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Consumer confidence in Tokyo increases

Consumers in Japan's capital were more confident in July as companies added workers and wages rose, suggesting that domestic spending may help fuel a recovery in the world's second-largest economy.

An index measuring consumer sentiment in Tokyo, home to one in 10 Japanese, rose to 41.9 in July from 40.6 in June, the Cabinet Office said. Economists had expected confidence to rise to 41.2, according to the median of eight forecasts in a Bloomberg News survey.

A reading below 50 indicates pessimists outnumber optimists.

Swedish economy expands 0.2 percent

Sweden's $289 billion economy slowed in the second quarter as exports of goods such as Ericsson AB phone equipment stalled, a survey showed.

The largest Nordic economy expanded 0.2 percent in April through June from the first quarter, one-third of the pace in the previous three months, according to the median forecast of five economists surveyed by Bloomberg News. The annual rate slowed to 1.5 percent from 2.2 percent, the survey showed

With exports ranging from Volvo AB trucks to Electrolux AB appliances accounting for half the economy, Sweden is vulnerable to swings in global demand. Also, the krona's 7 percent gain against the dollar this year is crimping sales at companies such as Sandvik AB, the world's biggest maker of metal-cutting tools.

Japan Tobacco axing 4,000 to boost profits

Japan Tobacco Inc. said it will cut about 4,000 jobs, or 23 percent of its work force, and a third of its domestic plants in a bid to boost profit amid a declining smoking rate and an increasingly difficult business environment.

The plans were announced as part of a new midterm management plan, which aims to boost operating profit to &YEN230 billion ($1.92 billion) by March 2006 from the &YEN188.9 billion last fiscal year.

Japan Tobacco, the country's tobacco sales monopoly, said it hopes to make the 4,000 job cuts by offering an early retirement option to some of its 17,300 employees. It also will close about one-third of its 17 tobacco manufacturing plants in the next three years and reduce its 31 domestic sales offices by one fifth. The cuts follows the closure of eight plants in July 2002 by the company, which has a more than 70 percent share of the world's third-biggest tobacco market.

Japan's adult smoking rate declined for the seventh year to a record low of 30.9 percent last year, according to Japan Tobacco's annual survey. The rate, however, is still one of the highest in the industrialized world.

Services industry grows in Europe

The European services industry, including companies such as airlines and banks, expanded for the first time this year in July, another sign consumer and corporate spending is picking up and spurring economic growth.

A survey of about 2,000 companies compiled for Reuters Group Plc by NTC Research in Henley-on-Thames, England, rose to 50.2 in July from 48.2 in June. A reading of more than 50 indicates an expansion in the service industry, which accounts for more than half of Europe's $8 trillion economy.

Business confidence in Germany and France, the biggest economies in the 12 euro nations, rose in July, after the European Central Bank cut its benchmark rate to a half-century low. The cheaper cost of money is reviving spending, helping earnings at Deutsche Bank AG and Ryanair Holdings Plc., the world's third-largest airline by market value.

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[ HAWAII INC.]

New Jobs

>> City Bank has hired Arnold Kanai as Kona Branch manager. He will oversee the daily functions of the branch and develop and grow a customer base. He has more than 10 years of experience in the banking industry, most recently at Finance Factors in Kona.

>> Robert Ebanez has joined DTRIC Insurance Co.'s underwriting department in the newly created position of agency relationship manager. He will serve as company liaison for local insurance agencies, research and develop new products and services, and provide training and support for insurance agencies and the company's underwriting department and Customer First call center. He had been an insurance administrator for Kamehameha Schools since 2000.

>> Coldwell Banker Pacific Properties has hired Brent L. Gaston as office manager in its Waikiki office. He will be responsible for the management of personnel and agents, marketing coordination and all day-to-day operations.

>> Dr. Jerry Kleinbaum, an endocrinologist and internal medicine specialist, has joined Hawaii Air Ambulance as East Coast medical director. He will lead the company's East Coast medical team and oversee medical operations in New York. He has more than 25 years of experience in the medical industry. He will continue his other positions as partner of Oxford Medical Group and medical director of Joslin Diabetes Center, where he is responsible for patient care, administration and clinical trials.

Promotions

>> First Hawaiian Bank has promoted Nora I. Forsythe to transaction management, loss prevention and recovery department vice president; Paulette L. Franklin to retail loan administration division vice president and business credit officer; Morris D. Rabinko to corporate Hawaii division vice president and corporate banking officer; Craig M. Takahashi to University Branch assistant vice president and personal banking officer; Cari N. Galasinao to First Investment Center assistant vice president; and Stacey K. Pang-Kee to Kaneohe Branch service manager.

>> Halekulani has promoted Nelson Arlos to sales manager from guest information and services manager.

On the Board

>> Terrill S.W. Chock has been elected president of the Chinese Chamber of Commerce of Hawaii for 2003-04. Chock is president of Hawaii Pacific Finance Ltd. and chief financial officer of the affiliated companies of GMP Hawaii. He has been a member of the Chamber since 1979 and a director of the Chamber since 1993. Other new officers are Winfred Pong, president-elect; Ming Chen, first vice-president; Alvin Wong, second vice-president; Michele Choy, English secretary; Ted Li, Chinese secretary; Libby Lew; treasurer; Leonard Kam, assistant treasurer; and Elvira Lo, auditor. Reuben Wong is immediate past president.

>> George Atta has been elected president of the American Planning Association, Hawaii Chapter. He is an associate and chief community planner at Group 70 International.

>> Raynette Scruton has been elected board president of the Assistance League of Hawaii. Other new officers are Vice President Barbara Bachmann, Recording Secretary Connie Culbertson, Corresponding Secretary Eileen Urquhart and Treasurer Penny Hackenson. The all-volunteer nonprofit has more than 100 members. It is an autonomous arm of National Assistance League.

Recognition

>> Guy Fujishige, American Express Honolulu office financial advisor and manager, was recently given the company's Top Achiever award. He was the only adviser to earn this honor from the Southern California/ Hawaii market group and one of 49 first-year advisers to achieve the distinction. He previously ran a retail audio store for five years.

>> Coldwell Banker Pacific Properties Senior Vice President Chason Ishii earned a certified real estate brokerage manager designation from the Council of Real Estate Brokerage Managers. The designation is based on experience and education.