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Thai industrial output slows to 11% growth

Thailand's industrial production slowed in June because some tobacco plants shut for maintenance and electronic equipment makers cut production.

Production rose 11.1 percent, compared with a revised 13.2 percent gain in May. The median of forecasts by six economists surveyed by Bloomberg News was for a 13.9 percent gain in output. June's expansion was the eighth straight month that production expanded more than 10 percent.

Southeast Asia's second-biggest economy has weathered the outbreak of a deadly virus better than the economies of Hong Kong and Singapore, where SARS led to tourist cancellations and emptied hotel rooms.

Japan's housing starts rose 13.4% in June

Japanese housing starts rose 13.4 percent in June from a year earlier, and construction orders rose 13.7 percent, government figures showed.

Housing starts rose 8.7 percent, seasonally adjusted, from May to an annualized 1.27 million, the Ministry of Land, Infrastructure and Transport said in Tokyo.

In the second quarter, housing starts rose 2.2 percent from a year earlier, and construction orders rose 8.1 percent.

Japanese wages up for second straight month

Japanese wages rose for the second consecutive month in June, a government report said.

Monthly cash earnings for salaried workers rose 1.7 percent in June from a year earlier to &YEN478,445 ($3,984), the Ministry of Health, Labor and Welfare said in Tokyo. Bonuses rose 4.1 percent, the biggest increase since October 2002.

The gain in cash earnings may bolster consumer spending, which accounts for more than half of the economy. Spending by households headed by a salaried worker had its biggest gain in almost two decades in June, and unemployment fell to 5.3 percent from 5.4 percent.

Wages fell for two years to April and haven't risen in two consecutive months since a four-month period from August to November 2000.

Overtime hours for workers rose 4.4 percent in June, their 12th monthly gain.

Australian retail sales continue momentum

Australian retail sales rose for a sixth month in June as consumer confidence increased and shoppers spent more at end-of-financial-year department store sales.

Retail sales rose 1.1 percent to A$14.98 billion ($9.78 billion), the Australian Bureau of Statistics said in Sydney. The median forecast of 20 economists surveyed by Bloomberg News was for a 0.6 percent increase. May's sales gain was revised to 01 percent from a previously reported 0.2 percent.

Rising consumer spending adds to other signs the economy is expanding and the central bank doesn't need to cut interest rates this week even as falling exports widen the trade deficit to the third largest on record and slow economic growth.

Consumer prices fall again in South Korea

South Korea's consumer prices unexpectedly fell for a fourth straight month in July, the longest slide since 1957, as the government cut sales taxes on cars, plasma televisions and air conditioners to spur spending.

The consumer price index declined a seasonally adjusted 0.1 percent from the previous month, the government said in Seoul. That compares with a 0.3 percent drop in June and the median 0.2 percent increase forecast in a Bloomberg News survey of 11 economists.

The drop in prices may make the central bank more inclined to cut interest rates further to help revive an economy that the government said slipped into recession in the second quarter. The Bank of Korea earlier this month cut its benchmark interest rate for a second time in three months to a record.

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[ Hawaii Inc. ]

New jobs

>> Blaise J. Noto has formed Blaise Noto & Associates, an entertainment marketing, publicity and special events company based on Maui. It will specialize in campaigns for entertainment, food service and retail business. The company also will represent artists for management and personal public relations. Noto was previously executive vice president of publicity and promotion for Paramount Pictures and Columbia Pictures.

>> Debbie Adachi recently joined Team Vision as director of operations. She will supervise agency accounts including Castle & Cooke Homes Hawaii and Paradise Cove. She also will assume all human resource and office management responsibilities for the company. Adachi most recently served as director of marketing for Castle & Cooke Resorts, where she was responsible for the company's advertising, direct marketing, public relations and e-commerce activities. She has more than 10 years of marketing and account management experience.

>> Marc Resorts Hawaii has promoted Regina Karolczuk to the newly created position of e-commerce sales director. She will oversee daily operations of the company's Internet department, including staffing, training and yield management for all 14 properties on five Hawaiian islands. She also will negotiate all Internet contracts and maintain the integrity of all Web descriptions, rates and competitive structure. She has more than 15 years of hotel experience, most recently as reservations manager for Island Colony-A Marc Suite in Waikiki.

>> Summit Lending of Hawaii has hired Randy Rodriguez as a loan officer. He will focus on Hawaii's Hispanic population. Rodriguez is fluent in Spanish and English and has 10 years of experience in the real estate and mortgage industries. He most recently was a mortgage broker and real estate agent in California.

Promotions

>> George D. Szgeti has been promoted to president of Young's Market Co., Hawaii Division. He will continue to oversee the company's day-to-day Hawaii operations. He started with Ernest & Julio Gallo in 1977 and was appointed the first Hawaii state manager for the company in 1982. He has been with Young's Market Co. and Better Brands for seven years, starting as an executive vice president of sales and marketing. He was most recently senior vice president and general manager of Better Brands.

>> Demos Pragastis has been promoted to executive vice president of Honolulu-based construction management firm CM&D Inc. He also has been made a shareholder and member of the company's board of directors, and will be based in the firm's Chicago office. He will oversee all construction management work for the eastern United States. He joined CM&D in 1998 and has close to 20 years of experience in design, construction and construction management, with an emphasis on the transportation and hospitality industries.

Recognition

>> Dr. John M. Corboy of Molokai's Hawaiian Eye Foundation has been awarded the Surgical Eye Expeditions Inc. International Humanitarian Award for 2003. He was commended for providing 20 years of humanitarian volunteer eye care services, training and equipment to Pacific Islanders. He has served as interim director of eye services at the Tongan Ministry of Health for the past two years. Hawaiian Eye Foundation has sponsored volunteer physicians, nurses and technicians on eye care missions throughout the South Pacific since 1982.

>> Certified Residential Specialist Roxanna Sewell Faith has been awarded the seniors real estate specialist designation by the Senior Advantage Real Estate Council. Faith receives appointments by the First Circuit Court as a commissioner in property and judicial foreclosure.

>> Honolulu-based American Express financial adviser Kristy Nishida has earned the Mercury Award for achieving outstanding business production during her first 20 weeks with the company. She previously worked for Aloha Airlines, Scholastic Book Fairs and Hilo Community Schools for Adults.

>> Northwestern Mutual has recognized Honolulu area financial representatives Marcus R. Boland and Gregg T. Fujimoto for sales achievements during the past year. Boland was presented an Emerald award and Fujimoto a Diamond award.