U.S. labor market, housing data point to slowing economy
The data today combined with tepid retail sales last month to keep a September interest rate cut from the Federal Reserve on the table. 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.
HECO restores power to last 600 Chinatown customers
Hawaiian Electric said power has been restored to the remaining 600 customers in Chinatown at around 3:45 this afternoon. Read more
OpenAI co-founder, who helped oust Altman, starts own company
The new startup aims to produce superintelligence — a machine that is more intelligent than humans — in a safe way, according to company spokesperson Lulu Cheng Meservey. Read more
Extended power outage costly for many Chinatown businesses
For many of Chinatown businesses and other Hawaiian Electric customers in the area, it was the second time in less than a week that they were left in the dark for an extended period. Read more
Amazon fined $5.9M over warehouse worker quotas
The office of California Labor Commissioner Lilia Garcia-Brower announced the fines, which were issued in May, on Tuesday. Read more
Apple suspends work on next high-end headset
The iPhone maker is still working on releasing a more affordable Vision product with fewer features before the end of next year, the report said. Read more
Oil dips after hitting 7-week highs on demand hopes, war jitters
Trading activity was thin due to a U.S. federal holiday. Read more
Power restoration for 600 Chinatown customers pushed to this morning
HECO previously estimated complete power restoration for noon today, then pushed the time to 6 p.m. and then midnight with the possibility of today. Read more
Tech View: Fiber network offers security, reliability
When it comes to cybersecurity, your best offense is a fiber-fortified defense. Not only does fiber internet provide a stronger connection than standard copper or cable networks, but it also provides a more secure connection by design. Read more
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Hawaii hotel occupancy fell in May as softness continued
Summer isn’t coming in hot for Hawaii hoteliers, who saw hotel occupancy drop to its lowest level of the year in May and are expecting a continued slowdown. Read more
Stellantis recalls 1.16M vehicles over rearview camera issue
The vehicles’ radio software may be preventing rearview images from displaying, the U.S. National Highway Traffic Safety Administration said. Read more
S&P 500, Nasdaq hit record highs on AI momentum
The Nasdaq notched a seventh record closing high in a row, as gains in many chip stocks offset losses in Alphabet , Amazon and Meta Platforms. Read more
Boeing CEO blasted in Senate hearing over safety woes
The hearing marked the first time Calhoun has faced lawmakers’ questions and put the spotlight on Boeing’s souring safety reputation and the departing CEO following a management shakeup. Read more
EV startup Fisker files for bankruptcy, aims to sell assets
The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years. Read more
Nvidia becomes world’s most valuable company
Shares of the chipmaker climbed 3.2% to $135.21, lifting its market capitalization to $3.326 trillion, just days after overtaking iPhone maker Apple to become the second most valuable company. Read more
U.S. retail sales tepid in May; manufacturing production surges
The smaller-than-expected increase in retail sales reported by the Commerce Department today, however, likely exaggerates the slowdown in consumer spending. Read more
Hawaii-developed COVID home test kits being sold online
It is also Oceanit’s first medical product to be commercialized using the company’s proprietary genomic artificial intelligence model. Read more
Lahaina homes face 20% turnover in 3 years
In the six months after the wildfires, over $25 million in real estate was sold in Lahaina, according to a new report. Read more
Leases awarded for Hawaiian homestead on Maui
Homeownership is on the near horizon for an initial group of Native Hawaiian households to benefit from a historic 2022 appropriation by the state Legislature. Read more
On the Move: Rehab Hospital of the Pacific
Rehab Hospital of the Pacific has hired the following to its leadership team. Read more
HECO restores power to 2,400 Chinatown customers; 600 still without service
Hawaiian Electric said the estimated time of restoration for the remaining 600 customers without power is 6 p.m. Wednesday. Read more
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