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Business Briefs
Star-Bulletin staff & wire reports

Friday, January 21, 2005





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Costco offers deal on a Picasso

SEATTLE » Costco shoppers were offered an online deal this month -- an original Picasso.

The crayon-on-paper drawing of a face signed and dated by Pablo Picasso was listed for $39,999.99 on the retailer's Web site Jan. 12. It sold Wednesday, said Jim Sinegal, Costco's chief executive, who would not identify the buyer.

The Issaquah-based discount retailing giant may be better known for bulk chicken and cases of soda, but the Costco.com site features an eclectic mix of items, from caskets to computers to sports equipment.

Art dealer Jim Tutwiler, who sold the Picasso, has been selling art through Costco for the past decade. He said Costco's markup is one-tenth that of traditional galleries.

Tutwiler described the drawing as a "doodle" on the blank side of a book jacket. Picasso probably traded it for a new suit or a boat or some service, he said.

Media company settles Napster suit

LOS ANGELES » Bertelsmann AG has agreed to pay $50,000 to settle a copyright infringement lawsuit brought by a music publisher over the German media conglomerate's one-time role as investor in the now-defunct Napster Inc. file-sharing service.

In its lawsuit, Bridgeport Music Inc. and its affiliated record companies claimed Bertelsmann knew about the unauthorized, free sharing of music over the Napster service but still loaned the operation $85 million in cash between 2000 and 2001.

The settlement, announced Wednesday, covers Bridgeport's legal fees, the company's attorney, Richard Busch, said in a statement.

Bertelsmann still faces lawsuits from Universal Music Group, EMI Music and the members of a proposed class of music publishing companies over its Napster loan.


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[HAWAII INC.]

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PROMOTIONS

» The Hilton Waikoloa Village has appointed Phil Murray to guest activities and special projects manager. He will be responsible for managing the hotel's special events and overseeing the Seaside Putting Course and Camp Menehune. He previously served as senior hotel assistant manager.

» A&B Properties Inc. has promoted two employees to vice president. David I. Haverly has been promoted to vice president, asset management. He will be responsible for the company's mainland portfolio of real property and handling the leasing for Kunia Shopping Center on Oahu. He joined the company in 1999 as a real estate asset manager. Richard Stack has been promoted to vice president, development. He joined the company in 1998 as a project development coordinator.

» First Hawaiian Bank has promoted two employees. Lisa N. Kamibayashi has been promoted to assistant vice president and customer information manager. She joined the company in 1988 as a management trainee. Peter F. Nagata has been promoted to assistant vice president of the asset and lending department. He joined the company in 2002 as a real estate loan officer.

» First Hawaiian Bank has promoted Irvin P.K. Wong to assistant vice president and branch manager of the Kalihi branch. He joined the company in 1978 as a management trainee.



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