Hawaii’s energy efficiency policies ranks 12th in nation
Hawaii ranked 12th in the nation in energy efficiency for a second year, according to the American Council for an Energy-Efficient Economy’s 2011 State Scorecard.
The scorecard compares each state’s energy efficiency policies in several ways, including public benefits programs, transportation policies, building energy codes and appliance efficiency standards.
Leading the nation were Massachusetts, California and New York, while the bottom three were Mississippi, Wyoming and North Dakota.
Hawaii has no natural gas service, and as such was unable to earn points in that category, which would have helped elevate the state to a top-10 ranking overall.
Eurozone wins respite but it could be brief
FRANKFURT, Germany » With their late-night deal to cut Greece’s debt and support other wobbly countries, European leaders bought time to work out lasting solutions to the crisis plaguing the euro currency bloc. What they do with that time will determine whether this summit succeeds where many others have failed.
Thursday’s three-pronged deal at long last appears to have met or beaten expectations for some kind of decisive action, judging by stock market rallies in Europe and around the world. It retools the eurozone’s underpowered bailout fund, calls on banks to take 50 percent losses on Greek bonds and orders them to raise 106 billion euros in new capital by June.
But European leaders will have to work out the complex financial details quickly and skillfully. It’s unclear whether the bailout fund changes will be enough to prop up Italian and Spanish banks, or whether writing down bonds will be enough to pull Greece from the brink.
Rate falls slightly on 30-year mortgage
WASHINGTON » The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low.
Freddie Mac said Thursday that the rate on the 30-year loan fell to 4.10 percent from 4.11 percent last week. Three weeks ago it dropped to 3.94 percent. The National Bureau of Economic Research says that’s the lowest rate ever.
The average rate on the 15-year fixed mortgage was unchanged at 3.38 percent. Three weeks ago it hit a record low of 3.26 percent.
Low rates have done little to jolt the struggling housing market. Sales remain depressed, and home prices are still dropping in many markets.
High unemployment and declining wages have made qualifying for loans harder for many people. Most of those who can afford to refinance already have.
Big Oil posts profits on lower production
Higher oil prices have masked a slowdown in production among the biggest oil companies.
Exxon Mobil, Royal Dutch Shell and BP reported a surge in quarterly profits this week even though they are producing less oil from fields around the world, including a combined 7 percent decline in the third quarter that just ended.
Each company has devoted billions of dollars to finding new petroleum deposits, but it could be years, even decades, before those investments translate to more oil and natural gas.
Experts say smaller companies will need to step up to satisfy growing world demand. China, India and other developing nations are expected to push the global appetite for oil to a record 90 million barrels per day next year, enough to outstrip supplies.
Three years ago a severe drop in oil supplies helped push oil prices to above $147 per barrel, saddling airlines and shipping companies with high fuel costs. Gasoline prices soared above a national average $4 per gallon.
Contracts to buy homes drop 4.6 percent
WASHINGTON » The number of Americans who signed contracts to buy homes fell for the third straight month in September after spring and summer buying season failed to entice new buyers.
The National Association of Realtors said Wednesday that its index of sales agreements fell 4.6 percent last month to a reading of 84.5.
A reading of 100 is considered healthy. The last time the index reached that high was in April 2010, the final month that buyers could qualify for a federal tax credit that has since expired.
Signed contract are usually a reliable indicator of where the housing market is headed. There is typically a one- to two-month lag between a contract and a completed deal.
Claims decline for unemployment benefits
WASHINGTON » The number of people seeking unemployment benefits dipped slightly last week, though not by enough to suggest that hiring is picking up.
Weekly applications for unemployment benefits declined 2,000 to a seasonally adjusted 402,000, the Labor Department said Thursday. That’s the fourth drop in six weeks.
Still, the four-week average, a less volatile measure, rose to 405,500. The average had fallen to a six-month low two weeks ago.
Applications have been stuck above 400,000 for all but two weeks since March. Applications need to fall consistently below 375,000 to signal sustainable job growth. They have not been below that level since February.
ON THE MOVE
North Hawaii Community Hospital has announced that Dr. Niall Scully has retired from his medical practice after a career spanning more than 56 years in Hawaii. He will take on a new role as director of quality improvement at North Hawaii Medical Group located in North Hawaii Community Hospital.
The Honolulu Academy of Arts has appointed Weijiun Robertson as chief financial officer. Her previous positions include director of finance for Girls of Metro Denver and accounting manager at Colorado-based Land Title Guarantee Co.
The Office of Hawaiian Affairs has awarded a $400,000 grant to Hawaii Maoli. The two-year grant will fund the Ho’olako na Kiwila Hawaii program, which aims to help Hawaiian civic clubs become self-sustaining.
Aloha Petroleum has presented a $4,500 check to Muscular Dystrophy Association, Hawaii Chapter. Funds will support the organization’s mission to find a cure for muscular dystrophy and other neuromuscular diseases.
