BUSINESS BRIEFS
Tesoro planning for more asphalt
Advertiser Staff and News Services
Tesoro Hawai'i said it will spend almost $1 million over the next two months to upgrade its liquid-asphalt storage capacity as it responds to a shortage of the petroleum byproduct in the Islands.
Reconfigured refinery tank capacity will let Tesoro store a 50-day supply of asphalt. Tesoro now can store 26,000 barrels, and the company estimates about 45,000 barrels are used in the Islands monthly.
Hawai'i was hit with an asphalt shortage on Friday, caused in part by Chevron Hawaii's decision to stop production and Tesoro's inability to meet a doubling of demand.
APRIL CONSUMER PRICES JUMP 0.6 PERCENT
WASHINGTON — Driven by soaring prices for gasoline and other energy products, consumer prices vaulted higher in April, fueling concerns the Federal Reserve might keep pushing interest rates up to fend off inflation.
Discouraged Wall Street investors sent stocks tumbling.
The Consumer Price Index rose 0.6 percent, the biggest jump in three months.
UPS EXPANDING WORLD AIR HUB
LOUISVILLE, Ky. — UPS Inc. announced plans yesterday for the second $1 billion expansion at its main air hub in recent years, this time adding 5,000 jobs as the world's largest shipping carrier anticipates strong growth.
The latest project will add 1.1 million square feet to the sprawling Louisville air hub known as UPS Worldport.
HONDA PLANNING MIDWEST PLANT
DETROIT — Honda Motor Co. said yesterday that it was close to selecting a Midwestern site for a new $400 million assembly plant that would employ 1,300 people, part of a strategy to boost U.S. sales by 300,000 vehicles by 2009.
