TCRAP_Public/080530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, May 30, 2008, Vol. 11, No. 107

                            Headlines

A U S T R A L I A

A L Y MEATS: Liquidator Presents Wind-Up Report
ADEPT CONNECTIONS: Placed Under Voluntary Liquidation
ARDIS AUSTRALIA: Liquidator Presents Wind-Up Report
BEMOLY PROPERTIES: Liquidator Presents Wind-Up Report
CONTAINER DEVELOPMENTS: Commences Liquidation Proceedings

DICKTOM PTY: Liquidator Gives Wind-Up Report
ERYK PHOTOGRAPHY: Liquidator Presents Wind-Up Report
ESSENTIAL CONCEPTS: Liquidator Gives Wind-Up Report
EXCELSIOR PRINTING: Declares Dividend for Creditors
LAUGHING FISH: Appoints Dye and Giasoumi as Liquidators

MAB CONSTRUCTIONS: Appoints Marchesi as Liquidator
OPES PRIME: Had AU$721.6 Mil. in Asset Deficit in March
OPES PRIME: ANZ Bank Moves to Settle Claims Against It
OPTIMA DENTAL: Liquidator Gives Wind-Up Report
PISANO ENTERPRISES: Fin'l Adviser Jailed on $1.5MM Fraud Charges

RELIGRATE PTY: Liquidator Presents Wind-Up Report
ROBERN STUD: Liquidator Presents Wind-Up Report
SELECT ACCESS: S&P Cuts Rating on AU$13.50 Mil. Notes to 'BB+'
SMITH'S LIMESTONE: Liquidator Presents Wind-Up Report
SOUL COMMS: Under Probe, Faces Legal Actions from Dealers

STEPHEN YARDLEY: Liquidator Presents Wind-Up Report
THAMES WATER: Appoints Vasudevan as Liquidator
TOMDICK PTY: Liquidator Gives Wind-Up Report
XOTIQUE PTY: Members and Creditors Hear Wind-Up Report
Y R MEATS: Liquidator Presents Wind-Up Report

* ASIC Launches Action Against Alleged Phoenix Activity
* AUSTRALIA: More Local Accounting Firms Seek Insolvency Advice


C H I N A

AGRICULTURAL BANK: 2007 Operating Profit Up 65.3% to CNY96.132BB
AGRICULTURAL BANK: Arehada Mining's Unit Gets CNY16MM Loan
CHINA CONSTRUCTION: Shares Rise on BofA's Stake Purchase Plan
CHINA SOUTHERN: Joins SkyTeam Global's Airfare Programme
SHENZHEN BANK: Says Guoco Dispute Has Little Impact on Business

XINHUA FINANCE: Seeks Noteholders' OK to Dispose of U.S. Assets
XINHUA FINANCE: S&P Holds 'B' Long-Term Corp. Credit Rating
* CHINA: Consumer Confidence Up Despite Quake, Xinhua Says


H O N G  K O N G

C&C INT'L: Creditors Meeting Fixed for June 18
CHOY SHING: Court to Hear Wind-Up Proceedings on June 25
FOREVER EARNING: Creditors Meeting Fixed for June 24
GARMENT NETWORK: Creditors Meeting Fixed for June 18
HENDERSON SUN: Members Meeting Fixed for June 24

HIGASHI (H.K.): Members Meeting Fixed for Today
MA'S ENTERPRISES: Court to Hear Wind-Up Proceedings on June 11
MYRETE LIMITED: Members Meeting Fixed for June 23
TRUMP FORTUNE: Members Meeting Fixed for June 18
WAH TAT: Creditors Meeting Fixed for June 23


I N D I A

BANK OF BARODA: Uganda Subsidiary Recommends Share Split
BHARTI AIRTEL: TDSAT Resets Hearing on BSNL Dispute to July 16
ICICI BANK: To Enter Private Banking Business


I N D O N E S I A

PT SUMBER: Fitch Cuts Foreign & Local Currency IDR to B- from B
* INDONESIA: IMF Expects 6.1% Economic Growth in 2008


J A P A N

NORINCHUKIN BANK: Signs MOU on Capital Alliance With MUFJ


K O R E A

ILSUNG CONSTRUCTION: Signs KRW24.1BB Construction Deal
KOREA HINET: Signs MOU With GESTOCI for Gas & Energy Project


N E W  Z E A L A N D

AOTEAROA RESORTS: Wind-Up Petition Hearing Set for June 16
DELFAC SERVICES: Fixes June 19 as Last Day to File Claims
DOUBLESHOT DEVELOPMENTS: Taps Parsons & Kenealy as Liquidators
FISHERMAN'S TABLE: Appoints Naylor as Liquidator
NOR-WESTERN COOK: Subject to CIR's Wind-Up Petition

SARNIA FINANCIAL: Creditors' Proofs of Debt Due on August 7
ST GEORGE DEVELOPMENTS: Appoints Levin and Vance as Liquidators
WINSLOW GROUP: Fixes August 2 as Last Day to File Claims
WOULD CAFE: Appoints Levin and Vance as Liquidators
WWW.CARTOON.: Fixes August 7 as Last Day to File Claims


P H I L I P P I N E S

LIBERTY TELECOMS: Issues 550,000,000 Preferred Shares
SWIFT FOODS: Resets June 26 Stockholders' Meeting to 10:00 a.m.
* PHILIPPINES: Business Sentiment Remains Positive in Q2 2008


X X X X X X X X

* Moody's Issues Report on Risks of Credit Default Swaps
* Large Companies with Insolvent Balance Sheets


                         - - - - -


=================
A U S T R A L I A
=================

A L Y MEATS: Liquidator Presents Wind-Up Report
------------------------------------------------
A L Y Meats Pty. Ltd. held a general meeting for its members on
May 6, 2008. At the meeting, the company's liquidator, Angelo
Gangemi, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Angelo Gangemi
          134 Martin Street
          Brighton, VIC
          Australia


ADEPT CONNECTIONS: Placed Under Voluntary Liquidation
-----------------------------------------------------
Adept Connections Pty. Ltd.'s members agreed on April 1,2008, to
voluntarily liquidate the company's business.  Samuel Richwol
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Samuel Richwol
          O'Keeffe Walton Richwol
          Chartered Accountants
          Suite 3, 431 Burke Road
          Glen Iris VIC 3146
          Australia


ARDIS AUSTRALIA: Liquidator Presents Wind-Up Report
---------------------------------------------------
Dean Royston Mcveigh, Ardis Australia Pty. Ltd.'s estate
liquidator, met with the company's members on May 19, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


BEMOLY PROPERTIES: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Bemoly Properties Pty. Ltd. held a final meeting for its members
on May 16, 2008.  At the meeting, the company's liquidator, Stan
Traianedes, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

         Stan Traianedes
         Mclean Delmo Hall
         Chadwick Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne VIC 3000
         Australia


CONTAINER DEVELOPMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
During a general meeting held on March 20, 2008, the members of
Container Developments Pty Ltd resolved to voluntarily liquidate
the company's business.

Christopher James Fawcett was appointed as liquidator.


DICKTOM PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Dicktom Pty. Ltd. held a joint meeting for its members and
creditors on May 19, 2008. At the meeting, the company's
liquidator, Dean Royston Mcveigh at Foremans Business Advisors
(Southern) Pty Ltd, provided the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


ERYK PHOTOGRAPHY: Liquidator Presents Wind-Up Report
----------------------------------------------------
Eryk Photography Pty. Ltd. held a joint meeting for its members
and creditors on May 19, 2008.  At the meeting, the company's
liquidator, Dean Royston Mcveigh at Foremans Business Advisors
(Southern) Pty Ltd,provided the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


ESSENTIAL CONCEPTS: Liquidator Gives Wind-Up Report
---------------------------------------------------
Dean Royston Mcveigh, Essential Concepts Pty. Ltd.'s estate
liquidator, met with the company's members on May 19, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


EXCELSIOR PRINTING: Declares Dividend for Creditors
---------------------------------------------------
Excelsior Printing Works Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goodin
          Robyn Erskine
          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


LAUGHING FISH: Appoints Dye and Giasoumi as Liquidators
-------------------------------------------------------
Laughing Fish Pty. Ltd.'s members agreed on April 3, 2008, to
voluntarily liquidate the company's business.  Victor Raymond
Dye and Nicholas Giasoumi   were appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123
          Australia


MAB CONSTRUCTIONS: Appoints Marchesi as Liquidator
--------------------------------------------------
MAB Constructions Pty. Ltd.'s members agreed on April 1,2008, to
voluntarily liquidate the company's business.  BJ Marchesi was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          B. J. Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne VIC 3004
          Australia


OPES PRIME: Had AU$721.6 Mil. in Asset Deficit in March
-------------------------------------------------------
Opes Prime Group Ltd collapsed in March with an estimated asset
deficit of AU$721.6 million, including AU$579.2 million owed to
clients who now rank as unsecured creditors, Richard Gluyas of
The Australian reports, citing the firm's receiver, Deloitte
Touche Tohmatsu.

According to the report, Opes Prime wrote down to zero some
AU$14.5 million of stock and AU$79.8 million of assets that had
charges against them, leaving a discrepancy of AU$361 million
between the book value and the Deloitte estimate of the value of
the assets.

Opes' estimated deficiency dwarfs the firm's original capital
base of AU$7.5 million, The Australian says.

The report relates that Deloitte partners Chris Campbell and Sal
Algeri have also commenced action to recover AU$265.9 million
owed by "sundry debtors", however, the receivers say they have
included a "nil" realisable value for the sundry debtors.

                      About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPES PRIME: ANZ Bank Moves to Settle Claims Against It
------------------------------------------------------
Australia and New Zealand Banking Group Ltd.'s offer of a 62-
cents-in-the dollar settlement to Opes Prime Group Ltd is
waiting to be accepted by administrator John Lindholm of Ferrier
Hodgson as well as Opes's 1200 creditors, Michael West of
Business Day reports, citing sources.

According to the report, the offer may not include a demand to
release ANZ Bank from damages and other claims which are afoot
from creditors themselves.  However, the report says, it would
release the bank from claims made by the administration and
therefore by Opes' companies themselves.

On April 9, 2008, the Troubled Company Reporter-Asia Pacific
cited a report by the Australian Associated Press which said
that ANZ Bank released a list of the companies in which it holds
a stake of more than 5% of issued capital as a result of lending
arrangements between the bank, and Opes Prime Stockbroking and
Leveraged Capital, a company in the Opes Prime Group.

The AAP said that according to the list, the biggest stakes held
by ANZ at the end of trading on April 4, include:

    * 22.6% of Admiralty Resources;
    * 45.3% of Austin Group;
    * nearly 26% of Boss Energy;
    * 25.6% of Bioprospect;
    * 25.8% of eBet;
    * 22.2% of Newera Uranium;
    * 21.2% of Powerlan;
    * 42.6% of Solagran; and
    * 43.3% of Water Wheel Holdings.

According to the AAP, ANZ said the shareholdings listed did not
include any other interest the bank may have in the companies as
a result of acquisitions under securities lending arrangements
between ANZ Group and other market participants.

ANZ, notes the AAP, is a secured creditor to Opes Prime and is
owed AU$650 million.  The bank took control of the shares when
receivers and administrators were appointed to Opes Prime on
March 27, after cash and stock irregularities were uncovered in
some Opes Prime clients.

The AAP said ANZ has been selling the shares from Opes to
recoup some of the money owed to it by Opes.

                      About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPTIMA DENTAL: Liquidator Gives Wind-Up Report
----------------------------------------------
Dean Royston Mcveigh, Optima Dental Technik (Aust) Pty. Ltd.'s
estate liquidator, met with the company's members on May 19,
2008, and provided them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


PISANO ENTERPRISES: Fin'l Adviser Jailed on $1.5MM Fraud Charges
----------------------------------------------------------------
Mr. Antonio (Tony) Pisano of Maddington, Perth, has been
sentenced to four years and eight months imprisonment following
an investigation by the Australian Securities and Investments
Commission.  He will serve a minimum of two years and eight
months.

Mr. Pisano, 47, pleaded guilty in the Perth District Court on
May 22, 2008 to eight counts of fraud to the value of
approximately AU$1,537,735.

ASIC alleged Mr. Pisano defrauded investors between June 1996
and July 2001 while he was a director and shareholder of Pisano
Enterprises Pty Ltd (trading as Pisano Financial Services) and
used the funds for personal purposes.  At the time, Mr. Pisano
was also a Councillor and Deputy Mayor of Gosnells City Council.

“Many of those who invested with Mr. Pisano were trusting local
residents who were simply seeking safe investments for money
which would be of great importance to them later in life.  [The]
sentence should serve as a reminder that individuals who abuse
positions of trust and authority and misuse investors’ funds
face serious consequences”, said ASIC’s Executive Director of
Enforcement, Ms. Jan Redfern.

Pisano Financial Services was based in Gosnells, Perth and was
placed into external administration on February 10, 2004.  The
Commonwealth Director of Public Prosecutions prosecuted the
matter.


RELIGRATE PTY: Liquidator Presents Wind-Up Report
-------------------------------------------------
Dean Royston Mcveigh, Religrate Pty. Ltd.'s estate liquidator,
met with the company's members on May 19, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


ROBERN STUD: Liquidator Presents Wind-Up Report
-----------------------------------------------
Robern Stud Pty. Ltd. held a joint final meeting for its members
and creditors on May 15, 2008.  At the meeting, the company's
liquidator, R. G. Mansell at R.G. Mansell & Associates, provided
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          R. G. Mansell
          R.G. Mansell & Associates
          Level 3, 118 Queen St.
          Melbourne VIC 3000
          Australia


SELECT ACCESS: S&P Cuts Rating on AU$13.50 Mil. Notes to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
AU$13.50 million Series 2004-15 notes issued by Select Access
Investments Ltd. to 'BB+' from 'BBB-'.  At the same time, the
rating was removed from CreditWatch with negative implications,
where it was placed on May 14, 2008.

The rating on the Select Access Investments Ltd. 2004-15 notes
was lowered because its synthetic rated overcollateralization
(SROC) fell below 100%.  This indicates that there is
insufficient credit support to retain its former rating
following negative rating migration within the reference
portfolio.

Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that
the SROC would return to a level above 100%, the rating is
maintained, but placed on CreditWatch negative.  If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.

                                   RATING   RATING
  TRANSACTION                      TO       FROM
  SROC Select Access               BB+      BBB-/Watch Neg
  Investments Ltd.
  100.5105 % Series 2004-15


SMITH'S LIMESTONE: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Smith's Limestone Hill Vineyard Pty. Ltd. held a joint meeting
for its members and creditors on May 19, 2008.  At the meeting,
the company's liquidator, Dean Royston Mcveigh at Foremans
Business Advisors (Southern) Pty Ltd,provided the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


SOUL COMMS: Under Probe, Faces Legal Actions from Dealers
---------------------------------------------------------
Soul Communications Pty Ltd. is currently under investigation in
four states for failing to pay wages and entitlements to staff,
Cath Hart of The Australian reports, citing the Workplace
Ombudsman.

Souls says in its Web site that it has in excess of 1100
employees nationally.  Insiders cited by the Australian claimed
staff numbers had been whittled from more than 400 to about 50
over the past 12 months.

According to the report, several former staff said they were
unsure whether their entitlements would ever be paid and that
they were having trouble getting early termination notices --
which are crucial for securing welfare payments.

Meanwhile, The Australian relates that the telco is also facing
legal action from dealers claiming they will lose their
businesses because Soul owes them more than AU$1 million in
commission fees.

The Australian says at least one Soul dealer had initiated court
proceedings to recoup unpaid funds and that several others are
also considering legal action.

Soul confirmed it had withheld dealer payments from five dealers
saying it had agreements in place with the dealers which
"entitle Soul to withold or claw back dealer payments in certain
circumstances", the report says.

                                 About SOUL

Soul Communications Pty Ltd. is an Australian converged media
and telecommunications business enabling communication of voice,
data & video on one network.


STEPHEN YARDLEY: Liquidator Presents Wind-Up Report
---------------------------------------------------
Stephen Yardley Holdings Pty. Ltd. held a joint meeting for its
members and creditors on May 19, 2008.  At the meeting, the
company's liquidator, Dean Royston Mcveigh at Foremans Business
Advisors (Southern) Pty Ltd,provided the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


THAMES WATER: Appoints Vasudevan as Liquidator
----------------------------------------------
On April 2, 2008, Thames Water Holdings (Australia) Pty. Ltd.'s
sole member resolved to voluntarily liquidate the company's
business.

D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000


TOMDICK PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Tomdick Pty. Ltd. held a joint meeting for its members and
creditors on May 19, 2008. At the meeting, the company's
liquidator, Dean Royston Mcveigh at Foremans Business Advisors
(Southern) Pty Ltd, provided the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


XOTIQUE PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
At the joint meeting of the members and creditors of Xotique Pty
Ltd held May 19, 2008, Dean Royston Mcveigh, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia


Y R MEATS: Liquidator Presents Wind-Up Report
---------------------------------------------
Y R Meats Pty. Ltd. held a general meeting for its members on
May 6, 2008. At the meeting, the company's liquidator, Angelo
Gangemi, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Angelo Gangemi
          134 Martin Street
          Brighton, VIC
          Australia


* ASIC Launches Action Against Alleged Phoenix Activity
-------------------------------------------------------
The Australian Securities and Investments Commission has
commenced civil proceedings in the New South Wales Supreme Court
against North Sydney solicitor, Mr. Timothy Donald Somerville,
and eight company directors over their involvement in alleged
phoenix-style transactions.

These proceedings follow an ASIC investigation into eight non-
related companies, and allege that the directors of those eight
financially distressed companies transferred business or assets
to a new company controlled by the same directors for a
negligible consideration.  This activity is commonly referred to
as ‘phoenix trading’.

In each instance the assets of the distressed vendor company
were transferred through a sale agreement signed by the same
person, as director of both the vendor and purchaser companies.
The vendor company was then placed into liquidation after the
sale of its assets.  ASIC contends that no tangible
consideration was received from the sale of the assets, there
were various unpaid tax debts, and that the business continued
to operate under the name of the new company.

ASIC alleges that Mr. Somerville recommended the transaction to
each of the directors, prepared the necessary documentation,
including the sale agreements, and in most instances, formed the
new company.

ASIC alleges that the transactions caused detriment to the
vendor company by removing assets from the reach of unpaid
creditors.  ASIC also alleges that the directors contravened
their duties as directors of the financially distressed company,
and that Mr. Somerville contravened the Corporations Act through
his involvement.

“Phoenix activity is a significant issue and ASIC has broadened
its focus in relation to misconduct to include not only company
directors but also others who are involved in, or help
facilitate, such transactions,” said ASIC’s Executive Director
of Enforcement, Ms. Jan Redfern.

ASIC is seeking declarations of contraventions of the
Corporations Act by the eight company directors and Mr.
Somerville, injunctions, and director banning orders.

The eight director defendants are Mr. Nicholas Eugene Jones of
Seaforth; Mr. Simon Durant of Roseville; Mr. Calvin Bert Rowley
of Elizabeth Bay; Mr. John Lancelot Bradnam of Neutral Bay; Mr.
Christopher Paul Martin Jones of Bulahdelah; Mr. Adam Leslie
Troost of Darling Point; Mr. John William Monsell of Peakhurst
Heights; and Mr. Arthur James Wells of Hurstville.


* AUSTRALIA: More Local Accounting Firms Seek Insolvency Advice
---------------------------------------------------------------
The uncertain economic times are placing increased pressure on
smaller accounting firms for high level technical knowledge in
areas such as insolvency, bankruptcy and taxation fields,
according to Deloitte Black Ink(r) Partner, Simon Cathro.

Deloitte has established Black Ink(r) an exclusive member
network designed to assist small accounting firms, law firms and
financial planners to better serve clients in areas outside
their immediate field of expertise.

Black Ink(r) offers a range of specialist accounting and
financial service advice, however Mr. Cathro says experience is
showing that the greatest demand for information is currently in
the insolvency, restructuring and tax fields.

“Since the late 1990’s, there has been lesser need for
insolvency or restructuring advice across the majority of the
accounting fraternity,” says Mr. Cathro.  “However the recent
economic downturn, the impact of the credit crunch and dropping
business confidence has meant that clients of small accountants
have an increasing need for specialist advice.”

Just recently, the Insolvency and Trustee Service have released
research showing a ten per cent jump in bankruptcies in Sydney
and six percent rise in the rest of NSW, which has created a
call for greater support for the accounting and financial
planning market.

Mr. Cathro says that his discussions with a wide range of small
accounting firms showed that there is a real demand for instant
access to technical information. “If a client brief expands
significantly outside the basic tax returns, suburban accounting
firms are often not able to provide the necessary services.
Membership to Black Ink(r) is an alternative for smaller
professional services firms who are concerned that they may lose
a key client altogether due this lack of expertise,” says Mr.
Cathro.

Mr. Cathro points out that often the urgency involved in the
issue compounds the pressure put on small accounting businesses.
“In the case of insolvencies or restructuring, enrolling in a
training course or researching the right newsletter is not the
answer.  Often these clients are facing urgent liquidity and
trading issues, so information is required quickly before the
position becomes too difficult to recover.”



=========
C H I N A
=========

AGRICULTURAL BANK: 2007 Operating Profit Up 65.3% to CNY96.132BB
----------------------------------------------------------------
Agricultural Bank of China's 2007 operating profit increased
65.3% to CNY96.132 billion, while net profit rose 127.17% to
CNY11.872 billion, supported by rising loans and intermediary
business income, XFN-ASIA News reports.

The bank's net interest income, the report relates, rose 35.49%
to CNY98.047 billion, while fee and commission income totaled
CNY23.436 billion, from CNY13.981 billion a year earlier.

According to the report, the company posted an income, from
intermediary business, of CNY23.436 billion from CNY9.455
billion a year earlier, accounting for 14.71% of total revenue.

The report notes that the bank's overseas operations generated a
net profit of US$61.31 million in 2007.

At the end of 2007, the bank had outstanding loans increased
10.48% to CNY3.48 trillion, while outstanding deposits rose
11.1% to CNY5.283 trillion, the report says.

XFN-ASIA News says the bank's non-performing loans (NPL) at the
end of 2007 totaled CNY817.973 billion, up by CNY82.686 billion
from the end of 2006, with the NPL ratio rising slightly to
23.5% from 23.43%.  The increase in NPLs was mainly due to the
implementation of more stringent loan standards.

At the end of 2007, the bank had CNY1.475 trillion worth of
investments in bonds, with gains of CNY39.964 billion, up
41.31%, the report adds.

               About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AGRICULTURAL BANK: Arehada Mining's Unit Gets CNY16MM Loan
----------------------------------------------------------
Arehada Mining Corporation, a subsidiary of Arehada Mining
Limited, has obtained a new bank term loan for CNY16 million
(CDN$2.3 million) from the Agricultural Bank of China.  The loan
bears interest at 11.205% per annum, calculated and payable
monthly.  The loan matures on February 21, 2009.  Arehada China
has received verbal commitment from the bank for a second loan
in the amount of RMByens 14 million (Cdn$2 million) on the same
terms.  The second loan is subject to formal documentation and
Arehada China hopes to complete the second loan within the next
30 days.

The proceeds of the first loan and the second loan (if received)
will be used primarily to purchase inventory of zinc ore
feedstock to start up Arehada's zinc plant, which has a designed
processing capacity of 50,000 tonnes per annum of zinc oxide and
100,000 tonnes of sulphuric acid.  Although Arehada China has
received the first loan, it will likely require the second loan
to purchase sufficient feed stock to start the zinc plant
operation.  Once the second loan is received, Arehada China
expects to commence the zinc plant operation within one month.
Once in production, the zinc processing plant will process
concentrate produced at Arehada's zinc-lead-silver mine as well
as concentrate from other regional mines in Inner Mongolia, to
produce zinc oxide and sulphuric acid.

"We have being waiting for this credit facility for some time
due to delays caused by the tightening credit situation in
China," commented Chris Harrop, Chairman of the Board.  "Once we
receive the second loan, we will finally be in a position to
commence operations of our zinc plant and to start generating
new revenue source for our company.  We are very pleased with
this development. We look forward to completing the second loan
so we can start our zinc plant operation."

                   About Arehada Mining

Arehada Mining Limited is engaged in the exploration,
development, extraction and production of zinc, lead and silver
in Dongwuzhumuqinqi, located in Inner Mongolia, China.  Arehada
produces zinc and lead concentrates, which are then sold to
smelters in China.

Arehada has constructed a zinc plant with a designed processing
capacity of 50,000 tonnes per annum and startup is scheduled for
the second quarter of 2008 contingent on receiving working
capital funding from a local bank.

              About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


CHINA CONSTRUCTION: Shares Rise on BofA's Stake Purchase Plan
-------------------------------------------------------------
China Construction Bank Corp.'s shares rose 2.55% to CNY7.24
US$1.04) in Shanghai and was up 0.75% to HK$6.70 in Hong Kong on
May 28, 2008, after Bank of America Corp agreed to increase its
stake in the bank, Shanghai Daily reports.

As reported by the Troubled Company Reporter - Asia Pacific on
May 29, 2008, Bank of America plans to raise its stake in China
Construction Bank to nearly 11% under the same terms when it
bought a 9% stake in the Chinese bank in 2005.

The TCR-AP relates that BofA intends to purchase 6 billion of
the shares for nearly US$1.9 billion on or about June 5, 2008.
The proposed purchase would take BofA's total stake to 25.1
billion shares, or 10.75% of China Construction Bank's issued
common shares.

According to the Daily, the market had speculated that Bank of
America may dispose of China Construction's shares at market
prices later this year to book handsome gains to help cover the
writedowns.

The Daily says the 6-billion shares cannot be sold until
August 29, 2011 without CCB's consent.

However, the Daily says, BofA will be able to sell part of the
existing 8.2% stake when a three-year lockup period expires in
October this year.

"We think Bank of America will sell part of CCB holdings later
to shore up its balance sheet and this will add pressure on
CCB's share price," the Daily cited Wu Jie, an analyst with Dao
Heng Securities, as saying.

                    About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

As of March 5, 2008, China Construction Bank carries Moody's
"D-" bank financial strength rating.  Moody's Bank Financial
Strength Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2006, that Fitch Ratings affirmed the bank's 'D' individual
rating.


CHINA SOUTHERN: Joins SkyTeam Global's Airfare Programme
--------------------------------------------------------
China Southern Airlines has joined in the latest Round-The-World
airfare programme from the SkyTeam global airline alliance,
adding for the first time extensive travel options to and within
China.

The new SkyTeam Round-The-World fares start from just AU$3,049,
plus taxes, for an Economy Class ticket to up to five
destinations, with additional options for Economy, Business or
First Class travel to a maximum of 15 destinations.

"China is one of the world's fastest-growing and most exciting
destinations for both tourists and business travellers," said
James Liu, China Southern's General Manager, Australia and New
Zealand.

"When we joined SkyTeam recently, not only did we connect our
airline with a global network of quality carriers – we provided
significant new opportunities for world travellers to include
journeys to and within China," said Mr Liu.

The new SkyTeam Round-The-World fares offer travel with up to 14
quality airlines to over 840 destinations in 162 countries,
giving travellers a vast range of options to choose from.

These fares vary according to the class of travel and the
distance flown, and are priced as below, excluding tax and fuel
surcharges which vary according to the routes chosen.

Up to three classes of travel are offered, though these are not
available on every airline or sector flown.  China Southern, for
example, offers Business and Economy Class travel, but not First
Class.

Passengers using the new SkyTeam Round-The-World fare can depart
from or return to Australia with China Southern Airlines, which
offers direct flights between Sydney and Guangzhou, and two,
weekly non-stop services from Melbourne.

Within China, a vast range of options is available on the China
Southern Airlines domestic network.

"It is significant for both China Southern and SkyTeam that we
have joined this prestigious alliance – and even more
significant that our first major initiative within SkyTeam is to
join the Round-The-World fare programme in the year of the 2008
Beijing Olympic Games," said Mr Liu.  "We are the largest
airline in China, serving over 70 domestic destinations, and we
are expanding our international network," he said.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                           *    *    *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'B+'.  The Outlook on the ratings is Stable.


SHENZHEN BANK: Says Guoco Dispute Has Little Impact on Business
---------------------------------------------------------------
China's Shenzhen Development Bank said its dispute with
Malaysia's Guoco Group over repayment of CNY1 billion (US$143
million) in loans would have little impact on its business,
Samuel Shen of Reuters reports.

According to the report, the bank had reached a settlement with
three companies on a lawsuit involving CNY1.5 billion of overdue
loans, with Beijing Donghua Real Estate Development Co. agreeing
to repay CNY1 billion.

However, Guoco argued the legality of the deal, stating that it
had already agreed to acquire Donghua and that Donghua was not
subject to any loan obligations, the report relates.

Reuters notes that Guoco Group said it had already taken over
management of Donghua and had asked Chinese courts to order
completion of the transfer of Donghua's ownership, which has
been delayed.

In a regulatory statement cited by Reuters, Shenzhen Bank
said Guoco's dispute regarding the transfer of Donghua's
ownership would not have any impact on the legality of the
settlement regarding the CNY1.5 billion in overdue loans.

The bank, the report says, acknowledged uncertainty surrounding
the settlement, however, and added: "If the settlement cannot be
carried out, we will continue to take measures to recover the
overdue loans and it would not have any major negative impact on
our finances.”

Reuters relates that Shenzhen Bank had set aside CNY600 million
as provisions for the CNY1.5 billion in overdue loans, which
were extended in 2003.

               About Shenzhen Development Bank

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned E+ for the
bank's Financial Strength Rating.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.


XINHUA FINANCE: Seeks Noteholders' OK to Dispose of U.S. Assets
---------------------------------------------------------------
Xinhua Finance Limited commenced a consent solicitation relating
to its outstanding US$100,000,000 10% Senior Guaranteed Notes
due 2011, ISIN: XS0275685641 and Common Code: 027568564.  The
Consent Solicitation will expire at 3:00 p.m., London time, on
June 9, 2008, unless extended.

The primary purpose of the consent solicitation is to seek
consents from noteholders of record as of May 26, 2008 to amend
the indenture pursuant to which the Senior Notes were issued so
as to remove the requirement that each of Mergent Inc., Stone &
McCarthy Research Associates Inc., Market News International
Inc., G-7 Group Inc., Washington Analysis Corporation and Taylor
Rafferty Associates Inc. (together, the “Identified Restricted
Subsidiaries”) shall always be restricted subsidiaries for the
purpose of the Senior Notes (the “Proposed Amendment”).  The
Proposed Amendment will require the consent of noteholders
representing a majority in aggregate principal amount of the
outstanding Senior Notes.  If the Proposed Amendment becomes
effective, then all the Senior Notes will be subject to the
Proposed Amendment.

In consideration for the consent of the noteholders to the
Proposed Amendment, and subject to the execution of a
supplemental indenture implementing such Proposed Amendment,
Xinhua Finance will pay a cash payment of US$2.50 for each
US$1,000 in principal amount of Senior Notes to noteholders of
record as of May 26, 2008 who have properly delivered valid
consents with respect to the Senior Notes, and have not revoked
such consents prior to the Expiration Date. As further
inducement for the noteholders to consent to the Proposed
Amendment, Xinhua Finance would agree to set aside a certain
portion of the proceeds from the sale of capital stock of any of
the Identified Restricted Subsidiaries and use such portion of
the proceeds to make an offer to purchase Senior Notes at par,
plus accrued interest, within 45 days from receipt of any such
proceeds.

ABN AMRO Bank N.V. has been appointed as the Solicitation Agent
for the Consent Solicitation.

The Bank of New York, London Branch has been appointed as the
Information and Tabulation Agent for the Consent Solicitation.

                  About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China’s premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange
(symbol: 9399) (OTC ADRs: XHFNY).  Xinhua Finance’s proprietary
content platform, comprising Indices, Ratings, Financial News,
and Investor Relations, serves financial institutions,
corporations and re-distributors worldwide.  Through its
subsidiary Xinhua Finance Media Limited (NASDAQ: XFML), XFL
leverages its content across multiple distribution channels in
China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.


XINHUA FINANCE: S&P Holds 'B' Long-Term Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Xinhua
Finance Ltd. (XFL) to negative from stable.  At the same time,
Standard & Poor's affirmed the 'B' long-term corporate credit
rating on the company.

The revised outlook reflects uncertainty over XFL's future
business strategy and financial performance following the
company's announcement that it is seeking consent from
bondholders to change the designation of some of its U.S. assets
from being restricted subsidiaries.  If bondholders agree to the
proposal, XFL would be allowed to sell some or all of these
assets.  The company has also proposed repaying a portion of its
outstanding bond from the proceeds of the asset sale, if any,
and providing a cash incentive to the bondholders that grant
consent.

"The U.S. assets make a meaningful financial contribution to
XFL, accounting for a significant portion of its EBITDA in 2007,
and also provide expertise and a client base.  Uncertainty over
XFL's business direction could undermine a potential improvement
in the company's leverage and liquidity if any asset sale
materializes," said Standard & Poor's credit analyst Bei Fu.

The affirmed rating reflects evolving corporate governance
issues and the current management structure, a lack of clarity
over the company's longer-term strategy, and its weak financial
position.  These weaknesses are offset by XFL's niche position
as an information provider in China and the company's ongoing
efforts to improve its corporate governance issues and
management structure.

                  About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China’s premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange
(symbol: 9399) (OTC ADRs: XHFNY).  Xinhua Finance’s proprietary
content platform, comprising Indices, Ratings, Financial News,
and Investor Relations, serves financial institutions,
corporations and re-distributors worldwide.  Through its
subsidiary Xinhua Finance Media Limited (NASDAQ: XFML), XFL
leverages its content across multiple distribution channels in
China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.


* CHINA: Consumer Confidence Up Despite Quake, Xinhua Says
----------------------------------------------------------
Xinhua Finance eziData China Consumer Confidence Index was
updated with the survey results showing that Chinese consumer
confidence in May 2008 remained unchanged from that in April
2008 at 94.9, despite of the serious earthquake disaster which
happened in Wenchuan, Sichuan province earlier in the month.

A comparison of the data collected before and after the
earthquake on May 12 indicates that, although consumer
confidence showed a considerable drop on the day of the
earthquake, it picked up quickly starting the very next day,
resulting in an only 1-point-or-so drop in the post-earthquake
data in both the overall consumer confidence as well as
confidence on the current conditions and future expectations
compared to that before the earthquake.  This is an evidence of
strong confidence on the part of the consumers in the Chinese
economy as well as in the Chinese government.

Under the support of the Xinhua Finance family, Xinhua Finance
eziData China Consumer Confidence Index is produced monthly by
eziData, a local provider of China consumer data, and in
association with Dr. Richard Curtin.  Dr. Curtin is Research
Professor and Director of the Consumer Sentiment Surveys at the
University of Michigan’s Institute of Social Research.  The
survey this month was conducted through 1,539 telephone
interviews from May 1 to 18, 2008.  April 2007 survey results
are set as the benchmark value of 100.

The rebound of the stock market and the easing of the general
price rises in May have helped improve consumer sentiment on
personal finances in terms of both current conditions and future
expectations, with no immediate impacts from the earthquake.
The impacts of the earthquake were largely reflected in
consumers’ future expectations on business conditions: after the
earthquake, consumer sentiment on the outlooks on one-year and
five-year business conditions fell by 3 to 6 points.  eziData
will pay close attention to the changes in the next few months
to determine the future trend.

The earthquake has had certain impact on consumers‘ allocation
of their income. A comparison between the data before and after
the earthquake showed a drop in the latter in terms of daily
expenses as well as durable purchases, yet a rise in terms of
savings and investments.  Apparently, the disaster has
stimulated consumers to reduce expenses and save more for
emergency use, or to invest more to prepare for the long term.
It is still too early to tell whether this was a temporary
phenomenon or a lasting one, and the eziData analysts will keep
tracking the data in the next few months.

The earthquake has also had impacts on consumers’ expectations
on the price rises.  Upon the news of the earthquake, sentiment
on future price rises kept rising, showing concerns on the part
of the consumers about higher general prices under the
earthquake impacts.  eziData will keep tracking the trend in the
next few months.

In terms of major cities, consumer sentiment in May fell sharply
in Beijing and slightly in Shanghai, but rebounded in Guangzhou
after a plunge in the city in April.

Sentiment among Beijing consumers went further down by a full
5.9 points in May to 89.3, becoming the lowest reading in
consumer confidence among the three major cities, though it had
been the highest reading the month before.  And among the five
components of the overall confidence index, all three
constituting future expectations plunged, with the largest drop
occurring in the five-year business outlook.

Sentiment among Shanghai consumers fell a slight 0.6 point to
93.5 in May after a 2.9-point rebound in April.  Current
conditions fell for the third month in a row, yet future
expectations remained basically unchanged from the previous
month.  And among the five components of the confidence index,
current personal finances as well as outlook on one-year
personal finances fell, yet outlook on future business
conditions kept rising, with the mid-long term business outlook
rising by a full cumulative 15 points in the last two months.

Consumer sentiment in Guangzhou recouped 3.9 points to 92.2 in
May entirely due to a strong rise in future expectations, as
current conditions remained basically unchanged.  And among the
five components of the confidence index, a strong rebound in
one-year personal finances was detected, while confidence in
future business conditions improved only modestly.

                           Methodology

Xinhua Finance eziData China Consumer Confidence Index is
produced in association with Dr. Richard Curtin, Research
Professor and Director of the Consumer Sentiment Surveys at the
Institute of Social Research, University of Michigan.  The index
is based on a monthly survey of around 1,500 Chinese households
via stratified random sampling in 50 representative cities
across East, Middle and West China using the same methodology as
is used by the University of Michigan.  All data is collected
via computer assisted telephone interviewing (CATI).  Index of
April 2007 survey is set as the benchmark (100).

                    About Xinhua Finance Limited

Xinhua Finance Limited is China’s premier financial information
and media service provider and is listed on the Mothers Board of
the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY).
Xinhua Finance’s proprietary content platform, comprising
Indices, Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited
(NASDAQ: XFML), XFL leverages its content across multiple
distribution channels in China including television, radio,
newspaper, magazine and outdoor media.  Founded in November
1999, XFL is headquartered in Shanghai, with offices and news
bureaus spanning 12 countries worldwide.

                          About eziData

eziData – http://www.eziData.com/-- is a local provider of
China consumer data, serving both financial and consumer market
participants.  It aims to serve global and local business
professionals with decision-making tools that relate to
consumption in China and conform to international standards.
eziData’s comprehensive portfolio of high-quality consumer data
products, which includes a structured real-time databank,
delivers a broader and more insightful view of the market.



================
H O N G  K O N G
================

C&C INT'L: Creditors Meeting Fixed for June 18
----------------------------------------------
The creditors of C&C International Development Limited will have
their final meeting on June 18, 2008, at Duke of Windsor Social
Service Building, Room 203, No. 15, Hennessy Road, Wanchai, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

No liquidator information was disclosed.


CHOY SHING: Court to Hear Wind-Up Proceedings on June 25
--------------------------------------------------------
On April 15, 2008, Choy Hung Ming, filed a petition to have Choy
Shing Chau Painting Engineering Company Limited's operations
wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Messrs. Ma Tang & Co.
          Chinese Club Building, 3rd Floor
          21-23 Connaught Road, Central
          Hong Kong


FOREVER EARNING: Creditors Meeting Fixed for June 24
----------------------------------------------------
The creditors of Forever Earning Investment Limited will have
their final meeting on June 24, 2008, at 1902 MassMutual Tower,
38 Gloucester Road, Wanchai to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

           Ngan Lin Chun Esther
           1902 MassMutual Tower
           38 Gloucester Road
           Wanchai


GARMENT NETWORK: Creditors Meeting Fixed for June 18
----------------------------------------------------
The creditors of Garment Network (HK) Limited will have their
final meeting on June 18, 2008, at Kailey Tower, 8th Floor, 16
Stanley Street, Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

           Cheung Fong Ming
           Kailey Tower, 8th Floor
           16 Stanley Street, Central
           Hong Kong


HENDERSON SUN: Members Meeting Fixed for June 24
------------------------------------------------
The members of Henderson Sun Investment Company Limited will
have their final meeting on June 24, 2008, at Shanghai
Industrial Investment Building, Unit 803, 8th Floor, 48-62
Hennessey Road, Wanchai, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

           Chan Kam Man
           Shanghai Industrial Investment Building
           Unit 803, 8th Floor, 48-62 Hennessey Road
           Wanchai, in Hong Kong


HIGASHI (H.K.): Members Meeting Fixed for Today
-----------------------------------------------
The members of Higashi (H.K.) Corporation Limited will have
their final meeting today, May 30, 2008, 2008, at Room 2301,
23rd Floor, Ginza Square, Nathan Road, Kowloon, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

No liquidator information was disclosed.


MA'S ENTERPRISES: Court to Hear Wind-Up Proceedings on June 11
--------------------------------------------------------------
On April 7, 2008, Okabe Co., Limited, filed a petition to have
Ma's Enterprises Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 11, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Fred Kan & Co
          Central Plaza, 31st Floor
          No. 18 Harbour Road, Hong Kong


MYRETE LIMITED: Members Meeting Fixed for June 23
-------------------------------------------------
The members of Myrete Limited will have their final meeting on
June 23, 2008, at Gloucester Tower, The Landmark, 15 Queen's
Road Central, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

           Thomas Andrew Corkhill
           Gloucester Tower, The Landmark
           15 Queen's Road Central, Hong Kong


TRUMP FORTUNE: Members Meeting Fixed for June 18
------------------------------------------------
The members of Trump Fortune Enterprises Limited will have their
final meeting on June 18, 2008, at Duke of Windsor Social
Service Building, Room 203, No. 15 Hennessey Road, Wanchai, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

No liquidator information was disclosed.


WAH TAT: Creditors Meeting Fixed for June 23
--------------------------------------------
The creditors of Wash Tat Pu Industrial (Hong Kong) Limited will
have their final meeting on June 23, 2008, at Shanghai
Industrial Investment Building, Unit 803, 8th Floor, 48-62
Hennessey Road, Wanchai, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

           Chan Kam Man
           Shanghai Industrial Investment Building
           Unit 803, 8th Floor, 48-62 Hennessey Road
           Wanchai, in Hong Kong



=========
I N D I A
=========

BANK OF BARODA: Uganda Subsidiary Recommends Share Split
--------------------------------------------------------
The directors of Bank of Baroda's Uganda subsidiary, Bank of
Baroda (Uganda) Ltd. (Bobu), have recommended a share split in a
move likely to see the company's share price reduce
significantly and increase liquidity on its counter, Martin
Luther Oketch writes for All Africa News.

In the share split, All Africa News says, shareholders will get
new shares at no cost.  Bobu's Managing Director, K.K Shukla,
said that the Board recommended a share split of Shs100 to
Shs10, the report relates.

Currently Bobu has 40 million shares but the number is expected
to increase to 400 million after the split, the report says.

"The move will lead to affordability of Bobu share.  It will
also lead to improved level of liquidity in the market", General
Manager of Dyer and Blair Uganda Limited, Njoroge Ng'ang'a told
the news agency.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


BHARTI AIRTEL: TDSAT Resets Hearing on BSNL Dispute to July 16
--------------------------------------------------------------
Telecom tribunal (TDSAT) declined any interim relief to Bharti
Airtel that was seeking restoration of connection with Bharat
Sanchar Nigam Limited (BSNL) in parts of Bangalore, a
development that would affect the private company’s subscribers
in the garden city in terms of services, Financial Express
reports.

Financial Express relates that BSNL had disconnected Bharti
Airtel from its Points of Interconnections (POIs) in
Malleswaram, located in north-west Bangalore last week, over non
payment of dues amounting to INR66 crore.

The report says that during the proceedings at the Telecom
Disputes Settlement and Appellate Tribunal, counsels appearing
for BSNL said that the dues from Bharti Airtel were genuine and
they would not restore connection until the amount was paid.

"At this stage I am not inclined to pass any order in this
case," Financial Express quoted TDSAT chairman Justice Arun as
saying, after observing wide differences in both sides, and
posted the matter for hearing on July 16.

Bharti Airtel is believed to be contemplating approaching the
High Court for a definitive direction at the earliest, the
report says.

According to the report, the dispute between the two telcos is
for the period May 2003-June 2005 over unregistered calls due to
absence of Caller Line Identification.  Bharti has contested
BSNL’s claims saying its liability for such calls was for the
period between July 2004 to June 2005 and as per calculations,
the amount due was only INR6 lakh.

                          Bharti Airtel

Headquartered in New Delhi, India, -- Bharti Airtel
Limited -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                          *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


ICICI BANK: To Enter Private Banking Business
---------------------------------------------
ICICI Bank is making a move into the private-banking business
allured by a growing class of millionaires in India, (those with
liquid assets of over INR4.3 crore), which is estimated to be at
over 1 lakh, the Economic Times reports.

Like most other players in India, the report says ICICI Bank has
set US$1 million as an entry threshold for private banking.

"We already have 2,500 customers and are looking to add 1,000
more in the next one year.  We will be launching this product in
all the countries where we have a presence.  Globally, this is a
US$30-trillion opportunity and is growing at a fast pace,"
Economic Times quotes V. Vaidyanathan, ED, ICICI Bank, as
saying.

Private banking, though less capital intensive, focuses more on
personalised services for elite customers, which is ICICI Bank's
current target.  The bank, the report says, recently doubled the
minimum average balance for its savings accounts to INR10,000
from INR5,000 earlier.

                     About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank’s subsidiaries include India’s leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank’s presence currently spans 19 countries, including India.

                          *     *     *

As of May 17, 2008,  ICICI Bank Limited continues to carry
Moody's Investors Service's "Ba2" Foreign Long Term Bank
Deposits rating, which was placed on Feb. 5, 2003.

In addition, the bank still carries a "BB" Subordinated
Debt rating placed by Fitch Ratings on Feb. 5, 2007.



=================
I N D O N E S I A
=================

PT SUMBER: Fitch Cuts Foreign & Local Currency IDR to B- from B
---------------------------------------------------------------
Fitch has downgraded Indonesia-based PT Sumber Segara
Primadaya's Long-term foreign currency and local currency Issuer
Default Ratings to 'B-' from 'B' and National Long-term rating
to 'BB+(idn)' from 'BBB(idn)'.  A Negative Outlook has been
assigned to these ratings and the ratings simultaneously
withdrawn.

At the same time, the agency has downgraded the expected rating
of the company's previously proposed senior unsecured notes to
'B-'/'RR4' from 'B'/'RR4' and withdrawn the rating on these
notes as they were not issued.  Fitch will no longer maintain
analytical coverage on this issuer.

"The downgrades and the Negative Outlook reflect Fitch's
concerns about S2P's poor liquidity and operational challenges,"
said Steve Durose, regional co-head of Fitch's Asia-Pacific
energy and utilities team.  "S2P has not yet been able to obtain
new long-term finance and the company has relied on periodic
shareholder equity injections to meet its liabilities," added
Mr. Durose.

S2P operates a 2x300 MW coal-fired power plant in Cilacap, South
Java that connects to Perusahaan Listrik Negara's Java-Bali
transmission grid.  The company has USD50 million maturing each
in July 2008, March 2009 and September 2009.  Although Fitch
understands that the first of these can be met through cash
collateral already provided, in the absence of new third-party
finance, the 2009 maturities will only be met through a
sustained improvement in operational performance and/or further
shareholder support.

In 2008, plant availability is unlikely to be greater than 57%,
well below the 80% specified in S2P's power purchase agreement
with state-owned PLN, and below Fitch's downside sensitivity
used when assigning the initial rating.  This low availability
is primarily due to maintenance work conducted on the power
station's two generating units during the year, and to a lesser
extent by poor weather in late-2007 which prevented coal being
delivered and a vibration problem with the second generating
unit.  A temporary solution has been found to the vibration
issue and the company is hopeful that a permanent solution will
be found when the unit is taken offline for maintenance in
September and October 2008.

However, the long-term performance of this unit is still
uncertain.  Fitch understands that the company now has 20 days
worth of fuel stocks which should mitigate some of the future
fuel supply interruption risk.

The Negative Outlook reflects the risk that the plant will not
be able to achieve 80% availability after the maintenance
overhaul of the second generating unit and that liquidity will
continue to rely on capital injections from shareholders PT
Sumberenergi Sakti Prima (SSP - 51% owner) and PT Pembangkitan
Jawa Bali (PJB - 49% owner).  SSP is a private energy company,
having interests in a number of power plants outside Java.

PJB is wholly owned by PLN and engages in electricity generation
in Java and Bali.  The shareholders have provided liquidity
support on a number of occasions and Fitch expects that support
would continue to be made available.  However, the Negative
Outlook reflects the absence of legally binding shareholder
funding commitments or new third-party long-term finance.


* INDONESIA: IMF Expects 6.1% Economic Growth in 2008
-----------------------------------------------------
Mr. Stephen Schwartz, Senior Resident Representative of the
International Monetary Fund (IMF) in Indonesia, made the
following statement Thursday in Jakarta:

"An IMF mission led by Mr. Milan Zavadjil, Assistant Director in
the Asia and Pacific Department, visited Jakarta during May 19-
28 to conduct the 2008 Article IV Consultation discussions.  The
team exchanged views with the government on the economic
outlook, impact of rising commodity prices, and the fallout of
the global financial turmoil and economic slowdown.  Based on
these discussions, the team will prepare a staff report,
scheduled to be presented to the IMF's Executive Board at the
beginning of August.

"Since the last Article IV Consultation a year ago, Indonesia's
growth performance has been strong despite a deteriorating
global environment.  In 2007 the economy recorded its highest
growth rate in a decade, of 6.3 percent, and the momentum was
sustained during the first quarter of 2008.  As a result,
poverty and unemployment, while still high, continued to
decline.  Nevertheless, near-term challenges have arisen from
rising commodity prices and a slowdown in global growth.

"With continued timely policy responses to changing economic
circumstances, the mission expects Indonesia's economic growth
to moderate only slightly in 2008 to 6.1 percent, as the
stronger-than-expected momentum from the first quarter offsets
the expected near-term impact of the recent fuel price increase.
In the mission's view, Indonesia is relatively well-positioned
to weather a global slowdown, given its reliance on commodity
exports, which are expected to remain strong, and diversified
export markets.  At the same time, there are downside risks from
the external environment, including the possibility of a more
severe and prolonged global slowdown.

"As in many other countries, inflationary pressures are a
significant challenge in the near term.  Headline and core
inflation have been accelerating since the beginning of the
year, and the recent fuel price increase is expected to raise
inflation further by around 2-1/2 percentage points, bringing
overall inflation to around 11-1/2 percent by end-2008.  To
address such pressures, Bank Indonesia has appropriately begun
to tighten monetary policy through a recent 25 basis point
increase in interest rates, and has signaled its intention to
tighten further as needed to bring inflation back on a declining
trend.  On this basis, and with some moderation of international
food and energy prices, the mission expects inflation to decline
by end-2009 to around 7-1/2 percent.

"Overall, fiscal policy has been sound, leading to modest
deficits and further significant declines in the public debt-to-
GDP ratio.  Recent trends in non-oil and -gas revenue
performance have been more favorable than expected, reflecting
strong economic growth and yields from improved tax
administration.  Meanwhile, spending execution, including on
capital projects, improved in 2007 in line with budget
projections.  However, fuel subsidies have risen sharply in
recent months due to the ongoing run-up in international oil
prices.  If left unchecked, this could crowd out higher priority
areas in the social and infrastructure areas, where investments
are needed to sustain Indonesia's longer term growth and
development objectives.  In this regard, the mission supports
the government's bold steps announced on May 24 to reduce fuel
subsidies while taking measures to protect the most vulnerable
low-income families.

"Indonesia's financial sector has displayed resilience in the
face of the global credit market turmoil. Financial soundness
indicators have improved, with profitability across the banking
sector increasing, and non-performing loans continuing to
decline amid strong private sector credit growth.  Nevertheless,
the domestic financial markets have been subjected to volatility
in recent months arising from both external and country-specific
conditions.  Government bond yields have risen steeply since
mid-February, as investor sentiment weakened due to the rising
fuel subsidies and inflation concerns.  Looking ahead, risks
remain from higher funding costs and a deterioration in risk
appetite.  The authorities have taken appropriate actions to
contain these risks, and the mission encourages them to continue
monitoring vulnerabilities, and to undertake proactive
macroeconomic policy management in response to changing
conditions."

The "Article IV" mission is the regular annual visit by an IMF
team to member countries to hold discussions and gather
information on economic policies.



=========
J A P A N
=========

NORINCHUKIN BANK: Signs MOU on Capital Alliance With MUFJ
---------------------------------------------------------
On September 20, 2007, the Norinchukin Bank (Norinchukin)
entered into a memorandum of understanding with Mitsubishi UFJ
Financial Group Inc. (MUFG), The Bank of Tokyo-Mitsubishi UFJ
Ltd., and Mitsubishi UFJ NICOS Co. Ltd., as part of their effort
to build strategic business and capital alliance relationships
in the JA Bank retail business.

In that memorandum, the companies agreed to pursue discussions
about maintaining and developing a capital alliance relationship
between Norinchukin and Mitsubishi UFJ NICOS.

In accordance with that memorandum, Norinchukin and MUFG have
entered into a basic agreement under which MUFG will make
Mitsubishi UFJ NICOS into a wholly owned subsidiary and then
transfer a portion of its shares of Mitsubishi UFJ NICOS common
stock to Norinchukin in accordance with the detailed terms to be
stated in a share transfer agreement.  Norinchukin and MUFG plan
to enter into the share transfer agreement after Mitsubishi UFJ
NICOS becomes a wholly owned subsidiary of MUFG.  Based on this
agreement, it is expected that Mitsubishi UFJ NICOS will become
an equity-method affiliate of Norinchukin.

1. Overview of the Business and Capital Alliance

Based on the Business and Capital Alliance Agreement regarding
the JA Bank retail business entered into on November 14, 2005,
Norinchukin and the MUFG group have a broad business alliance
that covers such business areas as multi-function IC cards which
function as credit cards, small loan guarantees, and proof of
identity, last will trusts, and estate planning.  The companies
also have a capital alliance for the purpose of making the
business alliance stable and effective.

2. Summary of the Memorandum

On September 20, 2007, Norinchukin and MUFG/Bank of Tokyo-
Mitsubishi UFJ/Mitsubishi UFJ NICOS, with the goal of expanding
the business alliance between Norinchukin and Mitsubishi UFJ
NICOS and making the capital alliance relationship closer and
more stable, entered into a memorandum of understanding to the
effect that MUFG would initially make Mitsubishi UFJ NICOS into
a wholly owned subsidiary, and then Norinchukin would acquire a
portion of the common stock of Mitsubishi UFJ NICOS from MUFG
and pursue discussions toward making Mitsubishi UFJ NICOS an
equity-method affiliate.

3. Contents of the Basic Agreement

Norinchukin and MUFG have entered into a basic agreement under
which MUFG will make Mitsubishi UFJ NICOS into a wholly owned
subsidiary and then transfer 244 million shares of its
Mitsubishi UFJ NICOS common stock to Norinchukin in accordance
with the detailed terms to be set forth in a share transfer
agreement.  Norinchukin and MUFG plan to enter into the share
transfer agreement after Mitsubishi UFJ NICOS becomes a wholly
owned subsidiary of MUFG.

Based on this agreement, it is expected that Mitsubishi UFJ
NICOS will become an equity-method affiliate of Norinchukin.

                    About The Norinchukin Bank

The Norinchukin Bank -- http://www.nochubank.or.jp/-- is the
central bank for Japan's agricultural, forestry and fishery
cooperative systems.  The bank is Japan's biggest agricultural
cooperative.  Based on constant funds procurement from member
cooperatives, the bank carries out efficient and flexible asset
management by investing in various financial products.  This is
carried out on a global scale.  The profits from these
activities are then continuously passed on to its members.  The
bank has branches in the world's major financial centers,
including New York, London, the Cayman Islands and Singapore.
Coupled with its Head Office in Tokyo, this network enables 24-
hour coverage of the global financial markets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 14, 2007, Moody's Investors Service upgraded The
Norinchukin Bank's bank financial strength rating to C from D+.



=========
K O R E A
=========

ILSUNG CONSTRUCTION: Signs KRW24.1BB Construction Deal
------------------------------------------------------
Ilsung Construction Co. Ltd. has signed a contract with a Korea-
based company to construct apartment buildings, Reuters reports.

According to the report, the contract is worth
KRW24,106,300,000.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

                           *     *     *

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


KOREA HINET: Signs MOU With GESTOCI for Gas & Energy Project
------------------------------------------------------------
Korea Hinet Co. Ltd. has signed a memorandum of understanding
with GESTOCI to jointly conduct gas and energy project in Cote
d' Ivoire, according to a report by Reuters.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

                          *     *     *

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook.



====================
N E W  Z E A L A N D
====================

AOTEAROA RESORTS: Wind-Up Petition Hearing Set for June 16
----------------------------------------------------------
The High Court of Rotorua will hear on June 16, 2008, at
10:45 a.m., a petition to have Aotearoa Resorts Ltd.'s
operations wound up.

The petition was filed by Halliwell Construction Limited on
February 8, 2008.

Halliwell's solicitor is:

          L. A. Foley
          Le Pine & Co
          corner of Paora Hapi and Gascoigne Streets
          PO Box 140, Taupo
          New Zealand


DELFAC SERVICES: Fixes June 19 as Last Day to File Claims
---------------------------------------------------------
The creditors of Delfac Services Ltd. are required to file their
proofs of debt by June 19, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Karen Betty Mason
          Jeffrey Philip Meltzer
          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


DOUBLESHOT DEVELOPMENTS: Taps Parsons & Kenealy as Liquidators
--------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Doubleshot Developments Ltd. on May 8,
2008.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


FISHERMAN'S TABLE: Appoints Naylor as Liquidator
------------------------------------------------
John David Naylor was appointed liquidator of Fisherman's Table
Palmerston North Ltd. on May 7, 2008, through a special
resolution by the shareholders.

The Liquidator can be reached at:

          John David Naylor
          A. G. Doig, Naylor Lawrence & Associates
          Guardian Trust House, 4th Floor
          corner of Main Street and The Square
          Palmerston North
          New Zealand
          Telephone:(06) 357 0640
          Facsimile:(06) 358 9105


NOR-WESTERN COOK: Subject to CIR's Wind-Up Petition
---------------------------------------------------
On March 19, 2008, the Commissioner of Inland Revenue filed a
petition to have Nor-Western Cook Islands Taokotai Inc.'s
operations wound up.

The petition will be heard before the High Court of Auckland on
June 27, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


SARNIA FINANCIAL: Creditors' Proofs of Debt Due on August 7
-----------------------------------------------------------
Sarnia Financial Services Limited requires its creditors to file
their proofs of debt by August 7, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


ST GEORGE DEVELOPMENTS: Appoints Levin and Vance as Liquidators
---------------------------------------------------------------
On May 2, 2008, the High Court of Auckland appointed Henry David
Levin and David Stuart Vance as the liquidators of St George
Developments Ltd.

Creditors are required to file their proofs of debt by June 6,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


WINSLOW GROUP: Fixes August 2 as Last Day to File Claims
--------------------------------------------------------
Winslow Group Ltd. requires its creditors to file their proofs
of debt by August 2, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Anthony David Kenneth Boswell
          c/o PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


WOULD CAFE: Appoints Levin and Vance as Liquidators
---------------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of Would Cafe Ltd. on May 7, 2008.

Creditors are required to file their proofs of debt by June 11,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


WWW.CARTOON.: Fixes August 7 as Last Day to File Claims
-------------------------------------------------------
The creditors of www.cartoon.co.nz Ltd. are required to file
their proofs of debt by August 7, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013



=====================
P H I L I P P I N E S
=====================

LIBERTY TELECOMS: Issues 550,000,000 Preferred Shares
-----------------------------------------------------
At a special meeting held Thursday, Liberty Telecoms Holdings
Inc.'s Board of Directors discussed and resolved the conversion
of the corporation's debt into equity through reclassification
of 550,000,000 common shares into 550,000,000 voting, redeemable
and participating preferred shares, with par value of Php1.00
each.

Meanwhile, four directors resigned from the company:

1.Rene Jose S. Domingo
2.Jose Luis L. Moreno
3.Raymond John L. Moreno
4.Noel Marcial S. dela Merced

They were replaced by:

1.Gabriel A. Dee
2.Luis Manuel L. Gatmaitan
3.Paul Charles Kurland
4.Paul T. Salanga

Mr. Dee was appointed as chairman and Mr. Salanga was appointed
as corporate
secretary effective May 29, 2008.

                      Rehabilitation Dispute

On May 26, 2008, the Troubled Company Reporter-Asia Pacific,
citing Anna Barbara L. Lorenzo of Business World, reported
that Liberty Telecoms asked a Makati regional trial court to
reject a creditor’s motion to terminate its rehabilitation and
have it liquidated, saying it goes against the purpose of
corporate rehabilitation.

According to Business World, creditor Rizal Commercial Banking
Corp.
filed the motion arguing that the company has lost the
opportunity to revive its operations.

In 2005, Business World said Liberty Telecoms promised the court
that it could resuscitate itself by operating a nationwide voice
and data network or with an assigned 700-Mhz frequency from the
National Telecommunications Commission.

RCBC said in the report that the frequency supposedly assigned
to Liberty Telecoms had been assigned to Smart Broadband Inc.
and asked the court to summon the NTC to clarify the issues
hounding the telco's case.

Regulators however asked the court to reset the hearing to June,
the report said.

Business World relates that Liberty Telecoms owes its creditors
Php1.7 billion while RCBC holds a Php33 million claim.

Meanwhile, the Business Mirror reported on May 22, 2008, that
Commissioner Ruel Canobas of the NTC and three other department
heads were subpoenaed by a Makati court in connection with
RCBC's motion.

In response to Business Mirror's report, the telco said in a May
22 regulatory filing with the Philippine Stock Exchange that it
“has yet to receive any notice.”

                     About Liberty Telecoms

Manila-based Liberty Telecoms Holdings Inc. (LIB) was
incorporated on January 14, 1994, and designed primarily to be
the holding company for Liberty Broadcasting Network Inc. (LBNI)
and Skyphone Logistics Inc.  LIB was listed as a public company
at the Philippine Stock Exchange on October 17, 1994.

In April 2005, the management of LIB decided to suspend its
business operations due to lack of capital required to operate
and grow the business.  In August 2005, the group of companies
filed with a Regional Trial Court in Makati City a petition for
corporate rehabilitation as part of LIB's plan to resolve and to
continue normal operations.  The Court issued a stay order of
all the outstanding liabilities of LIB and its affiliates and
prevented creditors from foreclosing its assets.

At present, the management of LIB is looking for a prospective
investor who will invest resources to bring back the company to
its normal operations and earn money with its planned services
of the affiliated company, LBNI.


SWIFT FOODS: Resets June 26 Stockholders' Meeting to 10:00 a.m.
---------------------------------------------------------------
Swift Foods Inc.'s Board of Directors moved the annual
stockholders meeting earlier to 10:00 a.m. of June 26, 2008,
instead of 3:00 p.m. as originally scheduled.

Stockholders of record as of the close of business on May 23,
2008, can attend the meeting.

                      1st Qtr 2008 Results

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2008, Swift Foods disclosed that for the first quarter
of 2008 the company registered revenues of Php550 million, 78%
of 2007's first  quarter revenues of Php703 million.

According to the company, lower revenues is due to the shifting
of volume to high margin products particularly live chickens and
dayold chicks which resulted to lower sales of dressed chickens.

Cost of sales for the period as a percentage of sales decreased
by 1% from 97% last year to 96% this year due to higher
production yield of live broilers by 3.5% and better feed
conversion by 2%.  Gross profit rate improved by 1% this year.
Operating expenses decreased by 7% compared to 1st quarter of
2007.

The company incurred a first quarter net loss of Php23 million,
10% lower than last year's first quarter net loss of
Php25 million.

                        Financial Position

The company's assets as of March 31, 2008 amounted to
Php1.64 billion as compared to Php1.62 billion as of December
31, 2007.  Current ratio for the first quarter 2008 is at 0.44
same as that of December 31, 2007.  Accounts Receivable
decreased by about 15% due to better collection efforts and
lower sales.  Inventories increased by about 18% and Biological
assets also increased by 12% due to increase in volume of
growing stocks.  Liabilities increased by 4% against Dec. 31,
2007.

                        About Swift Foods

Based in Mandaluyong City, Philippines,  Swift Foods Inc.
-- http://rfm.com.ph/swift/swift_foods/--  was incorporated on
June 6, 1994 to assume RFM's business of manufacturing,
marketing and distributing processed and canned meat products,
poultry products, and commercial feeds.  SFI was primarily
organized into two business divisions, namely, agribusiness
(poultry and feeds) and meat (meat processing and sales &
distribution) divisions.  In November 2001, employees of the
meat division went on a strike, which effectively caused the
closure of the Cabuyao plant. As a result, the Board of SFI
decided to transfer the marketing, selling and distribution
activities of the meat division to RFM Corporation to join the
latter's branded food group business effective October 1, 2002.

SFI's agribusiness division produces and sells poultry products,
namely, live and dressed/processed chicken.  About 70-80% of the
company's products are sold to its distributors which sell
mainly to downline accounts or wet markets.  The balance of 20-
30% are sold to both key and secondary accounts groups
representing mainly the supermarkets, groceries, hotels, and
restaurants, including the food service/fast food segment.  SFI
also produces feeds for the internal requirements of its poultry
business.  The company uses feeds in its farms and supplies
feeds to its contact growers nationwide.

                           *     *     *

Based on Swift Foods Inc.'s financial statements for the
years ended December 31, 2007 and 2006, indipendent auditor
Martin C. Guantes at Sycip Gorres Velayo & Co. noted that the
company has been able to reduce the excess of its current
liabilities over its current assets by PHP36.78 million from
PHP634.24 million in 2006 to PHP597.46 million in 2007.
However,  the auditor stated, which opinion the management
of the company shares, that the excess position of current
liabilities over current assets may have an effect on the
company's ability to continue operating in the normal
course of business.


* PHILIPPINES: Business Sentiment Remains Positive in Q2 2008
-------------------------------------------------------------
Business sentiment in Q2 2008 remained positive as indicated by
the overall confidence index (CI) of 12.6 percent, according to
the Central Bank of the Philippines.  This means that the number
of respondents with a positive outlook outnumbered those with a
negative outlook, the central bank said.  However, this is the
second consecutive quarter that the overall CI has declined
quarter-on-quarter (by 17.3 index points) and year-on-year (by
33.8 index points).  The lower index is consistent with the
broadly more cautious sentiment of businesses and consumers in
many developed economies.

Firms cited these factors for their more cautious outlook:

   1) concerns over a possible recession in the country’s major
      trading partner, the US;

   2) volatile and high crude oil prices;

   3) rising prices of goods (including food and especially
      rice) and services (transportation  and  communication);

   4) high input/raw materials costs;

   5) petitions for wage hikes; and

   6) local political noise.

Expectations of increases in non-oil commodity prices in global
markets also contributed to the weaker business outlook.

The business outlook for Q3 2008 at 16.6 percent was similarly
lower by 24.4 points and 28.1 points when compared to the levels
posted last quarter and last year.

The confidence level of respondents from both the NCR (National
Capital Region) and the AONCR (Areas Outside National Capital
Region) tracked the national trends as the CIs remained positive
but at levels lower than those posted in the previous quarter
and a year ago.

Responses of firms by type of business (i.e., importer, exporter
or engaged in dual roles) revealed that importing firms were the
most optimistic in the current quarter.  Expectations were
reversed in the next quarter as exporters were the most
optimistic, while importers were the least optimistic.
Importers cited the increase in commodity and fuel prices in the
world market as the major factor behind their less upbeat
outlook.  On the other hand, exporters responded positively to
signs of a strengthening US dollar.

                       Economic Outlook of
                     All Sectors is Positive

All sectors posted positive indices, indicating that the number
of firms with positive views about business conditions in the
second quarter outnumbered those with negative views.  However,
the decline in business sentiment was evident across sectors.

The CIs of the construction (at 25.5 percent) and services (22.4
percent) sectors, which posted the highest indices, were lower
quarter-on-quarter and year-on-year. The decline in the
sentiment of construction firms may signal that demand is
cooling in the property market.  In the case of the services
sector, the lower index quarter-on-quarter and year-on-year was
noted across all sub-sectors, with the exception of renting and
business activities (at 28.3 percent) which posted a 5.5 index
point-increase quarter-on-quarter, on account of brisker
business during the summer.

The industry and wholesale and retail trade sectors were less
optimistic, with CIs of 9.1 percent and 5.4 percent,
respectively.  Respondents from these two sectors cited the
continued rise in input costs, particularly fuel, and the
imminent threat of wage hikes as factors that adversely affected
their outlook.

All sectoral indices in the next quarter continued to be
positive but slid down relative to their comparative levels last
quarter and last year.

                    Respondents Look Forward
                to Broadly Favorable Operations

Majority of the respondents looked forward to broadly favorable
operations for Q2 2008 as the indices for all sectors—except for
wholesale and retail trade sector—remained positive. The trade
sector’s negative index at -1.6 percent may have been caused by
concerns over a possible recession in the country’s major
trading partner, the US and the sustained rising prices of goods
and services which could curtail demand.

Average capacity utilization in Q2 2008 was at 79.5 percent.
This level was lower compared to the levels in the previous
quarter and year-ago.

Access to credit remains positive while financial condition
index drops

The credit access index remained positive but declined to 3.0
percent from 6.6 percent a quarter-ago and 9.0 percent a year-
ago.  This was the lowest quarterly index since Q1 2007.  The
lower index indicated that respondents perceived access to
available lending facilities to be tighter compared to the
previous quarters.

The financial condition index, which is an indicator of the
internal liquidity situation of firms, continued to decline to
-17.8 percent from -11.6 percent last quarter and -11.0 percent
a year-ago.  The drop in the index could be partly attributed to
expectations of less favorable financing conditions in Q2 and Q3
2008 compared to previous quarters which could adversely affect
the cash position of respondents.

                  Employment Expectations Remain
             Positive While Expansion Plans are Down

The employment index at 11.4 percent (though lower than that in
the last quarter and last year) indicated an anticipated
continued hiring of additional employees in Q3 2008. The
employment outlook continued to be favorable for the
construction and services sectors (specifically hotels and
restaurants, renting and business activities, transportation and
financial intermediation sub-sectors), consistent with their
more positive macroeconomic outlook in Q3 2008. Meanwhile, only
23.1 percent of the industry firms surveyed indicated plans to
expand in Q3 2008, from 37.8 percent in the previous quarter.

                      Business Constraints

Firms considered the high level of competition, both from
domestic and foreign firms, and insufficient demand leading to
low volume of sales as the key risks to business activity in Q2
2008.

                    Expectations on Selected
                       Economic Indicators

Respondent firms anticipated that the peso would remain strong
in Q2 2008 but would weaken in Q3 2008.  The inflation rate is
expected to accelerate in Q2 2008 onto Q3 2008. Moreover, they
expected interest rates to rise both in Q2 and Q3 2008.

                         Response Rate

The Q2 2008 BES was conducted from April 7 to May 6, 2008.  A
total of 1,258 firms nationwide were surveyed.  Respondents were
drawn from the Securities and Exchange Commission 2006 Top 7,000
Corporations as follows: 514 companies in NCR and 744 firms in
AONCR, covering all 17 regions nationwide.  The overall survey
response rate for this quarter was 71.4 percent compared to 68.4
percent last quarter.  For NCR, the response rate was 73.7
percent (70.4 percent last quarter); and for AONCR, the response
rate was 69.8 percent (from 66.9 percent).  A breakdown of
responses received by type of business showed that 13.7 percent
were importers, 9.1 percent were exporters, and 15.8 percent
were of dual roles (both importer and exporter). Sixty-one
percent of respondents were neither importer nor exporter.



===============
X X X X X X X X
===============

* Moody's Issues Report on Risks of Credit Default Swaps
--------------------------------------------------------
The most significant systemic risk posed by credit default swaps
(CDS) is the effect the failure of a major CDS counterparty,
such as a large universal bank or securities firm, would have on
the operational integrity and pricing in the markets for CDS
and, potentially, the underlying securities, such as corporate
bonds, Moody's Investors Service reports.

In a report designed to dispel some common misperceptions about
the CDS market and to examine its true risks, the rating agency
concludes that the sheer size of the market in notional terms
and its exposure to "credit events" among underlying securities
do not, in and of themselves, pose undue concern.

Credit default swaps are derivative contracts intended to create
credit exposures (long or short) to an underlying reference
obligation (such as a bond, an ABS security, or an index of
bonds or ABS securities). In a typical transaction, an insured
party buys protection against a default in payments on the
underlying instrument from a protection seller, who insures
against this default risk in exchange for regular payments. If
the reference entity defaults, the protection seller pays the
insured party the difference between the par value of the
reference obligation and its recovery value.

"The notion that credit default swaps represent this $62
trillion long credit exposure is not an accurate depiction of
the market nor particularly helpful to investors in determining
where the true risks lie," says Moody's AVP/Analyst Alexander
Yavorsky, one of the authors of the report, referring to the
oft-cited figure for the notional amount of CDS contracts
outstanding.

He explains that unlike the cash bond market, in which credit
losses result in a permanent loss of value, the CDS market, in
its entirety, is a "closed system." Absent the failure of a
major counterparty, the losses of one party ultimately equal the
gains of another. For individual firms, losses on sold
protection are also usually offset by gains on acquired
protection, and vice versa, provided they run "net flat" books
and have in place proper risk management techniques including
concentration limits, margining, hedging, and conservative
provisioning.

Yavorsky says a more useful number when looking at the CDS
market is the gross replacement value, of outstanding contracts,
which at just over $2 trillion is under 3.5% of the notional
amount. This replacement value functions similar to a loan loss
reserve for firms with derivative payables, which at current
levels could accommodate losses in line with those experienced
in 2001, when corporate defaults spiked, the US experienced a
recession, and the major global equities markets underwent a
correction. Practically speaking, however, any substantial
increase in credit losses would almost inevitably lead to a
further widening of credit spreads, which is usually one of the
most severe stress tests for a typical investment bank or
securities firm.

More concerning to Moody's than an increase in underlying credit
losses is the potential for market disruption through the
failure of a major bank or broker-dealer.

If a large CDS counterparty failed, this would very likely have
a substantial market-wide re-pricing effect on the cost of CDS
protection, and, by extension, the underlying cash bonds. The
effect of this would be especially problematic for firms needing
to replace the CDS trades they had with the failed counterparty.
Until the trades were replaced -- an operationally challenging
and unprecedented undertaking -- the firms that lost protection
would be left with unhedged exposures amid what is likely to be
a very volatile market environment.

"A great deal of uncertainty exists about what operational,
market liquidity and pricing issues such a spike in demand for
protection might introduce," Yavorsky says, adding that the
untested nature of the market in such a scenario is itself a
risk.

Moody's also notes, however, that the systemic importance of the
largest CDS dealers provides powerful incentives to regulators
to prevent their disorderly failure, as demonstrated by the
recent case of Bear Stearns. The more important the role played
by an institution the more likely regulators will consider it to
be too systemically important to fail.

Moody's report also provides a general overview of risk
management practices employed by securities firms in managing
both CDS and other exposures. Moody's expects to comment on the
individual firms in greater detail in the near term.

The report is titled " Credit Default Swaps: Market, Systemic,
and Individual Firm Risks in Perspective."


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
  Company                       Ticker    (US$MM)    (US$MM)
  -------                       ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration NL           ALX      18.20      -42.78
Antares Energy Ltd                AZZ      16.20       -4.36
Austar United Communications
  Limited                         AUN     525.67     -234.87
Austindo Resources
  Corporation N.L.                ARX      62.77      -15.88
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining N.L.               CRS      16.00      -13.81
Evans & Tate Ltd                  ETW     103.76      -50.22
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Metal Storm Limited               MST      16.47       -2.90
Renison Consolidated Mines NL     RSN      38.83       -3.94
Tooth & Co. Ltd.                  TTH     120.47      -87.64


CHINA

Amoi Electronics               600057     414.93      -30.40
Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Cangzhou Chemical Industrial
  Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      49.68     -115.81
China Kejian Company Limited   000035      65.12     -167.31
China Liaoning Int. Co-op
  Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
  Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
  Investment Co.               000736      24.75      -13.38
Dandong Chemical Fibre
  Co., Ltd                     000498      115.94  -91.60
Fujian Changyuan Investment
  Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      64.42      -90.24
Fujian Start Computer
  Group Co.Ltd                 600734     105.66      -14.34
Guangdong Meiya Group
  Co., Ltd.                    000529      66.44      -62.41
Guangxia (Yinchuan) Industry
  Co., Ltd.                    000557      53.46      -61.33
Guangming Group                000587      62.37      -12.08
Hebei Baoshuo Co.,Ltd          600155     313.38     -212.29
Hisense Electric Co., Ltd         921     604.98      -86.30
HuaTongTianXiang Group
  Co., Ltd.                    600225      73.84      -41.14
Huda Technology & Education
  Development Co. Ltd.         600892      18.46       -1.90
Hunan Ava                      000918     176.94      -11.26
Hunan Genuine New Material
  Group Co.,Ltd                000156      84.00      -81.35
Jiangsu Chinese Online
  Logistics Co. Ltd.           000805      12.72      -20.57
Jiaozuo xin'an Science &
  Technology Co                000719      50.82      -25.45
Lan Bao Technology Information
  Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial
  Dev (Group)                  600139      30.66      -12.44
Qinghai Salt Lake Industry
  Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
  Co., Ltd.                    600381      47.31      -49.66
Shanghai Worldbest             600094     327.98     -175.17
Shenzhen China Bicycle
  Co., (Hlds) Ltd.             000017      29.38     -244.53
Shenzhen Dawncom Business
  Tech & Service               000863      36.85     -142.58
Shenzhen Kondarl (Group)
  Co., Ltd.                    000048     155.01      -24.45
Shenz Seg Dash                 000007     101.02       -1.14
Shenzhen Shenxin Taifeng
  Group Co.,Ltd.               000034      44.99     -113.37
SiChuan Direction
  Photoelectricity Co          000757     128.55     -102.62
Stellar Megaunion Corporation  000892      64.93     -162.46
Success Information Industry
  Group Co.                    000517      30.12      -14.83
Suntek Technology Co., Ltd     600728      44.69      -22.95
Suntime International
  Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
  Ltd                          600234      12.69      -51.58
Tianjin Marine Shipping
  Co. Ltd                      600751     75.44       -26.60
Tibet Summit Industry
  Co., Ltd                     600338      73.50      -16.42
Topsun Science-A               600771     232.68     -131.98
Winowner Group Co. Ltd.        600681      21.5 0      -81.28
Xiamen Overseas                600870     433.19      -13.78
Yueyang Hengli Air-Cooling
  Equipment Inc.               000622      40.27      -14.34
Zhang Jia Jie Tourism
  Development Co.Ltd           000430      51.01       -8.25


HONG KONG

Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
  (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Chia Tai Enterprises
  International Ltd.              121     316.11      -40.95
China HealthCare Holdings Ltd     673      25.44       -3.37
Dongxin Electrical Carbon
  Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
  Limited                         231      44.64       -9.70
Ever Fortune Intl.
  Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
  Group Limited                  1188      52.49       -9.92
Guangzhou Oriental
  Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
  Co., Ltd                     600242      15.23      -46.94
Hainan Dadonghai Tourism
  Centre Co., Ltd              000613      18.56      -10.10
Junefield Department Store
  Group Ltd.                      758      12.93       -5.39
Maxx Bioscience Therapeutics      512      25.48       -5.36
New City China Development Ltd    456     110.83   -6.78
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      10.40      -10.21
Sanjiu Yigong Biopharmaceutical
  & Chem                       000403     227.42        1.36
  Pharmaceutical Co.Ltd        600656      66.75      -13.42
SunCorp Technologies Limited     1063      31.94      -35.07
Tianyi Science & Technology
  Co., Ltd                     600703      45.82      -41.20
Wah Sang Gas                     8035      53.52      -87.70
Welling Holding Limited           382     303.95      -44.65
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
  Co., Ltd.                    000688      25.83     -175.37
Viagold Capital


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Balaji Distiller                  BLD      45.66  -74.20
CFL Capital Financial
  Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Digjam Ltd                       DGJM      98.77      -14.62
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
HMT Limited                       HMT     316.41     -175.33
IFB Inds Ltd.                    IFBI      40.50      -70.82
India Steel Works Limited         ISI      56.76       -1.47
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      86.8 0      -27.97
Mafatlal Ind.                     MFI      95.67      -85.81
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      22.97      -22.24
RPG Cables Ltdd                  NRPG      51.43      -20.19
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51


INDONESIA

Argo Pantes Tbk                  ARGO     217.96      -15.70
Daya Sakti Unggul Corporindo Tbk DSUC      30.76       -6.51
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Fatrapolindo Nusa Industri Tbk   FPNI      25.81   -0.72
Jakarta Kyoei Steel Works Tbk    JKSW      30.89      -41.37
Karwell Indonesia Tbk             KRW      32.21       -2.26
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
  Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      22.30       -8.31
Teijin Indonesia Fiber
  Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Trustex Holdings, Inc.           9374     102.84       -7.81


KOREA

Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
  Communication Co.             20180     740.50     -158.45
DAHUI Co., Ltd                 055250     186.00       -1.50
E-Rae Electronics Industry
  Co., Ltd                      45310      45.47      -10.37
EG Semicon Co. Ltd.             38720     166.70      -12.34
Hyundai IT Corp.               048410     113.46       -43.6
Mediacorp Inc                  053890      53.31      -32.22
Nano Mining Co.,Ltd            036270      26.64      -29.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      86.75       -4.67
Seji Co., Ltd.                 053330      37.25       -0.31
Starmax Co., Ltd                17050      73.13       -5.54
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

CNLT Far East Berhad             CNLT      45.12       -3.71
Foremost Holdings Berhad         FMST      11.04       -0.11
Harvest Court Industries  Bhd     HAR      10.81       -5.62
Lityan Holdings Berhad            LIT      23.34      -26.55
Mangium Industries Bhd           MANG      14.36      -18.73
PanGlobal Berhad                  PGL     178.78     -171.24
Putera Capital Berhad            PCAP      10.56       -4.70
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries
  Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
  Development Corp.                AT     212.93      -69.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49  -64.98
East Asia Power Resources
  Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      43.03      -10.93
Filsyn Corporation                FYN      24.84      -11.37
Gotesco Land, Inc.                 GO      18.68      -10.86
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
  Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE

ADV Systems Auto                  ASA      21.96       -7.54
Chuan Soon Huat Industrial
  Group Ltd                       CSH      42.09   -3.64
Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     198.91      -66.97
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC      80.01      -10.54


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Protop Technology Co., Ltd.      2410      55.69      -13.46
Yeu Tyan Machine                 8702      39.57     -271.07


THAILAND

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry
  Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic
  Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
ITV Public Company Limited        ITV      44.70      -73.07
Kuang Pei San Food Products
  Public Co.                   POMPUI      18.78      -14.07
New Plus Knitting Public
  Company Limited                 NPK      10.08       -2.03
Quality Construction
  Products PCL                   QCON      76.13     -293.83
Safari World Public Company
  Limited                      SAFARI     128.58      -13.64
Sahamitr Pressure Container
  Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.18       -6.79
Sri Thai Food & Beverage Public
  Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch Public
  Company Limited                 USC     103.61      -48.62


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Rousel Elaine C. Tumanda, Valerie C. Udtuhan,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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