[ HAWAII INC. ]

NEW JOBS

>> Christine Sakaguchi has rejoined CB Richard Ellis Hawaii Inc. as director of finance. She will be responsible for all financial operations of the firm, including enhancing revenues and asset operations. Sakaguchi joined CB Commercial Hawaii (predecessor to CB Richard Ellis Hawaii Inc.) nearly 10 years ago as assistant secretary of the board and administrative manager. In 1999, she opened a new CB Richard Ellis Investors Office in Tokyo, Japan to direct all financial and administrative operations. She has worked has worked there for the past three years. Headquartered in Los Angeles, CB Richard Ellis has nearly 10,000 employees in more than 260 offices in 47 countries.

>> Cadinha & Co. has hired Nancy N. Uramoto and Robyn L. Macy as vice presidents. Uramoto is responsible for business development in Hawaii. She most recently served as a Greig Associates senior vice president for operations and client services. Macy is responsible for Hawaii client relationships. She joined Cadinha & Co. in 1990, after holding a client services post with Chrysler Credit Corp. She was most recently executive assistant to Harlan J. Cadinha. Honolulu-based Cadinha & Co. provides investment management services.

>> SMG Hawaii has named Lydia Tsugawa director of finance for the Hawaii Convention Center. She will develop budgets, prepare analyses and monitor spending. She will also oversee the preparation of monthly financial statements, contracts, purchasing and human resources. She was most recently chief financial officer of the nonprofit organization Helping Hands Hawaii.

>> Salem Media of Hawaii has hired Rick Innamorato as director of programming for KAIM-FM The Fish 95.5, KHNR-AM News/Talk 650, and KHCM-AM Country 940. He was previously brand manager and program director for Clear Channel's San Diego station cluster. Innamorato succeeds Michael Shishido, who has been promoted to creative director, where he will oversee all areas of production for Salem's Honolulu station cluster. In addition, David Serrone has been promoted to sales manager for Honolulu. Salem consolidated its general sales manager and local sales manager positions under the sales manager title following the departure of Nancy Kaan, who left for a senior account executive position at Cox Radio Hawaii. Salem Media of Hawaii parent Salem Communications, based in Camarillo, Calif., focuses on religious and family themed programming.

>> Catherine Dear Ganung was named assistant director of financial aid at Hawaii Pacific University. She assists the director with the day-to-day operations of the office, including the administering of federal and state funding sources, audit accountability and other matters pertaining to financial aid policy and procedures. Ganung was most recently the associate director of the University Service Center at Boston University.

>> Bank of Hawaii has hired four new residential loan officers to serve in Oahu's loan service centers: Buddy Vidal for Kapolei; and Percy Ihara, Kathy Takayama, and Brenda Gross for East Oahu. Vidal recently served as Central Pacific Bank financial services officer. Ihara was previously a Mortgage Specialists Inc. account executive and manager. Takayama was a City Bank business banking officer. Gross most recently worked as an Aloha Mortgage Insurance underwriting and sales manager.

ON THE BOARD

>> Lanakila has elected Ke Alii Pauahi Foundation Development Director Ko Miyataki to its board of directors for 2002-03. She was Rehabilitation Hospital of the Pacific Foundation president from 1993-2001. Lanakila's other board officers for 2002-2003 are: Chair Henry Wong, Vice Chair Masaichi Tasaka, Secretary Lynn Zane, Treasurer Phyllis Shea. Other directors are: Thomas Au, Linda Gilchrist, Harold Hu, Satoru Izutsu, Ko Miyataki, Audrey E. J. Ng, Margaret Proffitt, and Samuel Tanimoto. Lanakila is a a private non-profit organization whose mission is to provide physical, cognitive or age-challenged individuals with the skills to live their lives with self-assurance and productivity.

RECOGNITION

>> The Hawaii Aloha Chapter of Certified Residential Specialists has designated three certified residential specialists: Rorie A. Urban, Kumai Realty Inc.; Cece L. Bulkley, Realty Executives Waikiki; and Celedonia G. Querido, Hawaiian Island Homes Ltd. The designation is awarded to top-producing residential sales associates and recognizes their professional education and experience.

>> Hawaii Pacific University recently awarded faculty development grants to eight College of Business Administration professors: Jerry Agrusa, travel industry management; Antonia Espiritu, economics; Joseph Ha, marketing; Thomas Kam, accounting and finance; Jack Karbens, accounting and finance; Gunter Meissner, finance; Michael J. Seiler, finance and Vicky Seiler, marketing.

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Japanese firms cut capital spending 2%

Tokyo >> Japanese businesses reduced spending for a sixth quarter in the three months ended September as companies such as Fujitsu Ltd. cut costs in response to slumping sales and profits.

Capital spending by companies other than banks and insurance and other financial firms fell 2 percent in the third quarter from the second quarter, the Ministry of Finance said. A separate report showed that confidence among large companies rose to minus 5.9 in the fourth quarter.

Companies are cutting back as Japan's recovery from its third recession in a decade falters.

Personal bankruptcies hit record in Japan

Tokyo >> Personal bankruptcies in Japan for the first 10 months of the year exceeded last year's record total, according to figures provided by the Supreme Court last week. In October, some 20,597 individuals applied for protection from creditors, bringing the total so far this year to 173,289, Supreme Court spokesman Ken Sasaki said.

Japan's consumers, who have about &YEN330 trillion ($2.6 trillion) in debt, are struggling to repay loans as companies shed workers and cut wages. With unemployment hovering at record levels and declines in wages accelerating, the outlook is bleak, an economist said.

IMF OKs $365 million for Indonesia

Washington >> Indonesia received $365 million from the International Monetary Fund, part of a $4.8 billion aid package intended to stabilize the economy and revive growth.

"Macroeconomic developments in 2002 have been favorable, with steady economic growth, moderating inflation, and a strengthening balance of payments," IMF First Deputy Managing Director Anne Krueger said in a statement.

Indonesia needs the loans to buoy growth with investors and tourists shunning the nation after the bomb blast in Bali.

Dragonair wins OK for five Asia-Pacific routes

Hong Kong >> Hong Kong Dragon Airlines Ltd., the smaller of the city's two carriers, won government approval to start flying on five Asia-Pacific routes that rival Cathay Pacific Airways Ltd. already operates.

Hong Kong's Air Transport Licensing Authority gave Dragonair a five-year license to fly to Seoul, Tokyo, Manila, Bangkok and Sydney, the government gazette said. The license is effective from Dec. 1 this year to Nov. 30, 2007.

HP to reintroduce consumer PCs in China

Singapore >> Hewlett-Packard Co., the world's second-largest computer maker, plans to reenter the market for desktop personal computers in China in six months, after losses prompted it to pull out in 2001.

The company, which bought Compaq Computer Corp. about six months ago, is targeting consumer sales in China of at least $100 million for the year ending Oct. 31, 2004, according to Adrian Koch, senior vice president overseeing Asia sale. It sold $5.1 billion of PCs worldwide in the fiscal fourth quarter.

Hewlett-Packard is looking to return because China now has established consumer electronics retailers, easing the difficulty of distributing PCs to thousands of small, independent shops, Koch said.

Volkswagen expects China sales to accelerate

Beijing >> Volkswagen AG, Europe's largest automaker, expects to sell 39 percent more vehicles in China this year and will introduce two new models in the mainland next year.

Vehicles sales are expected to reach 500,000 this year, compared with 359,000 last year. The company sold 416,000 vehicles in China in the first 10 months of this year, up 40 percent from the same period last year.

Volkswagen plans to invest 600 million euros ($600 million) annually in China, where it will introduce the Gol and Polo models next year.