Toyota to pay $10M

LOS ANGELES » Toyota Motor Corp. agreed to pay $10 million to the family of four people killed in a runaway Lexus crash that led to recalls of millions of the automaker’s vehicles, attorneys said yesterday. John Gomez, a lawyer who represents the victims’ family, and Larry N. Willis, who represents the dealership that lent the Lexus to the family, confirmed the settlement amount.

New jobless benefits ready for Hawaii

Extended unemployment benefits are ready for distribution by the state.

The state Department of Labor and Industrial Relations said yesterday that up to 18,000 out-of-work individuals in Hawaii could receive a total of $340 million in benefits because of the extension.

The new dollars were made available when President Barack Obama recently signed legislation that extended the benefits for 13 months while keeping tax rates at Bush-era levels for all wage-earners.

Gov. Neil Abercrombie said in the statement that the infusion of federal dollars will help accelerate Hawaii’s economic recovery.

Analyst downgrades Bankoh’s stock

Bank of Hawaii, which was named this week by Forbes magazine as the top U.S.-owned bank for the second straight year, based on its overall financial performance, was downgraded yesterday to "neutral" from "buy" by analyst Joe Gladue of Haverford, Pa.-based B. Riley & Co.

Gladue’s target price is $48 a share. The stock closed down 4 cents yesterday at $47.66.

30-year mortgage rates slip lower

NEW YORK » Rates on fixed mortgages dipped after rising for five weeks in a row.

Still, they remain more than a half-point higher than last month and are at the highest level since late spring.

Freddie Mac said yesterday the average rate on a 30-year fixed mortgage slipped to 4.81 percent from 4.83 percent in the previous week. Last month the rate reached a 40-year low of 4.17 percent, but has since been edging higher.

The average rate on the 15-year loan, a popular refinance option, also fell to 4.15 percent from 4.17 percent. It hit 3.57 percent in November, the lowest level on records starting in 1991.

The average rate on one-year adjustable-rate home loans edged up to 3.40 percent from 3.35 percent.

Jo-Ann Stores goes private for $1.6B

NEW YORK » Fabric and craft store chain Jo-Ann Stores Inc. is being taken private by investment firm Leonard Green & Partners LP for about $1.6 billion, the latest in a series of billion-dollar retail buyouts.

The deal is the most recent in a flurry of retail buyouts that have occurred in the past three months. Last month preppy fashion retailer J. Crew Group Inc. agreed to be bought for $3 billion in a deal that also involves Leonard Green & Partners, along with private equity firm TPG Capital.

In October, Gymboree Corp. agreed to be acquired by Bain Capital in a $1.8 billion deal that closed in November.

Private equity buyouts are on the rise after a lull during the recession. Industry experts believe many of the recent deals were for companies that investment firms feel are stable and safe, making them attractive. But they are also a bet that consumer spending, which has shown signs of life, will continue to rebound.

On the Move

Queen’s Health Systems has named T. Kimo Blaisdell director of investments. He will be responsible for the operational oversight of pension and investment portfolios. Blaisdell has more than 20 years of experience in the investment and financial services industry and was a senior vice president of Robeco Investment Management’s Honolulu office as well as chief investment officer of the state Employees’ Retirement System.

Prudential Locations has hired Michelle Lynch as its newest career coach. She is responsible for sales training, agent development and other sales-related activities as well as managing and planning sales performances. Lynch was a broker-in-charge at Point of Sail Realty in Honolulu.

Coldwell Banker Pacific Properties has chosen Gene Coley as a Realtor associate for the Windward Oahu office. He was previously a Navy aviator and a commercial pilot with Aloha Airlines.