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Business Briefs
Reported by Star-Bulletin staff & wire

Sunday, December 2, 2001



[Taking notice]

NEW JOBS

>> Wayne Fairchild has been named administrator of Kula Hospital and Clinic on Maui. He was previously the chief executive officer of Kahuku Hospital. Fairchild has more than 20 years of healthcare management experience with mainland organizations such as Columbia Hospital and Cedar Sinai Medical Center.

>> Blane Bixler has been named vice president and wholesale credit administrator at Bank of Hawaii. Marsha Linden has also joined Bankoh and will serve as vice president and senior trust officer. In addition, Tammy Nakamatsu, Jone M. Yalimaiwai and Carolyn Yoshihara have been promoted to vice-president at the bank. Nakamatsu and Yalimaiwai continue as human resources relationship managers. Yoshihara will also continue as manager of the project office division.

>> Warren Dastrup has joined SMS as head of its new affiliate office on Kauai. He will serve as a primary point of contact for SMS clients on Kauai and will focus on expanding the company's presence on the island. Dastrup had been an independent consultant prior to affiliating with SMS.

>> Maui Ocean Center has appointed Monique Faulkner food and beverage director. The three-acre marine park on Maui includes the Seascape Maalaea Restaurant and the Reef Cafe. Faulkner will oversee both restaurant operations as well as all banquet functions at the Hawaiian Aquarium. She was most recently assistant food and beverage manager at the Grand Wailea Resort & Spa.

>> David "Cory" Samuel, Vicki Hargis and Lisa Wolcott have joined the Kauai Marriott Resort and Beach Club as managers. Samuel, who comes to Kauai from Texas, was named systems manager. He will be responsible for all network and technology systems. Hargis will serve as human resource manager. She joins the Kauai Marriott Resort and Beach Club after working at the Marriott Midwest regional office. Wolcott, who previously worked at the Holiday Inn Sun Spree Resort in Kapaa, was named housekeeping manager.

>> Johnny K. Lau has been named information systems manager at Belt Collins Hawaii Ltd. He will oversee the Information Systems Department and will also develop information systems policies and a training program for the company. Lau joins Belt Collins after serving as information systems administrator at Wimberly Allison Tong and Goo.

PROMOTIONS

>> Heather Hubbard has been promoted to director of student life at Hawaii Pacific University. She will be responsible for oversight of over 75 student organizations. Hubbard was assistant director of student life at the university prior to being promoted. Also, Elizabeth Tiglao was promoted to assistant director of student life at HPU. She previously served as a special activities coordinator. Tiglao will assume responsibility for a number of programs in the Student Life office in addition to overseeing the cheer, dance, band and spirit squads at HPU. And Kendra Thomson has joined HPU as associate director of student life. She will assist with the coordination of student organizations as well as the development and promotion of student functions. Thomson joins HPU after working at Sea Life Park as a senior education associate.

RECOGNITION

>> Jan Broderick, a sales associate at Coldwell Banker Pacific Properties, has earned the Coldwell Banker Previews Property Specialist designation. To date, only 5 percent of more than 72,000 Coldwell Banker sales associates have the designation. The achievement entails performance criteria as well as a certification course. Broderick has been affiliated with Coldwell Banker for two years, and was previously with Wade Ltd. Realtors for seven years. 

>> Edward Jones investment representative Geal Fukumoto has been awarded membership in the PLANCO 2001 Captain's Club. She was recognized by the financial products wholesaler for producing more than $1 million in sales of The Hartford investment products. Fukumoto is an Edward Jones investment representative in Kaneohe.



LTV CEO resigns, unable to restructure steel unit

CLEVELAND >> LTV Corp.'s William Bricker has resigned as chairman and chief executive officer, saying he was disappointed at being unable to restructure LTV Steel as a competitive steel company.

LTV said John Turner will continue to serve as executive vice president and chief operating officer. The company filed for Chapter 11 bankruptcy protection last December, about a month after Bricker became CEO.

Bricker's resignation letter to LTV's board said he hoped his resignation "will enable the company to move forward in its effort to find an appropriate buyer for the integrated steel business and return (the company's) fine facilities to operation.

US Airways chief executive resigns

NEW YORK >> The president and chief executive of US Airways, the nation's sixth-largest carrier, unexpectedly resigned last week and the company said chairman Stephen Wolf would take over both positions.

The Arlington, Va.-based carrier, which has struggled all year long and whose proposed merger with United Airlines fell apart, said Rakesh Gangwal quit to pursue a career in venture capital. Gangwal joined US Airways in February 1996 after stints at Air France and United Airlines.

Analysts described the management shakeup as a needed change for the embattled carrier, which lost $766 million in the third quarter and continues to lose millions of dollars each day because of weak travel demand.

Phyllis Grann joins Random House

NEW YORK >> Claiming one of the industry's most powerful executives, Random House Inc. has hired Phyllis Grann, who in her long career at Penguin Putnam Inc. helped establish such best-selling authors as Tom Clancy and Amy Tan.

In a survey published last summer by Book Magazine, Grann was cited as one of the 10 most influential people in the industry. But she resigned as president and chief executive of Penguin in September, saying it was "time to start a second act."

She later admitted to a "difference of business philosophies" with Penguin's parent company, the London-based Pearson Group PLC.

Starting in January, she will hold the newly created position of vice chairman at Random House, reporting to Peter Olson, chairman and chief executive of Random House.

Alwaleed slows share buying as prices pick up

RIYADH >> Billionaire Prince Alwaleed Bin Talal said he ended a buying spree on the U.S. stock market after shares rebounded from their declines following the Sept. 11 attacks on New York and Washington.

"After the 11th of September, certain industries became oversold," the prince said in an interview in Riyadh. "But right now, it's no longer oversold." He added that he is being much more "selective" in his investments.

The 44-year-old nephew of Saudi King Fahd said he has more than made up for the $1 billion loss he incurred in the post-Sept. 11 market declines.

At the time, Alwaleed said he planned to spend $1 billion on battered U.S. and European shares. Last month he said he'd spent as much as $400 million.

Morgan Stanley stock picker hands over reins

NEW YORK >> Morgan Stanley's chief investment strategist Byron Wien, a Wall Street legend known for his contrarian calls, is handing over top stock picking responsibilities to strategist Steve Galbraith.

Wien, 69, will become the investment bank's senior investment strategist, while Galbraith will become chief investment officer of U.S. equity research.

Philippine GDP grew 0.7% in third quarter

Manila >>Philippine economic growth slowed by more than half in the third quarter as a shrinking U.S. economy slashed exports of the country's electronic parts and other goods.

Gross domestic product rose 0.7 percent from the second quarter, seasonally adjusted, after a revised 1.6 percent gain the previous quarter, the government said. The increase matched economists' expectations.

So far, a more resilient local economy has shielded the Philippines from the global slowdown that's pushed Asian economies like Taiwan and Singapore into recession. While rising consumer spending and farm production kept the economy growing last quarter, falling exports are forcing businesses to slow production and investment and cut jobs.

Korean production ends two-month gain

Seoul >> South Korean industrial production fell in October for the first time in three months, suggesting a slump in global demand may be catching up with the country's car makers and other manufacturers.

Production fell 1.5 percent from September, seasonally adjusted, after a 2.9 percent gain a month earlier, the National Statistical Office said. Economists had expected a 0.8 percent decline. From a year earlier, production fell 1.3 percent after rising 5.1 percent in September.

Falling exports from companies such as from Daewoo Motor Co., Korea's second-largest automaker, will probably slow economic growth to 2.5 percent this year from 8.8 percent last year, the government estimates.

Peru to cut military spending, pare deficit

Lima >> Peru plans to cut military spending and shift money to health and education next year in a budget that holds overall expenditures to roughly the same as this year.

Congress last week approved a 35.8 billion sol ($10.4 billion) spending plan for next year that compares with a 35.7 billion sol budget approved for this year. The projected spending would lead to a budget deficit of 1.9 percent of the gross domestic product, in line with agreements with the International Monetary Fund.

Leasing planes to save Air France $353 million

Paris >> Air France SA, Europe's third- largest airline, will save 400 million euros ($353 million) in the fiscal year ending March 31 by arranging to lease instead of purchase eight Boeing Co. and Airbus SAS planes.

The company disclosed the plan last week at a Paris press conference for its second-quarter results. The planes include three Boeing 777s, one Airbus A330, two Airbus A319s and two Airbus A321s.

Air France and other carriers are trying to preserve cash as air travel slumps after the Sept. 11 terrorist attacks. Several airlines have delayed jet deliveries, forcing Boeing and Airbus to slash their production forecasts.





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