Hawaii gas prices still over $4 a gallon

Falling oil prices are easing the pain at the pump for motorists nationwide, but gasoline prices in Hawaii are still topping $4 a gallon.

The average price for a gallon of regular unleaded gasoline in Honolulu was $4.027 on Friday, down from $4.035 Thursday but well above the $3.379 average of a year ago, according to the AAA Fuel Gauge Report. Hilo’s average of $4.126 was down from $4.13 Thursday but up from $3.464 a year earlier, while Wailuku’s $4.385 average was down slightly from $4.388 Thursday but up from $3.853 a year ago.

The statewide average for Hawaii on Friday was $4.125, the only state with prices above $4 a gallon. Arizona has the lowest average at $3.361 a gallon, AAA said.

Nationally the average price for gasoline fell 1.4 cents overnight to $3.606 a gallon, according to AAA. A year ago the average price nationally was $2.776, according to the AAA report.

Retail sales rose 0.5 percent in July

WASHINGTON » Consumers spent more on autos, furniture, clothing and gas in July, pushing up retail sales by the largest amount in four months. The gain signaled that Americans are a little more confident in the economy, and could help dispel fears that the country is headed for another recession.

Retail sales rose 0.5 percent last month, the Commerce Department said Friday. It was the best showing since March. The government also revised sales higher in the previous two months.

Even after excluding sales at gas stations, which were influenced by an increase in gas prices, sales rose 0.3 percent last month.

French economic growth sputters to a halt

PARIS » The French government was put under further pressure to cut deeper into spending after figures Friday showed growth in Europe’s second-biggest economy ground to a halt in the spring, in another sign that the global economy is facing rising recessionary threats.

With the worse-than-expected French growth figures suggesting a possible budget shortfall this year, government ministers might have to find additional savings ahead of a key meeting with President Nicolas Sarkozy on Aug. 24.

The flat growth reported in the second quarter of the year was attributable to a slump in consumer spending and exports, and came as policymakers scramble to soothe investor concerns that the country could be the next major economy to lose its coveted triple-A credit rating.

A move Friday by stock market regulators in France and elsewhere across Europe to ban short selling — a form of stock market speculation that some are blaming for the turbulent trading in recent days — looked to be having some impact.

J.C. Penney earnings flat in quarter

NEW YORK » J.C. Penney Co. reported a flat second-quarter profit on Friday as the department store retailer aggressively marked down prices on fashions to get its middle-income shoppers to keep spending in an increasingly uncertain economy.

The company also issued third-quarter profit guidance that fell well below Wall Street estimates and said back-to-school shopping is starting later this year. It declined to offer a full-year outlook amid stock market turmoil fueled by fear about the economy and the downgrade of the federal debt.

J.C. Penney reported net income of $14 million, or 7 cents a share, for the three months ended July 30. That compares with $14 million, or 6 cents a share, a year ago.

Revenue fell to $3.91 billion from $3.94 billion in the year-ago period, largely reflecting the company’s discontinuation of its catalog business.

Alabama county rejects settling $3.1B in debt

BIRMINGHAM, Ala. » Leaders of Alabama’s most populous county voted unanimously Friday to reject a settlement with Wall Street creditors to pay off more than $3.1 billion in debt and bought more time to avoid what would be the largest municipal bankruptcy ever filed.

The five members of the Jefferson County Commission also unanimously approved a resolution to give the commission president and finance chairman until Sept. 16 to personally negotiate a deal.

The county has been trying to avoid filing bankruptcy over more than $3.1 billion in sewer system debt for three years.

Its problems stem from a mix of outdated sewer pipes, the economy, court rulings and public corruption.

ON THE MOVE

Kuakini Health System has announced the following appointments: 

» Stephen Foster as manager of imaging services, in addition to his responsibility as manager of cardiac catheterization services. Foster has more than 20 years of experience.

» Cheryl Utendale as manager of quality and patient outcomes. She has more than 25 years of health care experience.

Environet Inc. has named Thomas McCabe as its chief executive officer. He was previously a senior vice president with Parsons Corp. and program manager for the U.S. Navy who cleaned up unexploded ordnance on Kahoolawe.