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Pacific Business News Gears up for Upcoming 40 Under 40 Event
Thursday, Aug. 25, and with a roaring 20s theme — it’s an event that is sure to be the cat’s pajamas.
In preparation for the ceremony, PBN held a photoshoot at the Alohilani Resort Waikiki Beach and asked honorees to dress up. Watch the video above for a behind-the-scenes look at what we’ve got cooking for 40 Under 40.
This year’s event — like the photoshoot — will be hosted at the Alohilani on Thursday, Aug. 25 from 5:30 p.m. to 9 p.m., and will include a plated three-course dinner and a cash bar.
For the 2022 class, there were 122 nominees, with just 40 honorees chosen representing in Pacific Business News for several industries including health care, banking, education, architecture, and the nonprofit sector, among others.
A warm thank you to our 40 Under 40 sponsors. Including Presenting Sponsor Big Brothers Big Sisters Hawaii. Gold Sponsor Alaska Airlines. Class Sponsors Avalon Group. Ward Village. Northwestern Mutual and Hawaii Pacific Health. AV Partners IMF Visions and Ally AV; Awards Partner American Solutions for Business; and Venue Partner Alohilani Resort at Waikiki Beach.
Banking & Financial Services in Pacific Business News
Hawaii State Federal Credit Union’s annual scholarship program — valued this year at $100,000 in combined opportunities for Hawaii students — is underway for 2022.
Applications are open until Jan. 31 for Pacific Business News Hawaii State FCU members and their dependents to receive one of 20 scholarships of $5,000 to a fully accredited university, college, or trade or vocational school. Applicants must carry a 2.5 cumulative grade-point average and be seeking an undergraduate or graduate degree.
Commercial Real Estate News Pacific Business News
Rachel Vinson, U.S. president of debt and structured finance for capital markets at CBRE. Said in a statement the firm expects debt capital to be constrained for the balance of the year as lenders determine how and where to deploy capital. No CBRE executives were available by deadline to discuss commercial real estate lending activity in Pacific Business News
FDIC to Exercise Greater Scrutiny in Commercial Real Estate Lending as Deal Volume Slows
Meanwhile, the Federal Deposit Insurance Corp. Earlier this month signaled it would exercise greater scrutiny over banks that have significant exposure to commercial real estate loans.
The volume of commercial real estate loans held by banks recently peaked at more than $2.7 trillion, according to the FDIC. It noted while most commercial real estate-concentrated banks felt some stress from the pandemic. Loan delinquencies in the sector remain at historically low levels, and aggregate loan losses have been nominal.
Given in Pacific Business News how disruptive the pandemic was to every facet of the U.S. and global economy. Delinquency has been largely staved off as a result of lenders working with borrowers. In addition to stimulus programs and, until recently, the low cost of borrowing.
Where matters may be forth-coming from the pandemic are longer-lasting things on specific property types because of permanent life and work changes. Such as larger adoption and acceptance of remote work. The FDIC says that raises concerns around property values. Risk ratings, specific geographic markets, data reporting and other measures.
The FDIC speaks some sets with significant profitable real estate portfolios haven’t performed sufficient risk analysis, despite having an elevated risk profile.
“Assumed the undefined long-term effects of changes in work and commerce in the wake of the pandemic. The effects of rising interest rates. Inflationary pressures and supply-chain issues. Examiners will be increasing their focus on commercial real estate transaction testing in the upcoming examination cycle,” according to the FDIC.
Distrust — or not? — Across CRE – Pacific Business News
A study of commercial real estate and finance professionals by Trepp LLC conducted between July 13 and Aug. 1 found 83% of participants felt, within the next six months, conditions for commercial real estate and commercial mortgage-backed securities delinquencies will worsen.
In specific, defendants reported sensation pessimistic around the office sector, with 70% proverb they feel that assets type will see the main increase in distress for the rest of 2022. The office crime rate has persisted low through the Covid-19 pandemic, and was at 2.12% in Trepp’s Grand analysis.
Moreover. Manus Clancy, senior managing supervisor at Trepp. Said the seasonal has been unstable in attitudes in the direction of commercial real estate in Pacific Business News. In initial June. It was a very confident market, he said, a sentiment that fell off in July as many slammed the brakes in response to the stock market tumbling.
Data Center – Data Features
Access the 2016 SMB Insights report
On an annual basis, The Pacific Business News. In addition. In Business Journals gathers data from a national sample of small and mid-size business owners to compile key learnings and insights into the state of the SMB market. Within the proprietary report, we’re sharing the big picture, new and notable market shifts, purchase dynamic themes and the most trusted brands.
Honolulu food & Lifestyle News
Liliha Bakery will open a new place in Pearl City on Aug. 31.
Occupying a portion of the space that formerly housed Pier 1 Imports at the Alexander & Baldwin-owned Pearl Highlands Center, the new location will mark the fifth for the iconic brand — and the first in Central Oahu.
The bakery will take over 7,000 square feet of the 12,000-square-foot space, with Little Joe’s Steakhouse — another concept by Yummy Restaurant Group, which owns Liliha — slated to open soon in the remaining portion.
The newest Liliha Bakery will feature much of what customers know from existing locations. It will be comprised of both a takeout bakery counter stocked with more than 150 fresh, hand-made pastries, and a full-service coffee shop that will serve breakfast, lunch and dinner. The new location also will offer decorated sheet cakes for pre-order.
Liliha renovated the space, including a full buildout of the kitchen and bakery, for an undisclosed sum.
Connie Wong, the marketing lead for Liliha Bakery, told PBN that since the location previously was a retail space, “we spent time figuring out how we can transform the area so that we can operate and bake our freshly made items comfortably and effectively.”
Open Kitchen Concept
Moreover. “Taking inspiration from our Nimitz location. We built an open kitchen concept, where guests can be seated at the counter with a front-row seat to how our freshly baked pastries and dishes get made,” Wong added. Many of the updates were re-creating that feeling of home that you get when you walk into the other Liliha Bakery locations.
Liliha Bakery first opened in its original location on North Kuakini Street in 1950. Yummy Restaurant Group acquired the company in 2008 and has since expanded the brand to include additional locations on Nimitz Highway, at Ala Moana Center, and at International Market Place.
Yummy Restaurant Group launched Little Joe’s in 2020, next to the Liliha on Nimitz. The Pearl Highlands location will mark the second for the steakhouse.
Wong said the company is still hiring for the new locations of both restaurants.
Alohilani Resort Waikiki Beach Reopens Gym, Wellness Center as Fit Waikiki
The revamped center now features a new spa partner, along with a range of new equipment and activities. Coaching sessions, group classes, tennis courts and more.
“Our vision is to create a more holistic wellness center and build upon the strong fitness platform we currently have. Now in Pacific Business News more than ever. The modern traveler craves the ability to maintain a healthy lifestyle and indulge. In additional activities and unique wellness experiences on vacation,” Matthew Grau so. General manager of Alohilani Resort Waikiki Beach, said in an email to PBN.
“We wanted to ensure Fit Waikiki is a space that welcomes both guests and locals alike. With new programming and tiered membership options available,” he added.
Grauso said the addition of Spa Uilani allowed the property to triple the amount of treatments the center offers, with services including lomi lomi massages, manicures and pedicures, and facials.
Fit Waikiki also plans to introduce stretch labs, aquarobics, yoga and aerial yoga. Plus. Alohilani is creating a keiki wellness program. Adding pickleball courts and installing an outdoor boxing complex on the rooftop.
Grauso said the company invested an initial $50,000 for the first stage of the project And plans to invest an additional $150,000 for the upcoming phases.
Moreover, Our goal is to guarantee everyone has the ability to live their best life through an array of offerings focused on the mind, body and spirit. Grauso said. “Fit Waikiki will provide a modern approach to wellness with the high level of personalized service expected at a luxury resort.”
What Small Businesses Must know about an Inflation Reduction Act Tax Credit
Business owners pinched by higher gas prices and looking to upgrade their fleets could see a windfall under the new Inflation Reduction Act.
The legislation, passed by both the Senate and the House in recent days and awaiting President Joe Biden’s signature, would make some types of electric vehicles far cheaper to buy. That includes a new tax credit aimed at commercial “clean” vehicles.
However. The electric vehicle credits are one of several climate-focused components of the Inflation Reduction Act. Which also includes a minimum tax for large corporations. Provides the ability to negotiate the prices of certain drugs and doubles a potentially lucrative research and development tax credit for businesses.
What the Inflation Reduction Act means for Electric Vehicle Purposes in Pacific Business News
The act includes a tax credit for qualifying electric vehicles of up to $7,500 for vehicles weighing less than 14,000 pounds, and up to $40,000 for vehicles that weigh more than that, subject to certain limitations. The credit is slated to last until the end of 2032, according to the legislation.
“Within the Inflation Reduction Act. There are many EV-related provisions included that will be pertinent for both large organizations and small businesses,” according to Mark Fowler, director of government relations for clean tech integrator Ameresco. “Overall, the new tax credits will lead to even more EV use.”
In addition to the tax credits for purchasing EVs. Fowler said measures calling for new tax credits for charging stations could help alleviate consumer fears about range anxiety for EVs.
The buildout of electric charging stations could also mean a tax credit of $30,000 to $100,000, Fowler said. With the credit to be calculated based on a single unit rather than per location.
Consumers won’t be left out either, as a new $7,500 tax credit revamped from an existing 2008 tax credit will apply to new all-electric cars, and another $4,000 credit for used vehicles. Although the credit will not be available for single tax filers with an adjusted gross income above $150,000 or $300,000 for couples filing jointly, Fowler said.
“At the time. That legislation also include a phase-out of the tax credit once an auto manufacturer reached 200,000 vehicles sold. In addition. Within the Inflation Reduction Act. In addition. A new measure has been added that would eliminate the 200,000 sales cap, which in turn. Would make electric cars again eligible for the credit,” Fowler said.
Will the Inflation Reduction Act Increase Electric Vehicle Sales? Pacific Business News
The new credits could cause small-business owners in Pacific Business News. In addition. Who passed on electric vehicles in the past to give them a second look. Something Transportation Secretary Pete Buttigieg suggested they do in a recent interview with The Playbook. While many large companies — including Walmart, DHL Express Inc. and several others — are planning substantial investments in electric fleets. Federal officials are encouraging more small businesses to embrace the trend.
Buttigieg recently pushed back on the cost of electric vehicles in a recent and viral exchange with Rep. Scott Perry, R-Pa., who said electric vehicles start at about $55000.