HECO funds will help fishpond hui
Hawaiian Electric Co. said Monday it donated $23,000 to the nonprofit Waikalua Loko Fishpond Preservation Society.
The grant is for the restoration and preservation of the Waikalua Loko Ia fishpond, HECO said in a news release. The donation will be used to purchase construction material and surveillance cameras for the fishpond in Windward Oahu.
Bull run forecast to continue in 2015
NEW YORK » Can the U.S. hold everyone else above water? That is the question investors are asking as Wall Street heads into 2015.
A strong U.S. economy helped propel the stock market higher in 2014, continuing a bull market that is on pace to celebrate its sixth birthday in March. On more than one occasion, investors dumped stocks following geopolitical flare-ups and concerns about the global economy, only to jump back in when an economic report or results from a big company suggested the U.S. economy was still resilient.
This bull market may be slowing down, but it still has had a remarkable run. The Standard & Poor’s 500 index has more than tripled from its March 2009 low.
Wall Street strategists, who typically are bullish on the U.S. stock market, expect the advance to continue into 2015.
News about Cuba has rum fans high
MIAMI » U.S. rum aficionados are abuzz over the possibility of mixing a Cuba Libre with authentic Cuban rum, now that they will be able to bring home liquor distilled in the communist nation.
Relaxed limits on what licensed U.S. travelers can bring home mean that Americans will be able to enjoy small quantities of the liquor at home. But, with the embargo still in place, the rum won’t be flooding bars or the market.
And it’s unclear what the news means for industry titan Bacardi, which was driven from its Cuban headquarters by the 1959 Castro revolution. In the past, Bacardi has left the door open for a return to its homeland. But company representatives wouldn’t give details when asked Thursday what, if any, plans it has if the more than 50-year-old embargo on Cuban goods ends, now that President Barack Obama is working to normalize relations with the country.
Ocwen settlement costs it $150M
ALBANY, N.Y. » New York financial regulators have reached a settlement with Ocwen Financial Corp. requiring the nation’s largest subprime mortgage servicer to reform its practices and provide $150 million to help struggling New York homeowners.
The consent order requires William Erbey to resign as executive chairman of the corporation and chairman of four related companies: Altisource Portfolio Solutions, Altisource Residential Corp., Altisource Asset Management Corp. and Home Loan Servicing Solutions.
The settlement of the state Department of Financial Services investigation also requires an independent monitor on-site for up to three more years.
It calls for $50 million in direct restitution to former and current Ocwen homeowners in New York, with $10,000 each to those who lost their homes to foreclosure since 2009.
Railroads push solo train operation
OMAHA, Neb. » When freight trains delivered cargo after World War II, the iron beasts commonly had seven people aboard: an engineer, a conductor, up to four brakemen and a fireman.
Trains have since grown much longer, often taking 20 minutes to pass through a crossing. And crews have been reduced in size, to five people in the 1970s and two in 1991. Now U.S. railroads want to put a single person in charge.
Freight trains now generally have two people aboard: an engineer who drives the train and a conductor who oversees the long line of cars. Railroad executives want to reduce that to a lone engineer, saying advances in safety systems, including a new automatic braking system under development, could minimize risks.
ON THE MOVE
Midprice hotel operator Hampton Inn & Suites has agreed to manage one of two hotels slated to be part of the planned regional mall Ka Makana Ali’i in Kapolei.
The deal announced Monday will give the brand owned by Hilton Worldwide its first presence in Hawaii.
The 175-room Hampton Inn at Ka Makana is expected to start construction in mid-2015 and open in 2016 as part of the mall’s 750,000-square-foot first phase anchored by Macy’s, Forever 21, H&M and a movie theater.
Ka Makana is being developed by Florida-based DeBartolo Development on 67 acres in East Kapolei owned by the state Department of Hawaiian Home Lands. The agency and DeBartolo inked a 65-year land lease for the project last month.
Hampton is a chain with 2,000 hotels. The brand, which attracts about an even mix of business and leisure travelers, was established in 1984 and acquired by Hilton in 1999.
Hilton has six hotel and seven time-share properties in Hawaii.
Despite demand from budget travelers, Hawaii was the only state without a Hampton hotel. The hotel at Ka Makana is expected to cater to visitors and residents.
Ed Kobel, DeBartolo president and chief operating officer, said in a written statement that adding a globally recognized hotel brand to the mall project will make it easier for kamaaina and visitors alike to enjoy all the area has to offer.
Bill Fortier, a senior vice president of development for Hilton, added in a statement,"As one of the world’s most sought-after travel destinations, it is only fitting to expand Hampton Hotels to Hawaii, bringing a successful mid-priced product to the market."
Ka Makana is slated to be built in two phases with a total of 1.4 million square feet of leasable space including offices and two hotels.
If built as envisioned, the $500 million project would become the third-largest shopping center in Hawaii, the first regional mall built on Oahu in more than 30 years and potentially the largest job center in the Kapolei area, with 6,500 long-term jobs created by businesses at the complex.
