Hawaii to avoid recession, UHERO report says
Hawaii appears poised to escape a recession, but a group of local economists says that high interest rates and prices will cause weaker growth in the state through the first half of this year. Read more
Hawaii appears poised to escape a recession, but a group of local economists says that high interest rates and prices will cause weaker growth in the state through the first half of this year. Read more
Hawaii bankruptcy attorneys are seeing an uptick in phone calls in what could be the start of an upward trend in filings. Read more
It’s been an uphill climb for the state Employees’ Retirement System pension fund, but its top administrator says beneficiaries have nothing to worry about even though the fund has a $13.5 billion shortfall. Read more
Matson Inc.’s chief executive officer is warning that the current quarter will be the weakest of the year as the company deals with reduced shipping demand. Read more
Alexander & Baldwin Inc., the state’s second-largest retail property owner, achieved a strong showing from its commercial real estate portfolio in the fourth quarter and finished 2022 with 95% total leased occupancy. Read more
Hawaiian Electric Industries Inc. topped $1 billion in revenue for the second straight quarter as customers paid higher bills for soaring fuel costs and subsidiary American Savings Bank achieved its best loan growth in more than a decade. Read more
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Central Pacific Financial Corp. Chair Catherine Ngo has been appointed to the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council. Read more
Hawaiian Airlines’ pilots have approved a new four-year contract with pay raises that will average more than 32% over the duration of the agreement, including industry-leading rates for the carrier’s future Airbus A330F cargo fleet. Read more
Barnwell Industries Inc.’s revenue soared 37.7% in its fiscal first quarter on the strength of its oil and natural gas operations. Read more
Hawaii bankruptcies keep declining despite rising interest rates that are putting a strain on consumers. Read more
Cyanotech Corp., a Kona-based producer of health dietary supplements from microalgae, posted a 37.7% drop in sales during its fiscal third quarter from the year-ago period, but its top executive said Thursday he was encouraged by improved results from the previous three months. Read more
Hawaii auto sales stalled in 2022 amid supply chain issues and vehicle production cutbacks and fell 12.6% to its third-worst level in 11 years. Read more
American Savings Bank achieved its strongest full-year loan growth in over a decade and recorded improved margins as it benefited from the rising interest rate environment. Read more
Honua Ola Bioenergy’s tireless effort to begin producing renewable energy for Hawaii island enters another chapter Tuesday when the Hawaii Supreme Court hears oral arguments on the company’s latest appeal to vacate a state Public Utilities Commission’s decision that denied the company’s power purchase agreement with a Hawaiian Electric subsidiary. Read more
First Hawaiian Inc., the holding company of the state’s largest bank, saw its shares soar 5.2% Friday after reporting greatly improved interest margins and strong loan growth. Read more
Territorial Bancorp Inc., which generates more than 97% of its real estate loans from one- to four-family residential properties, posted a 17.9% decline in fourth-quarter net income as loan repayments and sales exceeded new loan originations. Read more
Hawaii bankruptcies ticked up in December but still finished 2022 at their lowest level in 17 years. Read more
Central Pacific Bank posted strong loan growth and improved margins in the fourth quarter and said it expects Hawaii to hold up better than the rest of the country as the Federal Reserve continues raising interest rates to fight inflation. Read more
Hawaii’s unemployment rate dipped 1 percentage point in December to 3.2%, its lowest level since before the pandemic, as the number of people in the state labor force decreased from the previous month. Read more
Bank of Hawaii Corp. generated strong double-digit loan growth in the fourth quarter but cautioned that it’s unlikely to continue that pace as consumers face continued headwinds due to the effect of higher interest rates. Read more
Barnwell Industries Inc. has reached an agreement with its two largest stockholders that will avert a proxy fight at its 2023 annual meeting of stockholders and allow for the appointment of two specified independent board directors. Read more