Apple Inc. sets record

NEW YORK >> Apple is Wall Street’s all-time MVP —that’s Most Valuable Property.

On Monday, Apple’s surging stock propelled the company’s value to $624 billion, the world’s highest ever. It beat the record for market capitalization set by Microsoft Corp. in the heady days of the Internet boom.

Isle hotels come in second in global study

Hawaii hotels ranked No. 2 in occupancy and average daily room rate in a comparison of major international destinations over the first half of this year, according to the Hawaii Competitive Global Rankings released Monday by Hospitality Advisors LLC. At the top of the list was Singapore with 84 percent occupancy, followed by Hawaii with 77.1 percent.

Among global island and sun destinations, Oahu ranked first in hotel occupancy at 84 percent. Maui ranked third at 74.1 percent, slightly behind Puerto Rico. Kauai ranked fifth, and Hawaii island narrowly lost out to the Maldives for the 10th spot.

The Maldives achieved the highest average daily rate during the first six months of 2012 with $704.20, more than double the $302.54 room rates of second-place French Polynesia. All four of the main Hawaiian Islands ranked in the top 10 for ADR, with Maui No. 4, based on an ADR of $262.54.

“The hospitality industry is currently in the midst of a global recovery following the unprecedented economic downturn,” said Joseph Toy, president and CEO of Hospitality Advisors. “We expect that the recovery will carry well into 2013.”

Environmental group fights energy plans

Environmental watchdog group Life of the Land has filed motions to intervene in two regulatory cases involving proposed energy projects in Hawaii.

The first is Hawaiian Electric Co.’s request before the Public Utilities Commission to buy locally made biofuel to burn in one of its power plants on Hawaii island. The other is a plan submitted by HAWAI‘IGAS to the Federal Energy Regulatory Commission to ship in liquified natural gas from the mainland to help cut energy costs in the state.

Allowing Life of the Land to intervene would give the group a say in the decision-making process.

Life of the Land Executive Director Henry Curtis said the organization is concerned that allowing HECO to burn biofuel in its Kea­hole power plant would drive up the electricity costs for ratepayers.

Regarding liquified natural gas, Curtis said that while it could play a “meaningful role” in Hawaii’s energy future, it “must not impede Hawaii’s rapid transition to indigenous renewable energy resources.”

Loss has Lowe’s lowering its forecasts

NEW YORK >> For Lowe’s the improving housing market is still a bust.

The nation’s second-largest home improvement retailer cut its full-year earnings and revenue forecasts Monday after posting a 10 percent drop in second-quarter net income. Revenue at stores opened at least a year, a key yardstick for measuring the health of the retailer, declined 0.4 percent.

Lowe’s results were hurt in part by a timing shift in how the retailer reported the quarter and a charge tied to job cuts. But the latest performance also shows the company’s efforts to revamp its merchandise and prices aren’t working while its rival Home Depot, is reaping the benefits of the improving but still weak housing market.

Pfizer offers coupons to counter generics

TRENTON, N.J. >> If brand-name prescription medicines cost you as little as generic pills, which would you choose? A few drugmakers are betting Americans will stick with the name they know.

They’ve begun offering U.S. patients coupons to reduce co-payments on brand-name medicines and compete with new generic versions of the drugs. The medicines include staples in the American medicine cabinet — cholesterol fighter Lipitor, blood thinner Plavix and blood pressure drug Diovan — along with drugs for depression and breast cancer.

Pfizer Inc. tested the new trend last year and now offers co-pay coupons that can bring insured patients six of its medicines for as little as $4 a month each. That includes Lipitor, which was taken by more than 3.5 million Americans until generic competition arrived last fall.

Best Buy hires turnaround expert as CEO

NEW YORK >> The fight over Best Buy’s future is getting ugly.

Best Buy Co, the nation’s largest consumer electronics chain, announced Monday it has tapped Hubert Joly, the former head of global hospitality company Carlson and a turnaround expert, as the new CEO and president. The move comes a day after talks between the ailing retailer and its co-founder, former chairman and largest shareholder Richard Schulze, failed over his takeover bid proposal.

In a statement issued Monday, Schulze criticized the choice and vowed he would go forward with his proposal to take the company private.  

Walmart to bring back holiday layaway

NEW YORK >> After seeing high customer demand for layaway during last year’s winter holiday season, Walmart is expanding the interest-free pay-over-time program for Christmas. The new program will last a month longer than last year’s and will include more items than the toys and electronics featured last year.

ON THE MOVE

Central Pacific Bank has promoted:

>> Stacey Suzui to vice president and senior business banking officer. She has more than 20 years of commercial lease marketing, training and banking experience.

>> Jon Teraizumi to vice president and commercial banking officer. He has held various positions, including assistant vice president.

Royal State Insurance has named Blaise Liu as its vice president-chief administrative officer. His responsibilities include human resources, central services and records management. Liu will also continue in his role as chief investment and risk officer.

Hawaiian Airlines has been very highly ranked among domestic carriers serving Hawaii in the 2012 “World’s Best Awards” announced by Travel+Leisure magazine. Hawaiian was rated third overall in the category of domestic carriers. The rankings were published in the magazine’s August issue.