economy

Ryan Finnerty

Restaurants employ 13% of Hawaii workers. Many of those businesses face an existential threat from the coronavirus pandemic, but some are already finding success in the new reality.

Hawaii Tourism Authority

With economists predicting short-term unemployment rates as high as 25 percent, the economic impact of the coronavirus pandemic will dwarf the Great Recession.

Catherine Cruz/HPR

Updated: 3/31/20, 10:42 a.m.

It’s been less than a week since a statewide stay-at-home order largely shut down Hawaii’s economy in an effort to contain the coronavirus. The latest economic projections indicate restarting activity will take much longer.

AP Photo/David Goldman

NEW YORK — When will the money arrive?

pasja1000 / Pixabay

Survival is order the day for many Hawaii businesses as the economic impacts of working-from-home make themselves felt. Help is available.

Ryan Finnerty

Updated: 3/27/20, 4:50 p.m.

More than 97,000 new unemployment claims have been filed in Hawaii since March 1st. Workers in the restaurant and hotel industries have been some of the hardest hit.

Harry Kim

Counties around Hawai’i have closed public gathering spaces as confirmed cases of COVID-19 continue to rise. But one county remains an exception.

Senate Television via AP

WASHINGTON — Top-level negotiations between Congress and the White House teetered Sunday on a ballooning nearly $1.4 trillion economic rescue package, as President Donald Trump called for a deal to steady a nation shuttered by the coronavirus pandemic. Treasury Secretary Mnuchin indicated an agreement was within reach, but congressional Democratic leaders raised concerns after a meeting at the Capitol.

AP Photo/Seth Wenig

WASHINGTON — Three weeks ago, EmpireCLS was heading toward a second straight year of record business. A car service company in New Jersey, Empire couldn’t even find enough chauffeurs and office workers to meet its needs.

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AUSTIN, Texas — It took 15 minutes for the coronavirus to wreck Shelley Hutchings’ carefully calculated financial plans.

Casey Harlow / HPR

Hawaii is feeling the effects of the global response to the spread of coronavirus. 

pasja1000 / Pixabay

Economic growth around the world is likely to be the slowest this year since the global recession of a decade ago. That word came from the International Monetary Fund Tuesday — and the news came under close examination in the Asia Pacific.

LM Otero/AP

WASHINGTON — The U.S. unemployment rate fell to 3.5% in September, the lowest level in nearly five decades, even though employers appeared to turn more cautious and slowed their hiring.

Patrick Semansky/AP

WASHINGTON — Federal Reserve Chairman Jerome Powell said Friday that the U.S. economy is facing some risks at the moment, but overall it is in a "good place" and the Fed's main job is to "keep it there as long as possible."

Honolulu Hale/Creative Commons

Honolulu Mayor Kirk Caldwell sought to reassure the public on Monday that the city has enough money to cover the operational costs of the controversial rail project.

Catherine Cruz/HPR

The Federal Reserve cut interest rates Wednesday to help the slowing national economy. Meanwhile, researchers say Hawaii's economy is already weak, and the state is growing more vulnerable to global events.

Richard Drew/AP

If the threat of a recession gives you pause when it comes to your personal finances, remember now is a time to prepare, not panic.

Brodie Miller / Pexels

It’s been a volatile week on world stock markets. Investors have focused on slowdowns in China and Europe, but other economic developments are taking place in the Asia Pacific.

'Oiwi TV

The standoff on Mauna Kea enters week five Monday as protesters continue to block the summit road to prevent construction of the Thirty-Meter Telescope. TMT supporters say if the telescope isn’t built, that could jeopardize employment opportunities for islands residents.

Zairon / CC BY-SA 4.0 / Wikimedia Commons

President Trump has announced a new round of trade tariffs against China. The 10% charge on another 300-billion dollars of Chinese goods will go into effect next month. It’s another escalation of trade tensions between the United States and China, but what’s the impact on the rest of Asia?

MaxPixel

Hawaii Island took an economic hit following last year’s natural disasters, and the recovery has been a slow one. Miles Yoshioka is the Executive Officer of the Hawaii Island Chamber of Commerce. In a recent op-ed he made the case for increasing the Big Island’s economic resilience by expanding the astronomy industry.

uhero.hawaii.edu

Economists at the University of Hawaii have done statewide economic forecasts for years. But now they’re extending that research to the county level.

Trump for President Campaign

NEW YORK — The lowest unemployment rate in a half century. More than 260,000 new jobs. And higher hourly wages. "I'll be running on the economy," President Donald Trump declared on Friday. And why wouldn't he?

 

ErgoSum88 / Creative Commons / Wikimedia Commons

A new report from the University of Hawai‘i’s Economic Research Organization looks at Hawaii’s 2019 economic forecast. The report sees growth, but less of it.

ErgoSum88 / Creative Commons / Wikimedia Commons

What’s ahead for the local economy? This week, Pacific Business News consulted with industry leaders and economists about what 2019 will bring to Hawaii.

Presidential Communications Operations Office / Wikimedia Commons

Philippine President Rodrigo Duterte arrived in Indonesia earlier today to attend the annual ASEAN summit. He left rumors of serious health problems swirling in Manila, but the controversial leader does have one serious problem for sure – the economy.

Hawaiʻi has all the ingredients for a thiving clean energy economy – high energy prices and an abundance of renewable energy sources. But persuading local youth to stay in the islands and help build this economy will be one of the state’s biggest challenges. HPR’s Kuʻuwehi Hiraishi has more.

asopa.typepad.com

In a speech in Australia, Papua New Guinea’s Prime Minister rejected a report that said ExxonMobil’s huge natural gas project had failed to live up to promises. Peter O’Neill dismissed the report as “fake news” – though he also admitted that he hadn’t read it. We have more from Neal Conan in today’s Pacific News Minute.

Wikimedia Commons
Wikimedia Commons

The economy of Hawai‘i’s top international tourist market continues to show strength. Business confidence in Japan is the latest figure to reach its highest level in more than a decade. HPR’s Bill Dorman has more in today’s Asia Minute.

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