WASHINGTON >> Federal Reserve Chairwoman Janet Yellen appears unruffled by incoming President Donald Trump’s victory last week.
Her remarks to Congress on Thursday suggest that the central bank is on track to raise interest rates at its meeting in December, one month before Trumps takes office. She said she has no plans to step down before her four-year term ends Feb. 3, 2018, reiterated the Fed’s political independence and vigorously defended tougher bank regulations established in the wake of the financial crisis. An improving U.S. economy has bolstered the case for raising interest rates, Yellen told Congress’ Joint Economic Committee.
Wal-Mart’s net falls but tops estimates
NEW YORK >> Wal-Mart Stores Inc. saw its third-quarter profit fall more than 8 percent, dragged down as it continues to plow money into e-commerce and improving its stores. While online sales improved, overall revenue fell short of expectations as the company said it was hurt in part by falling food prices.
Profit at the world’s largest retailer still beat Wall Street expectations, and it lifted the bottom end of its full-year profit forecast. Investors focused on the sales, though, sending shares in the retailer down.
For the three-month period ended Oct. 31, Wal-Mart earned $3.03 billion, or 98 cents a share. That compares with $3.3 billion, or $1.03 a share, a year earlier. Analysts expected 96 cents per share, according to analysts at FactSet.
Revenue rose just 0.7 percent to $118.18 billion. Analysts expected $118.6 billion.
ON THE MOVE
The Honolulu Community Action Program has announced that Tehani Diaz has been selected as director of community services at HCAP. She previously served as interim director of community services as well as a planning and development specialist when she first started at HCAP in 2013.
Toastmasters International District 49 selected Eri Kosuge as the finalist for the Hawaii District 49 Fall 2016 Humorous Speech Contest, held Oct. 29 at Hilton Hawaiian Village. She was among several contestants vying for the championship and won first place with her speech “Japanese Dating Game.” Kosuge, a toastmaster member with Abe Lee Toastmasters, has been commended for competing in an “English speaking” contest when English is not her first language.
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