Pub owner partners up, buys another

Don Murphy, owner of Murphy’s Bar & Grill Inc., and the owners of J.J. Dolan’s, J.J. Niebuhr and Daniel Dolan have formed Ashford Properties Inc. to buy Ferguson’s Irish Pub from the founder’s widow, Lillian.

Murphy bought his eponymous Merchant Street pub from John Ferguson more than two decades ago when it was called the Royal Hawaiian Saloon. Ferguson "was a great friend of the three of us," Murphy said, noting that both Niebuhr and Dolan had worked for Ferguson, "and John worked for me" after leaving another job.

The 800-square-foot Ferguson’s is on the ground floor of the Dillingham Transportation Building, next to the Bishop Street Cafe.

The trio will take possession of Ferguson’s next week and plan to "carry on John’s legacy." It has no kitchen, but both Murphy’s and J.J. Dolan’s plan to provide food for patrons "just to kind of keep people around."

Target to open midnight for Black Friday

NEW YORK » As the run-up to holiday shopping intensifies, Target Corp. said Friday that its stores will open at midnight on Thanksgiving for the first time.

That’s four hours earlier than last year.

The stores will stay open for 23 hours and close at 11 p.m. Friday, Nov. 25. Target spokeswoman Susan Kahn said the change was a response to customers’ demands.

Retailers have expanded their Black Friday hours each year recently.

Chevron earnings more than double

Chevron Corp.’s quarterly profit more than doubled as a jump in petroleum prices made up for declining production.

San Ramon, Calif.-based Chevron, the second-largest U.S. oil company after Exxon Mobil and the operator of the second largest of two refineries on Oahu, said Friday that it sold oil and natural gas at sharply higher prices in the third quarter. The price of gasoline, diesel, jet fuel and other fuels also increased from a year ago, boosting profits at its refineries.

The results mirror those of other oil giants that reported earlier this week. Despite lower oil production, Exxon Mobil Corp.’s net income rose 41 percent, and profits doubled for BP and Royal Dutch Shell.

For Chevron, oil and natural gas production suffered from July to September because of pipeline troubles in Thailand, tropical storms in the Gulf of Mexico and equipment issues in the United Kingdom and Australia.

Chevron reported net income of $7.83 billion, or $3.92 a share, for the quarter, compared with $3.77 billion, or $1.87 a share, a year earlier. Revenue rose 26 percent to $61.3 billion. Results beat expectations of $3.47 a share but fell short of revenue estimates of $70.4 billion, according to FactSet.

Whirlpool to cut 5,000 jobs to reduce costs

NEW YORK » Appliance maker Whirlpool Corp. plans to cut 5,000 jobs, about 10 percent of its work force in North America and Europe, as it faces soft demand and higher costs for materials.

The world’s biggest appliance maker also on Friday cut its 2011 earnings outlook drastically and reported third-quarter results that missed expectations, hurt by higher costs and a slowdown in emerging markets.

The company, whose brands include Maytag and KitchenAid, has, like other appliance makers, been squeezed by soft U.S. demand since the recession and rising costs for materials such as steel and copper.

Due to its size, Whirlpool’s performance provides a window on the economy because it indicates whether consumers are comfortable spending on big-ticket items.

Benton Harbor, Mich.-based Whirlpool’s third-quarter net income more than doubled to $177 million, or $2.27 a share, from $79 million, or $1.02 a share. Adjusted earnings of $2.35 per share fell short of analyst expectations for $2.73 a share. Revenue rose 2 percent to $4.63 billion, short of expectations for $4.74 billion.

Merck profit shoots up to $1.69 billion

Drugmaker Merck & Co. said Friday that its third-quarter profit soared from a year ago — a weak quarter weighed down by huge acquisition and legal charges. But compared with the second quarter, prescription drug sales were flat, and total revenue was down 1 percent.

Total revenue of $12.02 billion was up 8 percent from a year ago, largely due to a 5 percent boost from favorable currency exchange rates, but was down from $12.15 billion in the second quarter.

The maker of diabetes drug Januvia and Singulair for asthma and allergies said third-quarter net income climbed to $1.69 billion, or 55 cents a share, up from $342 million, or 11 cents a share, a year earlier.

ON THE MOVE

The Department of Human Services has announced Kayla Rosenfeld as its new communications specialist. Her experience includes a stint as a research assistant at the Oceanic Institute, city park ranger and committee clerk in the Hawaii state legislature. She also worked at Hawaii Public Radio as a reporter and news director and was producer of a daily news and public affairs program.

Alston Hunt Floyd & Ing has announced John S. Rhee as its attorney of counsel. His practice areas include securities, commercial, antitrust and patent and civil rights litigation.

Diamond Head Theatre has announced the following officers and members for its board of directors for 2011-2012: Rick Ching, chairman/president; Vernon Wong, vice president; Alan Hoffman, vice president; Kelly Sanders, vice president; Richard Parry, secretary; and Susan Eichor, treasurer. Elected to new terms: Joan S. Bellinger, Lynn Cook, Kay Hampton, Joey Harris, Emily M. Kuraoka, Gabe Lee, Sharon McPhee, Dr. Robert Peterson and Paul Tremaine.