Business news at a glance
Stocks record best stretch of year, as inflation fears recede
A GET exemption for food
There has been a lot of talk these days about possibly adding a General excise tax (GET) exemption for food and medicine. The three Democratic candidates for governor all support it, as Hawaii News Now reported. The argument that most people make is that the GET, which applies to most purchases of things including food, is regressive. Thus, it falls more heavily on those less able to make ends meet.
Billions pour into bioplastics as markets begin ramping up
CLEVELAND — In a world increasingly troubled by the persistent harm that plastic — manufactured in petrochemical plants — has had on the environment, companies are investing billions of dollars to ramp up production of plastics made from natural, renewable materials that can be safely composted or can biodegrade under the right conditions.
‘Quasi-preneurs’ see opportunity, challenges in franchising
NEW YORK — In 2020, Kelly Jackson and Davina Arceneaux wanted to leave their company jobs and become business owners. They were looking for something both COVID-proof and recession-resistant.
Addressing the tax crisis in health care
It’s been obvious for some time that there is a physician crisis here in Hawaii. Simply put, we don’t have enough doctors here. The ones we do have are moving away, and most of the medical school graduates are opting to stay away from here.
‘What recession?’: US employers add 528,000 jobs in July
WASHINGTON — U.S. employers added an astonishing 528,000 jobs last month despite flashing warning signs of an economic downturn, easing fears of a recession and handing President Joe Biden some good news heading into the midterm elections.
We need an emergency declaration for health care
Last week, I ranted and raved about our COVID-19 emergency proclamations, more than 20 of them, that finally ended on March 25, 2022. Now we see in the news that the Healthcare Association of Hawaii wants the Governor to declare a state of emergency once again.
Senate deal should make it easier to buy electric vehicles
DETROIT — The surprise deal by Senate Democrats on a slimmed-down bill to support families, boost infrastructure and fight climate change also is likely to jump-start sales of electric vehicles.
Inflation and wage data suggest US prices will keep climbing
WASHINGTON — Inflation surged in June and workers’ average wages accelerated in the spring — signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
Unprecedented profit for major oil drillers as prices soared
NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities.
Business news at a glance
Sony sees profit rise despite waning interest in video games
Navy expedites waterborne drones to close gap with China
Facing a growing threat from China, the Navy envisions drone ships keeping an electronic eye on enemy forces across the vast Pacific Ocean, extending the reach of firepower, and keeping sailors out of harm’s way.
Yellen downplays US recession risk as economic reports
WASHINGTON — Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.
With long COVID comes long emergency powers
Throughout the COVID-19 pandemic, as readers of this column may recall, our governor exercised emergency powers, including suspending a gaggle of laws, for two full years.
‘Day by day’: Trade bans, inflation send food prices soaring
Soki Wu’s food stall, tucked in a food court in a shopping mall in Singapore, is a crowd favorite for its fresh, juicy “chicken rice,” a national dish. But customers recently began complaining that his chicken didn’t taste quite as good as it used to.
Business news at a glance
G20 finance meetings in Bali overshadowed by war in Ukraine
Retail sales up 1% in June, easing fears of a recession
NEW YORK — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.
Biden vows ‘strong’ climate action despite dual setbacks
WASHINGTON — President Joe Biden is promising “strong executive action” to combat climate change, despite dual setbacks in recent weeks that have restricted his ability to regulate carbon emissions and boost clean energy such as wind and solar power.
It’s tourism, mooooo
A couple of weeks ago, we raised the question of whether lawmakers are looking at businesses and taxpayers as cows to be milked as opposed to constituents to serve.
New program to increase access to capital for small businesses
The state Department of Business, Economic Development &Tourism recently launched a new program to increase access to credit for small businesses and nonprofits statewide.
