for SpaceX. The company led by billionaire Elon Musk is striving to deploy reusable parts to drive launch costs down and open up space to more people.
SpaceX employees broke into cheers and chants, some of them jumping up and down, following the smooth touchdown nine minutes after liftoff. Previous landing attempts ended in fiery blasts, but those aimed for an ocean platform.
Musk, who also runs the Tesla electric car company, says he can drastically reduce launch costs by reusing rocket parts. Three tries at vertical landings of the first-stage boosters earlier this year failed; in each case the segment aimed for a modified barge off the coast of Jacksonville, Fla. This time Musk opted for a true land landing. His ultimate goal, for human missions, is Mars.
Toshiba to cut jobs in consumer electronics
TOKYO >> Toshiba plans to cut 7,800 jobs, mostly in its consumer electronics business, as it reorganizes in the face of projected record losses for the current fiscal year.
The Japanese conglomerate has been struggling with the aftermath of a major accounting scandal, compounded by troubles in nuclear energy and losses in the business that makes personal computers, TVs and consumer appliances.
The job cuts announced Monday will affect about 30 percent of the consumer electronics business and represent about 3 percent of Toshiba’s overall employees.
China promises it will lower business costs
BEIJING >> Chinese leaders promised Monday to promote economic growth by cutting business costs and reducing surplus production capacity in some industries as they try to reverse an unexpectedly sharp downturn.
After an annual planning meeting, Communist Party leaders also promised to reduce financial risks and to rein in rising debt that has prompted concern about possible threats to China’s financial system.
The leadership under President Xi Jinping is in the midst of a multiyear effort to nurture slower, more sustainable growth based on domestic consumption instead of trade and investment.
FTC rejects Staples’ new Office Depot bid
NEW YORK >> Federal regulators rejected an offer from Staples to sell $1.25 billion in contracts, an attempt on the part of the office supply retailer to ease monopoly fears as it tries to acquire rival Office Depot.
The Federal Trade Commission sought to block the deal earlier this month, believing that a tie-up between the last of the major retailers in the sector would throttle competition. Regulators said that competition between the two is crucial to keep prices fair for those industries that must acquire pens, paper and other supplies.
BMW fined $40M over Mini crash tests
DETROIT >> U.S. safety regulators have slapped German automaker BMW AG with a $40 million penalty for moving too slowly to fix Mini-brand cars that failed federal crash tests.
The National Highway Traffic Safety Administration also said Monday that BMW failed to send the agency accurate recall information.
According to a consent order signed by the company, BMW must pay $10 million in cash and spend $10 million on steps to get into compliance. Another $20 million in fines must be paid if BMW doesn’t comply or it commits other safety violations.
ON THE MOVE
Porter McGuire Kiakona & Chow, a Honolulu law firm, has announced that Cheryl A.K. Fraine has been hired as an associate attorney. She will work in the litigation section ofthe firm. and serve clients living on the neighbor islands and Oahu. Fraine earned her law degree from the William S. Richardson School of Law at theUniversity of Hawaii.
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The Hawaii Employers Council Board of Governors has announced the election of 11 Hawaii executives to serve on the board for three years. Board members are Frederick L.Cowell, general manager of Kauai Coffee; Jim Alberts, senior vice president of customer service for Hawaiian Electric Co.; Timothy Dietrich, general manager of Mid PacificCountry Club; Kevin Dietsch, vice president of Matson Terminals; Glenn Hashimoto, president, chief executive officer and chairman of the board of Suisan Group; PercyHigashi, president and chief operating officer of Roberts Hawaii; John L. Knorek, director of Torkildson, Katz, Moore, Hetherington and Harris; Daniel Nellis, operationsdirector and general manager of Dole Food Co. Hawaii; Lynne S. Nishiura, vice president of human resources of Island Insurance Co.; Gregg Oishi, senior vice president andchief administrative officer of Kuakini Health System; and Mark Tsuda, chief executive officer of Surf Line Hawaii, dba Jams World.
