Venezuela says it owes fraction of arbitration award

CARACAS, Venezuela » Venezuela said Monday it has successfully defended itself in an international arbitration case brought by Exxon Mobil Corp. and will need to pay only $255 million of the more than $900 million awarded to the company.

State oil company Petroleos de Venezuela SA, or PDVSA, said in a statement that debts and court action reduce what it owes under decision by the International Chamber of Commerce, which awarded Exxon Mobil more than $907 million in compensation.

It noted that Exxon Mobil had previously used international courts to freeze about $300 million in Venezuela’s U.S. accounts and that the company also has a debt of $191 million relating to financing of an oil project in the country, as well as $160 million that the arbitration tribunal said was due to PDVSA.

Exxon Mobil sought arbitration after President Hugo Chavez’s government nationalized an oil project in the country in 2007. The Irving, Texas-based oil company did not take issue with the figure that Venezuela said it would pay.

Despite low mortgage rates, buyers likely to remain wary

LOS ANGELES » The mortgage market told a sad story throughout 2011: record low rates, but few people taking advantage of them to buy homes.

The likely scenario in the new year, according to many analysts, is more of the same. Although the Federal Reserve has pledged to keep rates low through 2013, the experts say high unemployment and home prices that are still falling in many areas provide little incentive for stressed-out consumers to surge back into the housing market.

Home lending last year totaled $1.3 trillion, down from $1.7 trillion in 2010 and an all-time high of nearly $3.3 trillion in 2005. But 2011’s better-than-expected finish had nothing to do with home purchases. Instead, a decline in 30-year fixed mortgage rates to historic lows of less than 4 percent triggered a wave of refinancings.

Euro sees decline amid concerns over debt crisis

The euro held seven days of declines against the yen, its longest stretch in a year, on concern the European debt crisis will hamper economic growth in the region.

The single currency was 0.6 percent from its lowest in more than a year versus the dollar before a report Wednesday that economists predict will confirm European services and manufacturing output contracted for a fourth month in December. The dollar fell for a fourth day against the currencies of Australia and New Zealand before a report today forecast to show U.S. manufacturing grew at the fastest pace in six months, boosting demand for higher-yielding assets.

Brazil saw record highs for imports, exports in 2011

BRASILIA, Brazil » Brazil had record trade figures in 2011, logging $256 billion in exports and maintaining a $29.7 billion surplus on the back of high commodity prices and strong Chinese demand, officials said Monday.

Exports to China hit $44.3 billion, an increase of more than 43 percent over 2010. In 2009 China surpassed the U.S. as Brazil’s biggest trading partner.

Alessandro Teixeira, deputy trade minister, said China represented 17 percent of Brazil’s exports.

Brazil’s booming middle class and its growing consumption also led to a record year for imports into Latin America’s biggest economy, with $226.3 billion worth of goods flowing into the nation, an increase of 25 percent over 2010.

ON THE MOVE

The YWCA of Oahu has named local nonprofit veteran Kimberly Miyazawa Frank as its new chief executive officer.

Frank, who will assume the CEO post in mid-January, currently serves on the board of directors for St. Andrew’s Priory Alumnae Association, the Coalition for Tobacco-Free Hawaii and Legacy of Life Hawaii. She also has served as the chair of the Honolulu Symphony Society and president of the Junior League of Honolulu.

Frank has been the principal at her own business consulting firm since 2006. Before that she was the organizational development manager at Servco Pacific Inc.

"After an extensive search, we are excited to have found someone right here in Hawaii who meets our qualifications and will bring both experience and passion to the YWCA of Oahu," said Lissa Guild Eveleth, chair of the executive search committee and chair of the YWCA board of directors. "We are confident Kimberly will infuse a new energy into the services and programs at the YWCA and provide the necessary strategic direction for the staff."

The YWCA’s previous CEO, Cheryl Kauhane Lupenui, stepped down March 31.

Frank was chosen after Bishop & Co. conducted a national search for "an individual with demonstrated leadership skills, tangible nonprofit experience and the capabilities to develop and implement strategic plans to support the YWCA of Oahu’s mission and sustain the organization," according to a news release from the YWCA.

Frank earned a bachelor of science degree from Miami University and a law degree from Rutgers University.

The YWCA of Oahu provides programs and services for women and girls to advance their health and wellness, economic and professional development, and community leadership. Founded in 1900, it is the oldest and largest women’s association in Hawaii.

Bank of Hawaii has announced Jenny K.H. Li as their new vice president and fiduciary advisor in the personal trust-fiduciary wealth department. She is responsible for helping customers in protecting, growing and managing their wealth by taking a holistic and proactive approach to manage complex financial needs. Li was previously a vice president and marketing manager at Ohana Pacific Bank.