AARP to hold workshops on financial scams

The Hawaii chapter of the AARP will hold workshops on Oahu and Maui next week on how to avoid being victimized by financial scams.

The Protect Your Retirement Security Workshops are co-sponsored by the U.S. Commodity Futures Trading Commission, the State Office of the Securities Commissioner and the Better Business Bureau and are aimed at helping Hawaii’s older adults protect themselves from fraud and identity theft by shining a light on common tactics scam artists use to bilk people out of their money, according to a news release from AARP.

There are two workshops scheduled for Wednesday on Oahu. The first will be held from 9:30 to 11:30 a.m. at the Ala Moana Hotel, Garden Lanai. To register go to aarp.cvent. com/stopfraudoahu. The second is scheduled for 1:30 to 3:30 p.m. at the Fili­pino Community Center in Wai­pahu. For more information go to aarp.cvent.com/stopfraudwaipahu.

The Maui workshop is scheduled for Thursday from 9 to 11:30 a.m. at the Kau­noa Senior Center in Paia. To register go to aarp.cvent.com/stopfraudMaui.

Registration for all the workshops also is available by calling 877-926-8300.

CPB’s parent finalizes $125M share buyback

The parent of Central Pacific Bank said final results have been confirmed, and it will repurchase more than 6.1 million shares worth $125 million, after an auction that concluded March 21 and separate agreements with its two largest shareholders.

The state’s fourth-largest bank said Friday it will buy back $68.8 million worth of its Central Pacific Financial Corp. common stock at the price of $20.20 from shareholders who tendered shares via the auction. Central Pacific also will repurchase $56.2 million worth of shares through agreements with its two largest shareholders, Carlyle Financial Services Harbor LP and ACMO-CPF LLC, at the price of $20.20 per share. The bank will repurchase $28.1 million worth of shares from each of the two shareholders.

Carlyle and ACMO-CPF were the lead investors which each purchased $98.6 million worth of Central Pacific Financial Corp. stock in February 2011 at the price of $10 a share as part of the bank’s $325 million recapitalization. Carlyle and ACMO-CPF each currently owns 22.5 percent of the company’s 42.1 million outstanding shares.

The private repurchases are expected to occur April 7, and the shares accepted for purchase through the tender offer will be paid "promptly," according to the terms of the tender offer.

Upon completion of the tender offer and private purchases, Central Pacific will have about 35.9 million shares outstanding.

Central Pacific’s stock closed up 25 cents Friday at $20.05 on the New York Stock Exchange.

Spa opens at Royal Hawaiian Center

Spa Royal Hawaiian, owned by Julie Kim, has opened at Royal Hawaiian Center. Massage styles will include Swedish, lomi­lomi, shiatsu, deep tissue, sports, reflexology and Hawaiian hot stone as well as customized treatments. Body treatments will include detoxification and cellulite removal. Facial treatment offerings will feature whitening and anti-aging. Special rooms are also available to accommodate couples massages and treatments.

For more information on Spa Royal Hawaiian, visit sparoyalhi.com or call 384-2520.

U.S. consumer spending inches up 0.3%

WASHINGTON » Americans barely increased their spending in February after a weak January performance, strong evidence that the severe winter will hold back the economy in the first quarter.

Consumer spending rose 0.3 percent in February after an even weaker 0.2 percent rise in January, the Commerce Department reported Friday.

Spending on autos and other durable goods actually fell for February, and much of the small gain reflected higher utility payments to pay heating costs.

Analysts said consumer spending, which accounts for 70 percent of economic activity, has slowed significantly in the January-March quarter and will hold back overall economic growth. But they are looking for a rebound in the spring as the weather improves.

BlackBerry revenue falls below $1 billion

TORONTO » BlackBerry reported a steep drop in profit and revenue Friday as it changes from a smartphone company to a software business under its new chief executive.

The Canadian company lost $423 million, or 80 cents a share. Adjusted for one-time items, it lost 8 cents a share, much better than the loss of 56 cents a share that analysts expected, according to Fact­Set. Revenue fell to $976 million from $2.7 billion, the first time the company has seen revenue fall below $1 billion since late 2007. That was short of the $1.1 billion analysts had projected. It is the second quarterly result under CEO John Chen, who is de-emphasizing the hardware business after last year’s launch of the BlackBerry 10 failed to spark a turnaround.

ON THE MOVE

The Rehabilitation Hospital of the Pacific Foundation has elected the following to its board of directors:

» Adelia Chung is co-owner of Spectrum Wealth Management and is a chartered life underwriter and chartered financial consultant with 30 years of experience in the financial industry. She is also president of the Alana Dung Research Foundation and serves on the Cha­mi­nade University board of governors.

» Kara M. Kita­zaki-Chun is an internal audit director for HMSA and previously a consulting senior manager at Accuity LLP. She is also a founding coach with Design Thinking Hawaii Bootcamp and serves on the Hawaii Chapter of the Institute of Internal Auditors membership committee.

The Hawaii Employers Council has hired Susan Amuro as research and compensation analyst. She was previously with DFS Group and has 20 years of experience in compensation plan development and administration. She is also a World at Work certified compensation professional and a member of the Society for Human Resource Management Hawaii Chapter.

Hawaiian Airlines has appointed Hing-Cheong Kwok to the new position of country director-China. Kwok has 50 years of sales experience in the aviation industry, including previously working in various sales and marketing positions at Continental Airlines as well as working for United Airlines and Pan American World Airways.

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