Hawaii gets federal OK for health exchange

WASHINGTON » The federal government has given Hawaii conditional approval for running its own state-based health exchange.

The Department of Health and Human Services announced Thursday that Hawaii has made significant progress toward setting up its own exchange and can go forward under the Affordable Care Act.

The federal agency says to date 20 states and the District of Columbia have been conditionally approved to partially or fully run their own health exchanges. Hawaii, as well as California, Idaho, Nevada, New Mexico, Vermont and Utah, joined those states Thursday.

Under the health care law, the federal government can step in and establish exchanges in states where none exist. Some states, including Alaska, are opting to allow the federal government to do that.

Health services are expected to begin in 2014.

U.S. job market resilient despite budget tiff

WASHINGTON » The U.S. job market showed resilience in three reports Thursday, suggesting it may be able to withstand a federal budget battle that threatens more economic uncertainty in coming months.

A survey showed private hiring increased last month, while layoffs declined and applications for unemployment benefits stayed near a four-year low. The data led some economists to raise their forecasts for December job growth a day before the government releases its monthly employment report.

Retailers report higher December sales

NEW YORK » A last-minute surge in spending saved the holiday shopping season.

Major retailers including Costco, Gap and Nordstrom on Thursday reported better-than-expected revenue in December. That comes as a relief for stores, which can make up to 40 percent of their annual revenue in the last two months of the year.

Americans spent cautiously early in the season as the Northeast recovered from superstorm Sandy. Then they held back because of fears that the U.S. economy would fall off the "fiscal cliff," triggering massive budget cuts and tax increases that would have amounted to less money in their pockets. But shoppers spent more freely in the final shopping days of the year.

Hormel orders up Skippy sandwich

NEW YORK » Hormel Foods apparently has a hankering for a peanut butter and bacon sandwich. The company primarily known for Spam and other cured, smoked and deli meats said Thursday that it’s buying Skippy, the country’s No. 2 peanut butter brand, in its biggest-ever acquisition.

Skippy, which was introduced in 1932 and is a staple in American pantries, is intended to increase Hormel’s presence in the center of the supermarket, where nonperishable foods are sold. It also gives the Austin, Minn.-based company a stronger footing in international markets. Skippy is sold in about 30 countries and is the leading peanut butter brand in China, where Hormel has been trying to build up its Spam business for the past several years.

Hormel, which also makes canned chili, sausages and pepperoni, currently gets the vast majority of its sales in the United States, with only about 4 percent of revenue coming from abroad. Now the company is hoping that Skippy, which it’s buying from Unilever for $700 million, will help it expand at home and overseas.

Al-Jazeera pays $500M for Current TV

LOS ANGELES » With its $500 million purchase of left-leaning Current TV, the Pan-Arab news channel al-Jazeera will soon be seen in tens of millions of U.S. homes. It’s a steep price, but the acquisition helps the channel in its aim to quickly spread its message to more Americans.

The purchase will create a news channel called al-Jazeera America, coming to American homes 90 days from now with a distinctly non-American view of the world. The network claims many people in the U.S. have sought its programming online, and that it aims to present an "unbiased" view, "representing as many different viewpoints as possible."

The deal already had its first casualty.

The nation’s second-largest TV operator, Time Warner Cable Inc., dropped Current after the deal was confirmed Wednesday, saying the network didn’t have enough viewers.

Rate on 30-year mortgage slips to 3.34 percent

WASHINGTON >> Average U.S. rates on fixed mortgages moved closer to their record lows this week, a trend that has made home buying more affordable and helped sustain a housing recovery.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan slipped to 3.34 percent from 3.35 percent last week.

That’s near the 3.31 percent rate reached in November, the lowest on records dating to 1971.

The average on the 15-year fixed mortgage ticked down to 2.64 percent from 2.65 percent last week.

The record low is 2.63 percent. 

The 30-year fixed mortgage rate averaged 3.66 percent in 2012, the lowest annual average in 65 years, according to Freddie Mac. 

ON THE MOVE

The First Insurance Co. of Hawaii board of directors has elected Jeff Shonka senior vice president, chief operating officer. He joined the company in 2002 as its chief financial officer. Shonka has more than 25 years of accounting, financial and operational experience for multiline insurers.

RevoluSun has hired Margaret Liu as marketing specialist. She has four years of marketing experience, including previously serving as a program manager for the William Lawrence and Blanche Hughes Foundation at Cedars Sinai Medical Center in Los Angeles.

Hawaii Pacific Federal Credit Union collected donations at its main branch in the Ala Moana building and Pearlridge branch during December for the 2012 Lau­lima Giving Program. Donations included clothes, toys, beauty supplies, bedding, movie tickets and gift cards. The donations supported the children and families helped by Keiki o ka Aina Family Learning Centers and Programs.