Japanese subsidiary buys Worrall realty

An affiliate of the Sotheby’s International Realty brokerage firm in Japan has bought the local Sotheby’s affiliate, Mary Worrall Associates.

Hisashi Kitami, president of Japanese-based LIST International Realty Inc., bought the Worrall firm that is now known as LIST Sotheby’s International Realty.

Terms of the sale were not disclosed. The deal was announced Friday.

Worrall will become managing consultant of the luxury residential real estate brokerage firm, which will retain its 30 agents and offices in the Kahala Mall Office Tower.

Wells Fargo profit up 13% but revenue falls

Third-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, jumped 13 percent as a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans.

Net income increased to $5.6 billion in the July-September period from $4.9 billion a year earlier, the company said Friday. On a per-share basis, earnings were 99 cents, beating the 97 cents forecast by Wall Street.

Third-quarter revenue dipped to $20.5 billion from $21.2 billion, coming in below analysts’ forecast of $21.1 billion. The bank’s stock edged down 1 cent to close at $41.40.

A sharp rise in interest rates on U.S. mortgages in the spring and summer had a negative impact on Wells Fargo’s mortgage business.

The San Francisco-based bank controls nearly a third of the U.S. mortgage market. Much of its lending business has been coming from mortgage refinancing, which was reduced by the spike in interest rates.

Wells Fargo funded $80 billion worth of mortgages in the third quarter, down from $139 billion a year earlier.

Fewer bad loans in an improving housing market cut Wells Fargo’s lending losses to $975 million from $2.4 billion in the third quarter of 2012.

The bank reduced expenses to $12.1 billion, down $153 million from the second quarter. The savings were mainly due to reduced employee bonuses and legal costs.

U.S. budget standoff unsettles G-20 leaders

WASHINGTON » World finance officials said Friday the United States needs to take urgent action to address its budget problems that are creating economic uncertainties for the global economy.

Finance ministers and central bank leaders for the Group of 20 major economies wrapped up two days of discussions in Washington with a joint statement expressing concern about the ongoing budget stalemate between Congress and the Obama administration.

Russian Finance Minister Anton Silu­anov told reporters at a news conference that issues of the partial government shutdown, and the need to raise America’s borrowing limit before a Thursday deadline, were addressed by Treasury Secretary Jacob Lew. Federal Reserve Chairman Ben Bernanke also participated in the talks.

Siluanov said all the G-20 participants are hoping for a speedy resolution. He noted that about 45 percent of Rus­sia’s foreign exchange reserves are invested in U.S. Treasury securities. America will run out of borrowing authority for new debt on Thursday. Lew has warned that with only $30 billion expected cash on hand at that time, the country will soon not have the ability to meet all of its bills, including paying interest on the $16.7 trillion federal debt. That would trigger an unprecedented default on U.S. debt.

Sony CEO lauds Japan’s leader for ‘Abenomics’

TOKYO » The chief of Sony Corp., one of the best-known Japa­nese companies, praised the country’s prime minister Friday for his efforts to jump-start the economy and put the nation back on the global stage.

Sony leader Kazuo Hirai said Prime Minister Shinzo Abe, who took office late last year, is restoring global confidence in Japan, while stressing that delivering on promises with action was critical.

Abe is banking on policies dubbed "Abe­nom­ics" that center on structural reforms, easy monetary policy, relaxed labor regulations and free trade to return to growth. Still, he has not outlined a concrete plan that would overcome the challenges presented by Japan’s aging population and shrinking workforce.

Firm stealing signals, TV broadcasters say

The nation’s major television broadcasters are collectively asking for the Supreme Court’s support in their quest to stop Aereo, a small Internet startup that threatens the underpinnings of the TV business.

In a filing Friday the media companies petitioned the court to determine whether Aereo’s method of sending television signals to paying subscribers violates decades-old copyright law. Aereo says it does not but the companies say it does; lower court rulings have mostly favored Aereo.

"Today’s filing underscores our resolve to see justice done," one of the petitioners, Fox Television Stations, said Friday. "Make no mistake, Aereo is stealing our broadcast signal."

Google to sell users’ endorsements

Google announced Friday that it would soon be able to show users’ names, photos, ratings and comments in ads across the Web, endorsing marketers’ products.

Facebook runs similar endorsement ads, but Thursday it too took a step to show personal information more broadly by changing its search settings to make it harder for users to hide from other people.

The changes are the latest example of the continual push by Web companies to collate the reams of personal information shared online in the chase for profits.

STUDENT STOCK PICKER

ON THE MOVE

» Prudential Locations has hired Heather Arias as the firm’s new content production manager. She has more than 20 years of experience in marketing, publishing, creative design and direction, including serving as president at Studio del Mar as well as co-publisher, creative director and associate editor at BoardRoom magazine, manager of major accounts at GRAFX Group and art director and sportswriter at DW Associates.

» Coldwell Banker Pacific Properties has announced Jennifer L. Andrews as assistant branch manager of the firm’s King Street office. Before joining CBP, Andrews served as projects manager for Primary Properties Inc.’s Department of Hawaiian Home Lands developments.

» The Council for Native Hawaiian Advancement bids farewell to Lilia Kapu­niai, a senior executive, after 10 years of employment. Kapu­niai is taking time off to pursue a small-business venture as well as refocus on her children.

» Toastmasters International director Mike Barsul presented the "Toastmasters Corporate Recognition Award" to Honolulu Police Department chief Louis Kealoha. The award acknowledges the department’s commitment to its employees by promoting the Toastmasters program. HPD’s Toastmasters Club was chartered on June 30, 2005, and has reached distinguished club status six times in eight years.

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