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
Business
The latest business, finance and economic news from Hawaii, across the nation and around the world. Coverage includes airlines, businesses and 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
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
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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
Strike at Queen’s is averted in final hours
A strike by union nurses at two Queen’s hospitals on Oahu was averted Monday after a tentative agreement on a new, three-year contract was reached during the early morning hours. Read more
On the Move: Jan. 14, 2025
Avalon Group has announced the following promotions and new hire to its leadership team. Read more
Hawaiian Electric lays out plan to reduce wildfire risk
The utility has faced intense scrutiny in the past for its role in the deadly 2023 Maui wildfire. Read more
Musk aids L.A. wildfire fight after criticizing response
On Sunday, the world’s richest person showed up in the Pacific Palisades neighborhood of Los Angeles for his next mission after maligning the emergency response to the wildfires that have devastated the city and its surrounding areas. Read more
Moderna cuts 2025 sales forecast by $1B on weak vaccine demand
Demand for its COVID vaccine has been waning after the pandemic, while adoption of its RSV shot — its second approved product- has been slower than expected, forcing Moderna to cut costs. Read more
Billionaire proposes merger between Howard Hughes, Pershing unit
The deal would increase Pershing Square’s stake in Howard Hughes to somewhere between 61% and 69%, depending on how many investors agree to be bought out, from the 38% it currently holds. Read more
Negotiations begin over Queen Theater’s eminent domain
Honolulu Mayor Rick Blangiardi’s administration says it’s begun negotiations with the owner of the Queen Theater regarding the Kaimuki landmark’s possible eminent domain as well as its future use. Read more
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Hawaii’s Department of Law Enforcement director resigns
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FDA bans Red No. 3 dye in food, drugs over cancer concerns
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More Business
TikTok prepares to shut down app in U.S. on Sunday, sources say
Drake sues label for defamation over Kendrick Lamar’s ‘Not Like Us’
U.S. sues Southwest Airlines over chronically delayed flights
Wall Street surges as inflation data, bank earnings fuel rally
FDA bans Red No. 3 dye in food, drugs over cancer concerns
