Hawaii, national and international business and economic news.
All three major Wall Street indexes closed with their biggest daily losses in a month. Small cap stocks also fell sharply, with the Russell 2000 index posting its biggest daily loss since April 10. Read more
In the last 12 months, the stock has lost 40% of its value, while Costco shares have gained 30% and Walmart shares have doubled. Read more
The reinstatement of Fortnite, a multiplayer video game with millions of daily users around the world, is the result of recent twists in a long-running federal court battle. Read more
Honolulu Mayor Rick Blangiardi’s administration has finalized a multimillion-dollar settlement with the Hawaii Government Employees Association involving dangerous COVID-19-era work. Read more
Given the current chaotic political climate, I find myself doomscrolling more than is advisable. It’s a very mixed bag. On Meta (formerly Facebook), I’ll see what friends are up to, but other pages are not so benign. Read more
The greenback was also pressured by news that President Donald Trump failed to convince Republican holdouts in the House of Representatives to back his sweeping tax bill. Read more
Musk, the world’s richest person, has signaled that he wants to turn back to his business empire. Read more
New doses offer “uncertain” benefit to many Americans younger than 65 who have previously been vaccinated or have had COVID, wrote Dr. Vinay Prasad, the FDA’s vaccine division chief, and Dr. Martin Makary, the agency’s commissioner. Read more
A controversial commercial development on the famous black-sand beaches of Hawaii island has been stalled by foreclosure. Read more
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The White House remains far from realizing its vision for dozens of individual trade deals, and Trump has threatened repeatedly to restore the much larger “reciprocal” tariffs that he announced in early April. Read more
The U.S. ratings downgrade indicated the country has less ability to support the highly rated obligations of these banks, Moody’s said in a note. Read more
Subaru said in a statement that the increases were made in response to “current market conditions,” without citing tariffs or specific price actions. Read more
Wendy McMahon, whose full title was president of CBS News and Stations, told her staff in a memo that “it’s become clear the company and I do not agree on the path forward.” Read more
Announcing a growth plan for the next five years, the fast-food chain operator best known for its gyudon, or stewed beef over rice, said it would target a 10-fold jump in operating profit from the ramen business to 4 billion yen ($28 million). Read more
Electricity demand is expected to grow substantially over the next several decades as technology companies build large data centers for their artificial intelligence businesses. Read more
The outlook for airline seats into Hawaii softened this month with losses widening into the peak summer tourism season, exacerbating concerns that demand for leisure travel will hold amid worldwide economic uncertainty. Read more
Access to Fortnite via Apple’s iPhone Operating System and through its App Store will be unavailable worldwide until Apple unblocks it, Epic Games said. Read more
Issues of political biases, hate speech and accuracy of AI chatbots have been a concern since at least the launch of OpenAI’s ChatGPT in 2022. Read more
Walmart, which sells a broad selection of affordable goods to millions of Americans, said Thursday that Trump’s tariffs, even at their recently reduced levels, would soon force it to start raising prices. Read more
Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, sources said on Saturday, as part of a cost-cutting plan the company flagged earlier this week. Read more
Exchange-traded funds that track the S&P 500 and Nasdaq fell about 1% in extended trade after Moody’s cut the U.S. credit rating by one notch, citing rising debt and interest payments that outpace those of similarly rated sovereigns. Read more
