HONOLULU (HawaiiNewsNow) - Under the watchful eye of the FDIC and its new executive chairman, investment banker John Dean, Central Pacific cut its losses to $16 million. A year ago it lost 10 times that much. What losses remain are from selling off or writing off loans that went south on the bank under a previous management. Central Pacific now has twice as much lent out in Hawaii as in California, so it's remaining exposure is mostly local, where the economy is recovering faster.
Tesoro swung to a profit, now Chevron, owner of Hawaii's other oil refinery, triples its second quarter profit. $5.4 billion on revenue of $53 billion, up a third. That's like a billion dollars every two days.
Hawaii new jobless claims fell for the fourth straight week. Total claims rose a little but remain well below where they were when July began.
The Public Utilities Commission has approved an interium rate hike for Maui Electric. It's three and third percent, affecting Maui, Molokai and Lanai residents, starting next month.
Maui Land & Pineapple says it has raised $40 million to retire some debt paper. It did it by selling new shares to existing shareholders, bypassing the constipated credit markets.
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