Ward Village developer Howard Hughes Corp. reported results Friday from a sales lottery held July 18 for its planned Ae‘o condominium tower.
The company said about 110 units were sold — all to local residents — out of 234 units made available to buyers committing to live in the units for at least a year.
Hughes Corp. said the sales, which included units for which buyers signed purchase contracts through Wednesday, exceeded its expectations for the tower, which will be connected with a planned Whole Foods store at Kamakee and Queen streets.
Prices range from $405,016 to $2 million and average $1 million.
Ae‘o will have 466 units. The balance in the tower, 232 units, is being released for sale Sunday without restrictions.
Anthem buying rival insurer Cigna for $48B
NEW YORK >> Anthem is buying rival Cigna for $48 billion in a deal that would create the nation’s largest health insurer by enrollment, covering about 53 million U.S patients.
In just three weeks, starting with Aetna’s $35 billion bid for Humana Inc. on July 3, the landscape of U.S. health care has been altered in a buyout frenzy that could transform five massive U.S. health companies into just three, including UnitedHealth Group.
U.S. new-home sales hit June slump
WASHINGTON >> Fewer Americans bought new homes in June, a possible sign that the real estate market might not be as hot as it appeared at the start of summer.
The Commerce Department said Friday that new-home sales slumped 6.8 percent last month to a seasonally adjusted annual rate of 482,000. The report also revised May sales down to a rate of 517,000 from 546,000.
The June slowdown indicates the potential limits of the earlier momentum. A nearly two-year hiring streak and low mortgage rates had been spurring stronger sales through much of the year. New-home purchases have vaulted up 21.2 percent through the first half of 2015, although the government sales report is volatile on a monthly basis.
Deals ends tariffs on 200 tech products
WASHINGTON >> Dozens of countries have agreed to abolish duties on more than 200 technology products — from advanced computer chips to GPS devices, printer cartridges and video-game consoles.
The agreement announced Friday marks the World Trade Organization’s first tariff-killing deal in 18 years.
The deal is an expansion of the 1997 Information Technology Agreement.
American companies sell $100 billion a year in products covered by the deal. U.S. Trade Rep. Michael Froman called the agreement “great news for the American works and businesses that design manufacture and export state-ofthe-art technology and information products.”
American Airlines beats 2Q profit forecasts
FORT WORTH, TExAS >> Dramatically cheaper jet fuel helped American Airlines nearly double its second-quarter profit to $1.7 billion despite lower revenue.
The world’s biggest airline said Friday that it was American’s most profitable quarter ever, after excluding one-time costs and gains.
Friday’s results from American capped an astonishing earnings season for the nation’s biggest airlines, several of which reported record profits in the April-through-June period.
Still, American warned that a key revenue figure will decline in the third quarter, and the stock closed down 7 percent.
American’s fuel bill dropped by more than $1 billion — a 37 percent savings — compared with the same quarter last year.
ON THE MOVE
Bank of Hawaii has announced that Robert Mancini is a senior vice president and commercial products manager in its commercial banking group. He has more than 20 years’ banking experience with senior roles in product management and development for financial and consulting firms, including Wells Fargo & Co., U.S. Bank and Bank of Tokyo-Mitsubishi. Mancini also served as a principal consultant for Kompetenz Inc. in Florida, as well as a senior analyst at Oliver Wyman in San Francisco.
The High Technology Development Corp. has announced that Thelma Alane as its new chief operating officer. She will oversee the organization’s incubator programs at Maui Research and Technology Center and Manoa Innovation Center. Alane has more than 15 years of experience implementing technology solutions as well as managing systems across numerous industries, including serving as chief commercial officer for HiFMP Advisors in Lahaina.
