Business Briefs

Isle liquor distributor debuts new identity

One of the leading liquor wholesale distributors in the state has changed its name to Young’s Market Co. of Hawaii and introduced a new logo.

The former Better Brands said the new name, which became effective Monday, emphasizes the company’s national reach, while the new logo reflects Young’s heritage as a national liquor distributor for more than 120 years.

“This is an exciting time in our company’s history,” said George Szigeti, president of Young’s Market Co. of Hawaii. “For over 40 years we have had the privilege of serving the business community in Hawaii, and today’s announcement signifies our national commitment to our customers and business partners.

“While we have changed our corporate name and logo, our commitment, passion, and our uncompromising standards of performance by all of our employees remain the same, to be the ‘Best of the West.’”

Young’s Market Co. of Hawaii, which distributes wine, spirits and selected beverages, operates six facilities throughout the state with more than 160 employees. The company has a portfolio of more than 250 suppliers and 1,500 brands in Hawaii.

The parent company, Young’s Market Co. LLC, is headquartered in California with other distributorships in Arizona, Utah, Oregon, Idaho, Wyoming, Washington, Montana and Alaska.

Scientists convention to attract 1,800

More than 1,800 scientists from around the world will gather at the American Phytopathological Society-International Plant Protection Congress Joint Meeting today through Wednesday at the Hawai‘i Convention Center. The meeting will cover groundbreaking research on the spread of insects, weeds and pathogens through global commercial trade, as well as tropical forest pathology and maintaining bio-security for crop production.

Meeting jointly for the first time in Hawaii, the American Phytopathological Society and International Association for Plant Protection Science are anticipating a record international attendance, including delegates from 55 countries. The meeting is expected to draw researchers, industry experts, educators and policymakers working in agriculture and plant sciences.

The 1,800 attendees translate into $8.5 million in state revenue, with the Hawai‘i Convention Center’s hotel partners benefiting from nearly 14,500 room nights.

Fannie Mae loss widens to $5.18 billion

NEW YORK » Government-controlled mortgage company Fannie Mae said Friday that its second-quarter loss widened as it continued to seek loan modifications to help reduce defaults amid the ongoing difficulties in the housing and mortgage markets.

Fannie Mae also made $2.3 billion in dividend payments to the U.S. Treasury during the period, which reduces the amount it will be asking taxpayers for to $2.8 billion from $5.1 billion. Fannie’s rescue has been one of the most expensive government bailouts. The amount of money it has received from the Treasury to stay afloat is set to rise to $104.8 billion when accounting for the latest request. Fannie has paid back $14.7 billion to the Treasury in dividends as of the end of June.

In the second quarter ended June 30, Fannie Mae lost $5.18 billion, or 90 cents a share. That compares with a loss of $3.13 billion, or 55 cents a share, a year earlier.

Buffett’s company boosts earnings 74%

OMAHA, Neb. » Warren Buffett’s company said Friday its second-quarter profit jumped 74 percent to $3.4 billion because the value of its derivative contracts increased and several of its noninsurance businesses improved.

Berkshire Hathaway’s quarterly results were also aided by a one-time gain of $1.25 billion from Goldman Sachs’ repayment of an investment Buffett’s company made at the height of the financial crisis in 2008.

ON THE MOVE

Prudential Locations has hired the following new real estate agents: Melvin Leon Guerrero, Joelle Ishii, Sean Sonoda and Maria Torcia. Mary Farkash received the Prudential Fine Homes International Specialist Certification.

Atlantis Adventures has appointed Alex Lezama as cruise manager for its Atlantis Navatek Cruises tour experience. He was previously an assistant manager and sales and marketing director at Senor Frogs Hawaii. Lezama previously lived and worked in Mexico, holding management positions at Senor Frogs Cancun and Starbucks in Mexico City.