Honolulu ranks as ninth worst for drivers

Honolulu is the ninth-worst U.S. city for drivers based on gas and insurance prices, population density, the number of hours of traffic delay per commuter, and annual precipitation rates, according to a NerdWallet study.

The study found that aside from the highest gas prices in country at $4.35, drivers in Hono­lulu must pay expensive car registration fees based on vehicle weight.

The average insurance premium exceeds $948, Hono­lulu drivers lose 45 hours a year due to traffic delays and our population density per square mile is greater than 5,572.

In New York, which NerdWallet found to be the worst in the U.S. for drivers, gas averages $3.95 a gallon, the average insurance premium is nearly $1,615, drivers lose an average of 59 hours a year to traffic delays, the population density is 27,012 per square mile and the city gets 113 days of precipitation per year.

The best U.S. market for drivers, according to NerdWallet, is Albuquerque-Rio Rancho, N.M., where gas costs an average of $3.38, insurance premiums average $961, there are only 53 days per year of precipitation, 2,907 people per square mile and only 29 hours of driver delays per year.

U.S. home building declined 6.5% in May

WASHINGTON » The pace of U.S. home construction slipped in May with many Americans still struggling to afford new houses. Builders started work at a seasonally adjusted annual rate on 1.01 million homes last month, the Commerce Department said Tuesday. That was down 6.5 percent from 1.07 million in April.

Construction firms began work on fewer single-family houses, condominiums and apartments last month.

CEOs more optimistic on hiring and sales

WASHINGTON » Optimism among chief executives of large U.S. companies has reached a two-year high, driven by a more positive outlook toward hiring and sales.

The Business Roundtable said Tuesday that its CEO outlook index rose to 95.4 in the second quarter, up from 92.1 in the first quarter. That is the highest level since the second quarter of 2012.

The positive sentiment among CEOs of some of the largest U.S. companies could bode well for hiring and growth. The U.S. economy has been adding jobs at a steady pace this year, and the unemployment rate has fallen to 6.3 percent, a five-year low. The proportion of CEOs expecting to hire in the next six months rose to 43 percent, up from just 37 percent in the first quarter.

Inflation data give Fed topic for debate

WASHINGTON » The Federal Reserve received some further cause for discussion at its policy meeting this week with a report Tuesday of a surprising jump in consumer inflation. Yet most economists aren’t altering their view that the Fed’s first interest rate increase is at least a year away. Analysts cautioned that time frame could change if inflation were to accelerate. The consumer price index rose 0.4 percent in May, the government said, and has risen 2.1 percent over the past 12 months — roughly at the level of the Fed’s target rate for inflation.

It’s why the Fed might actually welcome the news of slightly higher inflation: It will help ease long-standing concerns that inflation might be too low. For the past two years, inflation by one key measure has remained under the Fed’s 2 percent target.

American Air cutting flights to Venezuela

FORT WORTH, Texas » American Airlines said Tuesday that it will cut nearly 80 percent of its flights to Venezuela in a dispute over revenue being held by the South American country. American said that beginning July 2 it will operate 10 flights per week instead of the current 48. And it will only fly to Venezuela from Miami, scrapping flights from New York, Dallas and San Juan, Puerto Rico.

The airline says Venezuela is holding on to at least $750 million in revenue that American wants to bring back to the U.S.

Stylr app is Walmart tech lab’s latest buy

NEW YORK » Wal-Mart Stores Inc.’s innovation lab is diving deeper into mobile apps with another acquisition.

The latest purchase for @WalmartLabs is Stylr, a mobile app that allows shoppers to find clothes in nearby stores.

Stylr is @WalmartLabs’ 13th acquisition in the past three years. The purchase is the latest effort by Walmart, the world’s biggest retailer, to develop new digital tools to help create a seamless shopping experience for shoppers who are increasingly jumping back and forth from stores and their mobile phones.

ON THE MOVE

Hawaiian Airlines has announced two promotions on its marketing team:

» Renee Awana to senior director of product development from director of cabin experience. She has more than 20 years of experience in advertising, marketing, public relations, business development and brand strategy and development in Hawaii and Utah.

» Kevin Yim to senior director of global marketing communications from director of advertising and promotions. He has 20 years of marketing experience in Hawaii, including serving as vice president — brand, advertising and promotions manager for Bank of Hawaii.

The Hawaii State Chapter of the American Red Cross has been awarded a $15,000 grant from Matson. The money will support disaster preparedness and response efforts. Last year the organization responded to 82 disasters and provided shelter, food, clothing and caring support to individuals and families who were affected by the tragic events.