TCRAP_Public/080808.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, August 8, 2008, Vol. 11, No. 157

                            Headlines

A U S T R A L I A

AMS COMPUTERS: To Declare Dividend on August 21
AURA ENTERPRISES: Liquidator to Give Wind-Up Report on August 13
CONSTELLATION: To Sell Australian Wineries & Cuts 350 Jobs
DAVID B ATKINSON: Proofs of Debt Due on August 22
FORTESCUE METALS: Signs Access Agreement With Atlas Iron

HABCO HOLDINGS: Members and Creditors to Meet on August 13
JENKINS INTERNATIONAL: Proofs of Debt Due on August 22
LILIGROVE PTY: Final Meeting Slated for August 20
P. J. AUSTIN: Proofs of Debt Due on August 22
R.A.D. PROPERTY: Members and Creditors to Meet on August 13

ST GEORGE: Has Worse Outlook Than Peers, Analyst Says
STOWPORT CONTRACTING: Creditors to Meet on August 15
SYDNEY SOUTH: Liquidator to Give Wind-Up Report on August 13
TCO TECHNOLOGY: Proofs of Debt Due on August 22
* AUSTRALIA: Construction Industry Falls for 5th Straight Month


C H I N A

BANK OF SHANGHAI: New Hope in Talks to Acquire Shares in Bank
CHINA MERCHANTS: Implements Voice Authentication Technology
HUAXIA BANK: Posts CNY1.93 Billion Net Income for First-Half 08
CHINA SOUTHERN: Sets Board Meeting on August 18
XINHUA FINANCE: Commences Tender Offer for Sen. Guaranteed Notes


H O N G K O N G

ALLIED HARVEST: Lai and Haughey Quit as Liquidators
ASIAN REAL: Members' Final Meeting Slated for August 27
ELECTRO SOURCE: Annual Meetings Slated for August 11
FORTRESS CAPITAL: Lai and Haughey Quit as Liquidators
GOLD HARVESTS: Wind-Up Petition Hearing Set for September 10

HUAGPU UNDERWEAR: Court to Hear Wind-Up Petition on August 27
JIM GLASS: Wind-Up Petition Hearing Set for October 15
JUMBO PIONEER: Wan and Nassar Quit as Liquidators
PACIFIC NOMINEES: Wong and Ngan Quit as Liquidators
SHIN LUNG: Subject to Goldviewry's Wind-Up Petition


I N D I A

RAINBOW DENIM: On its Second Debt Restructuring in 4 Years
TATA POWER: Confirms Bid for Singapore's Senoko
UB ENGINEERING: Nandini Verma Joins Board of Directors


J A P A N

ELPIDA MEMORY: To Invest JPY30BB for a Joint Venture in China
JAPAN AIR: Posts JPY3.3BB Operating Income for First Quarter
MARUBENI CORP: Boosts Grain Supply Capacity in U.S.
SOJITZ CORP: Wins US$500 Million Cement Plant Deal in Angola
* JAPAN: Moody's Sees Positive Outlook for Game Software Sector


K O R E A

* KOREA: July Consumer Confidence is Lowest in 8 Years


M A L A Y S I A

KOSMO TECHNOLOGY: To Hold 5th Annual Meeting on August 28
SINORA INDUSTRIES: To Hold General Meeting on August 25
TECHVENTURE BERHAD: Receives Borang 16D Notice from Maybank


N E W  Z E A L A N D

BUSINESS GROWTH: Shephard and Dunphy Appointed as Liquidators
C CASTLE: Commences Liquidation Proceedings
CENTRAL SURF: Commences Liquidation Proceedings
COUNTING ALWAYS: Shephard and Dunphy Appointed as Liquidators
CREATING NAMES: Shephard and Dunphy Appointed as Liquidators

DOMINION FINANCE: Financial Adviser Questions NZX Decision
IN MAGAZINE: Wind-Up Petition Hearing Set for August 29
JAMPAC HOLDINGS: Court Appointed Tubbs and Gower as Liquidators
LANDFORM NZ: Court Appointed Crickton and Horne as Liquidators
SCOTT'S SHOT: Commences Liquidation Proceedings

STRATEGIC FINANCE: Suspends Redemptions
SWEET SURRENDER: Placed Company Under Liquidation
* NEW ZEALAND: Unemployment Rate Rises to 3.9% in June
* NEW ZEALAND: Economy in Recession, Treasury Says


P H I L I P P I N E S

* PHILIPPINES: S&P Predicts "Clouded" Outlook Over High Prices


S I N G A P O R E

ABACUS DISTRIBUTION: Contributories to Meet on August 12
CHEONG YANG: Wind-Up Petition Hearing Set for August 15
ITV PLC: S&P Cuts Long-Term Corp. Credit Rating to BB+ From BBB-
GENLINK VENTURE: Creditors' Proofs of Debt Due on September 1
ORIENT TELECOMMUNICATIONS: Creditors' Meeting Set for August 12

PASIR PANJANG: Pays First and Final Dividend


X X X X X X X X

* S&P Says Eastern Europe, Middle East & Africa Face Challenges
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

AMS COMPUTERS: To Declare Dividend on August 21
-----------------------------------------------
AMS Computers (Aust) Pty Ltd will declare dividend on Aug. 21,
2008.

Only creditors who were able to file their proofs of claim by
Aug. 1, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          M. E. Slaven
          Kazar Slaven
          Telephone: (02) 6285 1310
          Facsimile: (02) 6215 8450


AURA ENTERPRISES: Liquidator to Give Wind-Up Report on August 13
----------------------------------------------------------------
Aura Enterprises Pty Ltd will hold a final meeting for its
members and creditors at 10:45 a.m. on Aug. 13, 2008.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street,
          Sydney, Australia
          Telephone: (02) 8221 8433


CONSTELLATION: To Sell Australian Wineries & Cuts 350 Jobs
----------------------------------------------------------
Constellation Brands Inc. disclosed that Constellation Wines
Australia (formerly Hardy Wine Company) will sell certain assets
and implement changes to its wine portfolio and production
footprint to simplify the business and provide better focus on
premium brands and operational efficiencies aimed at increasing
long- term profitable growth and improved returns.  These
activities are the result of the completion of a strategic
review of the company's Australian business.

The initiative involves the planned sale of three of 10
production facilities, in addition to the sale of more than 20
vineyard properties; consolidation of bottling operations;
portfolio streamlining and rationalization of more than 30
percent of the company's Australian stock keeping units (SKUs).
The company's Australian employment will be impacted by more
than 20 percent, or 350 positions, primarily associated with
assets expected to be sold.

"This project is part of our ongoing efforts to enhance
operating efficiencies, improve cash flow and return on invested
capital (ROIC) and reduce existing borrowings," said Rob Sands,
Constellation Brands president and chief executive officer.

"Australia remains one of the most important and dynamic New
World Wine producing markets, and our Hardys and Banrock Station
brands are two of the most recognized and consumed wines in the
world.  Australia is the largest New World Wine exporter based
on volume and value, as well as being the second largest
producer, and it is the third largest consumer market for these
types of wines.  This assessment of our Australian business has
led to the development and implementation of an action plan that
we believe will allow us to better position this business for
success around the world.  We will continue to provide consumers
with an excellent array of the highest quality, premium
Australian wine brands, along with many other high-quality
Australian products that are Constellation Wines Australia
hallmarks."

Bob Ryder, Constellation Brands chief financial officer added,
"We are eliminating less profitable SKUs, focusing on brand-
building and increasing pricing to restore appropriate levels of
profitability.  We are also monetizing certain elements of our
production footprint and increasing efficiencies.  These actions
are designed to reduce our cost base and improve our margins.
We expect to see sales and profits grow, and ROIC improve.  In
addition, we expect this initiative to generate positive cash,
with proceeds from asset sales projected to exceed the cash cost
of this restructuring by more than US$50 million."

                  Financial Details

In connection with the Australian initiative, the company said
it expects to incur one-time cash costs of approximately US$45
million and net one-time non-cash costs of approximately US$95
million, for a total of approximately US$140 million in net one-
time costs. The expected timing of the costs is:


                            Estimated    Estimated
                            Pretax       Pretax      Estimated
                            Charges      Charges       Pretax
                            During       During       Charges
                            Fiscal 2009  Fiscal 2010     Total
                            ----------------------------------

   (in millions)
   Restructuring charges:
    Employee termination
    costs (cash)(1)          US$6            US$-        US$6

   Contract termination
    costs (cash)                 -             4            4

   Other associated
    costs (cash)                 1             1            2

   Impairment charges (gains)
    on assets held for
    sale (non-cash)             37           (12)          25

   Total restructuring
   charges, net                 44            (7)          37

   Other related
    costs (cash)                 7            26           33

   Accelerated depreciation
   (non-cash)                    3             2            5

   Impairment charges on
    intangible assets and
    equity method investment
    (non-cash)                  13             -           13

   Inventory write-downs
   (non-cash)                   52             -           52

   Total costs, net         US$119          US$21      US$140

   Total cash costs         US$14           US$31      US$45

   Total non-cash
    costs (gains), net      US$105         US$(10)     US$95


  (1) The company may incur additional restructuring charges
     (and cash expenditures) of up to US$6 million for employee
      termination costs associated with assets held for sale.


As a result of these announced changes, the company is providing
updated diluted earnings per share outlook for fiscal 2009.

                           Outlook

The table below sets forth management's current diluted earnings
per share expectations for fiscal year 2009 on a reported basis
and a comparable basis.

               Constellation Brands Fiscal Year 2009
                Diluted Earnings Per Share Outlook

                        Reported Basis       Comparable Basis
                        FY 09 Estimate        FY 09 Estimate

   Fiscal Year Ending
   Feb. 28, 2009        US$0.86 - US$0.94    US$1.68 - US$1.76

The above guidance is based on information previously provided
taking into account the developments described above.

Full-year fiscal 2009 guidance includes the following current
assumptions:

   -- Net sales: mid to high single-digit growth in
      organic net sales combined with the incremental
      benefit from the BWE acquisition, impact of
      reporting the joint venture for the Matthew Clark
      wholesale business under the equity method, and
      divestiture of the Almaden and Inglenook brands,
      are expected to result in reported net sales
      increasing mid single-digits from net sales for
      fiscal 2008

   -- Interest expense: approximately US$335 - US$345 million

   -- Tax rate: approximately 50 percent on a reported
      basis, due to the recognition of a valuation
      allowance against the net operating loss associated
      with the Australian initiative, and 37 percent on a
      comparable basis

   -- Weighted average diluted shares outstanding:
      approximately 222 million

   -- Free cash flow: US$310 - US$340 million

                About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has a market presence in
the U.K., Australia, Canada, New Zealand, and Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


DAVID B ATKINSON: Proofs of Debt Due on August 22
-------------------------------------------------
During a general meeting held on June 26, 2008, the members of
David B Atkinson Pty Ltd resolved to voluntarily liquidate the
company's business and appointed Sule Arnautovic as liquidator.

Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


FORTESCUE METALS: Signs Access Agreement With Atlas Iron
--------------------------------------------------------
Forstescue Metals Group has signed a Heads of Agreement with
Atlas Iron Ltd to enable Atlas to access Forstescue's railway
line and Herb Elliott Port to export ore from Portland Hedland.

Shipments through Fortescue's port will begin once Atlas Iron
has received its required environmental approvals.

Fortescue Executive Director – Operations Graeme Rowley said the
Heads of Agreement was evidence of Fortescue's willingness to
grant third party access to Fortescue infrastructure to maximize
the utilization of the Pilbara's rich resources.

"This is a great example of the efficient use of infrastructure
providing economic benefits to the local, WA and national
economies," Mr. Rowley said.

"Fortescue is pleased to play its part in enabling third parties
to access our railway and port to foster development of the
Pilbara, while at the same time generating a return on our
infrastructure investment for our shareholders.

"By negotiating with Atlas Iron we have been able to reach
mutual agreement on access terms which provides benefits to both
companies."

                      About Atlas Iron

Atlas Iron Limited (ASX:AGO) -- http://www.atlasiron.com.au/--
formerly Atlas Gold Limited, is a mineral exploration company.
The company carried out exploration on its tenements and applied
for or acquired additional tenements with the objective of
identifying iron ore.  Its subsidiaries include Atlas Operations
Pty Ltd and St George Magnetite Pty Ltd.

                   About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX:FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2007, was
AU$68.43 million, while net losses for FY2006 and FY2005 were
AU$2.15 million and AU$4.52 million respectively.


HABCO HOLDINGS: Members and Creditors to Meet on August 13
----------------------------------------------------------
Habco Holdings Pty Ltd will hold a final meeting for its members
and creditors at 10:15 a.m. on Aug. 13, 2008.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street,
          Sydney, Australia
          Telephone: (02) 8221 8433


JENKINS INTERNATIONAL: Proofs of Debt Due on August 22
------------------------------------------------------
During a general meeting held on June 26, 2008, the members of
Jenkins International Pty Ltd resolved to voluntarily liquidate
the company's business and appointed Roderick Mackay Sutherland
as liquidator.

Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


LILIGROVE PTY: Final Meeting Slated for August 20
-------------------------------------------------
Liligrove Pty Ltd will hold a final meeting for its members and
creditors at 9:00 a.m. on Aug. 20, 2008, at Unit 3, 21
Yarranabbe Road, in Darling Point, NSW.

During the meeting, the company's liquidator, Gregory Mitchell
Maughan, will provide the attendees with property disposal and
winding-up reports.


P. J. AUSTIN: Proofs of Debt Due on August 22
---------------------------------------------
During a general meeting held on June 18, 2008, the members of
P. J. Austin Pty Ltd resolved to voluntarily liquidate the
company's business and appointed Roderick Mackay Sutherland as
liquidator.

Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


R.A.D. PROPERTY: Members and Creditors to Meet on August 13
-----------------------------------------------------------
R.A.D. Property Services Pty Ltd will hold a final meeting for
its members and creditors at 10:30 a.m. on Aug. 13, 2008.
During the meeting, the company's liquidator, Ozem Kassem, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street,
          Sydney, Australia
          Telephone: (02) 8221 8433


ST GEORGE: Has Worse Outlook Than Peers, Analyst Says
-----------------------------------------------------
St George Bank Ltd has a far worse outlook than any of its
peers, but is likely to talk up its prospects to attract a
higher takeover bid, the Age reports citing JPMorgan.

The Age relates that JPMorgan banking analyst Brian Johnson said
in a note to clients that St George, with its lower credit
rating, was being hit hardest by the credit crunch compared to
the big four banks.

According to the Age, Mr. Johnson said St George had a high
long-term debt issuance requirement in fiscal 2009 after it
significantly shortened the duration of its debt funding profile
last year.

Credit quality is deteriorating as the economy slows and St
George's middle-market commercial loan book could be more
vulnerable than most, the report says citing Mr. Johnson.

The report says Mr. Johnson also noted St George's apparent
enthusiasm for Westpac's scrip bid, which had an implied value
of AU$29.15 a share on Tuesday, down significantly from AU$34.00
when it was launched.

"If St George is going so well ... then why is selling to
Westpac still in shareholder's best interest?" Mr. Johnson was
quoted by the Age as saying.

St George can withdraw its support for Westpac's 1.31-for-one
scrip offer any time before a November 6 scheme meeting, the
report notes.

Mr. Johnson went on to say that the likelihood of a counterbid
was declining, given the deteriorating outlook for the sector's
profitability and the opportunity a merger would present to
other banks to pick up "easy" market share.

While the outlook for St George is rocky, Mr. Johnson doesn't
expect it to announce any big write-downs next Tuesday, the
report relates.

"Nonetheless, we reiterate our view that St George will be hard
pressed to meet its eight to ten per cent EPS growth guidance
issued at the interim result in May," Mr. Johnson said.

                    Westpac Merger Proposal

As reported in the Troubled Company Reporter-Asia Pacific
on May 12, 2008, Westpac's merger proposal states that:

   * All Westpac and St.George brands, including Bank SA, and
     branch/ATM networks would be retained.  The intention is
     that there will be no net reduction in branch or ATM
     numbers. The focus will be on investing more in front-line
     services;

   * The combined 10 million customers would benefit from an
     enhanced offering in terms of product range, expanded
     distribution and financial strength while preserving their
     relationships with employees, products, customer
     touchpoints and branding; and

   * Shareholders would own the premier AA rated financial
     institution in Australia, with leading market positions
     across key lines of business, and share in the benefits of
     substantial revenue synergies going forward.

Westpac also outlined that the combined business would be a
market leader in Australia.  Specifically, St George and Westpac
would be:

    * Australia's leading provider of home lending, with a
      market share of 25%

    * Australia's largest wealth platform provider with funds
      under administration of AU$108 billion

St George's Board of Directors has indicated their intention to
recommend shareholders' approval of the proposal.

St George is being advised by UBS as financial adviser and
Allens Arthur Robinson as legal adviser.  Westpac has engaged
Caliburn Partnership as financial adviser and Gilbert + Tobin as
legal adviser.

                         About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

                       About St George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  Bank Limited is a
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


STOWPORT CONTRACTING: Creditors to Meet on August 15
----------------------------------------------------
Richard George Shoobridge and Steven Allan Hernyk, Stowport
Contracting Pty Ltd's state liquidators, will meet with the
company's members at 10:30 a.m. on Aug. 15, 2008, to provide
them with property disposal and winding-up reports.

The liquidators can be reached at:

          Richard George Shoobridge
          Deloitte Touche Tohmatsu
          Chartered Accountants
          49 Elizabeth Street
          Launceston TAS 7250
          Australia
          Telephone: (03) 6337 7000
          Facsimile: (03) 6337 7001


SYDNEY SOUTH: Liquidator to Give Wind-Up Report on August 13
------------------------------------------------------------
Sydney South Towing Pty Ltd will hold a final meeting for its
members and creditors at 10:00 a.m. on Aug. 13, 2008.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street,
          Sydney, Australia
          Telephone: (02) 8221 8433


TCO TECHNOLOGY: Proofs of Debt Due on August 22
-----------------------------------------------
During a general meeting held on June 26, 2008, the members of
TCO Technology Pty Ltd resolved to voluntarily liquidate the
company's business and appointed Roderick Mackay Sutherland as
liquidator.

Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


* AUSTRALIA: Construction Industry Falls for 5th Straight Month
---------------------------------------------------------------
The national construction industry contracted for a fifth
consecutive month in July, although it had strong support from
an increase in engineering construction activity and some
encouraging, albeit modest, improvement in commercial
construction, the Australian Industry Group said.


The Australian Industry Group – Housing Industry Association
Performance of Construction Index Australian PCI(R) registered
41.6, remaining below the critical 50.0 points level separating
expansion from contraction.

Australian Industry Group (Ai Group) Associate Director
Economics and Research, Tony Pensabene, said: "The Australian
PCI(R) while still contracting, gained some support from the
strength of engineering construction and the inroads being made
into the massive pipeline of engineering construction projects.
This was evident in the engineering construction sub-index,
which registered 51.9 in July, up by a solid 15.2 points.

"While housing and apartment building remain very weak the
decline in commercial construction is showing incipient signs of
improvement," Mr. Pensabene said.

HIA Chief Economist, Harley Dale, said: "Even allowing for
moderation in the rate of decline in the Australian PCI(R)
continued weakness in the second half of 2008 is very
concerning.

"New home building starts will fall in 2008, marking an
unprecedented fifth consecutive year of weakness. An aggravation
of the chronic shortage of housing stock will place further
pressure on already exceedingly tight rental markets," Mr. Dale
said.



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


BANK OF SHANGHAI: New Hope in Talks to Acquire Shares in Bank
-------------------------------------------------------------
New Hope Group is in talks to swap shares it holds in Union
Trust & Investment Co Ltd for shares in Bank of Shanghai, XFN-
ASIA News reports, citing Caijing magazine.

New Hope Group directly holds 15.69% of Union Trust, while unit
Sichuan Nanfang New Hope holds 25.49%.  Union Trust's board, the
report says, has already approved the proposal.

The Troubled Company Reporter-Asia Pacific on June 4, 2008,
reported that the Bank of Shanghai hired Guotai Jun'an
Securities, Citic Securities and Shenyin & Wanguo Securities as
underwriters for its domestic initial public offering.  The bank
also hired Goldman Sachs Gao Hua Securities as financial adviser
and PricewaterhouseCoopers as auditor.

Chen Xin, chairman and president of the bank, then said that
"the kickoff of its listing process is a strategic choice for
the bank.  Listing is a breakthrough for the bank in speeding up
regional expansion and international management."

According to XFN-ASIA, Bank of Shanghai's assets are expected to
total CNY340 billion at the end of the year, up from CNY308.99
billion at the end of 2007.

                   About Bank of Shanghai

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

                       *     *     *

As of June 3, 2008, Fitch rating agency's website confirmed the
ratings of Bank of Shanghai, showing: (a) Long-term foreign
currency Issuer Default rating at BB- with Stable Outlook; (b)
Short-term foreign currency IDR at B; (c) Individual D; (d)
Support at 3; and (e) Support Rating Floor at BB-.


CHINA MERCHANTS: Implements Voice Authentication Technology
-----------------------------------------------------------
China Merchants Bank is implementing voice authentication
technology, supplied by Israel-based PerSay, which it will use
to verify the identity of customers calling its contact centers,
Finextra News reports.

The bank, the report relates, will install PerSay's FreeSpeech
text-independent biometric speaker verification system at its
Huawei-based call centres in the next couple of months.

Hua Min, bank CIO, said "the bank was the first to introduce
financial contact centers as well as e-banking services to the
Chinese financial market, and is proud to be a pioneer in
introducing voice biometrics technology by PerSay."

PerSay's local reseller, ATNN, is the technology supplier to
China Merchants.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


HUAXIA BANK: Posts CNY1.93 Billion Net Income for First-Half 08
---------------------------------------------------------------
Huaxia Bank Co.'s first-half net income almost doubled to
CNY1.93 billion (US$282 million) from CNY1.01 billion a year
earlier, as interest income increased, Zhang Dingmin of
Bloomberg News reports.

According to the report, net interest income increased 40% to
CNY7 billion.

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it had 27 branches and 257 offices nationwide.

                          *     *     *

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.  Fitch said Hua Xia Bank's
Individual D/E rating reflects its weak capital position,
inadequate profitability, and potential asset quality risks
stemming from very rapid loan growth.  Total loans expanded 29%
in 2005, the second fastest growth among local peers.


CHINA SOUTHERN: Sets Board Meeting on August 18
-----------------------------------------------
China Southern Airlines Co. Limited's board meeting will be held
on Monday, August 18, 2008 for the purposes of considering and
approving, inter alia, the interim results of the Company for
the six months ended June 30, 2008 and the payment of an interim
dividend, if any.

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 "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


XINHUA FINANCE: Commences Tender Offer for Sen. Guaranteed Notes
----------------------------------------------------------------
Xinhua Finance Limited has commenced a tender offer for a
portion of its 10% Senior Guaranteed Notes due 2011 pursuant to
a tender offer statement dated August 5, 2008.  The tender offer
will expire at 3:00 p.m., London time, on September 4, 2008,
unless extended or earlier terminated.

Holders of Notes who validly tender their Notes prior to
3:00 p.m., London time, on the Expiration Date, will receive
100% of the principal amount of the outstanding Notes, plus
accrued and unpaid interest thereon from the most recent payment
of interest preceding the Payment Date up to, but not including,
the Payment Date.  The Tender Offer Consideration is the result
of the cash proceeds from the sale of capital stock of certain
restricted subsidiaries, as adjusted under the terms of the
indenture governing the Notes.   All payments will be made on
September 9, 2008, unless extended.  The company will not spend
more than US$50,586,390.00 in the aggregate to purchase its
outstanding Notes at par, which amount includes the payment of
the Purchase Price and Accrued Interest on the Payment Date.

In the event that the aggregate principal amount of Notes
validly tendered and not validly withdrawn by Holders prior to
the Expiration Date exceeds US$49,113,000.00, the company will
accept the Notes for payment on a pro rata basis from among such
tendered Notes.  Any such pro rata allocation will be calculated
by multiplying the principal amount of Notes validly tendered
via a tender instruction by a factor equal to the aggregate
principal amount of the Notes that the Company is to purchase
divided by the aggregate principal amount of the Notes validly
tendered and not validly withdrawn.  Each offer to sell reduced
in this manner will be rounded down to the nearest denomination
of US$100,000 and integral multiples of US$1,000 in excess
thereof.  Any tendered Notes not purchased due to proration will
be returned to the Holder thereof as promptly as practicable
after the Payment Date.  There is no condition that any minimum
amount of Notes must be tendered in the tender offer for the
Company to accept the Notes for payment.

Tenders of Notes prior to the Expiration Date may be validly
withdrawn at any time prior to 3:00 p.m., London time, on the
Expiration Date, but not thereafter unless the tender offer is
terminated without any Notes being purchased.

The company's obligation to accept for payment and pay for the
Notes validly tendered pursuant to the tender offer is
conditioned upon the satisfaction or waiver of various
conditions described in the Tender Offer Statement.

These conditions are for the Company's sole benefit and the
Company may waive them in whole or in part at any or at various
times prior to the expiration of the tender offer in its sole
discretion.  In addition, subject to the terms set forth in the
Tender Offer Statement, the company expressly reserves the
right, but will not be obligated, at any time or from time to
time, on or prior to the Expiration Date, to extend or amend the
tender offer in any respect, subject to applicable law.

The trustee under the indenture governing the Notes has informed
the Company that all custodians and beneficial Holders of Notes
hold their Notes through Euroclear or Clearstream, Luxembourg
accounts and that there are no physical Notes in non-global
form.  Accordingly, there are no letters of transmittal for the
tender offer.  Holders may tender their Notes by submitting an
election instruction notice through Euroclear and Clearstream,
Luxembourg.  The company will make letters of transmittal
available to any Holders holding Notes in physical form.
Holders who believe that they are holding a Senior Note in
physical form should contact The Bank of New York Mellon to
obtain a letter of transmittal.

                   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.
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,
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 Limited continues to carry Moody's "B2" LT Family
and Senior Unsecured Debt Ratings.  The company also carries
S&P's "B" LT Credit Rating.



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

ALLIED HARVEST: Lai and Haughey Quit as Liquidators
---------------------------------------------------
On July 28, 2008, Lai Kar Yan (Derek) and Darach E. Haughey quit
as liquidators of Allied Harvest Investment Limited.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


ASIAN REAL: Members' Final Meeting Slated for August 27
-------------------------------------------------------
The members of Asian Real Estate Society Limited will hold their
final meeting on August 27, 2008, at 5:00 p.m., at Room 2802,
28th Floor of China Resources Building, No. 26 Harbour Road, in
Wanchai, Hong Kong.

At the meeting, Ling Wai Ming, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ELECTRO SOURCE: Annual Meetings Slated for August 11
----------------------------------------------------
The members and creditors of Electro Source Limited will hold
their annual meetings on August 11, 2008, at 3:00 p.m. and
3:30 p.m., respectively, at the offices of Baker Tilly Hong Kong
12th Floor of China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road, in Central, Hong Kong.

At the meeting, Bruno Arboit, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FORTRESS CAPITAL: Lai and Haughey Quit as Liquidators
-----------------------------------------------------
On July 28, 2008, Lai Kar Yan (Derek) and Darach E. Haughey quit
as liquidators of Fortress Capital Investments Limited and
Fortress Capital (Holdings) Limited.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


GOLD HARVESTS: Wind-Up Petition Hearing Set for September 10
------------------------------------------------------------
The High Court of Hong Kong will hear on September 10, 2008, at
9:30 a.m., a petition to have Gold Harvests Fisherman Place
Limited's operations wound up.

Cheung Kwai Ying filed the petition against the company on
July 2, 2008.


HUAGPU UNDERWEAR: Court to Hear Wind-Up Petition on August 27
-------------------------------------------------------------
A petition to have Huangpu Underwear Limited's operations wound
up will be heard before the High Court of Hong Kong on
August 27, 2008, at 9:30 a.m.

Kwan Chi Wah, Leo filed the petition against the company on
June 23, 2008.

Kwan Chi Wah's solicitors are:

          Messrs. Chak & Associates
          HK Diamond Exchange Building, 11th Floor
          8-10 Duddell Street
          Central, Hong Kong


JIM GLASS: Wind-Up Petition Hearing Set for October 15
------------------------------------------------------
A petition to have Jim Glass & Building Material Limited's
operations wound up will be heard before the High Court of
Hong Kong on October 15, 2008, at 9:30 a.m.

The Incorporated Owners of the Rainbow Garden filed the petition
against the company on July 21, 2008.

The Petitioner's solicitors are:

          Messrs. Henry Wan & Yeung
          Two Chinachem Plaza, 17th Floor
          68 Connaught Road Central
          Central, Hong Kong
          Telephone: 2815-6368
          Facsimile: 2815 6202


JUMBO PIONEER: Wan and Nassar Quit as Liquidators
-------------------------------------------------
Tam Chun Wan and Tse Chiang Kwok, Nassar quit as liquidators of
Jumbo Pioneer Limited on July 22, 2008.

The company's former Liquidators can be reached at:

          Tam Chun Wan
          Tse Chiang Kwok, Nassar
          Wing On House
          Room 403, 4th Floor
          71 Des Voeux Road Central
          Hong Kong


PACIFIC NOMINEES: Wong and Ngan Quit as Liquidators
---------------------------------------------------
On July 26, 2008, Wong Wai Pui and Ngan Lin Chun quit as
liquidators of Pacific Nominess Limited.

The company's former Liquidators can be reached at:

          Wong Wai Pui
          Ngan Lin Chun Esther
          1902 MassMutual Tower
          38 Gloucester Road, Wanchai
          Hong Kong


SHIN LUNG: Subject to Goldviewry's Wind-Up Petition
---------------------------------------------------
On June 4, 2008, Goldviewry Limited filed a petition to have
Shin Lung Photo Engraving Company Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
August 13, 2008, at 9:30 a.m.

Goldviewry's solicitors are:

          K.C. Ho & Fong
          Henley Building, 18th Floor
          No. 5 Queen's Road Central
          Hong Kong



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

RAINBOW DENIM: On its Second Debt Restructuring in 4 Years
----------------------------------------------------------
Rainbow Denim Ltd disclosed in a regulatory filing that the
Industrial Development Bank of India (IDBI) has approved a
proposal for restructuring the debts of the company.  The
restructuring will be effective from April 1, 2006.

The Restructuring Proposal contains various reliefs and
concessions in the nature of reduction in the rate of interest
and revision in the repayment schedule, among  others.

The effect of the said restructuring will be given after
receiving formal sanction letters from each of the company's
banks and financial institutions.

This debt restructuring is the company's second in about four
years.

On August 5, 2004, Rainbow Denim disclosed that the IDBI
approved a proposal for restructuring debts of the company,
effective October 1, 2003.  The restructuring proposal contains
various reliefs and concessions to the company including
interest rate reduction, revision in the repayment schedule,
funding of interest and waiver of further interest and
liquidated damages.

Rainbow Denim has been recording consecutive net losses for the
past three years.  For the year ended March 31, 2008, the
company's net loss increased to Rs. 169.84 million from Rs.
125.32 million in the year ended March 31, 2007.  Net loss in
the year ended March 31, 2006 was Rs. 60.11 million.

Separately, the company will be holding its 9th annual general
meeting of its members on September 20, 2008.

Based in Mumbai, India, Rainbow Denim Limited --
http://www.rainbowdenim.com/-- engages in the manufacture and
sale of denim fabrics in India and internationally.  The company
offers light weight, medium weight, and heavy weight denims with
a range of shades and weaves. Its products range includes basic
denim, slub denim, cross hatch, poly denim, stretch denim, ring
slub denim, and fancy denim.


TATA POWER: Confirms Bid for Singapore's Senoko
-----------------------------------------------
Tata Power Ltd. said it is bidding for Senoko Power Ltd.,
Singapore's largest power utility, Archana Chaudhary writes for
Bloomberg News.

"We confirm the development," Tata Power said in a statement
cited by Bloomberg News.

According to Bloomberg News, Tata Power's confirmation came
after the Business Standard reported that Senoko Power may be
sold for more than US$3 billion.

The Indian company will get access to generation capacity of
3,300 megawatts should it win the bid, Bloomberg News says
citing the Business Standard report.

Bloomberg News says news of the offer sent Tata Power's shares
down by 38.4 rupees, or 3.5 percent, to close at 1,063.5 rupees
in Mumbai trading, the lowest since July 29.

"There seems to be a knee-jerk reaction from the market to the
possible acquisition on the possibility that the company may
need to borrow more to fund it," Mansingh Deshmukh, Mumbai-
based analyst for MF Global Sify Securities Pvt. told Bloomberg
News. "Tata Power will benefit from access to better technology
and that comes from working in evolved markets like that of
Singapore."

Tata Power is now working on expanding its power projects as
energy demand in India soars.

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, Tata Power, according to Bloomberg News, may
invest in two coal mines overseas to supply as much as 4 million
metric tons of the fuel.

Mines in Australia, Indonesia or Mozambique would meet half the
additional 8 million tons of coal that Tata Power needs by 2013
to fuel a fivefold increase in generating capacity, Tata Power
Executive Director S. Ramakrishnan told Bloomberg News.

                        Bhutan Power Project

As reported in the Troubled Company Reporter-Asia Pacific on
July 22, 2008, Tata Power signed a partnership agreement with
The Royal Government of Bhutan to develop the 114 MW run-of-the-
river Hydro Electric Power Project over river Dagachhu through
Druk Green Power Corporation Limited.  The project will be
executed by a special purpose vehicle – Dagachhu Hydro Power
Corporation Limited.

According to Mr. Prasad Menon, Tata Power Managing Director, the
partnership consists of equity participation and off-take of
power by the company and Tata Power Trading Company Limited
respectively.

As part of the transaction, Tata Power will acquire a 26% in the
project, while Tata Power Trading has negotiated to purchase all
the power generated from the project.  Tata Power Trading will
off-take power from the project for a period of 25 years and the
power will be delivered at India-Bhutan Border.  The power is
expected to be evacuated through the Tala Transmission Link into
India's Eastern Region Grid.

                      Other Expansion Plans

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, Tata Power said it plans to increase its electric
generation capacity by 10,000 MW in the next five years.

The company has signed financing agreements for its 4000 MW
Mundra Ultra Mega Power Project, with an estimated cost of
INR17,000 Crores (US$4.2 billion) with the first of the five
units to be commissioned in September 2011.

Financing for the 1050 MW Maithon Joint Venture Project has also
been completed.  The project, estimated at a cost of Rs.4,450
Crores is being funded on a debt-equity ratio of 70:30.  The
promoters, Tata Power abd DVC, would bring in equity in a ratio
of 74% and 26% respectively.  The debt for the project is
Rs.3,115 Crores and is being financed by various banks led by
State Bank of India.

The company said its 250 MW (Unit 8) expansion project at
Trombay is progressing ahead of schedule and will be
commissioned by October 2008, while its 50.4 MW Khandke Wind
Farm Project has been completed.  Two additional wind projects
of 50.4 MW each are being developed in Jamnagar district at
Gujarat and Gadag district at Kartakana.

As to its Captive Power Projects for Tata Steel, the 120 MW
Power House #6 at Tata Steel Works, Jamshedpur will be
commissioned this financial year while the 120 MW Unit #5 at
Jojobera will be commissioned in the next financial year.

The Unit 1 of 2x45 MW Phase of Haldia Power Plant Project was
synchronized with the grid in April 2008, and the second unit is
scheduled to commission later this year.

Tata Power said it is actively pursuing setting up mega power
project in coastal Maharashtra and is in discussions with the
Government of Maharashtra for getting required assistance in
land acquisition.

The company completed the refinancing of its bridge loan taken
for the acquisition of 30% equity stakes in major Indonesian
thermal coal producers, PT Kaltim Prima Coal and PT Arutmin
Indonesia, as well as related trading companies owned by PT Bumi
Resources Tbk.  The company successfully refinanced US$860
million out of a total of US$950 million bridge loan taken at
the time of acquisition.

                   About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.


UB ENGINEERING: Nandini Verma Joins Board of Directors
------------------------------------------------------
UB Engineering Ltd has appointed Ms. Nandini Verma as an
additional director on the company's Board of Directors.

Meanwhile, at UB Engineering's 37th annual general meeting held
August 1, 2008, the company's members approved the balance sheet
for the year ended March 31, 2008, and profit and loss account.

The company started posting profits just last year after
incurring consecutive net losses in the years 2006, 2005 and
2004.  For the year ended March 31, 2008, the company posted a
net profit of Rs. 128.10 million compared to a net profit of
Rs. 26.2 million in the year ended March 31, 2007.

           Qtr Ended Dec. 31, 2007 Limited Review

In February, UB Engineering disclosed that its auditors
presented their limited review report of the company for the
quarter ended December 31, 2007.

In that report, the auditors made these observations:

"1. With respect to observations in the audited accounts for the
year ended March 31, 2007, on going concern basis aspect, on
Income Tax Demands under appeal aggregating to Rs 110 Lakhs,
recoverability of other Sundry Debtors amounting to Rs 819.58
Lakhs, the loss that may arise for assets located at Kochi site
and pending reconciliation of Provident Fund account.  The
management has replied that there are no significant
developments during the Quarter and Nine months ended
December 31, 2007.

As regards demand for Income Tax referred to therein, the same
is still under appeal.

2. The Company has accumulated loss which gives rise to deferred
tax asset.  As a policy, the Company recognizes such asset only
in its Annual Accounts in accordance with the Accounting
Standard 22.  No amount of such asset is, therefore, recognized
for the said Quarter and Nine Months ended December 31, 2007.

3. The Company has received a Tax Demand of Rs 274 lacs relating
to the Accounting year 2004-05 & appeal is being filed against
the Assessment Order.  The Company has been advised, there are
fair chances of the appeal being decided in Company's favour."

                  About UB Engineering Limited

Based in Pune, India, UB Engineering Limited (UBEL) --
http://ubengineering.com/-- is an engineering construction
company.  The Company is operating in India and overseas
countries in the field of electromechanical project, operation
maintenance of plants, turnkey projects, in various sectors,
such as power, steel, petrochemical, switchyard and transmission
line, and hydro power projects.  UBEL operates through seven
divisions: projects, turnkey, operational maintenance,
electrical, hydro power projects, human resources development
and overseas projects.



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

ELPIDA MEMORY: To Invest JPY30BB for a Joint Venture in China
-------------------------------------------------------------
Elpida Memory Inc. will invest about JPY30 billion for a 39%
stake in a joint company in Suzhou, China, later this year, Jiji
Press reports.

The joint venture, the report relates, is due to launch
production sometime in January-March 2010 with a monthly
capacity of the equivalent of 40,000 300-millimeter wafers.  It
plans to double the output eventually, with a planned total
capital spending of some US$5 billion, the report says.

According to the report, the 61% stake in the JV company will be
held by Suzhou Venture Group Co., a Chinese venture capital, and
other parties.

Elpida Memory expects DRAM demand to expand in the Chinese
market in line with robust personal computer demand which is
expected to grow at a double-digit annual rate, the report says.

                     About Elpida Memory

Elpida Memory, Inc. -- http://www.elpida.com.-- is a leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB- for
Elpida Memory Inc.'s long-term corporate credit rating with a
stable outlook reflecting the company's heavy financial burden,
which is required to make regular large investments to maintain
and improve its competitiveness.


JAPAN AIR: Posts JPY3.3BB Operating Income for First Quarter
------------------------------------------------------------
Japan Airlines International Company Limited disclosed
consolidated financial results for the first quarter (April
through June 2008) of FY2008, the current financial year ending
March 31, 2009.  When compared to the same period last year, the
Group saw an improvement in the air transportation segment - its
core business - with operating revenue increasing by JPY6.1
billion to JPY428.1 billion, and operating income increasing by
JPY14.2 billion to JPY3.3 billion.

Total consolidated operating revenues for the three-month period
were JPY490.3 billion, JPY30.3 billion (- 5.8%) down on the same
period last year.  The decrease occurred primarily due to two
companies being removed from the list of JAL Group consolidated
subsidiaries.  In November 2007, JAL Corporation decreased its
shareholding in AGP Corporation and, in January 2008 transferred
all of its shares in Pacific Fuel Trading Corporation.

In the air transportation segment, however, there was an
increase in total revenue.  Operating revenue for the air
transport segment including both international and domestic
passenger and cargo businesses, increased by 1.4% up JPY6.1
billion from JPY422.0 billion to JPY428.1 billion, boosted by an
11.2% year-on-year increase in international passenger yields.

With regard international and domestic passenger operations, the
JAL Group got off to a good start carrying out the various
strategies of its FY2008-10 medium-term revival plan announced
on February 29, 2008, by proactively restructuring its network
and downsizing aircraft in its fleet.  Consequently, supply
measured in available seat kilometers decreased by 3.5% on
international routes and by 2.6% on domestic routes compared to
the same period last year.

International passenger demand and domestic passenger demand,
measured in revenue passenger kilometers, were down 5.7% and
0.3% respectively when compared to the previous year, primarily
due to the decrease in supply already mentioned.

Operating expenses were JPY486.4 billion, down JPY42.8 billion
or 8.1% on the same period last year, a result of steady
implementation of cost reforms outlined in the JAL Group medium-
term revival plan.  The JAL Group managed to limit the full
impact of an unprecedented rise in the price of fuel by carrying
out a wide range of fuel consumption reduction and fuel
efficiency improvement measures in addition to flexible fuel
hedging, which included fleet renewal, weight reduction
measures, regular engine washing, and adoption of more fuel
efficient flight operation procedures.

Compared to the same period last year, the JAL Group's operating
income in the first quarter of FY08 increased by JPY12.4 billion
to a total of JPY3.9 billion, and ordinary income increased by
JPY3.9 billion to a total of JPY0.7 billion.  Net income
increased by JPY0.8 billion resulting in the JAL Group posting a
net loss of JPY3.4 billion.  This is the fifth consecutive year
since FY2003 that the JAL Group has reduced its net loss in the
first quarter.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


MARUBENI CORP: Boosts Grain Supply Capacity in U.S.
---------------------------------------------------
Marubeni Corp. has purchased eight large grain storage
facilities in North Dakota and Minnesota to reinforce supplies
of grain to Asian countries, Jiji Press reports.

The company, the report relates, bought the storage facilities
and two agricultural material storage plants from AG Processing
Inc.  Grain bought by Marubeni will be transported from the
facilities to Portland for export, mainly to Japan, Jiji Press
says.

According to the report, the purchase boosted Marubeni's annual
export capacity from the United States by 20% to 4.8 million
tons.

The company will also buy grains such as wheat, corns and
soybeans directly from U.S. farmers through the facilities, the
report adds.

                 About Marubeni Corporation

Marubeni Corporation -- http://www.marubeni.com-- is a
Japan-based trading company.  It has 13 business segments: Food,
which produces and sells grains, sugar and processed food;
Textile, including the planning, proposal, sale and logistics of
apparel products; Material and Paper Pulp, which sells rubber
products, footwear and paper; Chemical Product, which offers
electronic materials and agrochemicals; Energy, such as the
development of petroleum and gases; Metal Material, including
the manufacture and sale of nonferrous light metals;
Transportation and Industrial Machines, including the wholesale
and retail of transportation-related and manufacturing
equipment; Plant, Infrastructure and Ship, including the
delivery and engineering of industrial plants and
infrastructure-related machines; Information, which sells
computers and others; Development and Construction, which
operates real estate; Finance, Logistics and Others, including
the operation of funds, and Steel, such as the production of
steel products.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 3, 2008, Lehman Brothers Inc. filed a lawsuit against
Marubeni Corp., claiming damages totaling JPY35.2 billion for a
bogus investment scheme.

Lehman was seeking to recoup JPY35 billion it loaned to a fund
run by a unit of Japanese biotechnology company LTT Bio-Pharma
Co.  The funds were secured by Marubeni.

Previous reports said, citing unnamed sources, that Lehman
Brothers lost billions in investment in a hospital bailout
project carried out by a Tokyo-based medical consultancy named
Aesculapius.

Marubeni had denied any wrongdoing and had said it doesn't have
to cover any damage from the fund because the deal involved fake
documents.


SOJITZ CORP: Wins US$500 Million Cement Plant Deal in Angola
------------------------------------------------------------
Sojitz Corp. won a US$500 million order to build a cement plant
in Angola as the country's spending on roads and construction
increases demand for the material, Masumi Suga of Bloomberg News
reports.

The report relates that the company and ETA Star, a Dubai-based
construction firm, will build a plant capable of making 4,200
metric tons of cement a day.

According to the report, the project will be the biggest cement
plant by capacity in Angola when completed in 2011 and will meet
25% of the country's requirements.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                        *     *     *

Sojitz Corporation still carries Makuni Credit Ratings' "B"
Mortage Debt Rating and "B" Senior Debt Rating.


* JAPAN: Moody's Sees Positive Outlook for Game Software Sector
---------------------------------------------------------------
Moody's Investors Service says the industry outlook for Japan's
consumer game software sector is positive as the launch of new
consoles since late-2006 drives growth, and while activity has
peaked domestically, it will remain strong overseas.

By contrast, the rating outlook is stable with no major rating
actions expected over the coming 12 months, based on Moody's
view that rated companies will minimize fluctuations in both
revenue and earnings.

The Moody's comments were contained in a just-released report --
authored by Mina Sawamura, a Moody's Analyst -- on the prospects
for the sector, based on expectations for its credit conditions
over the next 12-18 months.

Currently, new consoles are now driving software market growth
globally and domestically, a trend that Moody's expects will
continue, the new report says.

In this environment, software developers face various
challenges, including being able to introduce attractive game
content and deliver quickly against a backdrop of rapidly
changing and diversifying amusement options.

The other challenges include establishing and maintaining a
global presence, and containing development costs and meeting
advance development technology requirements.

The report also notes that development costs -- to meet advanced
technology requirements -- are increasing as hardware platforms
become more advanced.

However, the rated companies have carefully managed their
growing development costs and made efforts to minimize industry
volatility and so maintain and improve their capital structures.

In this context, balancing growth and financial strategies is
paramount, the report says .



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

* KOREA: July Consumer Confidence is Lowest in 8 Years
------------------------------------------------------
South Korea's consumer confidence fell to the lowest level in
almost eight years
in July amid concerns over rising inflation and an economic
slowdown, Yonhap News reports citing a report by the National
Statistical Office (NSO).

Yonhap News says the NSO report shows that the sentiment index
measuring consumer confidence in the economy and living
conditions for the next six months fell to 84.6 last month from
86.8 a month earlier.  Consumer confidence index in December
2000 stood at 81.6.

"Oil price hikes, runaway inflation, a stagnant job market and
other unfavorable external factors seemed to have hurt consumer
sentiment," Jeon Min-kyu, an analyst at Korea Investment &
Securities, was cited by Yonhap News as saying.  "Weaker-than-
expected sentiment will likely translate into a drop in consumer
spending down the road."

According to Yonhap News, South Korea's consumer prices jumped
5.9 percent in July from a year earlier, the steepest rise in
almost 10 years.

Earlier, Yonhap News relates, the Bank of Korea (BOK) raised its
key interest rate for August by a quarter point to 5.25 percent,
the central bank's first in a year,
as part of efforts to curb rising inflation expectations.

BOK Gov. Lee Seong-tae is expecting a further rate increase in
the near future, expressing concerns that inflation could grow
further in months to come, as the
government lowered its growth target for this year sharply to
4.7 percent from its earlier 6 percent, Yonhap News says.



===============
M A L A Y S I A
===============

KOSMO TECHNOLOGY: To Hold 5th Annual Meeting on August 28
---------------------------------------------------------
The members of Kosmo Technology Industrial Berhad will hold its
fifth annual general meeting at Tiara Intan, Hotel Singgahsana
Petaling Jaya, Persiaran Barat Off Jalan Sultan, in 46760
Petaling Jaya, Selangor Darul Ehsan on August 28, 2008, at
10.00 a.m.  At the meeting, the members will be asked to:

   * receive and consider the audited financial statements
     resolution for the financial year ended December 31, 2007,
     together with the Directors' and Auditors' Reports thereon;

   * re-elect Norhamzah Bin Nordin who retires in accordance
     Resolution 2 with Article 83 of the company's Articles of
     Association;

   * re-elect these Directors who retire in accordance with
     Article 90 of the company's Articles of Association:

   -- Dato' Razali Merican Bin Naina Merican;
   -- Faizal Bin Abdullah; and
   -- Chik Chan Chee @ Cheok Chan Chee

   * re-appoint Messrs. Shamsir Jasani Grant Thornton as
     auditors of the company and to authorize the Directors
     to fix their remuneration;

   * transact any other ordinary business of which due notice
     shall have been given.


SINORA INDUSTRIES: To Hold General Meeting on August 25
-------------------------------------------------------
The members of Sinora Industries Berhad will hold an
extraordinary general meeting at Ruby 1, 1st Floor of Belmont
Marco Polo Hotel, Jalan Clinic, in 91000 Tawau, Sabah on
August 25, 2008, at 10.30 a.m. for the purpose of considering
and if thought fit, passing these resolutions:

Ordinary Resolution

   * Proposed restricted issue of 12,500,000 new ordinary shares
     of MYR1.00 each in Sinora representing 12.50% of the
     existing issued and paid up share capital of Sinora to TSH
     Resources Berhad (TSH) at an issue price of MYR1.00 per
     restricted issue share.

That subject to the approval of all relevant authorities,
approval will be given to Sinora's directors to allot and issue
12,500,000 Restricted Issue Shares to TSH at an issue price of
MYR1.00 per Restricted Issue Share;

Moreover, the restricted issue shares will upon allotment and
issue, rank equally in all respects with the existing Sinora
shares, save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which precedes the date of allotment of the
Restricted Issue Shares;

That Sinora's directors will be empowered, authorized and
directed to do all such acts and things and take such steps,
execute such documents and enter into any arrangements and
agreements with any party or parties as they may deem fit,
necessary, expedient and/or appropriate in order to implement,
finalize and/or give effect to the Proposed Restricted Issue
with full powers to assent to any terms, modifications,
conditions, variations and/or amendments as may be agreed
to/required by the relevant regulatory authorities or as a
consequence of any such requirement or as may be deemed
necessary and/or expedient in the best interests of the company.

                   About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

                        *     *     *

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.


TECHVENTURE BERHAD: Receives Borang 16D Notice from Maybank
-----------------------------------------------------------
Malayan Banking Berhad has served a Borang 16D notice to
Techventure Bhd pursuant to S. 254 of the National Land Code on
Raya Ehsan Sdn Bhd (RESB), a wholly-owned subsidiary, on the
default in repayment of the loan owed by the company amounting
to MYR32,058,524 as claimed by Maybank as of May 31, 2008.

RESB is the owner of the land known as P.T. 336, HS(D) 2776,
Mukim Labu Daerah Sepang, Negeri Selangor which was charged to
Maybank as security of the loan from Maybank to the company.

The loan from Maybank is part of the total debts owed by
Techventure and its subsidiaries that are being restructured
under a proposed restructuring scheme submitted to the
Securities Commission,  whose decision is being awaited.

Techventure has referred the notice to its solicitors who are
considering the matter in consultation with the company and will
approach Maybank to resolve the matter.

                      About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
    emphasis on Techven's going concern status in the latest
    audited accounts for the financial year ended Dec. 31, 2005,
    and

-- there are defaults in payment by Techven and its major
    subsidiaries as announced pursuant to Practice Note
    No. 1 and Techven is unable to provide a solvency
    declaration to Bursa Malaysia Securities Berhad.



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

BUSINESS GROWTH: Shephard and Dunphy Appointed as Liquidators
-------------------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, Iain Bruce
Shephard and Christine Margaret Dunphy were appointed as
liquidators of  Business Growth & Protection Ltd on July 3,
2008.

Only creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

The liquidators can be reached at:

          Andrew Croad
          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


C CASTLE: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Wellington convened a hearing on July 14,
2008, to consider an application putting C Castle Limited into
liquidation.

The application was filed on May 28, 2008, by David Alan Green.

The plaintiff's address for service is at:

          Thomas Dewar Sziranyi Letts
          2nd Floor
          1 Margaret Street
          PO Box 31240
          Lower Hutt

D. G. Dewar is the plaintiff's solicitor.


CENTRAL SURF: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch held a hearing on July 21, 2008,
to consider an application putting Central Surf Limited into
liquidation.

The application was filed on June 6, 2008, by Hurley Australia
Pty Limited

The plaintiff's address for service is at:

          Craig Griffin & Lord
          187 Mt Eden Road
          Mt Eden, Auckland

C. N. Lord is the plaintiff's solicitor.


COUNTING ALWAYS: Shephard and Dunphy Appointed as Liquidators
-------------------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, Iain Bruce
Shephard and Christine Margaret Dunphy were appointed as
liquidators of Counting Always Limited fka Bean Counter
Accounting Limited on July 3, 2008.

Only creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

The liquidators can be reached at:

          Andrew Croad
          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


CREATING NAMES: Shephard and Dunphy Appointed as Liquidators
------------------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, Iain Bruce
Shephard and Christine Margaret Dunphy were appointed as
liquidators of Creating Names Limited fka Company Creations
Limited on July 3, 2008.

Only creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

The liquidators can be reached at:

          Andrew Croad
          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


DOMINION FINANCE: Financial Adviser Questions NZX Decision
----------------------------------------------------------
Fiona Robertson of The National Business Review reports that a
financial adviser, Murray Weatherston, is questioning the
stockmarket regulator’s decision to open up Dominion Finance’s
shares for trade, even though the company has not filed an
annual report.

According to the report, Mr. Weatherston said he thought the
stock should be suspended.

"I fail to see how they can be meeting continuous disclosure
requirements," Mr. Weatherston told the Business Review, adding
that there must be information that the company knew that
uninformed buyers and sellers wouldn’t know.

As reported in Troubled Company Reporter – Asia Pacific on
Aug. 6, 2008, the New Zealand Stock Exchange Regulation lifted
the suspension of Dominion Finance shares on Aug. 5, 2008.

NZXR suspended the trading of Dominion's shares after the
company failed to submit its annual report on the July 7, 2008,
deadline.

Since that time, NZXR said, it has been in discussion with the
company in relation to remedying that failure.  These
discussions are continuing.

NZXR said it believed that shareholders interests are best
served by enabling them to deal with their holdings if they wish
to do so.

                 About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board of Directors had become
concerned about the liquidity position of its two subsidiaries
-- Dominion Finance Group Limited and North South Finance
Limited -- and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The company is facing liquidity pressure from the impact of the
international credit crisis on the confidence of Dominion
Finance Group and North South Finance's investor base, and the
inability of the company's borrowing clients to refinance or
repay the debt facilities previously provided to those
borrowers.

The company's Board entered into discussions with bankers,
auditors, and Trustee's of DFG and NSFL respectively, with a
view to exploring the prospect of those two companies entering
into a Moratorium with their respective
debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to
debentureholders for a yet to be determined period of time with
a view to enabling those companies the opportunity to
restructure in order to alleviate the liquidity pressures and
ensure the maximum realization of investor's investment in DFG
and NSFL.


IN MAGAZINE: Wind-Up Petition Hearing Set for August 29
-------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 29, 2008,
at 10:45 a.m., to consider putting In Magazine Ltd into
liquidation.

The application was filed on May 12, 2008, by Geon Limited.

The plaintiff's address for service is at:

          Langley Twigg Solicitors
          66 West Quay
          Napier
          Facsimile: (06) 835 3712

P. D. Twigg is the plaintiff's solicitor.


JAMPAC HOLDINGS: Court Appointed Tubbs and Gower as Liquidators
---------------------------------------------------------------
The High Court has appointed Stephen John Tubbs, chartered
accountant, and Colin Anthony Gower, insolvency practitioner,
both of Christchurch,, as liquidators of  Jampac Holdings
Limited

Only Creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          BDO Spicers
          Level 6, Spicer House
          148 Victoria Street
          Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          Email: colin.prentice@chc.bdospicers.com


LANDFORM NZ: Court Appointed Crickton and Horne as Liquidators
--------------------------------------------------------------
The High Court has appointed David Donald Crichton and Keiran
Anne Horne, chartered accountants of Crichton Horne & Associates
Limited, as liquidators of Landform New Zealand Ltd.

Only Creditors who were able to file their proofs of debt by
July 30, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978
          Christchurch
          Telephone (03) 379 7929
          Website: www.cha.co.nz


SCOTT'S SHOT: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch convened a hearing on July 28,
2008, to consider an application putting Scott's Shot
Productions Limited into liquidation.

The application was filed on June 23, 2008, by the Chief
Executive of the Ministry of Fisheries.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069)
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff's solicitor.


STRATEGIC FINANCE: Suspends Redemptions
---------------------------------------
Strategic Finance disclosed that it has suspended redemptions of
its secured debenture stock and subordinated notes.  Strategic
Finance has also ceased accepting subscriptions for debenture
stock and subordinated notes under its current prospectus and
investment statement.

As reported in the Troubled Company Reporter – Asia Pacific on
July 18, 2008, a consortium consisting of Strategic Finance
Limited's original owners, senior management and BOS
International, part of the HBOS Australia group, has agreed
indicative non-binding terms with Allco HIT Limited, to buy
Strategic Investment Group Limited, the immediate parent of
Strategic Finance.

BOS International will have an initial 19.9% cornerstone
shareholding, with the ability to increase to 49% to reflect its
financial contribution to the consortium.  The original owners
and senior management will hold the balance of the shares in the
consortium.

The consortium team includes amongst others Graham Jackson,
Jock Hobbs and Marc Lindale who are all executive directors of
Strategic Finance as well as CEO Kerry Finnigan.

Mr. Finnigan said despite the difficulties facing the New
Zealand finance company sector, the proposed ownership change of
Strategic Finance should ensure its long-term future.

Key to the consortium acquisition is that BOS International will
also increase its existing wholesale facility in Strategic
Finance to NZ$150 million.  This further diversifies Strategic
Finance's reliance on debenture funding and the consortium's
intention is for Strategic Finance to look to offer new products
to the market.

The acquisition is subject to due diligence and entering into
binding legal agreements, which the consortium is looking to
complete by the end of the month.  The sale process may take up
to two months, and would require various shareholder consents
and regulatory approvals prior to the acquisition being
finalized.

In an update, Strategic Finance said that those negotiations
have been ongoing and the Board of Strategic Finance understands
that in addition to a change of ownership the transaction will
involve a capital restructure.  This will require consideration
by Strategic's securityholders of debenture stock, subordinated
notes and perpetual preference shares.

While the negotiations have been continuing there has been a
further material decline in the property finance market sector
and reinvestment rates, the company said.

                  About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.


SWEET SURRENDER: Placed Company Under Liquidation
-------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Sweet Surrender Merivale Limited resolved that
the company be liquidated and that Murray G. Allott, chartered
accountant of Christchurch, be appointed as liquidator.

Only Creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          Email: murray@profitco.co.nz


* NEW ZEALAND: Unemployment Rate Rises to 3.9% in June
------------------------------------------------------
In seasonally adjusted terms, the labour market remained strong
during the June 2008 quarter despite an increase in the number
of people unemployed, Statistics New Zealand said.

Employment and participation remain at high levels following the
growth seen in the labour market since early 2000.

After falling throughout 2007, the unemployment rate has
increased over the first two quarters of 2008.  The unemployment
rate increased by 0.2 percentage points to 3.9 percent over the
June 2008 quarter.  The male unemployment rate increased by 0.4
percentage points to 3.9 percent, while the female unemployment
rate increased by 0.1 percentage points to 4.0 percent.

Despite this, the number of people employed increased by 26,000
(1.2 percent) over the June 2008 quarter and is the second
highest level of employment ever recorded by the Household
Labour Force Survey.  This follows a fall in employment of 1.3
percent over the March 2008 quarter.

There have been some fluctuations in full-time employment
recently, with full-time employment increasing by 17,000 (1.0
percent) over the June 2008 quarter.  This was driven by an
increase in female full-time employment of 15,000, following a
decrease in female full-time employment of 23,000 over the March
2008 quarter.  Part-time employment increased by 8,000 (1.6
percent) over the June 2008 quarter.

The working-age population grew by 0.2 percent over the quarter.
This moderate growth coupled with the strong growth in the
labour force of 1.5 percent resulted in a labour force
participation rate increase of 0.9 percentage points, to 68.6
percent.  Both the male and female labour force participation
rates increased over the June 2008 quarter, to 75.4 percent and
62.1 percent, respectively.


* NEW ZEALAND: Economy in Recession, Treasury Says
--------------------------------------------------
New Zealand's economy probably contracted in the second quarter,
pushing the nation into its first recession in 10 years, Tracy
Withers of the Bloomberg News reports citing the Treasury
Department.

"Following recent data releases, we consider the economy
contracted in the June quarter, its second successive quarterly
decrease," the department said in a report cited by Bloomberg
News.

As appearing in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, the Treasury warned of a possible "technical
recession in the first half of 2008" as sharp slowing of growth
in early 2008 point to further weakness in the June 2008
quarter.

Two successive recordings of negative quarterly growth would
officially mean that the economy is in recession.

In a press release, the Treasury said the country's inflation is
currently high, but should eventually ease as a result of
continuing weak GDP growth, although international developments
will remain important.  With downside risks to growth and
inflation expected to ease from a peak in September, the Reserve
Bank cut the Official Cash Rate by 25 basis points to 8.0% on 24
July.

Annual CPI inflation increased to 4.0% in the June quarter, up
from 3.4% in the March quarter.  The CPI recorded a quarterly
increase of 1.6%, the largest increase since June 1990.  The
result was at the higher end of market expectations, and higher
than the Reserve Bank’s latest published forecasts and the
Treasury's Budget Update forecast.

The main contributors to higher inflation in the June quarter
were fuel and food.  Price increases in the transport and food
groups contributed 1.2 percentage points to CPI inflation in the
June quarter.  Tradable inflation was 2.3% in the June quarter
and 4.8% annually.  Fuel and food prices were the main
contributors to this elevated rate of tradable inflation.
Non-tradable inflation was 0.9% in the June quarter and 3.4%
annually.  The main contributor to non-tradable inflation in the
June quarter was the housing group, particularly electricity and
construction costs.  In the near term, construction cost
inflation should ease to reflect the current slowing in the
housing market. The slowing in the housing market was reflected
in some moderation in rent inflation to 0.7% in the quarter,
down from 1.2% in the March quarter.

Inflation is currently above the Reserve Bank’s medium term
target range of 1-3% on both non-tradable and tradable measures.
One-off increases in government subsidies lowered the prices of
doctors’ visits and early childhood education in mid-2007.  This
effect will drop out of the annual CPI inflation calculation in
the September quarter, resulting in higher annual inflation.
Higher food and fuel prices and a fall in the New Zealand dollar
also pose upside risks to inflation.  The Treasury said it
expect annual inflation to peak around 5% in the September
quarter.



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

* PHILIPPINES: S&P Predicts "Clouded" Outlook Over High Prices
--------------------------------------------------------------
Standard & Poor's has downscaled its growth forecast for
Philippines, saying that even if macroeconomic fundamentals
remain sound despite external pressures, the outlook is
"clouded" with concerns over high commodity prices, Business
World reports.

In an article, entitled: "Asia Credit Comment: Can It Stay Above
the Fray?" Business World cited S&P Head of Global Fixed Income
Research Group Diane Vazza as saying that, "the outlook for
regional credit markets is not cloudless, and to gloss over the
emerging risks would be inappropriate."

Business World further cited S&P as saying that the high prices
of oil and other commodities would push up import bills, and
this could weigh even further on growth prospects.

According to the report, S&P said that while the sharp rise in
the country's inflation was previously caused by supply
constraints, demand now adds to the pressure amid strong growth
in consumption from high-growth economies like China and India.

Business World notes  that S&P recently affirmed its rating of
"BB-" long-term foreign currency and issue level ratings, its
"BB+" long-term local currency rating, and its "B" short-term
foreign and local currency sovereign ratings on the country.
Its outlook remained "stable."



=================
S I N G A P O R E
=================

ABACUS DISTRIBUTION: Contributories to Meet on August 12
--------------------------------------------------------
The contributories of Abacus Distribution Systems Pte Ltd -- in
voluntary liquidation – will hold an extraordinary general
meeting on August 12, 2008, at 3:00 p.m. at the office of 6
Shenton Way, #32-00 DBS Building Tower Two, Singapore 068809.
At the meeting, the contributories will be asked to:

   -- approve Abacus International Holdings Ltd (AH)'s request
      to pay the sum of US$1,191,988.95, which is the
      reimbursement amount, to Abacus International Pte Ltd
      (AIPL) instead of to AH subject to AH and AIPL's provision
      of a Deed of Indemnity and Undertaking to the liquidators'

   -- acknowledge that since there is insufficient US Dollars in
      the company's account to pay the sum of US$1,191,988.95 to
      AIPL, the payment will be made in Singapore Dollars in the
      sum of SGD1,981,085.63 which is the Singapore Dollar
      equivalent at the rate of 1.6620, being the exchange rate
      on the date that payment had been made towards the
      company's tax liability by AIPL; and

   -- authorize Tam Chee Chong, the company's liquidator, to do
      all the things and execute all such documents, whenever
      required, from time to time as may be necessary in
      furtherance of the resolutions.


CHEONG YANG: Wind-Up Petition Hearing Set for August 15
-------------------------------------------------------
A petition to have Cheong Yang Building & Civil Engineering Pte
Ltd's operations wound up will be heard before the High Court of
Singapore on August 15, 2008, at 10:00 a.m.

Sembwaste Pte Ltd filed the petition against the company on
July 2, 2008.

Sembwaste's solicitors are:

          Messrs. Harry Elias Partnership
          9 Raffles Place #12-01
          Republic Plaza
          Singapore 048619


ITV PLC: S&P Cuts Long-Term Corp. Credit Rating to BB+ From BBB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on U.K.
private broadcaster ITV PLC to 'BB+' from 'BBB-'.  At the same
time, the short-term corporate credit rating was lowered to 'B'
from 'A-3'.  The outlook is stable.

S&P has assigned its 'BB+' senior unsecured debt rating and a
recovery rating of '4' to ITV's recent GBP110 million
loating-rate notes due 2013.  S&P also assigned a recovery
rating of '4' to ITV's senior unsecured EUR500 million notes due
2011, GBP250 million notes due 2017, GBP250 million notes due
2009, and GBP325 million notes due 2015.  The '4' recovery
ratings indicate S&P's expectation of average (30%-50%) recovery
for unsecured creditors in the event of a payment default.

"The downgrade follows the release of half-year 2008 results
indicating a further significant fall in EBITDA and a likely
weakening of the group's business in the second half of 2008,"
said S&P's credit analyst Michael O'Brien.  "This reflects a
lack of visibility beyond September 2008 and a weaker short-term
outlook, with an expected 3% drop for the TV advertising market
overall."

As a result, ITV has taken a noncash impairment charge to
broadcasting goodwill to reflect lower future returns, before
factoring in any regulatory changes that could provide increased
flexibility to control costs.  In addition, ITV revised parts of
its turnaround strategy revenue expectations for its Global
Content and Online divisions.

Over the first half of 2008, ITV maintained its strong market
performance in terms of viewing shares, but EBITDA including
exceptional operating losses dropped 20.5%, through a
combination of front-weighted program costs and a 1.2% drop in
broadcast revenues.  This, in addition to an increase in S&P's
pension adjustment to ITV's debt, has resulted in a notable
weakening of credit metrics. For the 12 months to June 30, 2008,
adjusted debt to EBITDA was a weaker 3.5x and funds-from-
operations to debt was 20.2%, compared with 2.9x and 27.3% for
full-year 2007.

ITV has announced a credit-supportive 50% cut in its interim
dividend to be paid in January 2009, while giving no guidance as
to subsequent dividends and maintaining its investment in
programming to support future market performance.

S&P expects that ITV will continue to pursue its turnaround
strategy to ensure the successful execution of those elements of
its business plans that are within the group's control.  This
relates particularly to the group's ability to control costs
with a view to offsetting the challenges presented by regulatory
constraints and tougher market conditions so that funds-from-
operations to debt does not materially drop below 20%.

Any material decrease in advertising revenues leading to a
significant deterioration of the group's revenues and financial
profile or any departure in financial policy, such as a more
aggressive acquisition or shareholder-friendly strategy, could
lead to lower ratings.

Ratings upside is limited in the prevailing regulatory
environment, but could be envisaged in the medium term if the
group manages to stabilize or grow share of commercial impacts
(SOCI) and advertising revenues in an environment of visible and
sustainable market recovery in which regulatory burdens are
eased, resulting in a significant and sustainable profitability
and leverage improvement from current levels.


GENLINK VENTURE: Creditors' Proofs of Debt Due on September 1
-------------------------------------------------------------
Genlink Venture Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 1,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Maria Lourdes Dela Rosa Tugnao
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


ORIENT TELECOMMUNICATIONS: Creditors' Meeting Set for August 12
---------------------------------------------------------------
Orient Telecommunications Networks Pte Ltd, which is in judicial
management, will hold a meeting for its creditors on August 12,
2008, at 6 Shenton Way, in #32-00 DBS Building Tower Two,
Singapore 068809.

At the meeting, the creditors asked to:

   * receive the update on the status of the Judicial
     Management;
   * discuss and decide on the recovery action for outstanding
     debts owed to the company;
   * consider and decide on the course of action to take in
     relation to various allegations and complaints that have
     been made against Lane Pendleton, a former employee of the
     company, including but not limited to:

   -- whether to wait for the outcome of CID's investigations
      against Lane Pendleton; and
   -- whether to commence legal action against Lane Pendleton
      for the return of a particular hard disk, and if so, to
      put forth and consider how the legal proceedings will be
      funded.

   -- put forth, consider and/or decide a proposal for the
      winding-up of the company; and

   -- consider any other matter(s) properly brought before the
      meeting.

The company's judicial manager is:

          Tam Chee Chong
          c/o Deloitte & Touche
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


PASIR PANJANG: Pays First and Final Dividend
--------------------------------------------
Pasir Panjang Industries Pte Ltd, which is in liquidation, paid
the first and final dividend to its creditors on August 5, 2008.

The company paid 100 percent to all admitted claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423



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

* S&P Says Eastern Europe, Middle East & Africa Face Challenges
---------------------------------------------------------------
In a published report titled, "After Strong Performance, Will
EEMEA Utilities Withstand The Coming Challenges?", Standard &
Poor's Ratings Services said that the overall rating performance
of utilities in Eastern Europe, Middle East, and Africa (EEMEA)
has been positive since October 2007.  The outlook for ratings
performance over the next one-two years is, however, clearly
less favorable.

"We have upgraded four issuers on the back of mergers and
acquisitions, parental support, and strong performance in 2007
-- and there have been no downgrades," said S&P's credit analyst
Eugene Korovin.

Three of the four upgrades were from speculative grade to
investment grade, so that now 14 out of the 23 utilities in
S&P's rated EEMEA portfolio have investment grade ratings of
'BBB-' or above.

Since October 2007, there have been several downward outlook
revisions and CreditWatch placements with negative implications,
which tilt the balance of rating outlooks to negative.  This
reflects the significant challenges faced by a number of
companies in S&P's portfolio, which may put pressure on the
ratings in the short to medium term.

Key challenges ahead include worsening macroeconomic
environments and increasing input cost inflation due to
significant increases in the cost of oil and gas, which in a
number of cases has not been passed through in end-user tariffs.
Government-led sector restructuring, which may be credit-
dilutive, increasing investments, and more difficult access to
liquidity resulting from ongoing credit crunch, will also test
many of the companies' mettle.

Although compared with other economic sectors, utilities are
relatively well positioned to withstand macroeconomic
challenges, sector-specific risks such as restructuring,
increasing investments to ensure secure energy supplies, and
mounting fuel costs that cannot be passed through in tariffs in
a timely manner may put some pressure on the sector's credit
quality.


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

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

AUSTRALIA

ALLSTATE EXPLORA                  ALX      19.48      -55.70
ARC EXPLORATION                   ARX      62.79      -15.89
AUSTAR UNITED                     AUN     525.79     -234.92
ANTARES ENERGY L                  AZZ      16.21       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.80      -50.24
FULCRUM EQUITY L                  FUL      40.08       -8.01
IRONCLAD MINING                   IFE      20.07       -0.12
INTELLECT HLDGS                   IHG      18.25      -15.49
KH FOODS LTD                      KHF      38.40       -6.79
KH FOODS LTD-PRF                  KHFPA    38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.87
METAL STORM LTD                   MST      16.48       -2.90
RESIDUAL ASSC-EE                  RAGXF   597.81     -127.07
TOOTH & CO LTD                    TTH     127.96      -90.23
VERTICON GROUP                    VGP      48.50       -2.67


CHINA

SHENZ SEG DASH-A                00000     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38     -244.53
AMOI ELECTRONICS               600057     414.93      -30.4 0
SUNTIME INTERN-A               600084     372.80      -50.59
SHANG WORLDBES-A               600094     327.98     -175.17
MIANYANG GAO-A                 600139      30.66      -12.44
HEBEI BAOSHUO CO               600155     313.38     -212.29
HUATONG TIANXI-A               600225      73.84      -41.14
TAIYUAN TIANLON                600234      12.69      -51.58
TIBET SUMMIT IND               600338      73.50      -16.42
CHONGQING CHANG                600369      98.87       -0.06
QINGHAI SUNSHI-A               600381      47.31      -49.66
WINOWNER GROUP C               600681      21.50      -81.28
HEBEI JINNIU C-A               600722     379.30       -2.89
SUNTEK TECHNOLOG               600728      44.69      -22.95
FUJIAN START-A                 600734     105.66      -14.34
TIANJIN MARINE                 600751      75.44      -26.60
TOPSUN SCIENCE-A               600771     232.68     -131.98
XIAMEN OVERSEAS                600870     433.19      -13.78
HUDA TECHNOLOG-A               600892      18.46       -1.90
NINGBO YIDONG-H                8249        86.83       -0.19
TIANJIN MARINE-B               900938      75.44      -26.60
SHANG WORLDBES-B               900940     327.98     -175.17
HISENSE ELEC-H                 921        604.98      -86.30


HONG KONG

SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
CHIA TAI ENTERPR                 121      316.11      -40.95
CHINA BEST GROUP                 370       55.54       -1.84
ASIA TELEMEDIA L                 376       16.97       -7.53
WELLING HOLDING                  382      303.95      -44.65
NEW CITY CHINA                   456      110.83       -6.78
PALADIN LTD                      495      167.43       -6.23
MAXX BIOSCIENCE                  512       25.48       -5.36
PALADIN LTD -PRE                 642      167.43       -6.23
CHINA HEALTHCARE                 673       25.44       -3.37
WAH SANG GAS                     8035      61.51     -106.48


INDIA

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                        ASHM     96.57      -42.59
BHAGHEERATHA ENG                  BGEL     22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                    BSAL    395.36      -41.25
CFL CAPITAL FIN                   CEATF    20.64      -48.88
CORE HEALTHCARE                   CPAR    185.36     -241.91
DIGJAM LTD                        DGJM     98.77      -14.62
DISH TV INDIA                     DITV    228.93       -9.08
ELQUE POLYESTERS                  ELQP     13.80      -25.63
FACOR ALLOYS LTD                  FACA     17.34       -1.39
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                  GCTY     15.97       -8.85
GUJARAT SIDHEE                    GSCL     59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                  HMFC    603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                   HPHT     95.12     -953.35
IFB INDS LTD                      IFBI     50.67      -65.49
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                   JCTE    117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                  JN       14.81      -81.79
KALYANPUR CEMENT                  KCEM     38.11      -48.48
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                     LYDM     76.63       -0.41
LLOYDS STEEL IND                  LYDS    392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI     123.63      -83.84
MILLENNIUM BEER                   MLB      38.26       -3.52
NATH PULP & PAP                   NPPM     11.60      -34.77
PAREKH PLATINUM                   PKPL     59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                  PTLE     54.29       -0.40
PANYAM CEMENTS                    PYC      30.24       -9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                  SILB     12.46      -19.96
SANDUR MANGANESE                  SMIO     32.57       -2.61
SPICE COMMUNICAT                  SPCM    263.69      -19.68
SIMPLEX REALTY                    SPLX     16.49       -0.44
SHREE RAMA MULTI                  SRMT     71.22      -29.91
USHA INDIA LTD                    USHA     12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                    VXLI     12.20       -0.62
WIRE AND WIRELES                  WNW     106.98      -23.62
YASHRAJ CONTAINE                  YRCT     17.49       -2.09


INDONESIA

PRIMARINDO ASIA                   BIMA     10.35      -20.51
BUKAKA TEKNIK UT                  BUKK     64.09      -99.37
DAYA SAKTI UNGGU                  DSUC     30.24       -6.93
ERATEX DJAJA                      ERTX     30.29       -1.65
JAKARTA KYOEI ST                  JKSW     29.85      -41.60
KARWELL INDONESI                  KARW     29.56       -2.03
KERAMIKA INDO AS                  KIAS     87.06     -202.18
MULIA INDUSTRIND                  MLIA    403.05     -444.83
POLYSINDO EKA PE                  POLY    585.34     -764.29
PANCA WIRATAMA                    PWSI     32.08      -33.33
STEADY SAFE TBK                   SAFE     16.61       -3.31
SURABAYA AGUNG                    SAIP    285.50      -73.67
TEXMACO JAYA TBK                  TEJA     42.85     -181.04
TEIJIN INDONESIA                  TFCO    259.68      -37.29
UNITEX TBK                        UNTX     16.9       -11.29


JAPAN

TSUCHIYA TWOBY                   1753      24.22       -2.24
LINK ONE                         2403      16.60       -3.12
NEXUS                            2799      25.44      -18.58
LINK CONSULTING                  4798      50.71      -10.14
YOZAN INC                        6830      28.63      -94.74
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21


MALAYSIA

CNLT FAR EAST                    CNLT      42.36       -6.34
FOREMOST HLDGS                   FMST      11.04       -0.11
HARVEST COURT                    HAR       10.68       -5.71
LITYAN HLDGS BHD                 LIT       23.33      -26.71
MANGIUM INDUSTRI                 MANG      14.36      -18.65
PUTERA CAP BHD                   PCAP      10.56       -4.70
PANGLOBAL BHD                    PGL      179.11     -170.79
SUNWAY INFRASTRU                 SIB      399.84      -10.80
TECHVENTURE BHD                  TECH      37.23      -11.29
WEMBLEY INDS                     WMY      125.94     -283.62
WONDERFUL WIRE                   WW        22.80       -2.47


PHILIPPINES

APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                   APXB     55.27       -1.97
BENGUET CORP-A                    BC       82.27      -32.34
BENGUET CORP 'B'                  BCB      82.27      -32.34
CENTRAL AZUC TAR                  CAT      35.74       -1.8 0
CYBER BAY CORP                    CYBR     14.85      -74.3 0
FIL ESTATE CORP                   FC       43.03      -10.93
FILSYN CORP A                     FYN      24.84      -11.37
FILSYN CORP. B                    FYNB     24.84      -11.37
GOTESCO LAND-A                    GO       18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95       -0.75
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                  POPI     99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                  UP       45.12      -13.48
UNITED PARAGON                    UPM      27.11      -36.05
UNIWIDE HOLDINGS                  UW       65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE

ADV SYSTEMS AUTO                  ASA      23.57       -8.97
CHUAN SOON HUAT                   CSH      41.94       -5.18
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                  HLGE    126.65       -9.03
INFORMATICS EDU                   INFO     29.27       -3.48
LINDETEVES-JACOB                  LJ      212.82      -71.25
L&M GROUP INV                     LNM      56.91      -10.59
PACIFIC CENTURY                   PAC      76.36       -9.38


SOUTH KOREA

FIRST FIRE & MAR                  000610 2,044.03   -1.78
ORICOM INC                        010470    82.65     -40.04
UNICK CORP                        011320    36.54      -4.45
STARMAX CO LTD                    017050    73.13      -5.54
DAISHIN INFO                      020180   740.50     -158.45
TONG YANG MAGIC                   023020   355.15  -25.77
FATOMENT                          025460    28.43     -13.92
NANO MINING CO L                  036270    18.22     -32.17
COSMOS PLC                        053170    19.31      -4.95
SEJI CO LTD                       053330    37.25      -0.31
MEDIACORP INC                     053890    53.31     -32.22
DAHUI CO LTD                      055250   186.00      -1.50
INNO METAL IZIRO                  070080    28.56      -0.33
SINJISOFT CORP                    078700    12.76     -21.01


TAIWAN

CHIEN TAI CEMENT                  1107     213.25      -8.62
DAHIN-ENTL CERT                   1320V    276.48    -230.27
PROTOP TECHNOLOG                  2410      55.69     -13.46
HELIX TECHNOL-EC                  2479S     29.01     -18.18
HELIX TECH-EC                     2479T     29.01     -18.18
HELIX TECH-EC IS                  2479U     29.01     -18.18
CHIEF CONST-ENT                   2522R    215.18     -21.15
CHIEF CONST-ENTL                  2522S    215.18     -21.15
CHIEF CONST-ENTL                  2522T    215.18     -21.15
OPTODISC TECHNOL                  3142      70.41    -139.97
UNICAP ELECT-EC                   5307R    133.88     -19.06
UNICAP ELECT-EC                   5307S    133.88     -19.06
UNICAP ELECT-ENT                  5307T    133.88     -19.06
PACCO TECH CO                     5501      16.01      -7.00
YEU TYAN MACHINE                  8702      39.57    -271.07


THAILAND

ABICO HOLDINGS                    ABICO    16.69       -9.85
ABICO HOLD-NVDR                   ABICO-R  16.69       -9.85
ABICO HLDGS-F                     ABICO/F  16.69       -9.85
BANGKOK RUBBER                    BRC      87.67      -76.10
BANGKOK RUB-NVDR                  BRC-R    87.67      -76.10
BANGKOK RUBBER-F                  BRC/F    87.67      -76.1 0
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STE-NVDR                  BSI-R   458.73     -136.44
BANGKOK STEEL-F                   BSI/F   458.73     -136.44
CIRCUIT ELEC PCL                  CIRKIT   61.30      -25.89
CIRCUIT ELE-NVDR                 IRKIT-RTB 61.30      -25.89
CIRCUIT ELEC-FRN                 CIRKIT/F  61.30      -25.89
CENTRAL PAPER IN                 CPICO TB   13.25     -241.78
CENTRAL PAPER-NV                 CPICO-R   13.25     -241.78
CENTRAL PAPER-F                  CPICO/F   13.25     -241.78
DATAMAT PCL                       DTM      12.69       -6.13
DATAMAT PCL-NVDR                  DTM-R    12.69       -6.13
DATAMAT PLC-F                     DTM/F    12.69       -6.13
ITV PCL                           ITV      42.10      -72.43
ITV PCL-NVDR                      ITV-R    42.10      -72.43
ITV PCL-FOREIGN                   ITV/F    42.10      -72.43
K-TECH CONSTRUCT                  KTECH    83.20       -5.69
K-TECH CONTRU-R                   KTECH-R  83.20       -5.69
K-TECH CONSTRUCT                  KTECH/F  83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KN-NVDR                 NPK-R    10.08       -2.03
NEW PLUS KNITT-F                  NPK/F    10.08       -2.03
PREMIER MARKET                    PM       41.96       -2.35
PREMIER MAR-NVDR                  PM-R     41.96       -2.35
PREMIER MARK-FOR                  PM/F     41.96       -2.35
KUANG PEI SAN                     POMPUI   18.78      -14.07
KUANG PEI-NVDR                  POMPUI-RTB 18.78      -14.07
KUANG PEI SAN-F                 POMPUI/F   18.78      -14.07
SAFARI WORLD PUB                SAFARI    113.06      -12.05
SAFARI WORL-NVDR               SAFARI-RTB 113.06      -12.05
SAFARI WORLD-FOR               SAFARI/F   113.06      -12.05
SIAM GEN FACTOR                  SGF       14.93      -18.64
SIAM GENERA-NVDR                 SGF-R     14.93      -18.64
SIAM GEN FACT-F                  SGF/F     14.93      -18.64
SIAM GENERAL-PFD                 SGF/P1    14.93      -18.64
SIAM GENERAL-PNV                SGF/P1-RTB 14.93      -18.64
SAHAMITR PRESSUR                 SMPC      27.26      -34.59
SAHAMITR PR-NVDR                SMPC-R     27.26      -34.59
SAHAMITR PRESS-F               SMPC/F      27.26      -34.59
TUNTEX THAILAND                 TUNTEX    249.51      -15.17
TUNTEX THAI-NVDR               TUNTEX-RTB 249.51      -15.17
TUNTEX THAILAN-F               TUNTEX/F   249.51      -15.17
UNIVERSAL STARCH                  USC     104.16      -34.15
UNIVERSAL S-NVDR                 USC-R    104.16      -34.15
UNIVERSAL STAR-F                 USC/F    104.16      -34.15





                         *********

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.  Marites M. Claro, 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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