Senate Democrats ramp up pressure on Biden to delay TikTok ban
“We’re asking for the ability to be able to try rationally to resolve this issue so TikTok does not go dark,” Democratic Senator Ed Markey said today. Read more
Business
Hawaii, national and international business and economic news.
Outgoing FDA chief flags online weight loss drug dangers
The sale of these drugs would be less of a problem if the price of the original drugs were not so high, Califf told reporters at a media roundtable. Read more
Global stock index outperforms Wall Street, bond yields dip
U.S. shares had surged on Wednesday after data showed easing in U.S. core inflation. While today’s data included a U.S. retail sales increase in December, it was below expectations. Read more
Nurses at Queen’s ratify new, three-year contract
The Hawaii Nurses Association, which represents more than 1,900 nurses at Queen’s, announced in a news release Wednesday evening that the majority had voted to ratify the agreement. Read more
What to know about China’s RedNote, TikTok’s rival app
Known by its Chinese name “Xiaohongshu” in China, the platform is a popular lifestyle app where users document their lives and post recommendations. Read more
Mokulele flight disruptions highlight service vulnerabilities
Southern Airways Express LLC, doing business as Mokuele Airlines, temporarily suspended all of its interisland airline routes across Hawaii on Wednesday morning, citing maintenance needs and an abundance of caution. Read more
On the Move: Blythe Yamamoto
L&L Hawaiian Barbecue has promoted Blythe Yamamoto to director of franchise sales. Yamamoto joined the company in 2020, after previously serving five years at Special Olympics. Read more
TikTok prepares to shut down app in U.S. on Sunday, sources say
The law signed in April mandates a ban on new TikTok downloads on Apple or Google app stores if Chinese parent ByteDance fails to divest the site. Read more
Drake sues label for defamation over Kendrick Lamar’s ‘Not Like Us’
In a complaint in Manhattan federal court, Drake said the song was “intended to convey the specific, unmistakable, and false factual allegation that Drake is a criminal pedophile” and the public should exert “vigilante justice” in response. Read more
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U.S. sues Southwest Airlines over chronically delayed flights
“Today’s action sends a message to all airlines that the department is prepared to go to court in order to enforce passenger protections,” Transportation Secretary Pete Buttigieg said. Read more
Wall Street surges as inflation data, bank earnings fuel rally
The Labor Department said the consumer price index (CPI) increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided. Read more
FDA bans Red No. 3 dye in food, drugs over cancer concerns
The ban by the Food and Drug Administration on the dye, called Red No. 3, in food items, comes more than three decades after it was barred in cosmetics. Read more
Mokulele Airlines grounds fleet over maintenance issue
The airline, which serves interisland routes across Hawaii, made the announcement this morning. Read more
Japan gets record 3.49M visitors in December
December arrivals of foreign visitors for business and leisure rose from 3.19 million in November, breaking the previous monthly record of 3.31 million set in October, data from the Japan National Tourism Organization (JNTO) showed. Read more
FTC: Pharmacy benefit managers inflated drug prices by $7.3B
From 2017 to 2022, the companies — UnitedHealth Group’s Optum, CVS Health’s CVS Caremark and Cigna’s Express Scripts — marked up prices at their pharmacies by hundreds or thousands of percent, netting them $7.3 billion in revenue in excess of the acquisition costs of the drugs, the FTC said in its second report on the industry. Read more
Kauai nurses begin 3-day strike at Wilcox
Nurses at Wilcox Medical Center on Kauai began a three-day strike Tuesday after negotiations with their employer reached an impasse. Read more
On the Move: Cades Schutte LLP
Cades Schutte LLP has announced the following promotions to partners. Read more
EPA warns of health risks from sewage use for fertilizer
Research has found that biosolids can contain per- and polyfluoroalkyl substances (PFAS), known as forever chemicals, which have been tied to cancers, liver damage, and other illnesses. Read more
Over half a million ‘TikTok refugees’ flock to China’s RedNote
Veteran Chinese users, with some sense of bewilderment, welcomed their American counterparts and swapped notes with them on topics like food and youth unemployment. Read more
Inflation still slowing as producer prices rise below expectations
“Better than expected is not necessarily what the Fed wants to see before easing monetary conditions into a fast-growing economy, with tariffs and tax cuts on the agenda of the incoming administration,” said Carl Weinberg, chief U.S. economist at High Frequency Economics. Read more
S&P lowers Nissan’s outlook to negative, affirms BB+ ratings
“The negative outlook reflects our view that the company’s creditworthiness will continue to deteriorate if profitability does not improve and positive free cash flow is not secured,” S&P said in a statement. Read more
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