MAINLAND
Low mortgage rates entice more people to buy
WASHINGTON >> Motivated by low mortgage rates, house hunters turned into buyers, sending new-home sales in July to the highest monthly level on record and giving a solid boost to sales of previously owned homes.The pair of housing reports, released today, provided a dose of good news for the economic recovery, which has been advancing, but in fits and starts.
Sales of new homes in July climbed to a seasonally adjusted annual rate of 1.02 million, a record monthly sales pace and a 6.7 percent hike from June's level, the Commerce Department reported.
Meanwhile, sales of existing homes -- the biggest slice of the housing market -- rebounded in July, rising 4.5 percent from the previous month to a rate of 5.33 million units, according to the National Association of Realtors.
In July, the average rate for a 30-year fixed-rate mortgage was 6.49 percent, down from 6.65 percent in June, and well below the 7.13 percent rate for July a year ago, according to Freddie Mac, the mortgage company.
Job market looks flat for the rest of 2002
MILWAUKEE >> People looking for work won't see an increase in the number of job openings through the year's end as companies remain cautious about the economy's recovery, a new survey finds.Twenty-four percent of the companies surveyed by Manpower Inc. expect to hire more people in the fourth quarter, and 9 percent plan to cut workers, according to Manpower's quarterly survey of 16,000 businesses.
The remainder said they either expect to maintain their staffing levels or were uncertain.
When seasonally adjusted, the fourth quarter's employment prospects remain about the same as in the third quarter, when 27 percent of the companies expected to add jobs and 8 percent planned cuts.
ASIA
Nikkei tops 10,000 as other Asian markets dip
SINGAPORE >> A jump in Japanese shares took the key Nikkei average back above 10,000 today following a solid rebound in the futures market, but stocks fell elsewhere in Asia in the wake of losses Friday on Wall Street.The benchmark Nikkei rose just over 200 points, or two percent, to 10,067.74, closing above the 10,000 mark for the first time since July 30.
It was the sole major stock market to gain in Asia, where losses ranged from a quarter of a percent in Australia to one percent in Singapore.
San Miguel may invest in Singapore company
MANILA >> San Miguel Corp. shares were suspended from trading on the Philippine Stock Exchange today pending a response from the country's largest food and beverage company to a report it may buy a stake in Singapore's Fraser & Neave Ltd.The Philippine Daily Inquirer report, citing unidentified people, said that San Miguel may buy a stake in Fraser & Neave, which makes beverages and invests in publishing and property, as part its plan to become a major brewer in Asia.
San Miguel officials would not comment on the newspaper report, which said the transaction may be completed this year.
Thailand plans early repayment of IMF loan
BANGKOK >> Thailand plans to pay the last $1 billion it owes the International Monetary Fund from a 1997 rescue next January, a year early, Prime Minister Thaksin Shinawatra said yesterday. The bailout came after Thailand floated the baht in 1997, triggering the Asian financial crisis. The international fund loaned about $3 billion to the country. Thailand said last week its foreign-exchange reserves had reached a five-year high of $38.3 billion.
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[Hawaii Inc.]
NEW JOBS
>> Jaime Valdez has been named operations supervisor of American Savings Bank's Waipouli Foodland branch. He was most recently a personal banker with Central Pacific Bank. As operations supervisor, Valdez will be responsible for providing leadership, training and staff development as well as supporting the branch's service and sales objectives.>> The Grand Wailea Resort Hotel & Spa has named Roberta Annis national sales manager. She will be responsible for generating sales in the mid-atlantic and southeast regions. Annis has more than 20 years of experience in hospitality sales.
PROMOTIONS
>> Sherri Okinaga has been named director of alumni relations for Iolani School. The 1985 graduate of the school previously taught Japanese language on campus. She replaced Chris Shimabukuro, who is now development director.>> David A. Buehler has been appointed district manager for Bank of Hawaii's American Samoa operations. He is a vice president for Bankoh in Guam and served as branch manager in American Samoa from 1989 to mid-1991.
RECOGNITION
>> Frankie Anderson, a sales associate at Coldwell Banker Pacific Properties, has earned the Coldwell Banker Previews property specialist designation. Only 5 percent of more than 72,000 Coldwell Banker sales associates nationwide have the designation. The recognition is based on sales performance and coursework.