Business news at a glance
Oil prices fall to their lowest level since January
Tom Yamachika: Our kids are going away
We at the Tax Foundation of Hawaii have been warning lawmakers for several years now that our state has been losing people. News media and some local nonprofits have been trying to find out why. The people leaving have said that they are unable to make ends meet here between the high cost of living and taxes.
Thieves key on hack that leaves Hyundai, Kia cars vulnerable
DETROIT — Some Hyundai and Kia cars and SUVs are missing a “key” anti-theft device, and thieves know.
Oktoberfest is back but inflation hits brewers, cost of beer
MUNICH — Oktoberfest is back in Germany after two years of pandemic cancellations — the same bicep-challenging beer mugs, fat-dripping pork knuckles, pretzels the size of dinner plates, men in leather shorts and women in cleavage-baring traditional dresses.
Business news at a glance
DOJ to use ‘carrot and stick’ approach on corporate crime
Treasury recommends exploring creation of a digital dollar
WASHINGTON — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
Tom Yamachika: Rolling with a road usage charge
As many of you already know, the state Department of Transportation has been studying implementation of a Road Usage Charge (RUC). Such a charge would be assessed to a driver based on how many miles they’ve driven on our highways and byways, and it’s (at least in theory) designed to replace the fuel tax that is now the primary contributor to the state’s Highway Fund.
Mortgage rates soar to 6%, a level not seen since 2008
Mortgage rates jumped to a shocking 6% as homeownership grows even more unaffordable for many homebuyers.
United makes ‘conditional’ order for electric air taxis
DALLAS — United Airlines thinks that in a few years, plenty of big-city customers will pay $100 or more for a one-way ride to the airport in a four-seat, electric-powered air taxi.
Stocks end broadly higher, breaking a 3-week losing streak
Wall Street added to its recent gains Friday with a broad rally that broke the market’s three-week losing streak.
Tom Yamachika: Blame for the housing crisis
It’s been no secret that housing costs are astronomical here in Hawaii (even if you aren’t the TMT observatory). It’s been a tougher problem to determine why this is so, and then try to find solutions.
BLNR nixes possible sale of Country Club
The state will not sell the former Country Club Condominium Hotel to a new owner, even as it seeks a new tenant for the property.
Hawaii businesses named finalists for BBB Torch Awards for Ethics
Better Business Bureau Great West + Pacific (BBBGW+P), which serves more than 200 million consumers in its eight-state service area, on Wednesday released its 2022 BBB Torch Awards for Ethics finalists, highlighting businesses recognized as trustworthy community role models.
Business news at a glance
Politics in air as Biden visits future Intel plant in Ohio
Business news at a glance
FTC investigating Amazon’s $3.9B purchase of One Medical
Tom Yamachika: No. 1 in the world — in tourist taxes
Last month, the website money.co.uk published an article giving our Honolulu a claim to international fame (or infamy). It listed the city as having the highest tourist tax of any city in the world. It noted our 10.25% transient accommodations tax, to which is added 3% county TAT. “That’s already a hefty tax anywhere in the world,” the article says, “but when consider that the average room in Honolulu costs £321 ($390), that equates to £42.53 ($51.70) a night.”
Proposed bottling plant hopes to give back
The developers of a planned Hilo water bottling plant and coffee business hope to succeed where previous projects failed by giving back to the community.
Lower US job gain in August could aid Fed’s inflation fight
WASHINGTON — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation.
Tom Yamachika: DOE welcomes two new $190K hires
On Aug. 18, the state Board of Education voted to create two new deputy superintendent positions, at least until the next legislative session when permanent funding can be asked for, setting their base salaries at $190,000, and hiring two named individuals to fill the positions. All in one fell swoop.
Business news at a glance
Fewer Americans claim jobless benefits last week