Bikeshare Hawaii on Tuesday received a symbolic key to two electric-powered Smart cars and a $25,000 check for a combined donation valued at $50,000 from the Hawaiian Electric Industries Charitable Foundation.

The $25,000 will be used to purchase bike trailers and other equipment to transport Bikeshare Hawaii’s fleet of bicycles and maintain the network of bike docking stations coming to urban Honolulu.

Bikeshare Hawaii, which plans to begin operations in 2017, initially will offer a network of about 1,400 bikes at 150 strategically placed stations from Waikiki to Chinatown, covering an area of around 7.2 square miles. The major goal for the system is convenient mobility for people who live, work or play in urban Honolulu. Docking stations are planned every two to three blocks so customers don’t need to worry about where to pick up or drop off a bike. The bikes are designed for short trips of 1 to 4 miles and are expected to provide a cheaper, healthier, friendlier and often faster alternative to driving.

Oil prices decline amid pessimistic outlook

LONDON >> Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year.

In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to 1.3 million barrels a day in 2016 — 100,000 below the previous forecast.

And it also anticipates a further slowdown next year, down to 1.2 million barrels a day, “as underlying macroeconomic conditions remain uncertain.”

The IEA, which represents 29 oil-producing countries, is predicting slower growth in demand for oil because of a more pronounced economic slowdown during the third quarter of the year, among other factors. The price of oil has plunged over the last two years as an enormous supply glut built up while growth in demand slowed.

Investors have been worried about a possible slowdown in economic growth. Those fears were a big reason stocks tumbled in January and early February.

U.S. crude fell $1.39, or 3 percent, to $44.90 a barrel on Tuesday in New York. Brent crude, the benchmark for international oil prices, slid $1.22, or 2.5 percent, to $47.10 a barrel in London.

Atlanta Fed president leaving in February

WASHINGTON >> Dennis Lockhart, the president of the Federal Reserve’s Atlanta regional bank, announced Tuesday that he plans to step down in February of next year.

Lockhart is leaving after a decade as president of the Atlanta bank, one of the Fed’s 12 regional banks. He said he plans to pursue his interests in public policy, civic work and private business after stepping down Feb. 28.

Lockhart has been a supporter of Fed Chair Janet Yellen’s cautious approach to raising interest rates, though he is not one of the voting members of the Fed’s policy committee this year. In a speech Monday, Lockhart said he believed economic conditions justified “serious discussion” of a rate hike in September.

U.S. budget deficit hit $107.1B in August

WASHINGTON >> The federal government recorded a deficit of $107.1 billion in August, slightly lower than the July deficit. But the imbalance through 11 months of this budget year is up sharply from a year ago, reflecting higher spending and lower-than-expected tax revenues.

The Treasury Department said Tuesday that the deficit, with just one month to go in the budget year, totals $620.8 billion, up 17.1 percent from the same period a year ago. The August deficit was slightly lower than the $112.8 billion imbalance in July.

The Congressional Budget Office last month revised its estimate for the 2016 deficit up sharply to show an imbalance of $590 billion. That was up from a March projection of $534 billion. The budget year ends Sept. 30 and September is expected to show a surplus.

On the Move

The Hawaii State Federal Credit Union has announced that Betsy Weatherford has been promoted to vice president of card operations from department manager of card operations. She will look after the credit union’s industry leading card products as well as ATMs. Weatherford has been with card operations for many years and with the Hawaii State Federal Credit Union since 2005.

Hawaiian Islands Land Trust has appointed Kawika K. Burgess as its chief executive officer. He was previously the founder of Real Property Management Alliance, a real estate management company that he founded in 2015. Burgess also served as a chief operating officer of the Office of Hawaiian Affairs, land assets and operations manager at Kamehameha Schools as well as program coordinator for the Trust for Public Land’s Native Lands Program.