Wall Street closes up on revival supported by inflation data
The Dow Jones Industrial Average ended in positive territory for the week. Read more
Business
Hawaii, national and international business and economic news.
Turning the tables on rude customers in Japan
Expectations for service — and the potential for dissatisfaction — are especially high in Japan, where a famous expression exalts the customer as a god. Read more
Fed seen on track for September rate cut
Fed policymakers have said they want to be confident inflation is headed sustainably back to that goal before they cut rates. Read more
Bids open for Falls of Clyde’s removal
The bidding to remove the derelict Falls of Clyde from Honolulu Harbor is open. Read more
Vacation rentals post statewide occupancy drop
Vacation rental occupancy in June was lower compared with the same month in 2023; however, supply, average daily rate and demand were higher, according to the state Department of Business, Economic Development and Tourism. Read more
Toyota to build EV battery plant for Lexus cars, Nikkei reports
Japan’s Toyota Motor plans to build a battery plant for electric vehicles in the southwestern prefecture of Fukuoka and supply its batteries to a factory that makes luxury Lexus brand cars, the Nikkei business daily reported on Friday. Read more
North Korea’s economy surged in 2023 after years of contraction, South estimates
North Korea’s economy grew sharply in 2023 after shrinking for three straight years as trade with China increased after COVID-19 pandemic border controls were eased, according to estimates by South Korea’s central bank. Read more
U.S. economy regains speed in 2nd quarter; price pressures easing
Growth last quarter also received a boost from inventory building as well as increased government spending, the Commerce Department’s advance report on second-quarter gross domestic product today showed. Read more
Yen drifts lower from recent peak vs dollar
The Japanese unit this week rallied sharply as market participants unwound their long-held bets against the currency. Read more
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Southwest Airlines turns to assigned, premium seats to lift earnings
The move marks a significant shift away from its traditional business model and came alongside its second-quarter earnings, which topped Wall Street estimates. Read more
Maui County commission endorses draft bill to ban short-term rentals
The Maui County Planning Commission has thrown its support behind a proposal from Maui Mayor Richard Bissen to phase out legal use of roughly 7,000 short-term vacation rentals mostly on the Valley Isle. Read more
On the Move: Bank of Hawaii
Bank of Hawaii has hired Bradley Satenberg as senior executive vice president and deputy chief financial officer and promoted Chang Park to senior vice president and investor relations director from vice president and investor relations manager. Read more
U.S. finalizes details of Boeing 737 MAX guilty plea deal
Boeing on July 7 agreed in principle to plead guilty to conspiring to defraud the Federal Aviation Administration after the government said the planemaker knowingly made false representations about key software for the 737 MAX. Read more
NBA inks deal with Disney, Amazon, Comcast worth $77B
The NBA rejected a last-minute offer from Warner Bros Discovery’s TNT Sports division, which it said fell short of Amazon’s proposal, ending a four-decade relationship with the media company after next season. Read more
S&P, Nasdaq end at multi-week lows with Tesla, Alphabet weighing
Investor reactions pushed both the benchmark S&P 500 and the Nasdaq Composite to their lowest finishes since June. Read more
Disneyland, employees avert strike with tentative pact
Disneyland employees haven’t staged a major walkout since 1984. That work stoppage lasted 22 days. Read more
NHSTA ends probe into 1.5M Honda vehicles for power loss
Some of the reports that were received alleged the vehicle’s wheels locked up with no warning while still in motion, NHTSA said. Read more
Lyft officials settle lawsuit over sexual assaults by drivers
Lyft agreed to boost passenger awareness of the “Alert 911 Silently” feature on its app for reporting misconduct and make it easier to report problems 24/7 to a live human. Read more
Tech View: Hawaii entrepreneur launches new personal finance site
Tracking your family’s finances is never-ending. The internet made things a lot easier with personal finance software. Read more
Local 5 workers picket Waikiki hotels, plan strike vote as bargaining grows tense
Nearly 1,000 Unite Here Local 5 union workers picketed in front of major Waikiki hotels Tuesday demanding new contracts that provide “living wages, fair workloads, and proper staffing that ensures quality service.” Read more
New lifeguard towers coming to Oahu beaches
Honolulu’s Ocean Safety Department plans to replace eight older lifeguard towers with eight brand-new ones on city-owned beaches around Oahu. Read more
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