TOKYO >> Japanese technology company SoftBank Group Corp. is buying Britain’s ARM Holdings for $32 billion in a deal the British government hailed as a vote of confidence in the country following last month’s vote to leave the European Union.
The recommended cash deal underlines the desire of SoftBank, which also owns struggling U.S. telecommunications company Sprint, to expand in the so-called “internet of things” — how home devices can connect online and work in sync.
ARM is renowned as an innovator in this field; its technology is used in the vast majority of smartphones, for example.
McDonald’s, Starbucks to filter Wi-Fi porn
CHICAGO >> McDonald’s and Starbucks are implementing filtering technology that blocks customers using Wi-Fi from accessing pornography sites.
The move follows a campaign from anti-pornography groups Enough Is Enough and the National Center on Sexual Exploitation to demand the chains filter out pornography.
McDonald’s says that Wi-Fi filtering has been activated in the majority of its nearly 14,000 restaurants nationwide. Starbucks says it is implementing filtering once it can find a system that “also doesn’t involuntarily block unintended content.”
The National Center for Sexual Exploitation says chains such as Chick-fil-A and Panera Bread already block porn on Wi-Fi.
Low rates help sink BofA profits 20%
NEW YORK >> Bank of America’s earnings fell 20 percent in the second quarter as historically low interest rates dented the bank’s profitability.
The banking giant earned $3.87 billion, or 36 cents per share, before dividends to preferred shareholders. That’s down from $4.8 billion, or 43 cents a share, in the same period a year earlier. The results still beat analysts’ expectations. Analysts polled by FactSet expected the bank to earn 33 cents a share.
Revenue at the nation’s second-largest bank by assets fell to $20.4 billion from $21.96 billion.
U.S. homebuilder sentiment declines
U.S. homebuilders are feeling slightly less optimistic about their sales prospects this month, though their outlook for the new-home market remains positive overall.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday fell 1 point, to 59.
Readings above 50 indicate more builders view sales conditions as good, rather than poor. The index had mostly held at 58 this year before rising to 60 last month.
Builders’ view of current sales and traffic by prospective buyers slipped 1 point this month. Their outlook for sales over the next six months slid 3 points.
The latest survey of builders follows a recent pullback in sales of new U.S. homes.
Foreign ownership of U.S. debt slips again
WASHINGTON >> Foreign holdings of U.S. Treasury securities fell for the second straight month in May.
The Treasury Department said Monday that total foreign holdings dropped 0.5 percent to $6.21 trillion after slipping 0.8 percent to $6.24 trillion in April.
Japan, the second-biggest foreign owner of Treasury securities, reduced its holdings by 0.8 percent, to $1.13 trillion. China, the biggest foreign investor in Treasury securities, increased its holdings slightly to $1.24 trillion. Mexico cut its Treasury holdings by 9.3 percent, to $59.8 billion.
The national debt is nearly $19.4 trillion and is expected to grow, which means the United States will need foreigners to keep buying Treasury securities.
Fracking might worsen residents’ asthma
CHICAGO >> Fracking could worsen asthma in children and adults who live near sites where the oil and gas drilling method is used, according to an eight-year study in Pennsylvania. The study found that asthma treatments were as much as four times more common in patients living closer to areas with more or bigger active wells than those living far away.
But the study did not establish that fracking directly caused or worsened asthma. There’s also no way to tell from the study whether asthma patients exposed to fracking fare worse than those exposed to more traditional gas drilling methods.
On the Move
Ohana Health Plan has named Dr. Ed G. Fess as its medical director. Prior to joining Ohana, Fess served as president and co-founder of Pacific Healthcare Consultants and chief medical officer and vice president of health care delivery for PacifiCare of Washington and Oregon, as well as chief operating officer for SCAN Healthcare in Long Beach, Calif.
Kids Hurt Too Hawaii has named Patria Weston-Lee executive director, succeeding Cynthia White. The organization assists children who have lost parents through divorce, death or foster care separations.
Prospect Mortgage has hired Kyle Kaili as a loan officer assistant for its Kauai office. He was previously a customer service representative for Wells Fargo Home Mortgage, with four years’ experience as a transportation security officer.
