Macy’s, Kohl’s, Gap point to cloudy holiday retail picture
NEW YORK — Results from Macy’s, Kohl’s and Gap on Thursday further underscored the cloudy picture for U.S. retailers heading into the start of the holiday season.
Hilo mall lease in limbo
A requested 40-year lease extension for Prince Kuhio Plaza is on hold for now.
Tom Yamachika: Getting permitting out of home maintenance
This week we continue to focus on the City and County of Honolulu, where efforts are under way to deal with the highly backlogged state of affairs at our Department of Planning and Permitting. As we’ve previously reported, a 2020 City audit (Report No. 20-01) (Exhibit 4.3) found that a typical residential building permit application took 108 days to process, while one for a commercial project ($1 – $10 million) took 432 days. That is a very long time to be just waiting for a permit.
Tom Yamachika: The empty homes tax
One of the ideas that has been kicking around in the state and county legislatures for a couple of years now is the idea of an “empty homes tax.” The idea seems to be gaining steam now since our federal court has struck down Honolulu’s recent ordinance clamping down on transient vacation rentals.
Buy an EV now or later? The tax credit rules are about to change
DETROIT — Consumers who can find an electric vehicle or plug-in hybrid that qualifies for the $7,500 tax credit now may want to snap it up before the end of the year, experts say, while others wanting to purchase EVs that aren’t eligible might be better off waiting until 2023.
Business news at a glance
Inflation and wages continue to climb rapidly, in bad news for the Fed
Tom Yamachika: ‘Dedicated funding source’? Nah
I’m sometimes asked how we can achieve true fiscal reform here in the Aloha State. It’s easy to imagine an end goal, with government spending within its means and with no gargantuan liabilities (the big two are the State’s defined benefit pension plan and the EUTF health system for state retirees) hanging over our heads like swords of Damocles. But to know which direction we need to travel, we need to know where we are now. This, unfortunately, is a big problem.
Exxon, Chevron reap $31 billion profit from energy crunch
Exxon Mobil Corp. and Chevron Corp. amassed more than $30 billion in combined net income as politicians blast Big Oil for raking in massive profits at a time when consumers are struggling with soaring inflation and energy shortages worldwide.
Tom Yamachika: Yes, people move because of taxes
This week, we focus on a study that has just come out of the national Tax Foundation (with whom the Tax Foundation of Hawaii shares a name but not much else). That study looks at IRS and census data to see if tax considerations affect people’s decisions to move from one state and to another.
Small businesses brace for cautious holiday shoppers
NEW YORK — Small businesses are stocking the shelves early this holiday season and waiting to see how many gifts inflation-weary shoppers feel like giving.
Business news at a glance
IRS raises contribution limits for retirement savings plans
Judge rules for California baker over same-sex wedding cake
BAKERSFIELD, Calif. — A California judge has ruled in favor of a bakery owner who refused to make wedding cakes for a same-sex couple because it violated her Christian beliefs.
Big Island native Arnold Martines tapped to lead Central Pacific Bank
Arnold Martines, a Big Island native, has been promoted to president and CEO of Central Pacific Bank, one of the largest banks in Hawaii.
FDA proposes new definition for ‘healthy’ food, but will it make us healthier?
The U.S. Food and Drug Administration has proposed a new definition for what constitutes “healthy” food, taking a more holistic look at nutrition and food groups instead of focusing solely on a few vitamins, minerals and nutrients.
Tom Yamachika: State financial condition still dismal
Here in Hawaii, we have weathered a major pandemic. The primary driver of our economy is, and has been for a long time, tourism. Tourism was in the toilet during the pandemic, with our Governor going so far as to publicly urge tourists to stay home or go somewhere else. Now, with the brunt of the pandemic apparently past us and tourism levels back up to pre-pandemic levels, and with bazillions of federal dollars coming in to prop up our teetering economy, you would think we would be in reasonable shape financially, right?
Worsening inflation will pressure Fed to keep raising rates
WASHINGTON — Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively.
Tom Yamachika: Love-hate relationship with P3
Our state has a love-hate relationship with public-private partnerships (P3). P3s are where public (government) interests and funds partner with private companies to cooperate and share risks and benefits.
To buy Twitter, Musk has to keep banks, investors on board
If the squabbling ever stops over Elon Musk’s renewed bid to buy Twitter, experts say he still faces a huge obstacle to closing the $44 billion deal: Keeping his financing in place.
Halloween costs are rising. Will that frighten away haunt fans?
Sean Nyberg is a professional investor who has been keeping track of the rising cost of attending Disneyland Resort’s annual Halloween celebration.
Work-from-home or return to the office? A rift is emerging among US workers
Tensions are brewing at work between employees who have returned to the office and those who’ve continued to work from home, according to a survey of U.S. workers.
