Greek stocks soar
ATHENS, Greece >> Greek stock markets rebounded strongly Monday from a 22-year low on hopes a pro-bailout party will win crucial national elections next month, which would avoid a catastrophic rift with international creditors and keep the struggling country within the euro currency union. The main stock index in Athens soared to close up 6.9 percent.
Waimea hydropower project halted
WAIMEA, Hawaii » A major hydropower project on Hawaii island will not be going ahead, despite Gov. Neil Abercrombie’s assurances that the $1 million plant in Waimea would be built.
Department of Agriculture spokeswoman Janelle Saneishi says a recent feasibility study showed the project’s costs outweighed its benefits, so the department decided against it.
West Hawaii Today reported the plant was meant to be part of a larger watershed protection project for the interior region, in the heart of Hawaii’s ranching industry.
Abercrombie announced last week that his office had released $1 million for the hydropower plant, which would have tied into the local irrigation system.
A spokeswoman for Abercrombie could not immediately say what would happen to the unused funds.
RIM loses another senior executive
TORONTO » Struggling BlackBerry maker Research In Motion Ltd. said Monday that it is losing another senior executive as its chief legal officer is retiring from the company after 12 years.
RIM said that Karima Bawa had been in discussions about her retirement for some time and plans to stay on to help with the transition once a replacement has been hired.
The once iconic BlackBerry company is facing its most difficult period in its history.
RIM is working on launching a new software operating system just as North Americans are abandoning their BlackBerrys for Apple’s iPhone and smartphones that run Google’s Android software.
The latest departure also comes as RIM is reportedly about to announce a restructuring that could result in thousands of job cuts.
The Globe and Mail, citing people close to the company whom it didn’t identify, reported RIM will soon announce at least 2,000 layoffs.
Spanish banks said to not need rescue
MADRID » Conservative Spanish Prime Minister Mariano Rajoy insisted Monday that the country’s banking sector would not need an international rescue as concern over the bailout of nationalized lender Bankia sent its stock price plummeting while Spain’s borrowing costs soared.
"There will be no rescue of the Spanish banking sector," Rajoy told a press conference.
However, he added that the government had no choice but to bail out Bankia, which has been crippled by Spain’s real estate slump.
"We took the bull by the horns because the alternative was collapse," said Rajoy, stressing that Bankia clients’ savings were now safer than ever.
Bill would force return of striking workers
TORONTO » Canada introduced legislation Monday to force striking Canadian Pacific Railway workers back to their jobs after talks stalled over the weekend, the country’s labor minister said Monday.
Labor Minister Lisa Raitt said the freight service shutdown at Canada’s second-largest railway is hurting the economy.
Locomotive engineers and conductors went on strike Wednesday, shutting down freight service along nearly 14,900 miles of track in Canada and the U.S.
Raitt called Canadian Pacific Railway the backbone of the country’s economy, and she has said she would force strikers back to work if necessary.
"The strike can’t go on," Raitt told Parliament. "We need to get the trains running again."
The railway and the union said mediated talks broke off Sunday with little hope of resumption.
IMF tells Ukraine to increase gas prices
KIEV, Ukraine » The International Monetary fund has told Ukraine it must raise gas and heating prices for households if it is to regain access to a $15.6 billion bailout loan from the fund.
The government of President Viktor Yanukovych has been reluctant to make the unpopular move ahead of parliamentary elections in October. That led the IMF to freeze the bailout program last spring.
The head of the IMF mission to Ukraine, Chris Jarvis, notes Ukrainian families pay one-fifth of the import price for natural gas.
He told reporters Monday that the IMF will resume talks only after "some actions from the government."
Ukraine is hoping to get a price discount for Russian natural gas, but talks with Moscow have been unsuccessful so far.
ON THE MOVE
Central Pacific Bank has promoted Joy Agni to assistant vice president and Waipahu branch manager. She has 24 years of banking experience.
Hawaii Computer Training and Solutions has made Sean Fox managing partner. Fox and business partner and general manager Jennifer Svestka built a team that delivers technical skills and office training in the state.
Coldwell Banker Pacific Properties has announced that Mikiko Terahira and John M. Kagimoto have been designated as preview team members at its Leeward office.
Terahira and Kagimoto both specialize in all areas of Oahu.
