NEW YORK >> NBC says that it has surpassed $1 billion in advertising sales for the upcoming Olympics in Rio de Janeiro and is on pace to set a record for the most national advertising sold for any single event.
By contrast, the network announced reaching the $1 billion sales milestone only two days prior to the opening of the 2012 Olympics in London.
Seth Winter, advertising chief for NBC Sports, said Tuesday that the sales are an indication of advertisers’ desire for big-event programming. Unlike many iterations of the Olympics, NBC will be able to televise live events in prime time from Rio; the Brazilian city is one hour ahead of the eastern United States.
The Brazilian Olympic games are set to begin Aug. 5.
U.S. home prices outpace incomes
WASHINGTON >> U.S. home prices climbed at more than double the rate of incomes in January, a trend that could ultimately create affordability challenges for buyers.
The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.7 percent from a year earlier, a slight increase from the 5.6 percent annual increase in December, according to a report Tuesday. (Honolulu is not included in the index.)
Home values have risen 2.6 times faster than average hourly wages. Tight supplies of homes on the market have fueled much of the price growth.
Rebounding stocks lift consumer confidence
WASHINGTON >> U.S. consumers are feeling more confident in March, with a rebounding stock market brightening their outlook.
The Conference Board said Tuesday that its consumer confidence index rose to 96.2 this month after tumbling to a revised 94 in February.
Consumers’ assessment of current economic conditions has dipped, but their outlook for the future has improved modestly.
GM recalls nearly 6,300 police cars
DETROIT >> General Motors is recalling nearly 6,300 police cars in the U.S. because the electric power-assisted steering can fail.
The recall covers Chevrolet Caprice Police Pursuit vehicles from the 2014 to 2016 model years. GM says corrosion on a connector causes the problem. If it happens, the cars still have manual steering, but that requires more effort to turn the wheels and increases the risk of a crash.
GM says no crashes or injuries have been reported.
FTC sues VW over ‘Clean Diesel’ ads
WASHINGTON >> A federal consumer watchdog sued Volkswagen on Tuesday, charging the company made false claims in commercials promoting its “Clean Diesel” vehicles as environmentally friendly.
The German automaker hastily pulled the ads following last year’s admission it had installed illegal software on its diesel vehicles to cheat emissions tests.
Casino mogul’s ex bids for stock control
LAS VEGAS >> A battle of billionaires is brewing on the Las Vegas Strip, with casino mogul Steve Wynn’s ex-wife alleging boardroom recklessness as she asks a court to give her control of company stock that she left in his hands five years ago.
Elaine Wynn filed court documents Monday seeking access to more than $900 million worth of stock and providing an inside glimpse at her ex-husband’s dealings with Kazuo Okada, a former business partner with whom Wynn Resorts Ltd. has waged a legal battle since 2012.
Forbes magazine puts Steve Wynn’s worth at $2.7 billion and Elaine Wynn’s at $1.5 billion.
ON THE MOVE
Kapiolani Medical Center for Women & Children has announced that Julie Kobayashi is the 2016 Children’s Miracle Network Hospitals Champion for Hawaii. The 14-year-old experienced heart failure and received a heart transplant two years ago. Kapiolani Medical Center played a big role in helping her when she was diagnosed with dilated cardiomyopathy, including transporting her to a pediatric transplant center on the West Coast.
University of Hawaii has announced that Tricia Ejima has been appointed UH bookstore director. She will oversee more than 60 full-time employees, 60 student employees and an annual budget of $24 million. Ejima’s experience includes serving as interim UH Bookstores director since 2014 as well as holding various positions with UH, including serving as an assistant director for Campus Services and managing the Windward Community College Bookstore.
