TCRAP_Public/080819.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

           Tuesday, August 19, 2008, Vol. 11, No. 164

                            Headlines

A U S T R A L I A

APT INVESTMENTS: Members and Creditors to Meet on August 26
BABCOCK & BROWN: To Sell Tamar Valley Plant for AU$100 Million
CONPOREC: Obtains CCAA Protection, Closes Sorel-Tracy Facility
COVE POINT: Members Opt to Liquidate Business
HAWKESBURY SPORTING: Members' Final Meeting Set for August 25

INTEGRITY ENTERPRISES: Joint Meeting Slated for August 25
KINGS CREEK: To Declare Dividend on August 27
MALAXOS PTY: Supreme Court Enters Wind-Up Order
PRODUCT AIRCONDITIONING: To Declare Dividend on August 22
SINO GOLD: Posts AU$1.6 Million Net Loss for First Half 2008

TALUFA PTY: Liquidator to Present Wind-Up Report August 29
VAILDYE PTY: Liquidator to Give Wind-Up Report on August 27
WEST EPPING: Members' Final Meeting Slated for August 25


C H I N A

CHINA EASTERN: HSBS Maintains "Sell" Rating for Company
TCL CORP: Divests 10% Stake in Joint Venture With Toshiba
* CHINA: Real Estate Loans Drop 2 Percentage Points in 1H


H O N G K O N G

CARLZEN INVESTMENT: Members' Meeting Set for September 10
FELIX TSANG: Members' Annual & Final Meeting Set for September 9
FORD GLOSS: Court to Hear Wind-Up Petition on September 3
HIGH LUCK: Wind-Up Petition Hearing Set for September 3
HONG KONG DIAMOND: Subject to Sendtide's Wind-Up Petition

HUA YANG: Contributories to Meet on August 21
ING OPERATIONAL: Members' Final Meeting Slated for September 17
KENLEX TECHNOLOGY: Creditors' Meeting Set for August 27
LONG WINNER: Creditors Set to Meet on September 1
VERTIGO HK: Wind-Up Petition Hearing Set for September 17

* HONG KONG: Economy Shrinks Amid Slow Export & Low Local Demand


I N D I A

CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
* CRISIL: New Fertilizer Policy to Boost Investments in Urea
* CRISIL: Equity, Debt Fund Returns Turn Northward in July
* INDIA: Rising Loan Defaults in US Boost Indian Outsourcing


I N D O N E S I A

BANK TABUNGAN: Postpones IDR1 Tril. Bond Issuance on Weak Market


J A P A N

MITSUBISHI MATERIALS: To Spend JPY3BB to Boost U.S. Cement Ops.
URBAN CO: S&P Says Bankruptcy Filing May Affect 6 Japanese CMBS
ZEPHYR CO: Hires 2 Provisional Auditors to Replace Ernst & Young


K O R E A

KOREAN AIR: 2nd Quarter Net Loss Widens to KRW288.9 Billion
LONE STAR: To Shut Down Korean Operations Soon


M A L A Y S I A

OLYMPIA INDUSTRIES: Unit to Buy 7.5% Interest in SDSB


N E W  Z E A L A N D

ALEX SPA: Wind-Up Petition Hearing Set for August 20
COLOUR BREATHING: Proofs of Debt Due on August 22
EASY CLEAN: Liquidators Set August 21 as Claims Bar Date
HANOVER FINANCE: Owners to Fund Recovery Plan
PROJECT CONSULTING: Proofs of Debt Due on August 27

PROUSE & ASSOCIATES: Liquidators Set Aug. 19 as Claims Bar Date
R & K COMMERCIAL:  Wind-Up Petition Hearing Set for August 20
STOA PROPERTIES: Proofs of Debt Due on August 26
TE MANA: Liquidators Set August 21 as Claims Bar Date
THE STICKY: Wind-Up Petition Hearing Set for August 22

TORINO HOLDINGS: Liquidators Set Aug. 21 as Claims Bar Date
* NEW ZEALAND: Service Sector Activity Improves in July


P H I L I P P I N E S

NIHAO MINERAL: Ratifies Agreement With Geograce & Jiangxi


X X X X X X X X

* CITIGROUP INC: Reorganizes Asian Units by Geography & Product
* BOND PRICING: For the Week August 11 - August 15, 2008


                         - - - - -


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

APT INVESTMENTS: Members and Creditors to Meet on August 26
-----------------------------------------------------------
APT Investments Pty Ltd will hold a joint meeting for its
members and creditors at 9:45 a.m. on Aug. 26, 2008.  During the
meeting, the company's liquidator, Mervyn J. Kitay at WHK
Horwath, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Mervyn J. Kitay
          WHK Horwath
          Level 6, 256 St Georges Terrace
          Perth WA 6000
          Australia
          Telephone: +61 8 9481 1448


BABCOCK & BROWN: To Sell Tamar Valley Plant for AU$100 Million
--------------------------------------------------------------
Babcock & Brown Power Fund said it has signed a binding Heads of
Agreement for the sale of the Tamar Valley Power Station project
to the State of Tasmania for AU$100 million cash proceeds.  BBP
expects to realise a loss in FY08 of approximately AU$42 million
in relation to this sale as detailed below.

                                               $m
                                           ----------
   Construction costs to date                (223)
   Tamar sale proceeds                        100
   Release of a related provision              81
   ------------------------------          ----------
   Net Loss                                  (42)

Len Gill, BBP Chairman said "The successful sale of Tamar
follows the successful sales of Uranquinty and Ecogen.  Over the
last six weeks, BBP has reduced net debt by over AU$770 million
through asset sales, strengthening the balance sheet."

"The sale of Tamar represents a significant de-risking for the
BBP business.  Coupled with extension of the BBPH facility, BBP
has achieved a key step towards stabilisation of BBP debt and
balance sheet improvement.  Going forward, the appointment of
UBS to undertake a strategic review of BBP will enable
consideration of all further options to maximise value for
securityholders."

Key points:

   * Construction costs to date of approximately
     AU$223 million, including capitalised interest
     and amounts spent by Alinta prior to the
     acquisition by BBP.

   * Cash proceeds of AU$100 million.  The net proceeds
     from the sale will be deployed to pay down existing
     BBP Limited debt facilities applied against the
     Tamar project in line with BBP's commitment to
     progressively reduce gearing.

   * As part of the Alinta acquisition, BBP recognised a
     provision of AU$81 million in relation to Tamar which
     can now be released in full.

   * BBP will no longer have the requirement to fund the
     remaining AU$241 million budgeted development costs.

   * The sale is contingent on several conditions precedent,
     including ACCC approvals and Royal Assent of authorising
     legislation.

   * BBP will continue to fund the project on a fully
     reimbursable basis until these conditions are
     approved and will continue to provide project
     management resources until construction is complete.

   * The expected AU$42 million loss will be included in
     the FY08 financial accounts as a write-down of the
     carrying value of the construction project.  The
     write-down is in addition to the impairment
     write-downs detailed below.

   * BBP may receive an additional incentive payment upon
     successful delivery of the project which is currently
     on-time and budget for delivery in August 2009.

                     FY08 EBITDA Guidance
                       and Impairment

As disclosed to the Australian Stock Exchange on June 19, 2008,
BBP reiterates previous guidance for FY08 EBITDA to be in the
range of AU$330 million to AU$340 million.  This guidance is
before set up costs and transition costs associated with the
Alinta transaction, impairment and non cash charges (notably
Redbank derivative adjustment).

In accordance with AASB 136 Impairment of Assets, BBP has
undertaken a rigorous and comprehensive analysis for any
impairment of its indefinite life intangible assets and
goodwill.  There have been no material changes to the underlying
cash flows used since acquisition.  However, the deterioration
in the credit environment post the acquisition of the Alinta
assets has led to changes in the debt and equity capital markets
resulting in an increase in the weighted average cost of capital
applied for valuation and therefore impairment testing purposes.

As a result, the FY08 result will reflect a non-cash impairment
charge of AU$410 million to reduce the carrying value of the
goodwill associated with the acquisition of the Alinta retail
business.  The total impairment charge taking into consideration
the Alinta retail business and the writedown of the Tamar
construction costs is expected to be AU$452 million.

No other cash generating units were found to be impaired at
June 30, 2008.

                    Debt Facilities Update

BBP's outstanding drawn debt facilities, post the sale of Tamar
are expected to be approximately AU$3.7 billion as detailed
below:

   ---------------------------------------------------------
   Debt drawn post Tamar sale           AU$m       Maturity
   ---------------------------------------------------------
   Project level                        790       2014-2024
   BBPF                               2,445       2011-2013
   BBPH                                 116       Mar-2009
   Babcock & Brown (BNB)
   - Facility                           190       Jan-2010
   - Kwinana facilities (construction)   95       Dec-2008
   - Tamar facilities (construction)     51       Mar-2009
                                       -----
   Subtotal BNB drawn facilities        336
   -------------------------------------------------------
   Total debt drawn post Tamar sale   3,687
   -------------------------------------------------------

   -------------------------------------------------------
   BNB facilities                      AU$m       Maturity
   -------------------------------------------------------
   Subtotal BNB drawn facilities        336
   (refer above)
   Neerabup LC (construction)            44       Dec-2009
   -------------------------------------------------------
   Total BNB facilities                 380
   -------------------------------------------------------

BBP anticipates the BBPH facility will be extinguished through
cash reserves and planned asset sales prior to March 2009.
Following this repayment, BBP's debt facilities will be reduced
to project level debt, the BBPF facility and the then remaining
Babcock & Brown Limited facilities.

The current effective interest rate on BBP's overall debt
incorporating BBPF, BBPH, project level facilities and BNB loans
is approximately 8.8%.

                     BBPH Facility Extension

BBP has obtained bank approval from the existing lenders in the
BBPH facility to extend the maturity of the facility from
Aug. 31, 2008 to March 31, 2009.  Following the post FY08 sales
of the Uranquinty and Ecogen power stations, the facility
commitments were reduced from AU$360 million to AU$122 million
and with cancellation of undrawn commitments has recently been
further reduced to AU$116 million.

BBP intends to repay the extended BBPH facility prior to the
next distribution payment date through use of a combination of
existing cash balances, which are expected to reduce the
facilities to below AU$90 million, and proceeds from planned
asset sales and operating cashflow.  Provisions within the
renewed facility require such repayment in priority to payment
of future distributions to BBP securityholders.

                          BNB Facilities

Following the sale of Tamar, the BNB facilities (excluding any
outstanding fees) will total approximately AU$380 million, of
which AU$190 million represents construction related facilities.
Subsequent to the repayment of the BBPH facility as outlined
above, BBP's debt facilities are expected to be reduced to
project level debt, the BBPF facility and the then remaining BNB
facilities.

                     UBS Appointment as Adviser
                        to BBP Board

The BBP Board is finalising the appointment of UBS to undertake
a full strategic review including advice on optimal capital
structure and options to achieve this which maximise value for
securityholders.  UBS will consider various expressions of
interest that have been received from third parties, as well as
other value enhancing structural alternatives.

As part of this process the distribution policy is under review
and the Board expects to provide further clarification and
guidance following the outcome of this review over the next few
months.

BBP's Independent Directors and BNB are also finalising the
establishment of a number of protocols which will apply to BNB
in relation to the strategic review to ensure that in the event
any conflicts of interest arise, they are appropriately managed
in the best interests of BBP securityholders.

                Shares Drop on Charges for Sale

Babcock & Brown Power fell to a record low in Sydney trading
after saying it will take AU$452 million (US$393 million) of
charges on a retailing unit and the sale of a plant, Angela
Macdonald-Smith of the Bloomberg News reports.

According to the report, Babcock & Brown Power dropped as much
as 52 percent to 20.5 cents, the largest-ever decline.  The
shares, which have fallen from AU$2.02 three months ago, were at
30 cents at 12:06 p.m. local time, cutting the company's market
value to about AU$218 million from AU$1.5 billion in May,

              About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --  is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.

                          *     *     *

Babcock & Brown Power Fund said it will not make a distribution
for the six month period ending June 30, 2008, amongst a range
of capital initiatives it is investigating to strengthen its
balance sheet, which include refinancing of BBP Holdings Pty
Ltd's corporate facility of up to AU$360 million.


CONPOREC: Obtains CCAA Protection, Closes Sorel-Tracy Facility
--------------------------------------------------------------
Conporec Inc. requested and obtained an initial court ordinance
under the terms of the Companies' Creditors Arrangement Act.
Until this initial 30 days period or until any other delay
decided by the Court, this ordinance affects the Canadian
activities of Conporec but not its subsidiary companies Conporec
SAS (France) and Conporec PTY (Australia).

The board of directors of Conporec, of which all the members
remain in position, estimates that obtaining such an ordinance
and the possible deposit of a Plan of Arrangement to the
creditors are the only solutions to regain a viable financial
health.  Ernst &Young has been appointed as controller.  In
addition to the CCAA statutory responsibilities, Ernst & Young
will also assist the management of Conporec to develop a Plan of
Arrangement that could be acceptable for the creditors and to
define the financial restructuring plan of the company.

In addition, Conporec received notification from Hera Holdings
SA about their intention not to pursue the contemplated private
placement under the disclosed terms and conditions and for which
the closing date was planned July 31, 2008.  Conporec and Hera
Holdings SA study other ways to team up in the development of
projects.  Consequently, Conporec definitively withdraws its
intention to conclude a private placement according to the
beforehand disclosed terms.

Consequently of the review of its operations under the terms of
the LACC, Conporec also disclosed the temporary shut down of its
Sorel-Tracy municipal solid waste facility.  The resumption of
the activities will be function of a new contractual agreement
with the customers of this installation.  However, Conporec
continues its source separated organics composting activities at
the La Prade Environmental Park, and also all of its engineering
and construction activities, in particular for the Tournan-en-
Brie plant (France) and for the Mindarie Regional Council plant
(Australia).

In order to support the financial restructuring of Conporec, an
arm's length subscriber has the intention to subscribe to a
C$1.5 million mortgage.  This mortgage is conditional to a due
diligence and a negotiation between the parties, which have to
be completed within the next fifteen days.  Conporec will
disclose the name of the aforementioned subscriber at the end of
this period and will also disclose any new information about the
current situation of the company.

                        About Conporec Inc.

Headquartered in Quebec, Canada, Conporec Inc. (CA:CNX)
(ALTERNEXT: ALCNX) -- http://www.conporec.com/-- specializes in
the treatment and recovery of household waste and organic
materials.  Conporec offers municipalities an alternative
solution to landfill use.  The sorting composting technology
developed by Conporec allows its clients to recover more than
70% of waste that would otherwise be sent to landfills.  In
addition, through its Biomax solutions, the company also offers
its clients organic waste recovery solutions.


COVE POINT: Members Opt to Liquidate Business
---------------------------------------------
Cove Point Investments Pty Ltd's members agreed on June 27,
2008, to voluntarily liquidate the company's business.
Bruce Cowell was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Bruce Cowell
          Cowell Watts
          Chartered Accountants
          70 Crown Street
          Sydney NSW 2001
          Australia


HAWKESBURY SPORTING: Members' Final Meeting Set for August 25
-------------------------------------------------------------
G. G. Woodgate, Hawkesbury Sporting Club's appointed estate
liquidator, will meet with the company's members on Aug. 25,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          G. G. Woodgate
          Woodgate & Co.
          Telephone: (02) 9233 6088
          Facsimile: (02) 9233 1616


INTEGRITY ENTERPRISES: Joint Meeting Slated for August 25
---------------------------------------------------------
Integrity Enterprises International Pty Ltd will hold a joint
meeting for its members and creditors at 11:00 a.m. on Aug. 25,
2008.  During the meeting, the company's liquidator,
Ezio Senatore at SBR Insolvency & Reconstruction, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Ezio senatore
          SBR Insolvency & Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia


KINGS CREEK: To Declare Dividend on August 27
---------------------------------------------
Kings Creek Winery Pty Ltd will declare dividend on Aug. 27,
2008.

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

The company's liquidator is:

          C. P. White
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne VIC 3000
          Australia


MALAXOS PTY: Supreme Court Enters Wind-Up Order
-----------------------------------------------
On June 27, 2008, the Supreme Court of New South Wales entered
an order to have Malaxos Pty. Limited's operations wound up.
Frank Lo Pilato was appointed as liquidator.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2611
          Australia
          Telephone: (02) 6247 5988


PRODUCT AIRCONDITIONING: To Declare Dividend on August 22
---------------------------------------------------------
Product Airconditioning Pty Limited will declare dividend on
Aug. 22, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 15, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          M. E. Slaven
          Kazar Slaven
          Telephone: (02) 6286 1310


SINO GOLD: Posts AU$1.6 Million Net Loss for First Half 2008
------------------------------------------------------------
Sino Gold Mining Limited has disclosed the following financial
results for the first half of 2008:

-- Net loss after tax of AU$1.6 million (including hedging nd
   income tax expense of AU$5.9 million).  The company's entire
   gold hedge book was closed out during the period.

-- Record 93,874 ounces of gold and 7,323 gold-equivalent ounces
   sold.

-- Record revenue of AU$100.2 million.

-- Mine operating earnings of AU$31.9 million.

-- Profit before hedging and tax of AU$20.6 million.

-- Cash flow generated from operating activity of AU$19.4
   million.

-- The Jinfeng Gold Mine produced 66,388 ounces at an average
   cash operating cost of US$416/ounce.

-- BioGold produced 23,342 ounces of gold at a net tolling
   profit margin of approximately US$50/ounce.

-- The Group's controlled Ore Reserves and Mineral Resources
   increased to a total of 4.8 million ounces and 8.2 million
    ounces, respectively.

-- Development of the White Mountain Gold Mine is on schedule
   for first gold to be poured in late 2008.

-- Feasibility and permitting of the Beyinhar Project progressed
   on schedule to enable a project development decision in late
   2008.

-- Sino Gold's ownership of the high-grade Eastern Dragon Lode 5
   gold-silver deposit was increased to 80% and work has
   commenced towards enabling this quality project to be fast
   tracked into development.

-- Strong gold price outlook and Sino Gold is now completely
   unhedged.

                 Chief Executive's Report

The results for the six months ended June 30, 2008 represent a
turning point in Sino Gold's history.  After years of hard work,
the rewards of developing one of China's largest gold mines are
reflected in the company's financial statements for the first
time.  In addition, the results include the BioGold processing
plant in Shandong which was acquired in December 2007.

This progress places Sino Gold in an extremely good position to
continue to captilise on the opportunity presented by China's
rapidly growing gold industry.  China is now the world's largest
gold producing country and Sino Gold is the largest foreign gold
company in China.

                   Close-out of Hedge Book

In early June 2008, Sino Gold completed the close out of all of
the Company's gold forward sales contracts.  Following this
transaction, Sino Gold has total exposure to rising gold prices
and the company does not anticipate putting in place any further
gold hedging.

The close-out cost of AU$125 million was capitalised on the
Balance Sheet in a hedge reserve account under Equity.  Hedge
accounting requires that this cost is amortised in accordance
with original hedge designation dates.

During the half year, hedging losses of AU$11.0 million were
realised prior to the close
out of the hedge book and a further AU$5.3 million was amortised
through the hedge reserve account following close out of the
hedge book.

                   Financial Results

Revenue reached a record of AU$100.2 million through the sale of
70,532 ounces of gold from Jinfeng Gold Mine and 23,342 ounces
of gold and 7,323 gold-equivlent ounces from the BioGold
Processing Facility. Mine operating earnings of AU$31.9 million
were achieved.

A profit before hedging and tax of AU$20.6 million was realised.
After adjusting for hedging charges (as required under the
accounting standards) totalling AU$16.4 million and a tax charge
of AU$5.9 million, the net loss after tax was AU$1.6 million.

This includes a non-cash charge of AU$1.1 million for the write
off of exploration expenditure in Shandong Province and AU$3.2
million relating to share options being amortised.

Net cash flows from operating activities were AU$19.4 million. A
total of AU$129.2 million was absorbed by investment and
acquisition activites, primarily relating to the construction of
White Mountain, the construction of the underground mine at
Jinfeng and the acquisition of Eastern Dragon.

Sino Gold's Balance Sheet is very strong with net assets of
AU$654.9 million, including available cash of AU$81.3 million
and AU$36.4 million Jinfeng project debt.

                Operations and Development

Jinfeng is now one of China's largest gold mines as gold
production continued to ramp-up during the half year.  Gold
production for the half year was 66,388 ounces at an average
cash operating costs of US$416/ounce.  In June, cash operating
costs fell below US$400/ounce for the first time to
US$395/ounce.

The processing plant is performing well with all areas now close
to achieving design production levels.  Higher grade and
additional grinding capacity are planned to increase gold
production during the second half of 2008.  Gold production is
forecast to increase further in 2009 as the underground mine
ramps up production of higher grade ore.

Sino Gold acquired the BioGold Facility in late 2007, which
purchases gold concentrates and produces refined gold.  Since
acquiring the operation, Sino Gold has implemented a number of
significant strategic changes that simplify and reduce the risks
of the operation.

For the six months ended June 30, 2008, BioGold realised an
average sales price of US$915/ounce of gold and a net tolling
profit margin of approximately US$50/ounce for the 23,342 ounces
of gold sold.

Development of the White Mountain Gold Mine in Jilin Province is
on schedule for the first gold pour in late 2008.  White
Mountain has a current mine life of at least 10 years at planned
average production rates of 65,000 ounces per annum with
production in 2009 likely to be lower than average as the
operation ramps up to design production.


The Beyinhar and Eastern Dragon Projects are both advanced
projects that are being progressed towards becoming Sino Gold's
next gold mines.

Beyinhar is being advanced towards a project development
decision in late 2008.   Current expectations are that a 2.5
million tonne per annum, heap-leach operation could commence
production in the northern hemisphere spring of 2010.

The high-grade Eastern Dragon Lode 5 gold-silver deposit has
potential to produce gold at very low cost.  During the half
year, Sino Gold increased its ownership to 80% and commenced
field work and permitting.

Eastern Dragon is an important part of Sino Gold's growth
strategy and is an asset that has the potential to be developed
into a long-term, high-quality mine.

                    Reserves and Resources

During the half year, the Group's controlled Ore Reserves and
Mineral Resources increased to a total of 4.8 million ounces and
8.2 million ounces, respectively.

Jinfeng's Ore Reserves and Mineral Resources increased 11% to
3.5 million ounces and 16% to 5.3 million ounces, respectively.
Jinfeng is an outstanding orebody that will provide the platform
for the company's continued growth.

White Mountain's Ore Reserves and Mineral Resources increased
81% to 0.8 million ounces and 92% to 1.2 million ounces,
respectively.  Significant potential remains for further
increases, particularly to the northeast and at depth.

In March 2008, Sino Gold announced an initial Ore Reserve
estimate for Beyinhar of 0.5 million ounces.  At Eastern Dragon,
Sino Gold has commenced the field work required to verify the
Company's near-term conceptual exploration target which is to
convert the Chinese resource by the end of 2008 to a JORC Code
categorised resource of approximately 600,000 to 800,000 ounces
of contained gold potentially in the range of 2.3 to 2.9 million
tonnes with grades of 7g/t to 8g/t gold and 70g/t to 75g/t
silver.

Sino Gold's very substantial drilling programs over the course
of 2008 are aimed at further increasing identified reserves and
resources, as well as discovering the next orebody.

                          Outlook

Sino Gold's strategy is to continue to grow its portfolio of
quality assets and capitalise on its leading position in China's
gold industry.

The company's approach is to develop gold mines in a manner
which provides longterm benefits to all stakeholders and
optimises the returns from the gold resources.  Sino Gold's
management of safety, the environment and community
relationships continues at very high standards and we recognize
that our continuing performance in these areas is crucial to our
long-term success in China.

Sino Gold is poised to report growing and strong operating
profits as Jinfeng's gold production continues to increase and
White Mountain commences gold production.  Beyinhar and Eastern
Dragon are likely to provide further growth in gold production
over the coming two to three years.

Sino Gold's technical skills, financial strength and ability to
rapidly progress projects has led to the Company being viewed as
a partner of choice regarding opportunities in China.

Aimed at discovering very large gold deposits, our 50/50
strategic alliance with Gold Fields Limited (world's fourth
largest gold company) is another value-creating initiative of
the company.

With the largest gold exploration program in China and a very
strong balance sheet, Sino Gold is very well placed to create
value for shareholders.  The gold price outlook remains strong
and Sino Gold's shareholders will fully benefit from an
increasing gold price as the Company is now completely unhedged.

                      About Sino Gold

Sino Gold Mining Limited -- http://www.sinogold.com.au-- is an
Australia-based company.  The principal activities of the
Company are mining and processing of gold ore, and sale of
recovered gold, and exploration and development of mining
properties.  The company mined 692,000 tons of ore through open-
cut mining during the year ended December 31, 2007.  At
December 31, 2007, Sino had acquired a 94% interest in Golden
China Resources Corporation.  The operation in Jinfeng Mine
achieved commercial production on September 1, 2007.  A total of
449,000 tons of ore were treated during 2007, with an overall
recovery of 71.9% producing 56,981 ounces of recovered gold.  In
2007, 43,483 ounces of gold were sold.  As of December 31, 2007
the 230 meter of underground development was achieved in White
Mountain.  Compulsory acquisition of Gold China Resource
Corporation was completed on January 16, 2008.

                      *     *      *

The company had incurred  a net loss of AU$23.5 million for year
ended December 31, 2007, slightly higher from the $20.1 million
loss it incurred the year before.


TALUFA PTY: Liquidator to Present Wind-Up Report August 29
----------------------------------------------------------
John Crouch, Talufa Pty Limited's appointed estate liquidator,
will meet with the company's members on Aug. 29, 2008, at
12:30 p.m. to provide them with property disposal and winding-up
reports.  The meeting will be held at at Suite 105 Level 1, 100
William Street in Sydney.

The liquidator can be reached at:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001
          Australia


VAILDYE PTY: Liquidator to Give Wind-Up Report on August 27
-----------------------------------------------------------
Atle Crowe-Maxwell, Vaildye Limited's appointed estate
liquidator, will meet with the company's members on Aug. 27,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Atle Crowe-Maxwell
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia


WEST EPPING: Members' Final Meeting Slated for August 25
--------------------------------------------------------
G. G. Woodgate, West Epping Bowling and Recreation Club
Limited's appointed estate liquidator, will meet with the
company's members on Aug. 25, 2008, at 10:30 a.m. to provide
them with property disposal and winding-up reports.

The liquidator can be reached at:

          G. G. Woodgate
          Woodgate & Co.
          Telephone: (02) 9233 6088
          Facsimile: (02) 9233 1616



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

CHINA EASTERN: HSBS Maintains "Sell" Rating for Company
-------------------------------------------------------
HSBS has kept its "sell" rating for China Eastern Airlines
Corporation Limited, and also lowered its target H-share price
from HK$2 to 0.5 Hong Kong dollars, Xinhua News reports.

The bank, the report relates, noted that the share price of
China Eastern had premium over stocks of the same industry in
the past year mainly due to the expectation for acquisition by
Singapore Airlines (SIA) and Temasek.

On August 12, 2008, the Troubled Company Reporter - Asia
Pacific, citing Bloomberg News, reported that China Eastern
Airlines agreement to sell a stake to Singapore Airlines Ltd.
has expired.

That TCR-AP report said that rumors had spread that China
Eastern Airlines would revive talks of a possible stake sale by
the airline to Singapore Airlines, even though China Eastern's
shareholders had previously rejected the deal.

A TCR-AP report on January 10, 2008, said that nearly 78% of
China Eastern shareholders disapproved a bid by Singapore
Airlines and Temasek Holding Pte Limited to buy a minority stake
in China Eastern after rival Air China and its parent, China
National Aviation Corp., pledged a higher offer.  However, on
Feb. 25, China Eastern rejected Air China's proposal and pledged
to instead continue seeking another strategic investor.

According to Xinhua News, without capital injection, the
airlines' net debt/shareholders equity ratio will be over
3,000%.

HSBS noted that there is small possibility for China Eastern to
bring in strategic investors in short-term, and it may need the
government to help out, which is expected to be a long and
complicated course, the report says.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

As of August 5, 2008, China Eastern continues to carry Fitch
Ratings' B+ foreign currency and local currency issuer default
ratings, and Xinhua Far East China Ratings' BB+ issuer credit
rating with a stable outlook.


TCL CORP: Divests 10% Stake in Joint Venture With Toshiba
---------------------------------------------------------
TCL Corporation has divested a 10% stake in its joint venture to
Toshiba Corp's wholly owned subsidiary, Toshiba Home Appliance
Corp, which owned a 90% stake in the joint venture, at a price
of approximately JPY200 million (US$1.8 million), Reuters
reports.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication .

                        *     *     *

The company still carries Xinhua Far East China Ratings 's
"BB" domestic currency issuer credit rating.  The ratings
outlook remains negative.


* CHINA: Real Estate Loans Drop 2 Percentage Points in 1H
---------------------------------------------------------
Loans held by Chinese bankers to real estate developers and
housing buyers increased 22.5% year-on-year to CNY5.2 trillion,
a growth rate that is two percentage points lower than the same
period last year, Xinhua News reports, citing the People's Bank
of China.

The central bank, the report relates, said the growth rate
represented a decline for seven consecutive months since last
December.

According to the report, loans to real estate development stood
at CNY1.9 trillion by June, up 17.7% year on year.  The growth
rate was eight percentage points lower than the same period last
year, the report says.

The country's lenders, Xinhua notes, granted CNY3.3 trillion to
housing buyers by June, up 25.6 percent year on year.  The
growth rate was 1.8 percentage points higher than the same
period last year.

People's Bank of China told the news agency that real estate
developers and housing buyers received CNY398.84 billion in
loans between January and June, which was CNY170.66 billion less
than the same period last year.

The country's real estate developers sold out about 260 millions
quare meters houses in the first six months, and the sales value
totaled 1CNY trillion, representing an decrease of 7.2% and 3.0%
over the same period last year, respectively, the report adds.



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

CARLZEN INVESTMENT: Members' Meeting Set for September 10
---------------------------------------------------------
A final meeting will be held for the members of Carlzen
Investment & Development Company Limited on September 10, 2008,
at 11:00 a.m. at 1301 Eton Tower, 8 Hysan Avenue, in Causeway
Bay, Hong Kong.

At the meeting, Lin Lai Har, Wendy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FELIX TSANG: Members' Annual & Final Meeting Set for September 9
----------------------------------------------------------------
The members of Felix Tsang & Partners Limited will hold their
annual and final meeting on September 9, 2008, at 1:00 p.m., at
the 19th Floor of Nan Dao Commercial Building, 359-361 Queen's
Road Central, in Sheung Wan, Hong Kong.

At the meeting, Wong Che Man, Eddy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORD GLOSS: Court to Hear Wind-Up Petition on September 3
---------------------------------------------------------
A petition to have Ford Gloss Limited's operations wound up will
be heard before the High Court of Hong Kong on September 3,
2008, at 9:30 a.m.

The High Court of the Hong Kong Special Administrative Region
filed the petition on April 29, 2008.


HIGH LUCK: Wind-Up Petition Hearing Set for September 3
-------------------------------------------------------
A petition to have High Luck Development Limited's operations
wound up will be heard before the High Court of Hong Kong on
September 3, 2008, at 9:30 a.m.

Wah Sun Hong Limited filed the petition against the company on
June 30, 2008.

Wah Sun's solicitors are:

         Michael Pang & Co.
         Wing On Cheong Building, 10th Floor
         5 Wing Lok Street, Central
         Hong Kong


HONG KONG DIAMOND: Subject to Sendtide's Wind-Up Petition
---------------------------------------------------------
On July 29, 2008, Sendtide Investments Limited filed a petition
to have Hong Kong Diamond Ind. Group Co., Limited's operations
wound up.

The petition will be heard before the High Court of Hong Kong on
October 8, 2008, at 9:30 a.m.

Sendtide's solicitors are:

          Messrs. Tung, Ng, Tse & Heung
          CMA Building, 26th Floor
          64 Connaught Road Central
          Hong Kong


HUA YANG: Contributories to Meet on August 21
---------------------------------------------
The contributories of Hua Yang Printing Holdings Co., Limited
will meet on August 21, 2008, at 10:00 a.m.

At the meeting, the contributories will be asked to:

   -- determine the liquidators be appointed subject to the
      approval of the court; and
   -- determine whether or not an application shall be made to
      the court for the appointment of a committee of inspection
      to act with the liquidator.

The company's liquidators are:

          Edward Middleton
          Patrick Cowley
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


ING OPERATIONAL: Members' Final Meeting Slated for September 17
---------------------------------------------------------------
The members of ING Operational Services (Taiwan) Limited will
meet on September 17, 2008, at 10:00 a.m., at the 39th Floor of
One International Finance Centre, 1 Harbour View Street in
Central, Hong Kong.

At the meeting, Barthold Jakob Duco Egressy, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


KENLEX TECHNOLOGY: Creditors' Meeting Set for August 27
-------------------------------------------------------
The creditors of Kenlex Technology Limited will meet on Aug. 27,
2008, at 2:30 p.m., for the purposes mentioned in Sections 241,
242, 243, 244, 251, 255A(2) and 283 of the Companies Ordinance.

The meeting will be held at Unit A, 14th Floor of JCG Building,
16 Mongkok Road, Mongkok in Kowloon, Hong Kong.


LONG WINNER: Creditors Set to Meet on September 1
-------------------------------------------------
The creditors of Long Winner Trading Limited will meet on
September 1, 2008, at 10:10 a.m., at Room 603, 9 Chong Yip
Stret, Ngau Tau Kok, in Kowloon, Hong Kong.

At the meeting, the creditors will be asked to:

   -- to consider the Statement of Affairs;
   -- appoint liquidator; and
   -- consider further matters relevant to creditors' voluntary
      wind-up


VERTIGO HK: Wind-Up Petition Hearing Set for September 17
---------------------------------------------------------
The High Court of Hong Kong will hear on September 17, 2008, a
petition to have Vertigo HK Limited's operations wound up.

Polarline (China) Outdoor Advertising Limited filed the petition
against the company on July 14, 2008.

Polarline's solicitors are:

          Messrs. Wong, Hui & Co.
          Wai Fung Plaza, 5th Floor
          664 Nathan Road, Mongkok
          Kowloon
          Telephone: 23910565
          Facsimile: 27893555


* HONG KONG: Economy Shrinks Amid Slow Export & Low Local Demand
----------------------------------------------------------------
Hong Kong's economy has shrunk for the first time in five years
as it falls victim to slowing exports and weaker domestic
demand, Leanne Wang and Robin Kwong of the Financial Times
report.

The contraction, the report relates, follows negative growth
data this week from Japan and Singapore, underlining how Asia's
export-driven economies are affected by the US slowdown.

According to the report, Hong Kong's gross domestic product
decreased by a seasonally adjusted 1.4% between April and June
compared with the previous quarter.

On a year-on-year basis, however, the economy grew 4.2%, in the
second quarter.  This was below a forecast 5.6% and compared
unfavorably with 7.3% growth in the first quarter.

Hong Kong, which relies heavily on financial services and
exports, was hurt by slowing US and European demand for goods
and turbulent global financial markets, the Times says.

Sherman Chan, an economist at Moody's, said the latest figures
were disappointing. "Growth momentum had shown few signs of
easing, so the quarter-on-quarter contraction came as a complete
shock," she told the Times.

K.C. Kwok, a government economist, said the economy was still
expected to grow between 4 and 5% this year, but warned: "The
external environment facing Hong Kong will become increasingly
challenging . . . The macroeconomic adjustment measures in the
mainland [China] economy also need to be watched closely," the
Times notes.

Mr. Kwok told the news agency that domestic spending, which had
supported economic growth in earlier quarters, also decelerated.
"The stock market correction, rising inflation and dimmer global
economic prospects probably dented consumer sentiments," he said

According to the Times, Li Kui-wai, an economics professor at
City University of Hong Kong, expressed concern that a further
weakening of the US dollar against the Chinese currency would
exacerbate pressure on Hong Kong's exports, closely tied to
factories on mainland China.  "If the economic development of
mainland China slows down, Hong Kong's economy will also be
hurt," Mr. Li said.

Inflation, a growing concern for Hong Kong, continued to rise
despite the economy's contraction, the report adds.



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

CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
------------------------------------------------------------
Mahindra & Mahindra Limited said the company was in dialogue
with Chrysler LLC after the US auto company accused it of design
infringement, The Times of India reports.

According to the report, Mr. Anand Mahindra, Managing Director
and Vice Chairman, Mahindra & Mahindra, insisted there was "no
infringement" on the part of the Mahindras, though the companies
were sorting out an issue related to the design of Mahindra
Scorpio's front grill design.

"We have some issues with Chrysler over the grill design of
Scorpio, but we are confident that there is absolutely no
infringement of any intellectual property," Mahindra was cited
by The Times of India as saying, adding that "dialogue is on to
resolve the issue."

The Economic Times relates that Chrysler alleges M&M copied the
design from its automobile marquee, Jeep.

According to the Economic Times, when M&M founders, brothers JC
Mahindra and KC Mahindra, started out in 1945 just after the
war, they began by assembling completely knocked-down (CKD)
Willys Jeeps imported from the US.  Chrysler pointed out that
until 1994, M&M could use the word, Jeep, but after 1994, it
belonged only to Chrysler.

Auto experts, the Economic Times says, indicate that M&M will
have to redesign the grill, as the US auto maker Chrysler is
keen to make its presence in emerging markets like India and
China.

There is even speculation that Chrysler could initiate legal
action against the Indian utility vehicle major, The Times of
India adds.

The Hindu Business Line also reports that sources familiar with
the issue indicated that there was no question of legal battle
over the design dispute although there were a few e-mail
correspondence between Mahindra and Chrysler at the middle
management level.

A Chrysler official, when contacted by the Economic Times,
declined to comment.

                About Mahindra & Mahindra Limited

Headquartered in Mumbai, India, Mahindra & Mahindra Limited
manufactures a range of automotive vehicles, agricultural
tractors, implements and industrial engines, and is also engaged
in dealing in property development/construction activities.  Its
farm equipment sector designs, develops, manufactures and
markets tractors for Indian and overseas markets.  Its
automotive sector makes a range of vehicles, including multi-
utility vehicles (MUVs), light commercial vehicles (LCVs) and
three wheelers.  During the fiscal year ended March 31, 2007,
the Company produced 1,44,090 vehicles, which included MUVs,
cars and LCVs, including 8,811 LCVs produced for Mahindra
International Limited, a subsidiary of the Company and 614 cars
produced for Mahindra Renault Private Limited, another
subsidiary of the Company, and 34,892 three wheelers.  In April
2008, it launched the After Market Sector, comprising of various
business units, including Mahindra First Choice Services Ltd.,
Mahindra First Choice Ltd. and Mahindra Spares Business.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to
result in more costly subvention payments and other forms of
sales incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to
access this market on an economic basis over the near term,
given the steep drop in residual values, higher default rates,
higher loss severity being experienced and jittery capital
market.


* CRISIL: New Fertilizer Policy to Boost Investments in Urea
------------------------------------------------------------
The investments policy for urea, announced recently, will boost
investments in the sector form private players.

The Policy indicates the normative price of urea at 85 percent
of the Import Parity Price (IPP), subject to a floor price of
US$425 per tonne respectively for urea produced from the new
capacities going forward.  Currently, urea trades at over US$700
per tonne in the international markets, which is significant
premium over the cap price suggested by this policy.

The profitability of the sector is determined by the
availability of natural gas, which is a key input and the end-
prices of urea.

CRISIL Research believes that gas availability will not be a
constraint for new urea capacities, post December 2008 following
the commencement of gas supply from the KG basis and estimates
that the long-term pricing of domestic gas will be between US$7-
9 per mmbtu, adjusting for the declining availability of APM
gas.

Historically, urea prices averages US$190 per tonne in the last
10 years, and US$273 in the last 5 years.  On CRISIL Research's
outlook on urea prices, Mr. Sudhir Nair, Head, CRISIL Research
explained: “We have observed a strong correlation between crude
oil and urea prices.  According to CRISIL Research, crude oil
prices are expected to decline sharply to around US$84 per
barrel by 2012.  Urea prices too are expected to decline to
around US$400 per tonne – a level closer to the ceiling price
fixed by the New Fertilizer Policy.”

He further added, “At these estimates of urea and natural gas
prices, players investing into expansion/modernization/new
capacities of urea can expect to earn about 15-18 percentas
returns on equity, thus making the sector an attractive
investment opportunity.  We believe therefore that the new
investment policy will augur well for the sector.”

A boost in capacity additions will also reduce India's import
dependence on urea leading to a savings in subsidy for the
government.  In 2007-08, India imported about 9 million tones of
urea, which at current prices works out to a subsidy outflow of
Rs275 billion (US$6.42 billion).


* CRISIL: Equity, Debt Fund Returns Turn Northward in July
----------------------------------------------------------
All CRISIL Mutual Fund indices with the exception of the CRISIL
MF-Gilt index posted positive returns in July 2008.  The CRISL
Fund-eX (which tracks diversified equity funds) with returns of
5.40 percent in July was in line with the benchmark of S&P CNX
Nifty which ended the month at 7.24 percent over the earlier
month.

The hybrid CRISIL Fund-bX (which tracks balance funds) was up by
3.76 percent, which the CRISIL MIPEX, (benchmark for monthly
income plans) which has a lower equity component, posted returns
of 0.97 percent.  Among pure debt indices, the CRISIL Fund-dX
(which tracks Long-Term Bond Funds) ended 0.43 percent up while
the CRISIL STBEX (benchmark for Short-Term Bond Funds) gave
monthly returns of 0.29 percent while the CRISIL-LX Index ended
up by 0.71 percent.  The CRISIL MF-Gilt Index however gave
negative returns of 0.15 percent.

                 Banking Sector Funds – The Top
           Performers in the Equity Mutual Fund Space

According to Mr. Khrisnan Sitaraman, Head, CRISIL FundServices,
“In the equity category, banking sector funds performed well
with relief rallies in banking stocks driven by valuations
becoming attractive after a prolonged southward movement.”
Reliance Banking Fund posted 13 percent returns for the month
ended July 2008 followed by the UTI Thematic – Banking Sector
Fund with 11.50 percent gains and JM Financial Services Sector
Fund with 10.12 percent returns.

There were six diversified equity oriented schemes which gave
over 10 percent returns during the 1-month ended July 31, 2008.
Of these, the top four schemes belonged to LIC Mutual Fund,
viz., LICMF Growth Fund (12.3 percent returns), LICMF Equity
Fund (11.47 percent returns), LICMF Infrastructure Fund (11.29
percent returns) and LICMF Opportunities Fund (10.8 percent
returns).

              Reliance Industries – The Most Popular
                  Scrip Among Equity Fund Managers

Over a 3-month time frame, Reliance Industries Ltd continued to
be the most popular stock among fund managers of diversified
equity schemes followed by ICICI Bank Ltd and Bharti
Televentures Ltd.  Among industries, the banking sector
continued to be the most popular industry followed by Computers
– Software, Electrical Equipment and Pharmaceuticals.

                    Mutual Fund's Average AUM
                         Witness a Drop

The Indian mutual fund industry's average assets under
management fell for the second consecutive month in July to
RS5.31 trillion from Rs5.66 trillion in June 2008 (including
fund of funds).  The decline by over 6 percent in mutual fund
assets can be attributed to redemptions due to volatile equity
markets, tightness in money market, an unfavourable inflation
outlook as well as on prospects of interest rates moving
northwards after RBI hiked repo rates by a higher-than-expected
50 bps to 9 percent and raised bank's CRR (cash reserve ratio)
by 25 bps to 9 percent in its latest quarterly monetary policy
review.

There will be eight fund houses which saw a rise in their
average AUM.  In percentage terms, Canara Robeco Mutual Fund saw
the highest increase in its average AUM to Rs45.76 billion in
July from Rs39.33 billion in June, up almost 16 percent,
followed by JP Morgan Mutual Fund, average AUM up 15 percent
over the month.


* INDIA: Rising Loan Defaults in US Boost Indian Outsourcing
------------------------------------------------------------
The Financial Times reports that the declining fortunes of the
consumer in the US, and increasingly the UK, are proving to be a
boon for India's outsourcing industry, with some leading
operators gearing up to increase the size of their debt
collection and recovery units.

According to the report, Bloomberg data showed that loans on
which repayments were more than 30 days late increased five
basis points to 4.03 per cent, after falling for two months as
hard-hit consumers used tax rebates to try to reduce their
debts.

The FT says the worst affected issuer in June was American
Express, with loans overdue by 30 days rising 16 basis points to
3.21 per cent.  Market research conducted by the company and
released last month showed that 22 per cent of consumer credit
managers who responded to a survey reported increased write-offs
in the past 12 months, the FT adds.

The FT relates that Firstsource, an Indian business process
outsourcing company that handles credit recovery for most of the
top five US banks and half the top 10 credit card issuers, said
it was increasing staff numbers to win business from growing
credit card defaults in both national markets.

"There is more demand for that service. If I could add 100
people today, overnight, I would do it," said Ananda Mukerji,
Firstsource chief executive, in an interview with the Financial
Times.  Overdue accounts at the six large US credit card issuers
increased in June on the back of rising unemployment, food and
fuel prices, the Times says.



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

BANK TABUNGAN: Postpones IDR1 Tril. Bond Issuance on Weak Market
----------------------------------------------------------------
PT Bank Tabungan Negara (Persero) decided to postponed the
issuance of its 13th bond series worth IDR1 trillion for an
unspecified time due to unfavorable market conditions, Antara
News reports.

On February Feb 27, 2008, the Troubled Company Reporter - Asia
Pacific, citing Reuters, reported that Bank Tabungan planned to
raise IDR1 trillion through bond issuance this year to expand
lending, aimed to extend IDR10.4 trillion worth of loans this
year, from IDR8 trillion of loans in 2007.

"It is difficult for the company to issue bonds in the present
situation.  But we will keep on evaluating market conditions,"
Antara cited BTN President Director Iqbal Latanro as saying.
The bond market was at present undergoing pressures due to high
inflation and bank interest rates so that it would be hard for
BTN bonds to compete with state debentures, he added.

BTN Treasury Director Saut Pardede said the bank was already
fully ready for the issuance of its 13th series of bonds, with
underwriters, board of trustees and legal counsels already
prepared, the report relates.

According to the report, the company had appointed PT Danareksa
Securitas, PT Mandiri Sekuritas and PY Trimegah Securitas, as
underwriters.

"What remained to be done was to carry out the plan.  But it was
later decided that it had to be postponed based on suggestions
from local and foreign market analysts as well as on unfavorable
conditions," Mr. Pardede was quoted by Antara as saying.

                    About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                        *     *     *

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Tabungan Negara.

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook.



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

MITSUBISHI MATERIALS: To Spend JPY3BB to Boost U.S. Cement Ops.
---------------------------------------------------------------
Mitsubishi Materials Corp. is spending some JPY3 billion
(US$27.4 million) to expand cement storage facilities in the
United States as part of efforts to bolster its cement business
there, Asia Pulse News reports.

The company, the report relates, will build new cement storage
and loading facilities adjacent to the Long Beach, California,
cement receiving facility managed by group member Mitsubishi
Cement Corp.  The new facilities could be in operation as early
as the start of 2010 and will raise U.S. shipping capacity 30%,
the report says.

According to the report, the U.S. storage facilities procure
cement from Mitsubishi Materials' Chinese production sites as
well as from local manufacturers in China, Thailand and Taiwan.

Although U.S. cement demand is slumping due to the economic
problems sparked by the subprime mortgage crisis, the company
expects demand growth in the medium term as the population in
the U. S. increases, the report says.

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

                          *     *     *

The company continues to carry Standard & Poor's Ratings
Services 'BB+' long-term corporate credit rating and Mikuni
Credit ratings' BB Mortgage and Senior Dent Ratings.


URBAN CO: S&P Says Bankruptcy Filing May Affect 6 Japanese CMBS
---------------------------------------------------------------
Standard & Poor's Ratings Services said that six loans related
to failed real estate company Urban Corp. (not rated) are
involved in Japanese CMBS transactions rated by S&P, based on
information provided by servicers.  On Aug. 13, 2008, Urban
filed with the Tokyo District Court for protection under the
Civil Rehabilitation Law.  The filing was accepted by the court
on the same day, and a preservation order was issued.  As
detailed information on the non-recourse loans backing CMBS
transactions is not normally disclosed, this release is intended
to outline the potential exposure of Japanese CMBS transactions
to Urban's bankruptcy filing.

Based on information from servicers, Urban itself is not
directly involved in any of the six loans.  An affiliate of
Urban is the sponsor and asset manager for three of the loans
(three borrowers, two transactions), and also acts as asset
manager for the remaining three loans (two borrowers, two
transactions).  The total outstanding balance of the six loans
is approximately JPY12.43 billion.  The affiliate has not filed
for bankruptcy protection along with the parent.

S&P will examine the impact of the Urban bankruptcy filing on
rated CMBS transactions based on information to be provided by
the servicers.

For more information on the impact of credit risks on Japanese
CMBS transactions, refer to the report "Impact Of Asset Manager
And Sponsor Credit Risks On Japanese CMBS Transactions"
published on April 9, 2008.


ZEPHYR CO: Hires 2 Provisional Auditors to Replace Ernst & Young
----------------------------------------------------------------
Zephyr Co. Limited has appointed two provisional certified
public accountant, effective August 7, 2008, Reuters reports.

According to the report, this is due to the resignation of Ernst
& Young ShinNihon as its corporate auditor due to the company's
filing for civil rehabilitation procedures.

Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based
real estate company.  The company has four business segments.
The Real Estate Property Sale segment is engaged in the
planning, development and sale of condominiums and detached
housing.  The Real Estate Liquidation segment sells investment
real estate properties.  The Construction Management (CM)
segment is engaged in the construction business, utilizing CM
method, and the planning and construction of commercial
buildings.  Through its subsidiaries, the Others segment is
involved in the general management of condominiums and buildings
for leasing, as well as the sale, leasing, and the provision of
agency businesses of real estate properties. Headquartered in
Tokyo, the company has 19 subsidiaries and five associated
companies.

                        *     *     *

On July 23, 2008, the Troubled Company Reporter - Asia Pacific,
citing Nikkie News, reported that Zephyr Co. filed for
bankruptcy protection with the Tokyo District Court, with debts
totaling JPY94.9 billion (US$890.45 million).  The company
defaulted on the JPY20 billion in straight bonds it offered
publicly to institutional investors.

As reported by the Troubled Company Reporter - Asia Pacific on
July 22, 2008, JCR downgraded the ratings on senior debts
and bonds of Zephyr Co. from B+ to D and from B to D.



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

KOREAN AIR: 2nd Quarter Net Loss Widens to KRW288.9 Billion
-----------------------------------------------------------
Korean Air Lines Co. Ltd.'s net loss for the second quarter 2008
widened to KRW288.9 billion from KRW214.4 billion in the second
quarter 2007 amid soaring fuel prices and a weaker won.

During the second quarter, Korean Air said fuel expenses
increased 79.4% as the Korean won fell against the U.S. dollar.

For the year ended June 30, 2008, the airline's net loss grew
more than six times to KRW614.4 billion from KRW83.6 billion in
the previous year.

Meanwhile, operating revenues for the current quarter period
increased 17.5% to KRW2,476.3 billion compared to KRW2,107.3
billion in the same period last year.

Operating revenues for the year ended June 30, 2008, increased
14.6% to KRW4,741.0 billion from KRW4,138.2 billion in FY 2007.
International Passenger revenue grew 16.5% while cargo revenue
grew 28.4%.

As of June 30, 2008, Korean Air had total assets KRW15,685,007
million, total liabilities of KRW11,944,840 million and total
shareholder's equity of KRW3,740,168 million.

Korean Air said its plan to reduce capacity will spill some
revenues and volume, however, the improvement in yield is to
flow through the bottom line.  It expects cargo market will grow
3% but cargo yield will be able to maintain the current
growth rate because of increased prices and fuel surcharges.

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.


LONE STAR: To Shut Down Korean Operations Soon
----------------------------------------------
KBS News reports that the U.S.-based equity firm Lone Star is
preparing to suspend operations in Korea.

According to KBS News, financial authorities said that Hudson
Advisor Korea, Lone Star's subsidiary in charge of asset
management, sold most of its assets, including nonperforming
loans and real estate.

Moreover, the report says, Hudson Advisor Korea's number of
employees dropped to five from some 150 during its heyday.  Lone
Star Korea, another subsidiary of the Texas-based private equity
fund, also made major cuts to its staff, the report notes.

KBS News relates that a major asset of the equity fund, Korea
Exchange Bank (KEB), was expected to be taken over by the
British banking giant HSBC Holdings sometime in September or
October, pending the results of a trial on alleged stock price
rigging in Lone Star's takeover of KEB in 2003.

An expert projects Lone Star is likely to liquidate all its
assets in the country and leave as soon as the KEB sale has been
completed, KBS News says.



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

OLYMPIA INDUSTRIES: Unit to Buy 7.5% Interest in SDSB
-----------------------------------------------------
On August 15, 2008, Olympia Development Sdn Bhd, a wholly owned
subsidiary of Olympia Industries Berhad, entered into an
agreement with Tengku Hajjah Shahariah binte Sultan Haji Ahmad
Shah to purchase the 7.5% equity interest representing 750,000
ordinary shares of MYR1.00 each in Sierra Development Sdn Bhd
(SDSB) from Tengku Shahariah for a total purchase consideration
of MYR1.95 million.

The purchase consideration was arrived at on a willing seller
and willing buyer basis after taking into consideration the fair
value of the assets of SDSB.

With the acquisition, the equity interest of Olympia Development
in SDSB has increased from 80% to 87.5%.

Consequently, ODSB has on even date entered into an Agreement
with its former shareholders in SDSB namely: Tengku Shahariah
and Tengku Tan Sri Hajjah Meriam binte Sultan Haji Ahmad Shah to
mutually terminate the joint venture agreement dated Nov. 21,
1995, between the parties as the intended objectives of SDSB to
develop the lands located in Mukim Triang, Daerah Bera, Negeri
Pahang have not been realized.

The transactions are not expected to have any material financial
effect on the earnings and net assets per share of the OIB Group
for the financial year ending June 30, 2009.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad -- http://www.oib.com.my-- is an investment holding
company that provides management services to its subsidiaries.
The Company, through its subsidiaries, is engaged in property
development and management; organizing, managing numbers
forecast pools and public lotteries; paint spraying of aluminum,
other metal products and related architectural products; civil,
building construction works, construction of storage tanks and
engineering; stock broking and other financial services; food
and beverage business; maintaining and operating Internet-based
transaction facilities and services; servicing of oil and gas
pipelines, and operation of travel agencies. In October 2006,
the Company increased its interest in Jupiter Securities Sdn Bhd
from 60.06% to 70.57%.

                          *     *     *

The company is currently operating pursuant to a restructuring
scheme.

As reported by the Troubled Company Reporter-Asia Pacific on
August 6, 2008, MARC affirmed its BB- rating of Olympia
Industries Berhad's (OIB) MYR137,124,246 nominal value
Redeemable Unsecured Loan Stocks (RULS).  The rating outlook is
stable.



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

ALEX SPA: Wind-Up Petition Hearing Set for August 20
----------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 20, 2008,
at 10:00 a.m., to consider putting Alex Spa Limited into
liquidation.

The application was filed on  July 2, 2008, by Capital
Commercial Limited (trading as Bayleys).

The plaintiff's address for service is at:

          Collins & May Law Office
          4th Floor
          44 Queens Drive
          PO Box 30614
          Lower Hutt
          Telephone: (04) 566 5775

Eugene Jeffery Collins is the plaintiff's solicitor.


COLOUR BREATHING: Proofs of Debt Due on August 22
-------------------------------------------------
In accordance with Section 341 of the Companies Act 1993, the
shareholders of Colour Breathing New Zealand Ltd resolved that
the company be liquidated and that Peri Micaela Finnigan and
Victoria Toon, chartered accountants of Auckland, be appointed
as liquidators.

The liquidators set Aug. 22, 2008, as the last day for creditors
to file their proofs of debt.

The company's liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street
          Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: www.mvp.co.nz


EASY CLEAN: Liquidators Set August 21 as Claims Bar Date
--------------------------------------------------------
The High Court has appointed David Donald Crichton and
Keiran Anne Horne, chartered accountants of Crichton Horne &
Associates Limited, as liquidators of Easy Clean Systems Ltd.

Creditors are required to file their proofs of debt by Aug. 21,
2008, to be 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
          Christchurch
          Telephone: (03) 379 7929


HANOVER FINANCE: Owners to Fund Recovery Plan
---------------------------------------------
Hanover Finance Limited's owners Eric Watson and Mark Hotchin
will pump tens of millions of dollars into a Hanover Finance
recovery plan, the Stuff.co.nz reports citing chairman Greg
Muir.

According to the report, Mr. Muir said a recovery plan was
currently before trustees that should be unveiled to investors
in the next three to four weeks.

Investors would likely meet at the end of September or early
October to consider the plan, the report relates.

The owners had NZ$50 million of capital at risk in the business
and the plan "will have tens of millions of dollars more from
them supporting the business as we go through the recovery
plan," Mr. Muir was quoted by the report as saying.

Mr. Muir, the report says, reiterated that the intention was to
get every cent "we possibly can" back for investors but he would
not put a figure on it.

The plan was designed to restore liquidity, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 24, 2008, Hanover Finance said it would suspend acceptance
of new investments and repayment of existing deposits as it
worked with trustees on a plan to restructure the business
going forward.

Hanover Finance, which continues to meet its Trust Deed
obligations and has ongoing financial capacity to trade, said it
is acting early to preserve value in the business as market
conditions continue to deteriorate and uncertainty mounts over
borrowers abilities to repay as forecast.

The Hanover Finance book comprises approximately 13,000
investors with NZ$465 million in debentures.  United Finance has
around 2,400 investors with NZ$65 million in debentures.  And
Hanover Capital, offering secured preferential bonds, has around
1,100 investors with NZ$24 million worth of bonds.

                         About HFL

HFL is NZ's third-largest privately-owned finance company with
total assets of NZD796 million at 31 December 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                        *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 5, 2008, Fitch Ratings downgraded Hanover Finance'
Long-term foreign currency Issuer Default Rating to 'C' from
'BB+', Short-term foreign currency IDR to 'C' from 'B',
Individual rating to 'E' from 'C/D' and simultaneously placed
them on Rating Watch Negative.  At the same time, Fitch affirmed
HFL's Support rating at '5' and the Support Rating Floor at
'NF'.


PROJECT CONSULTING: Proofs of Debt Due on August 27
---------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Project Consulting & Management Ltd. resolved
that the company be liquidated and that Craig Andrew Young and
Raymond Gordon Burgess, be appointed as liquidators.

The liquidators set Aug. 27, 2008, as the last day for creditors
to file their proofs of debt.

The company's liquidators can be reached at:

          Restructuring Services Limited
          PO Box 87340
          Meadowbank
          Auckland
          Telephone: (09) 525 7236
          Facsimile: (09) 528 9521


PROUSE & ASSOCIATES: Liquidators Set Aug. 19 as Claims Bar Date
---------------------------------------------------------------
The High Court at Wellington has appointed David Stuart Vance
and Barry Phillip Jordan, chartered accountants, as liquidators
of Prouse & Associates Ltd.

Creditors have until today, Aug. 19, 2008, to file their proofs
of debt, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Logan Nicholls
          Deloitte
          Levels 11-16, Deloitte House
          10 Brandon Street
          Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


R & K COMMERCIAL:  Wind-Up Petition Hearing Set for August 20
-------------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 20, 2008,
at 10:00 a.m., to consider putting
R & K Commercial Ltd into liquidation.

The application was filed on  July 2, 2008, by the Commissioner
of Inland Revenue

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue (PO Box 33150)
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff's solicitor.


STOA PROPERTIES: Proofs of Debt Due on August 26
------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Stoa Properties Ltd. resolved that the company
be liquidated and that Andrew Marchel Oorschot, be appointed as
liquidator.

The liquidators set Aug. 26, 2008, as the last day for creditors
to file their proofs of debt.


Creditors and shareholders may direct their inquiries to:

          Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042
          Christchurch
          Telephone: (03) 366 7154)


TE MANA: Liquidators Set August 21 as Claims Bar Date
-----------------------------------------------------
The High Court has appointed David Donald Crichton and
Keiran Anne Horne, chartered accountants of Crichton Horne &
Associates Limited, as liquidators of Te Mana o Wairua Ltd.

Creditors are required to file their proofs of debt by Aug. 21,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Sue Fletcher
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          Christchurch
          Telephone: (03) 379 7929


THE STICKY: Wind-Up Petition Hearing Set for August 22
------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 22, 2008,
at 10:00 a.m., to consider putting The Sticky Sign Company
Limited into liquidation.

The application was filed on  May 12, 2008, by Capital
Commercial Limited (trading as Bayleys).

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue (PO Box 33150)
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116


TORINO HOLDINGS: Liquidators Set Aug. 21 as Claims Bar Date
-----------------------------------------------------------
The High Court has appointed David Donald Crichton and
Keiran Anne Horne, chartered accountants of Crichton Horne &
Associates Limited, as liquidators of Easy Clean Systems Ltd.

Creditors are required to file their proofs of debt by Aug. 21,
2008, to be 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


* NEW ZEALAND: Service Sector Activity Improves in July
-------------------------------------------------------
Service sector activity has improved slightly from its worst
result in June, according to the Bank of New Zealand - Business
NZ Performance of Services Index (PSI).

The PSI for July stood at 48.9, up 3.3 points from June and back
to the level recorded in April. However, it was still down 6.3
points from the same time last year. A PSI reading above 50
indicates that the service sector is generally expanding; below
50 that it is declining. The average PSI value since the survey
began is 54.6.

Business NZ chief executive Phil O'Reilly said although the PMI
and now the PSI have shown some recovery during July, these two
significant sectors of the New Zealand economy still find
themselves in contraction mode.

"Looking at the positives in the service sector, new orders
continue to remain above the ‘water level' of 50 points, showing
ongoing expansion that will flow through to general activity in
the months ahead.  Three of the four major regions showed some
level of recovery, while Canterbury/Westland remains steady –
albeit at a lower level than on average," said Mr. O'Reilly.

"It's also interesting to see that the sectors providing
positive influences on activity have also noted a distinct rise
in activity compared with the same time last year.  This shows
that even in economically difficult times, some businesses are
continuing to grow.

"On the flip side, many of the issues hampering businesses at
present persist, with potential customers enquiring but often
holding back from ordering, and the high cost of petrol limiting
people's additional cash for discretionary spending.  Evidence
of this can be seen in the retail sector, with four consecutive
months of decreased activity."

Bank of New Zealand senior markets economist Craig Ebert said
the squeeze being felt by the service sector was highlighted by
last Friday's retail sales figures – which saw June quarter real
retail sales fall for the second consecutive quarter, down 1.5
per cent.

"The third quarter looks set to be another tough one for the
service sector. Of retailers, in particular, we wouldn't be
surprised to see real sales contract again."

Four of the five diffusion indices that make up the PSI
continued to exhibit decline, which has now occurred for four
consecutive months. The improvement in the overall PSI result
for July was mainly due to a recovery in activity/sales (47.9),
employment (47.5) and supplier deliveries (48.2).
Stocks/inventories (46.7) have remained very stable since April,
with the difference between the highest and lowest value over
the four month period only being 0.5 points.

Activity by region showed a split between expansion and
contraction:

   -- For the two North Island regions there was a
      recovery from the June results, as the Northern
      region (48.2) increased 4.3 points from June,
      although still in contraction.

   -- The Central region (54.9) went back into expansion
      mode to record its highest level of activity since
       March (largely due to a boost in sales/activity).

   -- In the South Island, the Canterbury/Westland region
      (51.1) has remained steady in terms of activity,
      with the July result exactly matching that of June.



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

NIHAO MINERAL: Ratifies Agreement With Geograce & Jiangxi
---------------------------------------------------------
During a meeting held on August 15, 2008, the Board of Directors
of Nihao Mineral Resources International Inc. confirmed and
ratified the “Cooperation Agreement” dated August 7, 2008,
executed by and among the company, Geograce Resources
Philippines, Inc. and Jiangxi Rare Earth & Rare Metals Tungsten
Group Co.

As reported by the Troubled Company Reporter – Asia Pacific on
Aug. 12, 2008, pursuant to the Cooperation Agreement, the
Parties agreed to form a strategic partnership to jointly
explore and develop the nickel mining tenements directly or
indirectly, held by Nihao and Geograce located in the province
of Zambales.

The Cooperation Agreement also provided for these cooperation
arrangements:

   * the formation of Joint Venture (JV) company to conduct
     venture exploration on the nickel mining tenements,
     directly or indirectly, held by Nihao or Geograce, subject
     to equity ownership and other terms and conditions as may
     be subsequently agreed upon by the parties;

   * the establishment of a joint venture processing plant for
     nickel and cobalt in the Philippines, subject to a detailed
     exploration work program and feasibility study; and

   * the execution of an Offtake Agreement subject to terms and
     conditions to be agreed upon by the Parties.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NiHAO have been suspended since August 2000.
The suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.



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

* CITIGROUP INC: Reorganizes Asian Units by Geography & Product
---------------------------------------------------------------
U.S. financial services giant Citigroup Inc. unveiled a
reorganization of its Asia-Pacific business into four regions
and seven product groupings under its new Asia chief executive,
Ajay Banga, Tony Munroe of Reuters reports.

Citigroup's Asia business, the report relates, will be split
geographically into Japan, North Asia, South Asia and Southeast
Asia Pacific.

The regional groupings will be supported by seven business
groups:

   -- consumer banking and global cards;
   -- corporate and commercial bank;
   -- global transaction services;
   -- investment banking; markets;
   -- wealth management; and
   -- alternative investments.

"These changes to the Asia Pacific organization will strengthen
partnership between geographies and businesses.   It will
leverage local expertise and thinking, eliminate management
layers and provide growth opportunities for our best people,"
Mr. Banga was cited by Reuters as saying.

                     About Citigroup Inc.

Headquartered on New York City, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/citigroup/-- a leading global
financial services company, has some 200 million customer
accounts and does business in more than 100 countries, providing
consumers, corporations, governments and institutions with a
broad range of financial products and services, including
consumer banking and credit, corporate and investment banking,
securities brokerage, and wealth management.  The company's
major brand names include Citibank, CitiFinancial, Primerica,
Smith Barney, Banamex, and Nikko.

                       *     *     *

The company has reported three consecutive quarters of net
losses beginning the fourth quarter of 2007.  Aggregate net
losses for the last three quarters totaled US$17.4 billion.


* BOND PRICING: For the Week August 11 - August 15, 2008
--------------------------------------------------------


   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.70
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    12.00
Antares Energy                10.000%  10/31/13     AUD     0.66
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    34.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    18.00
Becton Property Group          9.500%  06/30/10     AUD     0.51
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    15.00
Carpal Aluminum               10.000%  03/29/12     AUD    70.10
China Century                 12.000%  09/30/10     AUD     0.73
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.09
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.50
Fletcher Building Ltd          7.800%  03/15/09     NZD    11.00
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.80
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    13.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.50
Jem Warehouse                  3.000%  08/01/14     AUD    74.99
Jpm Au Enf Nom 1               3.500%  06/30/10     AUD    10.50
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.66
Marac Finance                 10.500%  07/15/13     NZD     0.99
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.82
Publ & Broad Fin               6.280%  05/06/11     AUD     8.64
Salomon SB Aust                4.250%  02/01/09     AUD     9.66
Speirs Group Ltd.             13.160%  06/30/49     NZD    38.00
South Canterbury              10.430%  12/15/12     NZD     1.00
St. Laurence Prop              9.250%  07/15/01     NZD    70.64
Sun Resources NL              12.000%  06/30/11     AUD     0.35
TrustPower Ltd                 8.500%  09/15/12     NZD     8.45
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80

   CHINA
   -----

China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     73.06
GD Power Develop               1.000%  05/07/14    CNY     73.85
Gezhouba                       0.600%  06/26/14    CNY     70.98
Kangmei Pharm                  0.800%  05/08/14    CNY     71.96

   INDIA
   -----

India Gov't                    5.870%  08/28/22    INR     71.36
India Gov't                    5.970%  09/25/25    INR     68.75
India Gov't                    6.010%  03/25/28    INR     67.35
India Gov't                    6.130%  06/04/28    INR     68.29
India Gov't                    6.170%  06/12/23    INR     72.40
India Gov't                    6.300%  04/09/23    INR     73.71
Pyramid Saimira                1.750%  07/04/12    USD     73.12
Subix Azure                    2.000%  03/09/12    USD     69.75

   JAPAN
   -----

Shinsei Bank Ltd.              5.625%  12/29/49     GBP    70.06

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    42.56
Korea Dev. Bank                7.350%  10/27/21     KRW    42.65
Korea Dev. Bank                7.400%  11/02/21     KRW    42.60
Korea Dev. Bank                7.450%  10/31/21     KRW    42.62
Korea Dev. Bank                8.450%  12/15/26     KRW    68.96
Hynix Semi Inc.                7.875%  06/27/17     USD    74.75

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.50
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.84
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.34
Eastern & Orient               8.000%  07/25/11     MYR     1.02
EG Industries Berhad           5.000%  06/16/10     MYR     0.22
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.13
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.37
Insas Berhad                   8.000%  04/19/09     MYR     0.40
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.25
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.00
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.29
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Pelikan International          3.000%  04/08/10     MYR     1.31
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.10
Plus Spv Bhd                   2.000%  06/27/17     MYR    68.90
Plus Spv Bhd                   2.000%  06/27/18     MYR    66.03
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.27
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.62
Silver Bird Group              1.000%  02/15/09     MYR     1.10
Syabas                         3.000%  05/18/18     MYR    71.97
Syabas                         3.000%  05/17/19     MYR    69.14
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.21
Wah Seong Corp.                3.000%  05/21/12     MYR     5.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.50
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.40

   SINGAPORE
   ---------

Capitaland Ltd.                2.950%  06/20/22     SGD    72.81
Sengkang Mall                  8.000%  11/20/12     SGD     1.55

   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     68.62
Sri Lanka Govt                7.500%  11/01/13     LKR     67.84
Sri Lanka Govt                6.850%  04/15/12     LKR     71.26
Sri Lanka Govt                6.850%  10/15/12     LKR     69.04
Sri Lanka Govt                7.000%  10/15/11     LKR     74.24
Sri Lanka Govt                7.000%  10/01/23     LKR     52.62
Sri Lanka Govt                8.500%  01/15/13     LKR     72.08
Sri Lanka Govt                8.500%  07/15/13     LKR     71.93
Sri Lanka Govt                7.500%  08/15/18     LKR     59.76
Sri Lanka Govt                8.500%  02/01/18     LKR     65.28
Sri Lanka Govt                8.500%  07/15/18     LKR     64.68




                         *********

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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