Business Briefs
Reported by Star-Bulletin staff & wire

Sunday, June 2, 2002

Internet body chief says he will step down in 2003

WASHINGTON >> The head of the group that sets standards for the Internet's addressing system, who has been trying to restructure the group's board in a way that critics complain would favor companies over computer users, announced plans to step down next year.

M. Stuart Lynn, president and CEO of the Internet Corporation for Assigned Names and Numbers (ICANN), said he would step down in March for personal reasons.

"This is a seven-day-a-week, 24-hours-per-day job and I now need to pay attention to my personal life and health," said Lynn, 64, who has headed the international body since March 2001.

Andrew McLaughlin, an ICANN vice president in charge of public policy, also announced plans to step down in July, but will continue to work on a part-time basis, ICANN said.

Dynegy board accepts CEO's resignation

HOUSTON >> Its stock spiraling amid questions about possible sham trades, Dynegy Inc. announced the resignation of its chief executive in yet another top-level shake-up of an energy trading company.

Chuck Watson, a co-founder of Dynegy, became the latest casualty of turmoil that has spread through the industry since the Enron Corp. scandal broke last fall. He led an abortive attempt to buy Enron as it was collapsing.

With his company's stock down as much as 88 percent in a year, Watson stepped down as both chief executive officer and chairman of the board. He will be replaced on an interim basis by two board members, according to the company.

ChevronTexaco's vice chairman, Glenn Tilton, was appointed as Dynegy's interim chairman. Chevron owns 26.5 percent of Dynegy. Board member Daniel L. Dienstbier, who is president of Northern Natural Gas Co., was made interim chief executive.

Playboy Enterprises taps tech exec as president

LOS ANGELES >> Adult entertainment company Playboy Enterprises Inc. named a new No. 2 executive with experience in television and online technology as it aims to strengthen its own cable TV and Web operations.

David Zucker, 39, will take up the newly created position of president and chief operating officer, reporting to chief executive Christie Hefner, the company said.

The Chicago-based parent of Playboy magazine, founded by Hugh Hefner, has not had a president since the late 1970s.

Zucker had been managing director at Walker Digital LLC, where he oversaw development of that company's online games, e-commerce and Internet gaming and gambling businesses.

He also has experience as chief executive of DIVA Systems Corp., a provider of video-on-demand systems for cable TV operators, and he spent eight years at all-sports cable TV network ESPN where he helped launch the ESPN2 channel.

Xerox picks IBM veteran Zimmerman as CFO

NEW YORK >> Office equipment maker Xerox Corp., which has been struggling to return to profitability, named a retired International Business Machines Corp. executive as its chief financial officer, a job that was open nearly eight months.

Lawrence Zimmerman, 59, June 1 will join the Stamford, Conn., company, whose name is synonymous with photocopies. He retired from IBM in 1998 after 31 years at the world's top computer maker.

Zimmerman's hiring comes nearly two months after Xerox settled charges that it inflated earnings and defrauded investors.

Zimmerman joined IBM as an accountant in 1966 and went on to hold senior finance positions, including corporate controller.

Zimmerman steps into an office that has been empty since Xerox's former CFO, Barry Romeril, retired at the end of 2001. Xerox paid a record $10 million penalty to settle charges with the U.S. Securities and Exchange Commission.

Australian biz investment falls 3.2% in quarter

Sydney, Australia >> Australian companies spent less on equipment, buildings and machinery in the first quarter, even though they plan to increase investment in the coming year, which will bolster economic growth as a construction boom slows.

Business investment on buildings, machinery and equipment fell 3.2 percent in the three months ended March, the Australian Bureau of Statistics said. Economists expected a 1.5 percent gain, following an 8.3 percent surge in the fourth quarter.

Companies say they will spend A$39.98 billion ($22.55 billion), or 16 percent more than they estimated a year ago, in the year to June 30, 2003. Extra business investment will help the economy grow about 4 percent this year, according to a Bloomberg News report.

Philippine quarterly GDP disappoints at 0.2%

Manila >> Philippine economic growth slowed more sharply than expected in the first quarter as shrinking agriculture damped consumer spending and industry accelerated its decline.

Gross domestic product rose 0.2 percent from the fourth quarter, seasonally adjusted, the government said. That lagged 0.4 percent increase economists expected and the revised 0.9 percent expansion the previous quarter.

Worse-than-expected economic performance may make it harder for the government to meet its 2002 growth target of as much as 4.5 percent, according to a Bloomberg News report. That may give President Gloria Arroyo less room to pursue reforms such as asset sales and a cleanup of bad loans, crucial to reviving investor confidence, before a 2004 election.

Japan output rises, but less than expected

TOKYO >> Japanese industrial output climbed for a third straight month in April but was weaker than expected, raising doubts about the sustainability of Japan's fragile economic recovery from its deepest recession in half a century.

Output at Japan's factories rose 0.2 percent in April from March, weaker than the 1.0 percent gain expected by 18 economists polled by Reuters, government data showed last week. "The April output is lower than I expected," said Sayaka Higaki, a strategist at Kokusai Securities. "While the economy has hit bottom, this could dent some of the high hopes investors have for a recovery in corporate profits."

Compared with a year earlier, production was down 6.1 percent, the Ministry of Economy, Trade and Industry said.

S. Korea production climbed 1.8% in April

Seoul >> South Korean factory production rose more than expected in April as companies such as Kia Motors Corp. filled rising domestic and overseas orders, the latest sign economic growth is accelerating.

Production rose 1.8 percent from March, seasonally adjusted, the National Statistical Office said. That topped economists' expectations of a 1.5 percent gain and was the second straight increase. From a year earlier, production gained 7.3 percent.

South Korea's economy is outpacing most of its neighbors' as a consumer-spending boom and the end of a yearlong decline in exports prompt manufacturers to boost production and investment.

Vietnam debt rating for foreign currency is 'BB-'

Hanoi >> Vietnam received a sovereign debt rating from Standard and Poor's, moving the nation closer to a chance to tap world debt markets for the first time since it began opening its economy in the mid-1980s.

The Communist-ruled country of 80 million people received a "BB-" sovereign debt rating. The initial rating on Vietnam's long-term foreign-currency debt puts the country three notches below the lowest investment-grade, on par with Bulgaria and Peru and one notch below India.

Vietnam is in the midst of a transition to a market-based economy, under which it opened a stock market in 2000, reached a trade agreement with the U.S. last year and is now trying to join the World Trade Organization.

In other news ...

TORONTO >> Canadian airline industry veteran Michel Leblanc said his new discount carrier Jetsgo will take flight on June 12, becoming the latest player to take on market leader Air Canada. Jetsgo will launch with just three planes, offering low-fare, no-frills daily service between Toronto, Montreal, Halifax, Winnipeg and Vancouver.





>> Get2Hawaii has hired David Klinger as president. He has nearly 20 years of executive experience in a variety of high-tech industries, including software, consulting and telecom.

>> Bill Braig has been named senior vice president and branch manager at the Swett and Crawford office in Honolulu. He will be responsible for serving local agents and brokers. Braig previously served as a senior vice president at Hull and Co.

>> Pat Kalua has been named associate director of nursing at St. Francis Medical Center, Liliha campus. She was formerly the patient/family care coordinator for St. Francis Hospice. Robert Zolnierz was named director of pharmacy for St. Francis Healthcare System of Hawaii. He was formerly the director of pharmacy services at Hays Medical Center in Kansas. Elaine Shiozawa is the privacy officer for St. Francis Healthcare System of Hawaii. She was formerly the project manager at St. Francis Medical Center-West. Lastly, Jay Plisco has been named director of materials management for St. Francis Healthcare System of Hawaii. He was formerly the vice president of manufacturing at Andin International Inc. in New York City.

>> Orit Olshansky has joined Booklines Hawaii as warehouse manager. She was most recently operations manager for physical distribution at McMaster Carr Supply Co. Also at Booklines, Kerry Iwamuro has been hired as assistant buyer in the purchasing department, where he will oversee the sporting goods division. Kerry was formerly with Hawaiian Island Creations as a merchandise buyer.

>> Rick Humphreys Jr. has been named assistant vice president at Monarch Insurance Services Inc. He will be responsible for managing all aspects of the company's statewide business-risk commercial clients. Humphreys most recently served as vice president at Marsh USA Inc.

>> Lori Aipoalani has been named bookkeeper for Koeolau Catering Partners. She most recently worked at the Hawaii Prince Hotel Waikiki and Michel's Restaurant at the Colony Surf Hotel. Lynne Uwono was hired as catering sales coordinator, a newly-created position. She was formerly catering sales administrative assistant with the Renaissance Ilikai Waikiki hotel. And the company has promoted Lynn Reyes to director of catering from catering sales manager.

>> Julie Jow and Donna Aweau have joined the staff at LPL Financial Services, also known as Linsco/Private Ledger. Jow most recently worked at AXA Advisors LLC. She will work with individual and business clients on comprehensive financial consulting. Aweau will serve as an operations and administrative specialist. She has worked at Morgan Stanley Dean Witter for the past seven years.

>> Velma Hulihe'e-Carstensen has been named sales and marketing manager at Morton's of Chicago, The Steakhouse, in Ala Moana. Carstensen is responsible for the restaurant's daily sales and marketing activities, including booking the restaurant's two private boardrooms for business functions and VIP events. She was most recently director of marketing at Aloha Tower Marketplace.

>> Thomas Simon has been appointed dean of technology programs at Heald College. He is a member of the evening instructional staff. Simon most recently worked for Hawaii Civil Defense as a telecommunications specialist.


>>Finance Enterprises Ltd. has promoted Sam K. Yee to senior vice president and general counsel. He will oversee the legal aspects of Finance Enterprises' businesses and assist with strategic planning for the company.

>> First Hawaiian Bank has announced the promotion of Jane E. Bush to vice president for the personal trust department and the appointment of David Tsuda to personal banking officer for the Waikiki Branch. Bush joined First Hawaiian Bank in 1991 as a trust real estate administrator, and Tsuda joined the bank in 2000 as a customer service representative.

>> The following Honolulu police officers have been promoted:Capt. Douglas Miller, major in the legislative liaison office; Capt. Raymond Ancheta, second in command of specialized services division; Lt. Evan Ching, captain at Kapolei Police Station receiving desk; Sgt. Britt Nishijo, lieutenant for the criminal investigation division; officer Alan Togami, detective for the criminal investigation division; officer Robert Natividad, metropolitan police officer II for District 6, Waikiki; Lloyd "Jim" Josey Jr., forensic lab supervisor; and Wayne Kimoto, forensic lab supervisor.

>> Maelyn T. Uyehara was promoted to associate principal at Rider Hunt Levett & Bailey. Uyehara is responsible for cost estimating, managing the Hawaii office, finances, workload planning, marketing, client development and personnel management.


>> Richard Lim was appointed director of City Bank. Lim is president and chief operating officer of the bank.

>> Allan Los Banos has been named to the Hawaii Medical Service Association board of directors. He replaces Willard P. Miyake of the Hawaii Government Employees Association, who had to leave his term early. Los Banos, who is safety coordinator and program specialist for the Hawaii Masons Training Program of the Masons & Plasterers Fraternal Association, will serve until the term of the position expires in 2003, when he is eligible for re-election.


>> Bob Wilkinson has received the Public Works Project of the Year Award from the Hawaii Chapter of the American Public Works Association. As the chief executive officer of Grace Pacific Corp., he was recognized for his company's role in resurfacing roads on the Leeward Coast to improve the quality of life in the Mililani area. Wilkinson will be a contender for the association's national award later this year.

>> For the sixth time, Chuckie of Honolulu has been inducted into Avon Products Inc. circle of excellence for district managers. Chuckie received the award for placing among the top 10 percent of district managers nationally for sales growth in 2001. She has won an all expenses paid trip to Australia.

>> Travel Agent Magazine recently named Aston Hotels & Resorts' William Koo as one of the hospitality industry's top "Rising Stars," one of only two honorees in Hawaii. Koo also has been promoted to assistant vice president to U.S. & International Sales and eCommerce for Aston Hotels & Resorts Hawaii.

>> Eleven Hawaii Chapter of Information System Security Association members recently obtained certified information system security professional status. They are: Rose Brown, Science Applications Intl. Co.; Dewaine Christle, Defense Info Systems Agency-Pacific; James Etherton, Raytheon Inc.; Anthony Giandomenico, Secure Technology Hawaii; Ken Kapoor, Central Pacific Bank; Darrin Lau and Bruce Morgan, Defense Information Systems Agency - Pacific; Craig Meyers, Computer Sciences Corp.; John Moffett, Palekana Technologies LLC; Dominic Monteleone, Computer Science Corp.; and Adam Straub, Booz Allen Hamilton. Professionals must pass a six-hour exam and have at least three years experience in information security to win certification.

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