MAINLAND
BNP looks to add to U.S. holdings
First Hawaiian Bank Chairman Walter Dods could have more on his plate next year.BNP Paribas SA, France's largest bank, will be "ready" for another acquisition in California by then, according to Chief Financial Officer Philippe Bordenave. Dods heads up BancWest Corp., the U.S. arm of BNP Paribas and parent company of First Hawaiian.
"The priority is California," Bordenave said in a Bloomberg News report out of London.
"As the merger with (United California Bank) is going well, we probably will be ready for a new acquisition as early as the beginning of next year," he told a banking conference organized by Merrill Lynch & Co. In March, BNP bought United California Bank from Japan's UFJ Holdings Inc. for $2.4 billion.
Online music dispute over payment settled
WASHINGTON >> Internet music broadcasters and the recording industry agreed yesterday to settle their long-running dispute over how much small webcasters must pay to broadcast songs over the Internet, officials familiar with the negotiations said.The two sides in the debate over online music royalties agreed to set lower fees for small webcasters, who argued that heftier rates would have put their fledgling industry out of business.
The proposed deal, which would supplant the copyright office's ruling, still must be approved by Congress.
J.P. Morgan plans to lay off up to 4,000
NEW YORK >> J.P. Morgan Chase is planning to cut as many as 4,000 employees, including many managing directors, from its investment banking operation over the next several weeks, executives with the firm said on yesterday.The executives said that William Harrison, J.P. Morgan's chief executive, had instructed his top lieutenants to draft lists of possible candidates to be dismissed and has now directed them to be ready to lay off 10 percent to 25 percent of certain groups within the firm.
ASIA
Daiei falls to record low on debt worries
Tokyo >> Daiei Inc.'s shares slumped 30 percent to their lowest level ever, falling below &YEN100 for the first time, on concern government moves to speed up banks' bad-loan write-offs will hurt the retailer.The shares of Japan's third-largest retailer closed at &YEN87, down &YEN38. About 11.7 million shares changed hands, almost 13 times the daily average of 908,600 shares in the past three months, making it the tenth most actively traded stock.
"Investors are offloading companies like Daiei that have a lot of debt, while there is also concern about the fall in September sales," ING Securities Japan Ltd. analyst Takashi Yanahira told Bloomberg News. He rates Daiei as a "sell".
Daiei, which last week said September sales shrank 7 percent compared with a year earlier, has debt of more than $17 billion.
Economic summit fears attack on Iraq
KUALA LUMPUR, Malaysia >> Asian leaders fearful of a U.S. attack on Iraq urged more cooperation and better ties to defend against economic erosion and hedge against any potential fallout.Malaysian Trade Minister Rafidah Aziz, speaking to business leaders yesterday on the opening day of the East Asia Economic Summit, an annual conference organized by the World Economic Forum, warned that fallout from a war in the Mideast could be widespread.
It could push up oil prices that are already bumping up against $30 a barrel, harm shipping and derail key economies such as the United States and Japan, which are many Asian nations' biggest trading partners.
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[ HAWAII INC. ]
NEW JOBS
>> Castle & Cooke Homes Hawaii Inc. has hired Kevin Mori as site construction department civil engineer. He is primarily responsible for helping outside civil and electrical engineers and landscaping consultants with the planning and engineering design of new Castle & Cooke projects. Mori most recently worked with Engineering Concepts Inc. as a project engineer. Castle & Cooke, founded in 1851, develops master-planned communities.>> Jean-Pierre Maharibatcha has been named to executive chef of Cascada restaurant at the Royal Garden at Waikiki Hotel. He will supervise all culinary aspects of the 70-seat restaurant. Most recently, he served as chef de cuisine at the Halekulani's Orchids restaurant.
>> Ko Olina Golf Club has hired Gregory A. Nichols as director of golf operations and general manager, effective Jan. 1. A 25-year veteran of Hawaii's golf industry, Nichols is leaving his post as head golf professional at Waialae Country Club. He will be wholly responsible for the direction and implementation of all aspects of the Ko Olina Golf Club.
>> Nelson Santiago has signed on as an insurance and investment consultant to the downtown office of LPL Financial Services. He has 16 years of life insurance and estate planning experience, most recently with MassMutual. LPL Financial Services, also known as Linsco/Private Ledger, is an independent investment manage- ment and advisory firm.
PROMOTIONS
>> Hyatt Regency Maui Resort & Spa has promoted Puamana Farden to associate director of sales from senior sales manager. Her career with Hyatt spans 20 years, of which six have been at the Hyatt Regency Maui. She is now responsible for generating and maintaining group revenue for the resort. The Hyatt Regency Maui is part of the Kaanapali Resort.>> Eric F. Fujimoto has been promoted to American Express Platinum Financial Services financial advisor. He will offer specialized services to affluent clients, specializing in retirement and estate planning, as well as small business ownership.