Chef Mavro restaurant and La Mer restaurant both have retained the AAA Five Diamond rating they first earned years ago.
La Mer at Halekulani in Waikiki was first awarded its Five Diamond status in 1990, and Chef Mavro has maintained its since 2008, while several other restaurants have fallen from the lofty height, often because the hotels in which they are located have closed for renovation.
Four Diamond winners and the year of their first rating are Bali Steak & Seafood at the Hilton Hawaiian Village (1989), Hoku’s at the Kahala Hotel & Resort (2002) and Orchids at Halekulani (1995) on Oahu; Brown’s Beach House at the Fairmont Orchid (2011) and Manta & Pavilion Wine Bar at the Mauna Kea Beach Hotel (2014) on Hawaii island; red salt at the Koa Kea Hotel & Resort on Kauai (2015); and Spago at the Four Seasons Resort Maui at Wailea (2010).
Restaurants undergo a thorough, unannounced evaluation for consideration of possible AAA approval and rating.
For a Five Diamond rating, restaurants receive the most extensive reviews with multiple unannounced evaluations. AAA employs full-time inspectors who review restaurants nationwide. AAA Diamond ratings for hotels were announced in January.
Trade deficit rises to post-recession high
WASHINGTON >> The U.S. trade deficit rose in December as American exports fell for a third straight month, reflecting the pressures of a stronger dollar and spreading global weakness. Those factors contributed to the first annual drop in U.S. export sales since the Great Recession shrank global trade six years ago.
The December deficit increased 2.7 percent to $43.4 billion, the Commerce Department reported Friday. Exports fell by 0.3 percent, driven by sales declines of civilian aircraft, autos and farm products. Imports increased 0.3 percent as Americans bought more foreign-made cars and petroleum.
For all of 2015 the deficit rose 4.6 percent to $531.5 billion. Exports fell 4.8 percent, the first setback since 2009 when the world was in the grips of recession. Imports also retreated 3.1 percent.
Consumer borrowing grew in December
WASHINGTON >> U.S. consumers in December increased their borrowing at the fastest pace in three months. The result suggests that consumer spending should remain strong in the coming months.
Borrowing expanded $21.3 billion in December, the strongest showing since an increase of $28.6 billion in September, the Federal Reserve reported Friday. That pushed total borrowing to a fresh record of $3.55 trillion.
Borrowing in the category that covers credit cards rose $5.8 billion, slightly below the November gain.
HSBC reaches deal over banking abuses
WASHINGTON >> Banking giant HSBC has reached a $470 million settlement with the federal government and nearly all states over mortgage lending and foreclosure abuses that officials say helped intensify the country’s economic meltdown, the Justice Department announced Friday.
The agreement requires the bank to pay $100 million and to provide an additional $370 million in consumer relief to borrowers and homeowners, including by reducing mortgage interest rates as well as the principal on mortgages for homeowners who are at risk of default.
On the Move
Berkshire Hathaway HomeServices Hawaii Realty has announced that Carole Kaili Daly and Jason Daly have joined the realty company. Both Realtor associates previously came from Coldwell Banker Pacific Properties.
The East-West Center’s Board of Governors has elected Richard Turbin as the board’s new chairman. Turbin has been an attorney in Honolulu for 37 years and is a partner at the Turbin Chu Heidt law firm.
