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Battered by SARS, Canada GDP shrinks

After several years as the star performer in the industrial world, the Canadian economy went into reverse in the second quarter, weighed down by a sharp appreciation of the Canadian dollar, as well as by outbreaks of severe acute respiratory syndrome in Toronto and mad cow disease in Alberta.

Statistics Canada said last week that gross domestic product shrank by an annual rate of 0.3 percent, adjusted for inflation, compared with growth of 2.6 percent in the first three months of the year. The U.S. economy, which has lagged its northern neighbor for most of the past five years, grew at an annual rate of 3.1 percent in the second quarter.

French unemployment hits 41-month peak

French unemployment rose to the highest in almost three and a half years in July, threatening a recovery in consumer spending after Europe's third-largest economy contracted in the second quarter.

The number of jobseekers climbed by 20,000 from June to 2.62 million, the highest since February 2000, the Paris-based Labor Ministry said. The jobless rate rose to 9.6 percent from 9.5 percent last month.

Japan's revival corp. aids three companies

Industrial Revitalization Corp. of Japan, which started operations in May with a mandate to revive debt-laden businesses, named the first three companies it will help to return to profitability.

The three are condominium developer Dia Kensetsu Co., Kyushu Industrial Transportation Co., a bus operator based in Kumamoto city, and Usui Department Store based in Fukushima prefecture, the government-backed agency said in Tokyo.

The agency headed by Atsushi Saito plans to spend &YEN10 trillion over the next two years buying from small creditors debt owed by companies it deems viable, and then work with major lenders to restructure the businesses. The aim is to help banks reduce an estimated &YEN44.5 trillion of bad loans and help revive companies.

India expects record farm production

India expects record agricultural production this year helped by heavier-than- normal rainfall, Farm Minister Rajnath Singh said.

"This year monsoon has been good and we are hopeful that there will be record agricultural production," Singh told reporters in New Delhi. "Sowing has also been good."

Higher farm production will put more money in the hands of farmers and people living in rural areas who indirectly depend on agricultural. This is expected to boost demand for products ranging from tractors to soaps to televisions sets and accelerate economic growth.

Energy costs boost inflation in Italy

Italy's annual inflation rate rose in August for the first time in six months as fuel costs increased and a drought boosted fruit and vegetables prices.

Consumer prices rose 0.2 percent in the month to boost the inflation rate to 2.8 percent, the highest since January, from 2.7 percent in July, Istat, the Rome-based statistics institute said. That matches estimates from a preliminary report from Italy's 12 biggest cities on Aug. 21.

Rising energy and food prices are bolstering Italian inflation at a time when the economy is struggling to emerge from recession after contracting in the second quarter. Higher prices are weighing on consumer confidence, which is close to a 6 1/2 year low and holding back a recovery.

Hearst's Cosmopolitan to debut in Israel

Hearst Corp. will begin selling a Hebrew-language edition of Cosmopolitan magazine this week in Israel, adding a market for the world's best-selling publication aimed at young women.

The magazine, called Cosmopolitan Israel, will be published in association with Strategy Business Communication, an Israeli publisher, Hearst said in a statement distributed by Business Wire.

The expansion into Israel comes at a time when Cosmopolitan is thriving in foreign markets. The magazine's international circulation and advertising have increased about 10 percent in the past year, said George Green, president of Hearst Magazines International.

Danish jobless rate drops slightly

Denmark's unemployment rate dropped slightly in July to 6 percent from 6.2 percent in June, the Danish statistics agency said last week.

It was the first decline in the jobless rate in 18 months. Unemployment was 5.1 percent in July 2002.

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[ HAWAII INC. ]

New jobs

>> Charter Funding of Hawaii has hired Paul A. L'Ecuyer as branch manager of its Downtown Honolulu office. He has worked in the mortgage industry since 1999.

Promotions

>> Macy's has promoted Janis Mookini to vice president and store manager for its Ala Moana Jewel Gallery. She previously served as the store manager of Macy's Ala Moana Jewel Gallery and Waikiki stores and began her retail career as a children's wear buyer.

>> Diamond Head Theatre has promoted Kymber-Lee Char to associate director of marketing and Kelly Moulson to education and special events manager. Char will handle advertising, public relations, direct mail and overall marketing and branding for the theatre. She joined DHT in 1999 as marketing manager. Moulson, who has been with DHT since 2001, will continue to handle the theatre's performing arts program.

On the Board

>> Glenn Tango of Honolulu Plumbing Co. was recently installed as Plumbing and Mechanical Contractors Association of Hawaii president for 2003-05. He succeeds Patrick Kanekoa. Other officers are Vice President Kenneth Richardson, Heide & Cook; Secretary Robert Hann, Trane Pacific Service; and Treasurer Lester Nakata, Oahu Sales Inc. Directors are: Samuel Fujikawa, Patrick Kanekoa, Kent Matsuzaki, Bernard T. Miura and Mark Suzuki. The Association is comprised of 30 member firms. Harry T. Honda serves as executive director.

Recognition

>> Judith Sterling of law firm Sterling & Tucker has received certification as an elder law specialist with the designation of certified elder law attorney by the American Bar Association accredited National Elder Law Foundation and the Supreme Court of Hawaii. She has completed a specialty program and passed the foundation's examination. She previously received a certification as an estate planning law specialist.