Plans to redo Paradise Cove at Ko Olina revived
New development partners are advancing a previously delayed plan to revitalize one of Hawaii’s oldest and most popular tourist attractions, Paradise Cove Luau. Read more
Business
Hawaii, national and international business and economic news.
On the Move: Vance Tsuda and Matthew Kaulikepono Derouin
The Honolulu Authority for Rapid Transportation has promoted Vance Tsuda to project director. Read more
With production of Chevy Malibu ending, era ends for Detroit sedans
In another case of Detroit automakers surrendering car sales to foreign competition, General Motors Co. this fall will retire its last mainstream gas-powered sedan when production of the Chevrolet Malibu ends after nine generations. Read more
Beyond Meat reports wider-than-expected loss as sales decline
Demand for Beyond Meat’s products - including burger patty, sausages and ground beef - weakened as their customers such as McDonald’s and Yum Brands saw sluggish consumer demand owing to sticky inflation. Read more
Dollar gains on rate outlook, yen weakens for third day
The yen remained front of mind for currency traders as Japanese officials issued a stronger warning over the impact of the weak currency on the economy. Read more
FTX customers poised to recover all funds lost in collapse
The announcement was a landmark in the attempt to track down the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Read more
U.S. eyes curbs on China’s access to AI software behind apps
Any action would complement a series of measures put in place over the last two years to block the export of sophisticated AI chips to China Read more
Prosecutors focus on securities, wire fraud in Tesla probe
Tesla’s Autopilot and Full Self-Driving systems assist with steering, braking and lane changes — but are not fully autonomous. Read more
Report: Warner Bros Discovery plans new cost cuts, hike in Max price
The cost-cutting plans could include possible layoffs at the media company which has already eliminated more than 2,000 positions over the past year, according to the report. Read more
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Tech View: Local data centers essential to our future
As Hawaii builds its digital economy, the importance of local data centers has become increasingly important. Read more
On the Move: Maryann Sasaki
The Domestic Violence Action Center, a nonprofit organization, has appointed Maryann Sasaki as its staff attorney. Read more
U.S. seeks answers from Tesla in Autopilot recall probe
The NHTSA recall investigation covers models Y, X, S, 3 and Cybertruck vehicles in the U.S. equipped with Autopilot produced between the 2012 and 2024 model years. Read more
Disney reports shrinking TV business, shares tumble
The division has been losing money since Disney+ debuted in 2019 in a major push by the company to compete with Netflix. Read more
TikTok, ByteDance sue to block U.S. law seeking sale or ban of app
The companies filed their lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit. Read more
Apple unveils new AI-focused chip in upgraded iPad Pro
Debuting its latest chip in a tablet rather than its Mac laptops is unusual for Apple. Read more
Oahu housing market improves with year-over-year gains
Oahu’s housing market rebounded in April with year-over-year gains after mostly slumps in March. Read more
On the Move: Mid-Pacific Institute
Mid-Pacific Institute has hired Class of 1992 alum Lisa Tulchin as database manager. Read more
Qantas agrees to pay $79M after selling tickets for canceled flights
The commission accused the airline of advertising and selling tickets for more than 8,000 canceled flights from May 2021 through July 2022. Read more
Wall Street closes higher for 3rd session on rate cut optimism
Data on Friday showed U.S. job growth slowed more than expected in April, taking pressure off the U.S. central bank to keep rates higher for longer. Read more
Report: Microsoft readies new AI model to compete with Google, OpenAI
The exact purpose of the model has not been determined yet and will depend on how well it performs. Read more
FAA opens new probe into Boeing 787 inspections
The FAA said it is investigating whether Boeing completed the inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes. Read more
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