Costco tops quarterly sales, profit estimates on steady demand
The company’s shares, which are up 51% so far this year, rose nearly 1% in extended trading. 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.
Honolulu City Council approves seizure of Queen Theater
Resolution 176 would have the city seize the theater, shuttered since 1985, along with the rest of the 10,396-square-foot commercial parcel.The property is valued at $3.173 million. Read more
New Honolulu facility offers interim housing, services to families
The Ohana Navigation Center will serve hundreds of children, parents and family members annually, helping prevent and end homelessness. Read more
On the Move: Amy Nguyen-Chyung
Hawaii Pacific University has named Amy Nguyen-Chyung the next dean of the College of Business effective in July; she currently serves as a consultant at the university prior to her tenure as dean. Read more
Elon Musk’s net worth tops $400B amid Tesla, SpaceX surges
Musk is Tesla’s largest shareholder with about a 13% stake in the company. The EV maker’s shares rose to a record high of $424.9 on Wednesday, extending a rally that kicked off following the Nov. 5 election. Read more
Wall Street closes lower as investors assess data
A Labor Department report today showed U.S. producer prices rose more than forecast in November, though a moderation in service costs pointed to a continuation of the broader disinflationary trend. Read more
30-year mortgage rate hits lowest level in nearly 2 months
It has now declined for three straight weeks. The rate averaged 6.95% during the same period a year ago. Read more
Honolulu City Council postpones empty-homes tax bill
The measure’s stated aim is to ensure residential properties are used as actual homes instead of investments — particularly by those who may live outside the state. Read more
On the Move: George C.K. Leong
First Hawaiian Bank has named George C.K. Leong senior vice president and division manager for the bank’s commercial real estate division. Read more
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Albertsons sues Kroger for billions after merger bid ends
Kroger called the claims baseless and said it will defend against them in court. Read more
U.S. consumer prices post biggest rise in seven months
Progress in lowering inflation toward the U.S. central bank’s 2% target has virtually stalled, with the report from the Labor Department today also showing no improvement in the measure of underlying price pressures over the past four months. Read more
Facebook, Instagram down for thousands of users
There were more than 105,000 incidents of people reporting issues with Facebook and over 70,000 with Instagram, in an outage that started around 12:50 p.m. ET (7:50 a.m. Hawaii time). Read more
UnitedHealthcare case sparks industry reckoning on patient anger
The murder ignited an outpouring of anger from Americans struggling to receive and pay for medical care. Read more
Tesla shares jump to record high
Shares of Tesla previously hit a record on Nov. 3, 2021, but a rally of about 65% since the Nov. 5 election has lifted the stock to new heights as investors expect the company to benefit from CEO Elon Musk’s relationship with President-elect Donald Trump. Read more
Judge rejects sale of Infowars to The Onion
The ruling, by Judge Christopher Lopez in federal bankruptcy court in Houston, poses a roadblock for The Onion’s plan to take possession of the Infowars site and its associated assets after it won an auction last month. Read more
Tech View: Buying a new computer? Here’s what to consider
The holiday season is prime time for the purchase of new computers. Gifts, prepping students for the next semester, or setting up businesses to hit the ground running in the new year — are all high on the list for many folks. Read more
Trump pledges fast permits for $1 billion U.S. investments
The statement, posted on his social media platform Truth Social, did not offer further details. Read more
Federal judge blocks $25B Kroger-Albertsons grocery merger
Albertsons is the parent company of the Safeway grocery store chain. Read more
Alaska sees $1B jump in profit after Hawaiian Airlines merger
Ahead of its 2024 investor day today, the Seattle, Washington-based carrier also raised its fourth-quarter and full-year profit forecasts, citing stronger holiday travel bookings and lower interest costs. Read more
Google removes McDonald’s reviews tied to UnitedHealth case
The negative comments aimed at McDonald’s were the latest in what is known as “review bombing,” where an establishment is hit with a litany of bad reviews based on a political view or an occurrence unrelated to its actual business. Read more
Big Island-grown Christmas tree project nears its close
The Hawaii Forest Industry Association has conducted the ‘Aina Mauna Christmas Tree Demonstration Project since 2014. Read more
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