TCRAP_Public/081028.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, October 28, 2008, Vol. 11, No. 214

                            Headlines

A U S T R A L I A

ACER PTY: Members and Creditors to Meet on November 14
ALL SUBURBS STEEL: Members Appoint Liquidators
ARMIDALE EMPLOYMENT: To Declare Dividend on November 21
B&B CAPITAL: Asks ASX for Temporary Trading Halt
BECTON PROPERTY: Will Seek Temporary Suspension from ASX

CAPSARIN PTY: Members' Meeting Set for October 30
COOEE BRANDS: To Declare Dividend on November 21
CPS CANBERRA: Members and Creditors Will Meet on October 31
CYBERDREAMING PTY: Joint Liquidators Appointed
DONLO PTY: Final Meeting for Members Set for November 3

FINE AUTO SYSTEM: Final Meeting for Members & Creditors on Friday
FIREPOWER: AU$38 Million Found in Offshore Accounts Now Missing
FURLA AUSTRALIA: Commences Voluntary Wind-Up Proceedings
GOOD LUCK: To Declare Dividend on November 21
GOULDS INVESTMENTS: Final General Meeting Set for November 4

GOULDS PLAZA HOTEL: Final General Meeting Set for November 4
INTERNATIONAL FORMWORK: To Declare Dividend on November 13
JAYHAWK PTY: Final Meeting for Members and Creditors on November 3
JNC ARMSEC: To Declare Dividend on November 7
MANIK CONSTRUCTIONS: Members Appoint Joint Liquidators

MEDO FABRICATION: To Declare Dividend on November 16
OBO TRADING: To Declare Dividend on November 22
OSENTON TRANSPORT: To Declare Dividend on November 27
SEDC RETAIL: Queensland Supreme Court Appoints Liquidator
SENTRY FIRE: To Declare Dividend on November 17

SERVICE & CIVILITY: Members' Meeting Set for October 30
SUCCESS EMPLOYMENT: To Declare Dividend on November 20


C H I N A

AGRICULTURAL BANK: Moody's Changes outlook on 'E' BFSR to Positive
CHINA SOUTHERN: Adds More Flights and Routes
HUA XIA BANK: Completes Non-Public Offering of 790.53MM A Shares
SHEZHEN DEV BANK: Posts CNY3,317 Million Nine Months Net Profit
XINHUA FINANCE: Moody's Junks Senior Unsecured Bond Rating


H O N G K O N G

CHINA PACKAGING: Faces Bank of China's Wind-Up Petition
GRAND TOYS: Court to Hear Wind-Up Petition on December 3
HAI XIN: Members to Receive Wind-Up Report on November 17
IPMA TECHNOLOGIES: Subject to Fang Xiu's Wind-Up Petition
KRISPY KREME: HK Franchise Under Provisional Liquidation

MEGA SUCCESS: Members' Final Meeting Slated for November 20
NG TAT: Members' Final Meeting Slated for November 18
QNITY NETWORKS: Members and Creditors to Meet on November 28
SAI KUNG: Court to Hear Wind-Up Petition on October 29
YA HSIN: Wind-Up Petition Hearing Slated for November 12

UTEC LIMITED: Creditors to Meet on November 10


I N D O N E S I A

BANK INDONESIA: House to Inject IDR7 Tril. to Save Subsidiary
PERTAMINA: Seeks US$200-Mil. Loan to Finance 6 Power Plants
* INDONESIA: Crisis May Cause Shortage in Mining Commodities


J A P A N

ES-CON JAPAN: JCR Downgrades Senior Debts Rating to BB+/Negative
GIFU BANK: JCR Downgrades Subordinated Bonds Rating to BB+
* JAPAN: Fitch Revises the Outlooks of Regional Banks to Stable


K O R E A

HYUNDAI MOTOR: Cuts Production Output on Decreasing U.S. Sales
* KOREA: BOK Cuts Benchmark Rate to 4.25%; To Buy Bank Bonds


M A L A Y S I A

TENGGARA: Reprimanded for Breach of Bursa's Listing Requirement
TRIPLC BERHAD: Bourse to Suspend Trading of Securities on Nov. 4
* MALAYSIA: MARC Forecasts 2009 GDP Growth at 3.5%


N E W  Z E A L A N D

AIR NEW ZEALAND: Wants Millions More From South Pacific Islands
AIR NEW ZEALAND: September Passenger Load Down 4.5%
ANCARE NEW ZEALAND: Creditors Must File Claims by November 7
BLACK TRADING: Faces CIR’s Wind-Up Petition
CM MORAN LTD: Faces CIR’s Wind-Up Petition
GILLS ROAD: Commences Liquidation Proceedings

HOME & LEISURE: Creditors Have Until November 10 to File Claims
J.W. DRYWALL: High Court to Hear Wind-Up Petition on October 31
KENSINGTON RESIDENTIAL ET AL: Shareholders Appoint Liquidators
LFS NO2: High Court to Hear CIR’s Wind-Up Petition on Friday
NEW ZEALAND VEHICLE: Claims Filing Deadline Is October 31

NRGNZ LTD: Faces CIR’s Wind-Up Petition
OSCAR DECORATOR: High Court to Hear Wind-Up Petition on October 31
QUICK GRIPS: High Court to Hear CIR’s Wind-Up Petition on Friday
RESOLUTION DIGITAL: High Court to Hear Wind-Up Petition on Oct. 28
RICHARD GEEWIZ: Faces CIR’s Wind-Up Petition

RICHMOND PARK: Claims Filing Deadline Is November 12
TRIANGLE ROAD: High Court to Hear Wind-Up Petition on October 31
VERITAS HOLDINGS: Faces CIR’s Wind-Up Petition


P H I L I P P I N E S

* PHILIPPINES: BSP Oks Proposed Hike in Deposit Insurance Coverage
* PHILIPPINES: BSP OKs 20% Risk Weighting of AGFP-Guaranteed Loans
* PHILIPPINES: BSP Allows Reclassification of Financial Assets


S I N G A P O R E

MERIDIAN LIFE: Creditors' Meeting Slated for October 31
MOSTRANS PTE: Court Enters Wind-Up Order
SINGAPORE LEASING: To Pay Dividend on October 31
SUNRISE F &B: Contributories to Meet on October 31
* SINGAPORE: Exports Fell by 5.7 Percent in September


T A I W A N

AU OPTRONICS: Appoints Dr. LJ Chen as Chief Executive Officer


X X X X X X X X

* BOND PRICING: For the Week October 20 - October 24, 2008


                         - - - - -


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

ACER PTY: Members and Creditors to Meet on November 14
------------------------------------------------------
Acer Pty Limited will hold a meeting of its members and creditors
on
November 14, 2008, at 11:00 a.m.  During the meeting, the
company's liquidator, Brian Wilton Roughley, will provide the
attendees with property disposal and winding-up reports.

The liquidators can be reached at:

    BWR Accounting Pty Limited
    11 Daniel Street,
    Granville NSW 2142


ALL SUBURBS STEEL: Members Appoint Liquidators
----------------------------------------------
Christopher Darin and Michael Hird, Registered Liquidators, of
Worrells, were appointed Liquidators of All Suburbs Steel Fixing
Pty Limited at a general meeting of the company's members on
September 16, 2008.

The liquidators can be reached at:

     Worrells
     Solvency & Forensic Accountants
     333 George Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9929 6366
     Facsimile: (02) 9249 1211
     http://www.worrells.net.au


ARMIDALE EMPLOYMENT: To Declare Dividend on November 21
-------------------------------------------------------
Armidale Employment Aboriginal Corporation (in liquidation) will
declare dividend on November 21, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidators are:

            Grant Sparks and Ray Richards
            PPB
            Level 3, 167 Eagle Street
            Brisbane QLD 4000


B&B CAPITAL: Asks ASX for Temporary Trading Halt
------------------------------------------------
Pursuant to Listing Rule 17.1, Babcock & Brown Capital Limited
asked the Australian Stock Exchange for an immediate trading halt
in respect of its shares (ASX: BCM).

The reason for the trading halt is that BCM expects to make an
announcement before market opens today, October 28, as to material
matters in relation to capital management.

BCM requests that the trading halt remain in place until the
opening of normal trading at 10:00 a.m. on Tuesday, October 28,
2008.

The company is not aware of any reason why the trading halt should
not be granted.

                About Babcock & Brown Capital

Babcock & Brown Capital Limited (ASX:BCM)--
http://www.babcockbrowncapital.com/-- is an Australia-based
investment company that focuses on building a portfolio of
investments with a flexible investment time horizon.  In August
2006, the company completed the acquisition of a 57.1% stake in
eircom Group plc, a telecommunications company.  The company has
two business segments: telecommunications, whose principal
investments and investment management activities are in the
telecommunications sector, and corporate, which includes
management of the funds in the company that remain uninvested in
the entities outside of the company.  BCM principally operates in
Australia and Ireland.  On Aug. 1, 2007, BCM announced the
acquisition of G.P.M. Classified Directories (Management &
Marketing) Ltd, also referred to as Golden Pages Israel.

                About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 25, 2008, Standard & Poor's Ratings Services affirmed its
'BB+/B' ratings on Babcock & Brown International Pty Ltd.
(BBIPL) following the announcements by the company's parent',
Babcock & Brown Limited (B&B Ltd., not rated), of a 30% fall in
group net profit for the half-year to June 30, 2008, against
half-year to June 30, 2007, and replacement of selected senior
management.  The rating outlook is stable.

"We are not surprised that, in the current market environment,
the group had had to make impairment charges against assets and
investments, and the amount involved (AU$441 million) is not
outside expectations," said S&P's credit analyst Ian Greer.
"The changes in the board and senior management are a positive
move for implementing the next stage in the evolution of B&B
Ltd.'s, and thus BBIPL's, business model.  This change has been
and will be assisted by B&B Ltd.'s stoppage of dividends,
decline in employee bonuses, and planned reductions in debt and
staff headcount."


BECTON PROPERTY: Will Seek Temporary Suspension from ASX
--------------------------------------------------------
John Durie of The Australian reported Chairman Brian Pollock
disclosed at yesterday's annual meeting in Melbourne that Becton
Property Group will seek temporary suspension from the Australian
Stock Exchange while it is in discussion with several parties
regarding its repayment of AU$562 million in debt.

Mr. Durie noted that "the company’s stock price has fallen from a
high of $5.10 a share back in November last year to 15 cents [on
Oct. 27], and in recent months has lost key executives and
directors, including company founder Max Beck, chief executive
Hamish McDonald and director Michael Napthali."

According to The Australian, many in the market doubt whether the
company will emerge again as a listed vehicle or indeed as a
standalone entity.  Mr. Durie related that chief executive Matthew
Chun was upbeat on the company’s future despite the problem right
now that property companies cannot sell property to repay debt.

Becton Property Group Limited is a listed Australian diversified
property group involved in property development and construction,
property funds management and retirement village ownership and
operation.  It was established in 1976.


CAPSARIN PTY: Members' Meeting Set for October 30
-------------------------------------------------
A meeting of the members of Capsarin Pty Limited will be held at
the offices of Moore Stephens, Level 6, 460 Church Street,
Parramatta on Thursday, 30 October 2008, at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Liquidator.

The liquidator is:

     R. J. PORTER
     Liquidator
     Moore Stephens
     460 Church Street, Level 6
     Parramatta NSW 2150


COOEE BRANDS: To Declare Dividend on November 21
------------------------------------------------
COOEE Brands Pty Limited will declare dividend on November 21,
2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

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


CPS CANBERRA: Members and Creditors Will Meet on October 31
-----------------------------------------------------------
A meeting of the Members and Creditors of CPS Canberra Pty Limited
will be held at Hall Chadwick Level 29, 31 Market Street, Sydney
NSW 2000 on October 31, 2008, at 10:00 a.m.

The meeting will be a Final Meeting in accordance with Section 509
of the Corporations Act 2001, to receive a report from the
Liquidator, being an account of his acts and dealings and of the
conduct of the winding up during the period of the liquidation
ending on October 31, 2008.

The liquidator is:

     BLAIR PLEASH
     Liquidator
     Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


CYBERDREAMING PTY: Joint Liquidators Appointed
----------------------------------------------
Steven Kugel and Anthony Warner, Registered Liquidators, of
Liquidation Direct -- http://www.liquidationdirect.com.au/--
were appointed liquidators of Cyberdreaming Pty Limited at a
general meeting of the company’s members on September 15, 2008.


DONLO PTY: Final Meeting for Members Set for November 3
-------------------------------------------------------
The final meeting of members of Donlo Pty Limited will be held at
the offices of Wong & Fergusson on November 3, 2008, at 10:00 a.m.
for the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the property
of the company disposed of and hearing any explanation that may be
given by the liquidator.

The liquidator is:

     GARY WONG
     Liquidator
     99 Bathurst Street, Suite 909
     Sydney NSW 2000


FINE AUTO SYSTEM: Final Meeting for Members & Creditors on Friday
-----------------------------------------------------------------
A meeting of the Members and Creditors of Fine Auto System
Australia Pty Limited will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW 2000 on October 31, 2008, at 11:00 a.m.

The meeting will be a Final Meeting in accordance with Section 509
of the Corporations Act 2001, to receive a report from the
Liquidator, being an account of his acts and dealings and of the
conduct of the winding up during the period of the liquidation
ending on October 31, 2008.

The liquidator is:

     GEOFFREY MCDONALD
     Liquidator
     Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


FIREPOWER: AU$38 Million Found in Offshore Accounts Now Missing
---------------------------------------------------------------
The Australian Associated Press reported that "former Firepower
chief executive John Finnin has told creditors in the Virgin
Islands that a AU$38 million fortune has gone missing from the
bank accounts of discredited Firepower boss Tim Johnston."

Citing the Sunday Times newspaper, the AAP related that Firepower
liquidator Bryan Hughes has confirmed that money Mr. Finnin said
he had found in offshore accounts several weeks ago was no longer
there.

According to the AAP, Mr. Hughes told ABC Radio on Sunday that Mr.
Finnin could not tell him how the money was traced before and now
it has been moved to untraceable accounts.

The report related that "the Australian Securities and Investments
Commission has commenced action against Mr. Johnston, now thought
to be residing in the United Kingdom, and other businessmen
including property developer Warren Anderson."

                         About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the Watoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                         *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its director, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AU$80 and AU$100 million.


FURLA AUSTRALIA: Commences Voluntary Wind-Up Proceedings
--------------------------------------------------------
At a general meeting of the member of Furla Australia Pty Limited
held on September 18, 2008, it was resolved that the company be
wound up voluntarily and that John Frederick Lord and Atle Crowe-
Maxwell, PKF Chartered Accountants, Level 10, 1 Margaret Street,
Sydney NSW 2000, be nominated to act as Liquidators for the
purpose of the winding up.

Creditors were required to prove their debts or claims by
October 18, 2008.


GOOD LUCK: To Declare Dividend on November 21
---------------------------------------------
Good Luck Holdings Pty Ltd as Trustee for the Good luck Trust will
declare dividend on November 21, 2008.

Creditors who were unable to file their proofs of debt on
October 21, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

            John Park
            Receiver and Manager
            KordaMentha (Qld)
            22 Market Street
            Brisbane QLD 4000


GOULDS INVESTMENTS: Final General Meeting Set for November 4
------------------------------------------------------------
The final general meeting of Goulds Investments Pty Limited will
be held at 1/2 Kings Lane, Darlinghurst on November 4, 2008, at
8:30 p.m. for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property of
the Company has been disposed of and of giving any explanation of
the account.

The liquidator is:

     GARY GOULD
     Liquidator
     1/2 Kings Lane
     Darlinghurst NSW 2010


GOULDS PLAZA HOTEL: Final General Meeting Set for November 4
------------------------------------------------------------
The final general meeting of Goulds Investments Pty Limited will
be held at 1/2 Kings Lane, Darlinghurst on November 4, 2008, at
8:00 p.m. for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property of
the Company has been disposed of and of giving any explanation of
the account.

The liquidator is:

     GARY GOULD
     Liquidator
     1/2 Kings Lane
     Darlinghurst NSW 2010


INTERNATIONAL FORMWORK: To Declare Dividend on November 13
----------------------------------------------------------
International Formwork (NSW) Pty Ltd will declare dividend on
November 13, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidators are:

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


JAYHAWK PTY: Final Meeting for Members and Creditors on November 3
------------------------------------------------------------------
A final meeting of members and creditors of Jayhawk Pty Limited
will be held at the office of the Liquidator on November 3, 2008,
commencing at 11:00 a.m., for the purpose of having an account
laid before them showing the manner in which the winding up has
been conducted and the property of the company disposed of and
hearing of any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
Liquidator.

The liquidator is:

     MICHAEL E. WAYLAND
     Liquidator
     23-25 Hunter Street, Level 4
     Sydney NSW 2000


JNC ARMSEC: To Declare Dividend on November 7
---------------------------------------------
JNC Armsec Security Services Pty Ltd as Trustee for Tinpok
Discretionary Trust previously trading as JNC Armsec will declare
dividend on November 7, 2008.

Creditors who were unable to file their proofs of debt on
October 15, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

             Neil Cribb
             RSM Bird Cameron Partners
             Chartered Accountants
             8 St Georges Terrace
             Perth WA 6000
             Telephone (08) 9261 9100
             Facsimile (08) 9261 9340


MANIK CONSTRUCTIONS: Members Appoint Joint Liquidators
------------------------------------------------------
At a general meeting of members of Manik Constructions Pty Ltd
held on September 16, 2008, it was resolved that the company be
wound up voluntarily and that Terry Grant van der Velde and
Timothy Paul Heesh of SV Partners Pty Ltd --
http://www.svpartners.com.au/-- Insolvency Accountants and
Business Solutions, Suite 6.03, Level 6 135 King Street, Sydney
NSW 2000 be appointed Liquidators.


MEDO FABRICATION: To Declare Dividend on November 16
----------------------------------------------------
Medo Fabrication Pty Ltd will declare dividend on November 16,
2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

            Sam Davies
            McGrathNicol
            Level 13, 99 Gawler Place
            Adelaide SA 5000
            http://www.mcgrathnicol.com


OBO TRADING: To Declare Dividend on November 22
-----------------------------------------------
OBO Trading Pty Ltd. will declare dividend on November 22, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidators are:

          Murray Godfrey
          RMG Partners
          Level 12, 88 Pitt Street
          Sydney NSW 2000
          Telephone: (02) 9231 0889


OSENTON TRANSPORT: To Declare Dividend on November 27
-----------------------------------------------------
Osenton Transport Services Pty Ltd will declare dividend on
November 27, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

           Andrew Fielding
           David Whyte
           BDO Kendalls
           Business Recovery and Insolvency (QLD)
           Level 18, 300 Queen Street,
           Brisbane QLD 4000


SEDC RETAIL: Queensland Supreme Court Appoints Liquidator
---------------------------------------------------------
Jason Bettles, Registered Liquidator, of Worrells, was appointed
Liquidator of SEDC Retail Pty Limited by order of the Supreme
Court of Queensland on September 10, 2008.

The liquidator can be reached at:

     JASON BETTLES
     Liquidator
     Worrells
     Solvency & Forensic Accountants
     333 George Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9249 1200
     Facsimile: (02) 9249 1211
     http://www.worrells.net.au/


SENTRY FIRE: To Declare Dividend on November 17
-----------------------------------------------
Sentry Fire Protection Pty Limited will declare dividend on
November 17, 2008.

Creditors who were unable to file their proofs of debt on
September 2, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

           Robert Moodie
           c/o Rodgers Reidy
           Chartered Accountants
           Level 8, 333 George Street
           Sydney NSW 2000


SERVICE & CIVILITY: Members' Meeting Set for October 30
-------------------------------------------------------
A meeting of the members of Service & Civility Pty Limited will be
held at the offices of Moore Stephens, Level 6, 460 Church Street,
Parramatta on Thursday, October 30, 2008, at 10:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Liquidator.

The liquidator is:

     D. I. MANSFIELD
     Liquidator
     Moore Stephens
     460 Church Street, Level 6
     Parramatta NSW 2150


SUCCESS EMPLOYMENT: To Declare Dividend on November 20
------------------------------------------------------
Success Employment and Training Cooperative Limited will declare
dividend on November 20, 2008.

Creditors who were unable to file their proofs of debt on
October 15, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

             Bill Buckby
             KordaMentha (NQ)
             Level 1, 150 Walker Street
             Townsville QLD 4810
             Telephone (07) 4724 5455
             Facsimile (07) 4724 5405



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

AGRICULTURAL BANK: Moody's Changes outlook on 'E' BFSR to Positive
------------------------------------------------------------------
Moody's Investors Service affirmed all ratings of the Agricultural
Bank of China and changed the outlook on its E bank financial
strength rating to positive from stable. The action does not
affect ABC's A1/Prime-1 foreign currency deposit ratings, which
maintain their stable outlook.

This rating action follows the State Council's approval for the
bank's restructuring which prepares the way for its eventual
listing. According to the bank, the restructuring will entail a
capital injection of $19 billion from the China Investment
Corporation and the establishment of a new fund jointly
administered by ABC and the Ministry of Finance. The new fund will
assume $120 billion of the bank's non-performing loans.

"The change in outlook on the bank's financial strength rating
reflects the fact that the pending restructuring will raise the
bank's economic solvency," said Richard Lung, a Moody's VP/Senior
Analyst, adding, "In particular, the transfer of most of the
bank's NPLs to a new fund will reduce the need for it to continue
relying on external support.

"However, financial restructuring, while a necessary precondition,
may not by itself be sufficient to warrant an upgrade in ABC's
BFSR. Greater details will be needed to show (i) that retained
loans pose no near-term threat to ABC's improved solvency and (ii)
progress on enhancing risk management, corporate governance and
internal controls has fundamentally changed the bank's credit
dynamics. Given the bank's continued policy role and significant
challenges it has faced in improving its management and
operations, it remains to be seen whether this proposed carve-out
has set it on the path to a stronger sustainable financial
profile," says Lung.

The amount of funds allocated for ABC's financial restructuring is
slightly higher than the $124 billion spent in 2005 on the
Industrial Commercial Bank of China. The size of this investment
reinforces Moody's view that ABC enjoys the full support of the
Chinese government. Moody's also believes that systemic support
for ABC is further strengthened by the continued policy role it
will play in executing the government's efforts to strengthen
China's rural financial system.

Headquartered in Beijing, the Agricultural Bank of China is the
third largest bank in the country with $892 billion in assets as
of year-end 2007. Its franchise is particularly important in rural
areas focusing heavily on the agricultural sector, with the bank
playing a pivotal role in supporting the government's rural
development policies.

ABC has service outlets and an electronic banking network reaching
every county in China. At the end of 2007, ABC had 24,452 outlets
in Mainland China, two overseas branches and three representative
offices.


CHINA SOUTHERN: Adds More Flights and Routes
--------------------------------------------
China Southern Airlines Co., Limited plans to increase its flights
and routes, Xinhua News reports.

On Oct. 27, 2008, the Troubled Company Reporter-Asia Pacific,
citing Xinhua News, reported that China Southern will launch 18
new routes for the winter-spring flights season lasting from
October 26 to March 28.  The airline will arrange 7,688 flights
per week, up 12.15% year on year, the same report said.

According to Xinhua, for the domestic market, new tourism routes
will be opened, and more flights will be added from southern
Guangzhou, Shenzhen, Shanghai and Beijing.  The company will also
run 10 daily flights from Guangzhou to Haikou, eight from
Guangzhou to Sanya, and another 14 new routes will be opened in
the Shenzhen and Haikou markets, for the upcoming peak tourism
season, the report notes.

Moreover, the report adds, there will be changes to international
flights,  and one daily flight will now be available from Beijing
to Seoul and Manila, from Guangzhou to Dubai and Delhi, and from
Shenyang to Singapore.  One more flight will also be added to
routes, such as Guangzhou to Seoul and from Guangzhou to Bangkok.

                      About China Southern

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

                         *     *     *

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


HUA XIA BANK: Completes Non-Public Offering of 790.53MM A Shares
----------------------------------------------------------------
Hua Xia Bank Co., Limited completed the non-public offering of
nearly 790.53 million Chinese yuan-denominated A shares at
CNY14.62 each, raising about CNY11.558 billion, SinoCast News
reports.

Banking Business Review relates that Germany's Deutsche Bank has
completed the capital increase at Hua Xia Bank to 13.7% from 9.9%
of issued capital.  On March 25, 2008, the Troubled Company
Reporter-Asia Pacific, citing SinoCast News, reported that
Deutsche Bank has agreed to subscribe 265.6 million new shares in
Hua Xia Bank for CNY3.909 billion, and is just waiting for
approval from related authorities.

Meanwhile, according to SinoCast News, about 269.63 million and
253.52 million shares of the Chinese bank were bought by the
Chinese steel giant Shougang Group and State Grid Corporation of
China (SGCC).

All shares issued by Hua Xia Bank are the restricted ones, and the
lock-up period of them will last 36 months, SinoCast says.
Insiders said that this non-public additional shares offering will
be good news to the Beijing-located bank's future development
strategy and governance structure improvement, the same report
adds.

                        About Hua Xia Bank

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

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 28, 2008, that Fitch Ratings affirmed the Individual and
Support ratings of Hua Xia Bank as:

HXB: Individual 'D/E' and Support '4'.

HXB's Individual rating reflects its historically low
profitability, weak capitalization, and modest asset quality.


SHEZHEN DEV BANK: Posts CNY3,317 Million Nine Months Net Profit
---------------------------------------------------------------
Shenzhen Development Bank Company Limited recorded a net profit of
CNY3,317 million for the first three quarters of 2008, 77% up from
the same period of 2007.
?
The bank has continued its good and healthy business growth
through the first three quarters of 2008, despite the major
financial issues around the world.  In the first nine months, the
Bank has achieved robust profit growth mostly due to solid growth
in deposits and loans and fee income, as well as lower income tax
rate; NPL amount and ratio have continuously declined from prior
quarters; CAR further improved and more capital raising plans are
underway; and the Bank has not been directly affected by the sub
prime or the recent difficulties of overseas financial
institutions, as it does not invest in sub prime assets or other
such instruments issued by overseas financial institutions.

                       Robust Profit Growth

The bank recorded CNY3,317 million net profit in the first three
quarters of 2008, up CNY1,443 million, or 77% from the same period
last year.  Net profit grew as a result of growth in deposits,
loans, and inter-bank business, strong net fee revenue growth,
disciplined expense control, and lower effective tax rate.

Year-To-Date Basic Earning Per Share until Sept. 30th 2008, was
CNY1.42 million, up CNY0.52, or 58% from that of the first nine
months 2007.  The less growth rate in EPS than Net Profit was
because of increased number of shares as a result of call warrants
exercised in Dec 2007 and June 2008 respectively.

The bank recorded CNY9,479 million net interest income, up 37%
from a year ago, as a result of increased Average Interest Earning
Assets by 37%.  Net Interest Margin remained the same year on year
at 3.09%.  The quarterly NIM has declined from the high level of
first quarter 2008, while the spread between the yield on general
loans and the cost rate of deposits was essentially stable during
this year.  The NIM was affected largely by substantial increases
in the Inter-bank portfolio (including discount bills) and
bond/liquidity portfolio, which generally bear lower yields with
lower risks, but lower the overall average NIM for a bank.

Contribution from non-interest income rose as the first three
quarters have seen non-interest revenue growing 52% to 1,263 mm
Yuan.  Among non-interest income, fees and commissions recorded
665 mm Yuan, up 107% from the same period in 2007, mainly driven
by rapid growth of fees and charges in domestic and international
settlement and bank card business.

General Operating Expenses increased 27%, compared to the first
three quarters in 2007, mainly due to increased headcounts to
support business expansion and the ongoing improvements in IT
systems.  The Operating Cost to Income Ratio declined to 34.82%
YTD 2008, 300 bps lower than the first three quarters of 2007.
Asset provisions were CNY1,778 million, 20% more than the same
period last year.  Operating Profit thus improved 57% YOY to
CNY4,364 million.  As the effective income tax rate lowered to
23.12%, the Profit after Tax grew 77% to CNY3,317 million.

The Annualized Return on Weighted Average Equity was 30.15% for
the first 3 quarters of 2008, compared with that of 2007 at
33.16%, since equity more than doubled in the past 12 months as a
result of new capital raised from warrants exercise and profit
growth.  After the two successful warrant exercises, total number
of shares has become 2,389 mm.  As of Sept. 30, 2008, total equity
increased to CNY18 billion from CNY13 billion at the beginning of
the year, up 41%.

          Strong Liquidity and Solid Business Performance

In the first nine months of 2008, the Bank has achieved very
strong growth in deposits, and the total deposits increased 24%
to CNY348 billion at September 30.  Due in part to the bearish
stock market, the term deposits have grown more rapidly than
demand deposits.  Total lending (including discount bills) grew
17% to CNY259 billion at September 30, while general commercial
loans and retail loans both grew 13% from year-end 2007.

In the first nine months, the bank's Inter-Bank business and bond
portfolio grew faster than loans, since the Bank substantially
built its liquidity position by purchasing PBC Notes and Treasury
Bonds, funded primarily with growing deposits.  At Sept. 30, the
AFS investment portfolio was more than CNY30 billion above the
level of Dec. 31, 2007, an increase of 169%.  As rates have
declined recently, the portfolio has recorded substantial gains in
market value.

Commercial deposits grew 22% from year-end 2007 to CNY293 billion,
mostly from growth in guarantee deposits in trade finance.  The
bank continued to maintain its competitive advantages in trade
finance and further reinforced on operational risk control in
light of global economic crisis.  The asset quality of trade
finance continues to be very sound, with NPL ratio below 1%.  The
bank has also put in great efforts to enhance IT support for its
supply chain financing, and has steadily pushed forward "chain
marketing strategy" in which SDB developed a bigger customer base
by attracting core companies in the chain.  In the first 9 months
of 2008, the bank saw both its client base and on-and-off balance
sheet credit balance of trade finance rose by 33% from end 2007.
Fee income came along with trade finance and fees from offshore
and international business rose 87% YOY to CNY449 million.

In retail business, personal deposits grew 35% in the past 9
months while personal loans grew 13% from end 2007.  Credit card
business experienced a fast expansion, with effective cards issued
up 72% to 2.66 mm, credit card loans up 115% to 3.11 billion, and
revenue up 197% from a year ago.  The retail loan portfolio has
maintained good credit quality and NPL ratio for personal loans at
Sept. 30, 2008 was reduced to 0.52% from 0.85% at Dec. 31st 2007.

              CAR Further Improved and NPL Declined

?The Capital Adequacy Ratio (CAR) and Core CAR achieved 8.84% and
6.48% respectively as of end of September 2008, and both exceeded
regulatory requirement, as a result of the bank long time efforts
to supplement its core and tier 2 capital.  In late March 2008,
SDB added on its tier 2 capital CNY6.5 billion through subordinate
debt issue in inter-bank bond market.  Later in June, 2008, the
bank successfully added another 1.8 billion to its tier 1 capital
due to exercise of the 2nd batch of call warrants.  In addition,
the bank has obtained approval to issue another CNY1.5 billion
sub-debt in October.  In October, the Shareholders' Meeting
approved the issuance of up to 10 billion Yuan sub debt and the
extension of up to CNY8 billion hybrid capital within the next
three years.  It is expected that with addition to equity from
profit generation, and with continuous supplement tier 2 capital,
the Bank's CAR can be built further and maintained at a level to
enable the Bank to embrace more business opportunities for its
growth in the long run.

The bank is again happy to report a declining trend of both NPL
amount and NPL ratio for the period ending September 30, 2008, as
a result of successful collection and write-off of history
problematic loans, as well as control on quality of new loans.
The bank reported CNY11.1 billion in NPLs as of September 30,
2008, a decline of CNY1.4 billion, or 11% from the beginning of
the year.  NPL ratio declined by 1.36 percentage point to 4.28%
from the beginning of the year.  Among current NPL balance, 93.6%
were problematic loans carried over from before 2005.  The bank is
also in the process of packing and selling up to about 2 billion
non-performing loans in the coming months.

The Bank has not been directly affected by the sub prime or the
recent difficulties of overseas financial institutions, as it does
not invest in sub prime assets or other such instruments issued by
overseas financial institutions.

                  About Shenzhen Development Bank

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2008, Moody's Investors Service upgraded Shenzhen
Development Bank's (SZDB) bank financial strength rating (BFSR)
from E+ to D-.  At the same time, the rating agency upgraded the
bank's long-term foreign currency deposit rating from Ba3 to Ba2;
its short-term foreign currency deposit rating remains unaffected
at Not-Prime.  The outlook for all ratings is stable.


XINHUA FINANCE: Moody's Junks Senior Unsecured Bond Rating
----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured bond rating of Xinhua Finance Limited
(XFL) to B3 and Caa1 respectively.  The outlook for the ratings
remains negative.

The rating action follows the announcement that Xinhua Finance
Media Limited (XFM) - XFL's 35%-owned subsidiary -- has entered
into a secured convertible loan facility for up to $80 million
with affiliates of Patriarch Partners, currently the second
largest shareholder of XFM. The proceeds will be used to finance
XFM's expansion in its broadcast business.

"The increase in debt at XFM substantially increases leverage at
that entity and further subordinates bondholders at XFL from the
assets of XFM" says Wonnie Chu, Moody's lead analyst for the
company.

Moody's expects remaining proceeds from the sale in 2007 of its
Glass Lewis asset to further pay down outstanding debt at XFL in
coming weeks so that there will remain approx $14 million of debt.

Upon redemption of the remaining debt, Moody's will withdraw its
ratings on XFL.

XFL is an integrated provider of indices, ratings, financial news,
investor relations and distribution and media services, especially
with regard to China, which accounted for over 55% of revenue in
2007.

XFM, the media and distribution arm of XFL and its largest
earnings and cash flow contributor, listed on NASDAQ in March,
2007. XFL owns 35% of XFM's issued shares but has 84% control.



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

CHINA PACKAGING: Faces Bank of China's Wind-Up Petition
-------------------------------------------------------
On September 16, 2008, Bank of China (Hong Kong) Limited filed a
petition to have China Packaging Equipment (H.K.) Company
Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 26, 2008, at 9:30 a.m.

Bank of China's solicitors are:

          K.W. Ng & Co.
          Wings Building, 11th Floor
          110 Queen's Road Central
          Hong Kong


GRAND TOYS: Court to Hear Wind-Up Petition on December 3
--------------------------------------------------------
A petition to have Grand Toys International Limited's operations
wound up will be heard before the High Court of Singapore on
December 3, 2008, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on September 29, 2008.

DBS Bank's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          10 Chater Road
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


HAI XIN: Members to Receive Wind-Up Report on November 17
---------------------------------------------------------
The members of Hai Xin Investment Limited will meet on Nov. 17,
2008, at 3:00 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1201, 12th Floor of Omega Plaza,
32 Dundas Street, Mongkok, in Kowloon, Hong Kong.


IPMA TECHNOLOGIES: Subject to Fang Xiu's Wind-Up Petition
---------------------------------------------------------
On July 28, 2008, Fang Xiu Zhu filed a petition to have Ipma
Technologies International Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 5, 2008.


KRISPY KREME: HK Franchise Under Provisional Liquidation
--------------------------------------------------------
The Hong Kong franchisee of Krispy Kreme Doughnuts Inc., is going
into liquidation two years after starting business, Stephanie Wong
of Bloomberg News reports.

The company, Reuters relates, appointed Briscoe & Wong Ltd as
independent financial advisers to help it find liquidators.
"We've been instructed to assist to hold a meeting with creditors
which will be held on November 12," Bloomberg News cited Mr.
Briscoe as saying.  "The directors are very disappointed that they
have had to take this action.  However, they have done so with the
intention of avoiding further losses to its employees and
creditors," he added.

Mr. Briscoe, Bloomberg News notes, said that high rent in various
premises in Hong Kong is one of the cause of the company's
troubles.  The director's efforts to find a purchaser in the past
3-4 months and have not been successful, Mr. Briscoe said.

According to Reuters, the seven stores in Hong Kong and five will
be closed immediately, while the two outlets at the Hong Kong
International Airport will continue to trade until further notice.

Earlier this month, Reuters recounts, the company agreed with KKD
Lotte Holdings Co to open 35 Krispy Kreme retail locations over
the next four to five years in China's major cities, including
Shanghai, Beijing and Tianjin.  Lotte is Krispy Kreme's franchisee
in South Korea and Japan.

Reuters notes that Kispy Kreme has struggled in recent years with
restatements, investigations into its past accounting and a
decline in doughnut sales that sent some of its franchisees into
bankruptcy.

                   About Krispy Kreme Doughnuts

Krispy Kreme Doughnuts, Inc. is a branded retailer and wholesaler
of doughnuts.  The company's business is owning and franchising
Krispy Kreme doughnut stores where over 20 varieties of doughnuts,
including the hot Original Glazed doughnut, are made, sold and
distributed and where an array of coffees and other beverages are
offered.  As of Feb. 3, 2008, there were 449 Krispy Kreme stores
operated system-wide in 37 United States and in the District of
Columbia, Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait,
Mexico, the Philippines, Qatar, Saudi Arabia, South Korea, the
United Arab Emirates and the United Kingdom, of which 105 were
owned by the company and 344 were owned by franchisees.  Of the
449 total stores, there were 295 factory stores and 154
satellites.  Of the Krispy Kreme factory stores and satellites in
operation at Feb. 3, 2008, 210 and 35, respectively, were located
in the United States.


MEGA SUCCESS: Members' Final Meeting Slated for November 20
-----------------------------------------------------------
The members of Mega Success Investment Limited will meet on
November 20, 2008, at 3:30 p.m., at Unit 801, 8th Floor of Finance
Building, 254 Des Voeux Road, in Central, Hong Kong.

At the meeting, Yuen Ying Sun, Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NG TAT: Members' Final Meeting Slated for November 18
-----------------------------------------------------
The members of Ng Tat Hing Development Company Limited will meet
on November 18, 2008, at 8:00 p.m., at the 3rd Floor of Foo Lum
Fisherman's Wharf  Restaurant, 85C Broadway Street, in Mei Foo Sun
Chuen, Kowloon.

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


QNITY NETWORKS: Members and Creditors to Meet on November 28
------------------------------------------------------------
The members and creditors of Qnity Networks Limited will meet on
November 28, 2008, at 5:00 p.m. and 5:30 p.m., respectively, at
Room 502, 5th Floor of Prosperous Building, 48-52 Des Voeux Road,
in Central, Hong Kong.

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


SAI KUNG: Court to Hear Wind-Up Petition on October 29
------------------------------------------------------
The High Court of Hong Kong will hear on October 29, 2008, at
9:30 a.m., a petition to have Sai Kung P.L.B. (Maxicab) (No. 1 &
2) Company Limited's operations wound up.

The petition was filed by Wong Yun Keung, Chan Yuen Cheung, Hiew
Fook Siong, Hiew Hui Fook, Ma Chor Keung, Hiew Moo Siew, Hiew Man
Ho, Hiew Man Leung and Heu Man Ching on August 8, 2008.

The Petitioners' solicitors are:

          Massie & Clement
          On Hing Building, 8th Floor
          1 On Hing Terrace
          Central, Hong Kong


YA HSIN: Wind-Up Petition Hearing Slated for November 12
--------------------------------------------------------
The High Court of Singapore will hear on November 12, 2008, at
9:30 a.m., a petition to have Ya Hsin Group (Hong Kong) Co.
Limited's operations wound up.

Yahsin Electronics (Suzhou) Co., Ltd. filed the petition against
the company on September 8, 2008.

Yahsin Electronics' solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


UTEC LIMITED: Creditors to Meet on November 10
----------------------------------------------
The creditors of Utec Limited will meet on November 10, 2008, at
10:30 a.m. for the purposes provided for in Sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 17th Floor of EIB Centre, 40-44
Bonham Strand, in Sheung Wan, Hong Kong.



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

BANK INDONESIA: House to Inject IDR7 Tril. to Save Subsidiary
-------------------------------------------------------------
Antara News reports that after a two-hour closed-door meeting with
Bank Indonesia (BI) Governor Boediono and Finance Minister Sri
Mulyani, the House of Representatives eventually agreed to channel
IDR7 trillion to save Indonesische Overzeese Bank N.V. (Indover),
a subsidiary of the Indonesian central bank in the Netherlands.

The report, citing a member of the Houses Commission XI, Awal
Kusumah, said that the approval was approved after going through
various considerations, which were not merely for the sake of
Indover Bank, but in a broader scale for the national economy as
well.

"The presence of Indover Bank should be maintained because it may
cause a systemic impact if liquidated.  But we still ask for an
investigation into the bank in case of it had violated the law,"
Mr. Awal was quoted by Antara News as saying.

BI Governor Boediono also welcomed the decision of the House to
inject fresh funds to Indover, which is derived from BI Reserves
Post, according to Antara News.  Gov. Boediono, as cited by
Antara, said should Indover Bank be liquidated, it will disrupt
the funds flowing into Indonesia and affect the flow of
transactions like exports- imports.  Consequently, the monetary
situation will be tight which in turn would hamper the real
sector, he added.

The Jakarta Post relates that a default of Indover may negatively
affect Indonesia's sovereign and financial institution ratings
because it would be treated by foreign investors as a default of
the Indonesian central bank as well, because of its 100% ownership
of Indover.

In the meantime, the court in the Netherlands had frozen Indover
Bank.  The freezing imposed following liquidity problems facing
the bank after a crisis in the money market as the result of the
global financial crisis, Antara News adds.

                         About Indover Bank

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly-owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.

                         *     *     *

As reported by the Troubled Company Reporter-Europe, Fitch Ratings
has downgraded Indover Bank's Long-term Issuer Default Rating to
'D' from 'BB-', Short-term IDR to 'D' from 'B', Individual rating
to 'F' from 'D/E' and Support rating to '5' from '3'.  These
rating actions follow the announcement that Indover Bank has been
placed under administration, which Fitch considers to be a
default.

                      About Bank Indonesia

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2007, that Fitch Ratings affirmed the ratings of Bank Indonesia as
follows:

   -- Long-term foreign currency Issuer Default rating at 'BB-',
   -- Short-term rating at 'B',
   -- National Long-term rating at 'AA-',
   -- Individual rating at 'C/D' and
   -- Support rating at '4'.

Standard and Poors Rating Services gave Bank Indonesia's long
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.


PERTAMINA: Seeks US$200-Mil. Loan to Finance 6 Power Plants
-----------------------------------------------------------
PT Pertamina is seeking US$200 million in loans to finance the
development of at least six geothermal power plants, Asia Pulse
reports citing the company's geothermal energy director.

"A number of banks and non-bank financial institutions have
expressed interest in financing the projects, including the World
Bank and the Asian Development Bank," Asia Pulse quoted Abadi
Poernomo as saying during a symposium on geothermal energy.

But because of the current global financial crisis, Pertamina had
reviewed the amount of loans needed to finance the projects,
Mr. Poernomo added.

Asia Pulse noted that the six geothermal power plants are
Kamojang, Lahendong, Sibayak, Ulubelu, Lumut Balai and Hulub Lais
geothermal power plants.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                          *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
August 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).


* INDONESIA: Crisis May Cause Shortage in Mining Commodities
------------------------------------------------------------
The stock market slowdown and drying up of banking liquidity may
force mining firms to reduce their spending on exploration,
causing commodity scarcity during the next four to five years,
Jakarta Post reports citing an official and a business
association.

The report, citing Energy and Mineral Resources Ministry's Senior
Advisor for Finance and Economy Simon Felix Sembiring, said that
the firms would face difficulties in seeking financial resources
from the market and banks for their expansion.

"The stock market has been a major financing source for mining
firms to get cheap funds that are usually used for exploration
investment.  Since we will not have an expansive exploration
activity, there will be no new reserves discovered", Mr. Simon was
quoted by The Post as saying.

Supriatna Suhala, the executive director for the Indonesian Coal
Mining Association, said that havoc in other stock markets would
exacerbate conditions for companies seeking funds from outside as
well as for those seeking to invest in new mining projects and
concerns, the report added.

According to Mr. Suhala, the new comers cannot go public in
Indonesia because the stock market regulation requires companies
to gain profits for three consecutive years locally before selling
their shares to the public, the report relates.

The Post notes that several companies providing mining
construction services have even halted their operations.



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

ES-CON JAPAN: JCR Downgrades Senior Debts Rating to BB+/Negative
----------------------------------------------------------------
JCR has downgraded the rating on senior debts, shelf registration,
bonds and CP program with maximum amount being decreased to
JPY5 billion from JPY10 billion of ES-CON Japan Limited from
BBB-/Stable, preliminary BBB-, BBB- and J-2 to BB+/Negative,
preliminary BB, BB and J-3, respectively.

Senior Debts: BB+/Negative
Shelf Registration: preliminary BB
Maximum: JPY25 billion
Valid: two years effective from April 4, 2007

Issues      Amount(Bil.)  Issue Date  Due Date  Coupon  Rating
------      ------------  ----------  --------  ------  ------
bonds no.1  JPYY3           5/1/07     5/10/10   3.36%    BB
bonds no.2  JPYY5          12/2/07     12/2/09   3.02%    BB

CP: J-3
Maximum: JPY5 billion
Backup Line: 0%

ES-Con Japan is a condominium developer that was established in
1995.  JCR disclosed the affirmation of the BBB-/Stable rating on
senior debts of the company on May 9, 2008.  The external
environment surrounding the company has deteriorated rapidly and
significantly since then.  JCR downgraded the rating on the
Company by one notch, because it is difficult for the company to
keep the current earnings base with its cyclical business model
under the deteriorated business conditions and JCR is concerned
about the impact of deterioration on the future financing and cash
management.  With the increasing uncertainty about the prospect
for the future external environment, JCR can not foresee when the
market will bottom at this moment.  Therefore, JCR changed the
rating outlook from Stable to Negative.  The proportion of the
secured bank borrowings to the total borrowings has increased and
the subordinated feature of the outstanding unsecured corporate
bonds is reflected in the rating, that is, one notch below the
rating on the senior debts of the company.  The preliminary rating
on the shelf registration also reflects the subordinated feature
likewise, assuming issuance of normal unsecured corporate bonds
under the shelf registration system.


GIFU BANK: JCR Downgrades Subordinated Bonds Rating to BB+
----------------------------------------------------------
JCR has downgraded the ratings on senior debts, subordinated bonds
and shelf registration of tGifu Bank, Limited from BBB/Negative,
BBB- and preliminary BBB to BBB-/Stable, BB+ and preliminary BBB-,
respectively.

Issues               Amount(BB) Issue Date Due Date Coupon Rating
------               ---------- ---------- -------- ------ ------
subordinated
callable bonds #1
(private placement)  JPY15       3/16/06    3/16/16    *   BB+

subordinated
callable bonds #2
(private placement)  JPYY1.5     3/16/06    3/16/16   **   BB+

* 3.82% per annum till Mar. 16, 2011.  It will switch to Euroyen
  6M LIBOR + 4.00% after that date.

** Euroyen 6M LIBOR + 2.50% till Mar. 16, 2011.  It will switch to
   Euroyen 6M LIBOR + 4.00% after that date.

Shelf Registration:
Maximum: Y15 billion
Valid: two years effective from October 27, 2006

Gifu Bank disclosed the downward revision of earnings forecasts
for the 2nd quarter and the entire fiscal year of FY 2008 ending
March 31, 2009.  JCR has been watching the developments as to
whether the bank can stave off decline in the amount of capital,
setting the rating outlook to Negative.  According to the
revision, the credit costs have been on the rise against the
background of deteriorated business environment, weighing on the
earnings.  Besides, JCR makes a judgment that the capital has been
lowered by also loss on write-downs of investment securities,
taking into account the recent market condition.  JCR downgraded
the rating on senior debts of the Bank by one notch, given that
the Bank's capacity to absorb risk lowered in comparison to the
capital and that the primary earnings power is growing weaker.
Whether the bank can stem further drop in capital amount by
ensuring profit will be an important point in the rating for the
Bank going forward.


* JAPAN: Fitch Revises the Outlooks of Regional Banks to Stable
---------------------------------------------------------------
Fitch Ratings has revised the rating Outlooks on Japan's regional
banks listed below reflecting the downward trend of their
financial positions under the current challenging operating
environment.  The majority of the banks announced downward
revisions for H1 of fiscal year to end-March 2009.  At the same
time, all ratings of these banks have been affirmed.

These banks' Outlooks have been revised to Stable from Positive:

Fukui Bank Ltd.:
  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'BBB-'; Outlook revised to Stable from Positive;
  -- Short-term foreign and local currency IDRs affirmed at 'F3';
  -- Individual rating affirmed at 'C/D';
  -- Support rating affirmed at '2';
  -- Support Rating Floor affirmed at 'BBB-'; and
  -- Subordinated debt affirmed at 'BB+'.

Higashi-Nippon Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB-';
     Outlook revised to Stable from Positive;
  -- Short-term foreign and local currency IDRs affirmed at 'F3';
  -- Individual rating affirmed at 'C/D';
  -- Support rating affirmed at '4'; and
  -- Support Rating Floor affirmed at 'B'.

Kita-Nippon Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB-';
     Outlook revised to Stable from Positive;
  -- Short-term foreign and local currency IDRs affirmed at 'F3';
  -- Individual rating affirmed at 'C/D';
  -- Support rating affirmed at '3';
  -- Support Rating Floor affirmed at 'BB-'; and
  -- Subordinated debt affirmed at 'BB+'.

Toho Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook revised to Stable from Positive;
  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '2'; and
  -- Support Rating Floor affirmed at 'BBB-'.

Also, these banks' Outlooks have been revised to Negative from
Stable:

Akita Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook revised to Negative from Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '2'; and
  -- Support Rating Floor affirmed at 'BBB-'.

Eighteenth Bank, Ltd:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook revised to Negative from Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '3'; and
  -- Support Rating Floor affirmed at 'BB-'.

Juroku Bank, Ltd:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook revised to Negative from Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '2';
  -- Support Rating Floor affirmed at 'BBB-'; and
  -- Subordinated debt affirmed at 'BBB'.

Miyazaki Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook revised to Negative from Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '2';
  -- Support Rating Floor affirmed at 'BBB-'; and
  -- Subordinated debt affirmed at 'BBB'

Oita Bank Ltd.:
  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook revised to Negative from Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '2'; and
  -- Support Rating Floor affirmed at 'BBB-'.

The ratings of the banks listed above will be fully assessed once
H1FYE09 results are announced, in the course of annual reviews.
Fitch will also review ratings of other regional banks, whose
Outlooks were not revised this time, in a timely manner.



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

HYUNDAI MOTOR: Cuts Production Output on Decreasing U.S. Sales
--------------------------------------------------------------
Hyundai Motor Co. plans additional production cuts as U.S. sales
may fall to the lowest rate in 25 years, Alan Ohnsman of Bloomberg
News reports.

The company, KBS News relates, will reduce its production by
15,000 units in the fourth quarter.  Its Alabama plant will
partially suspend production from October 24 until the end of the
year.  Following the recent decision, Bloomberg News relates,
production of Sonata sedans and Santa Fe sport-utility vehicles at
the Alabama plant.

According to KBS News, Hyundai lowered its production target by
5.8% to 245-thousand from from 260-thousand units for the U.S.
plant.

On Oct. 6, 2008, the Troubled Company Reporter-Asia Pacific
citing, Yonhap News, reported that Hyundai Motor may miss its U.S.
sales target this year after it suffered a sharp decline in its
vehicle sales in the United States last month.  The company sold
24,765 vehicles in September in the U.S., down 25.4% from a year
earlier, marking the third straight monthly decline, the report
said.  According to the TCR-AP, in the first nine months of 2008,
Hyundai's sales in the U.S. sank 6% from a year ago to 337,664
units.

Bloomberg News says that U.S. sales for Asia-based carmakers
plunged a combined 30% in September last month as the credit
squeeze made it more difficult to finance new vehicle purchases.
The cuts by the two carmakers follow Toyota Motor Corp. and Honda
Motor Co. in adjusting to falling demand as Deutsche Bank
forecasts October's annualized sales rate will be the lowest since
1983, the same report relates.

"It's a financial well-being issue.  The entire nation has woken
up and found their homes aren't worth as much, that their stocks
and 401(k)s aren't worth as much," Bloomberg News cited Jim
Hossack, an auto industry analyst at AutoPacific Inc. in Tustin,
California, as saying.

Meanwhile, another TCR-AP report on Oct. 23, 2008, citing Yonhap
News, reported that  Hyundai Motor is expected to report its
"worst quarterly earnings" in 10 years this week as derivatives
losses ballooned and the global financial crisis cut into vehicle
sales at home and abroad.  "Hyundai Motor will likely post its
worst quarterly earnings for the third-quarter of this year," the
report cited Mr. Kim as saying.  Mr. Kim expected Hyundai's third-
quarter revenues to fall 9.9% from a year earlier to
KRW6.3 trillion (US$4.79 billion), while third-quarter operating
profit will fall to KRW63.4 billion, from KRW662.5 billion a
quarter ago.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
U.S. since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


* KOREA: BOK Cuts Benchmark Rate to 4.25%; To Buy Bank Bonds
------------------------------------------------------------
The Bank of Korea cut its benchmark interest rate by 75 basis
points to 4.25% and would buy up to KRW10,000 billion of bank
bonds to provide more liquidity to the banking sector and help
boost the economy, Song Jung-a in Seoul of the Financial Times
reports.

The bank, the report relates, would include local banks' bonds in
its repurchase agreement deals to provide more liquidity, and will
allow exporters to borrow dollars to pay for their mounting
foreign exchange losses and small companies to roll over foreign-
currency debt for one year.

According to the report, the government move came as President Lee
Myung-bak said the local currency was stable and the country was
far from repeating the Asian financial crisis a decade ago, which
forced South Korea to receive a US$57 billion bailout from the
International Monetary Fund to avoid a national default.  "I can
say with absolute certainty, there is no foreign currency crisis
in South Korea right now.  The situation is completely different
from 10 years ago when we received a financial bailout," President
Lee said.

The measures, The Times says, initially drove stock and bond
prices up with analysts saying it showed that Korean authorities
were prepared to take strong action to prevent the economy from
slipping into a serious recession.

The benchmark Kospi stock index rose as much as 3% after the
unexpected rate cut, while treasury prices gained with bond
futures soaring but the won fell back after early gains, dropping
1.4% against the dollar, the report notes.

The Times points out that analysts said the drastic rate cut would
help reduce the growing financial burden on small companies and
households but it will add pressure on the Korean won, which has
lost about 35% so far this year.

The BoK came under increasing pressure to take action after the
country's stock market tumbled 20% last week and the won closed
near a 10-year low on growing fears about a looming recession in
Korea, the report says.  Government data last week showed that the
Korean economy expanded 3.9% in the third quarter from last year.

Meanwhile, the Times adds that South Korea plans to cut taxes
further and expand fiscal spending to shore up the troubled
economy to stop the financial turmoil from spreading to the real
economy.  Seoul recently announced a US$130 billion rescue package
for its banks and additional measures worth up to US$6 billion to
help support cash-strapped builders, the same report points out.



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

TENGGARA: Reprimanded for Breach of Bursa's Listing Requirement
---------------------------------------------------------------
On October 24, 2008, Bursa Malaysia Securities Berhad publicly
reprimanded Tenggara Oil Berhad for breach of Bursa Securities'
Listing Requirements.

The company is also required to carry out a limited review on its
quarterly report submission.  The limited review must be performed
by the company's external auditors for four quarters commencing
from the quarter subsequent to the date of this announcement.

Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must
ensure that each announcement is factual, clear, unambiguous,
accurate, succinct and contains sufficient information to enable
investors to make informed investment decisions.

The company had breached paragraph 9.16(1)(a) in respect of the
company's announcement dated March 31, 2008, on its fourth
quarterly report for the financial year ended January 31, 2008,
which failed to take into account the adjustments.

The Company had reported an unaudited loss after taxation and
minority interest of MYR27.957 million in its 4th QR 2007, as
compared to an audited loss after taxation and minority interest
of MYR34.328 million in its annual report for the financial year
ended January 31, 2008.  The difference between the unaudited and
audited loss after taxation and minority interest of
MYR6.371 million represents a deviation of approximately 22.79%.

The public reprimand was imposed pursuant to paragraph 16.17 of
the LR after taking into consideration all facts and circumstances
of the matter and upon completion of due process.

Bursa Securities views the above contravention seriously and
hereby cautions the company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to the shareholders and the investing
public.

Whilst Bursa Securities has not made a finding that any of the
directors of the company caused or permitted the aforesaid breach,
Bursa Securities nevertheless wishes to highlight that it is the
responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability within
the company and amongst its officers and employees including,
amongst others, an awareness of the importance of compliance with
the Listing Requirements.  The directors of the company at the
material time are:

   * Datuk Dr. Kamal bin Mat Salih;
   * Shafril Hadi bin Kamal;
   * Lee Kien Fatt; and
   * Foo Siew Loon.

                        About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.


TRIPLC BERHAD: Bourse to Suspend Trading of Securities on Nov. 4
----------------------------------------------------------------
In a letter dated October 24, 2008, the Bursa Malaysia Securities
Berhad has rejected TRIplc Berhad's application for extension of
until November 30, 2008, to announce the details of the
re-submission of a regularization plan and until December 31,
2008, to submit the regularization plan to the relevant
authorities for approval.  Thus, the trading of the securities of
TRIplc will be suspended starting Nov. 4, 2008.

Moreover, the letter includes:

   -- a notice to show cause on de-listing of securities of
      TRIplc; and

   -- a notice of suspension in trading of securities of TRIplc.

The letter and notices are in respect of the company's failure to
obtain approval from the Securities Commission on the Revised
Scheme.

In light of the above, notice has been given by Bursa Securities
to the company that:

   a) the company has been accorded five market days by Bursa
      Securities to make written representations to Bursa
      Securities, supported by documentary evidence (if any) as to
      why its securities should not be removed from the Official
      List of Bursa Securities;

   b) in the event Bursa Securities decides to de-list the
      company, the securities of the company shall be removed from
      the Official List of Bursa Securities upon the expiry of
      seven market days from the date of notification of the
      decision to de-list the company or upon such other date as
      may be specified by Bursa Securities unless an appeal is
      made within the prescribed timeframe; and

   c) in the event Bursa Securities decides not to de-list the
      company, other appropriate action / penalties may be imposed
      pursuant to paragraph 16.17 of the Listing Requirements of
      Bursa Securities.

TRIplc will be making an appeal to Bursa Securities within the
Appeal Timeframe or by November 3, 2008, in light of its intention
to re-submit its regularization proposal to the SC as earlier
announced on October 13, 2008.

The Board believes that its regularization proposal will
satisfactorily address the SC's concern on the basis of positive
developments which have recently arisen that will augur well for
the future viability of the Company's core business.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.

On January 5, 2007, the company submitted an application on a
regularization plan to the relevant authorities which was
subsequently rejected by the Securities Commission on May 3, 2007.
The Company's appeal on the SC's decision was also rejected on
October 9, 2008.  Currently, the company submitted an appeal to
Bursa Securities for an extension of time until December 31, 2008,
for TRIplc to make the necessary applications to the relevant
authorities.


* MALAYSIA: MARC Forecasts 2009 GDP Growth at 3.5%
--------------------------------------------------
MARC views that the ongoing global turbulence roiling the
financial markets will likely trigger a global recession in 2009
and accordingly forecasts Malaysia's GDP growth for next year at
3.5%.

The world's largest economy and Malaysia's single largest trading
partner, the United States is likely to experience its first
recession since 2001 as the financial crisis continues unabated
with adverse impact on bank lending, investment and private
consumption.  As a result, the US economic performance will cast a
long shadow on the rest of the world.  Other major economies,
namely the Euro and Japan, are also not being spared from the
current financial and economic malaise.

Being an open economy, Malaysia and other regional countries are
not immune from any crisis, especially one that is unprecedented
as the current turmoil.  These economies are now bracing for a
decline in global trade volume due to an expected drop in external
demand.  In addition to external trade performance, Malaysian
economic growth in 2009 will also be impacted by a slowdown in
private investment as risk aversion heightens among investors.  As
a consequent, business expansion plans are likely to be scaled
down while portfolio investors may continue to stay on the
sideline as evident by substantial net outflows in the second
quarter 2008.  Although Malaysia has, over the years, diversified
its trade pattern with intra-trade with ASEAN countries becoming a
significant feature of its economy, the expected moderations in
the economies of G3 (US, Euro and Japan) could have knock-on
effects on ASEAN economies as well.

However, the silver lining in the Malaysian economy is the steady
domestic demand, primarily supported by private consumption,
which, while expected to moderate to 4.4% in 2009 from an
estimated 6.3% this year following the impact of higher consumer
prices and waning consumer sentiment, is anticipated to be a
bulwark against a weakening global economy.  Domestic demand in
2009 is expected to be underpinned by an accommodative monetary
stance and a relatively stable labor market.

In addition, Malaysia is in a more resilient position to cope with
present economic challenges as reflected by huge surplus in the
current account of balance of payment, a high level of external
reserves and sound banking system that will help weather current
economic challenges.  As of September 30, 2008, the amount of
external reserves stood at MYR379.3 billion, sufficient to finance
nine months of retained imports and is 4.1 times the total short-
term external debt.  This is in stark contrast with the situation
during the Asian Financial Crisis in 1997 when external reserves
dropped to as low as 2.9 months of retained imports in October
that year.

The country's financial institutions' ability to provide ample
liquidity is also a critical factor to insulate the Malaysian
economy from a credit crunch.  A loan-deposit ratio in the banking
system that continues to remain below 80% in the last four years
also augurs well for its role to support lending activities.
Additionally, there is no visible strain in the domestic financial
market as is evident by the benign spread between interbank and
Treasury Bills.

Further underscoring the strength of the country’s financial
institutions is the declining trend of net non-performing loans
(NPL).  The NPL ratio stood at 2.5% in August 2008, compared with
13.6% at the height of the Asian Financial Crisis.  Another
measure, loan loss coverage, has risen to nearly 85.1% in August
2008, thus providing ample buffer against possible financial
losses.

From a macro policy point of view, the general stabilization plan
as announced by Finance Minister I on October 20, 2008, will, to
some extent, cushion the economy from a significant slowdown in
2009.  MARC opines that although the impact of the government's
recent proposed measures to make investments more attractive for
foreign investors will not be felt in the immediate-term, it is a
move in the right direction.  As for the monetary policy, MARC
believes that the authorities will continue to retain sufficient
flexibility to adapt to changing economic conditions should the
global slowdown begin to show signs of severely impacting
Malaysia's growth prospect in the near-term.



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

AIR NEW ZEALAND: Wants Millions More From South Pacific Islands
---------------------------------------------------------------
Citing TVNZ, NZPA reported that Air New Zealand wants millions of
dollars in higher subsidies from South Pacific island states to
maintain services through their territories to the United States.

According to NZPA, the airline currently flies weekly from
Auckland to Los Angeles via Tonga and Samoa, and another via
Rarotonga in the Cook Islands.

"TVNZ said it understood the Cook Islands Government, which now
subsidized the service to Los Angeles by NZ$2 million, had been
told this needed to rise to NZ$8 million," NZPA related.

The report noted that Samoan Deputy Prime Minister Misa Telefoni
wasn't happy about Air New Zealand's request.

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Standard & Poor's Ratings Services removed its
unsolicited 'BB/Stable' credit rating and outlook on Air New
Zealand Ltd.

According to S&P, the airline's strategic and commercial
response to the very high fuel prices is an important credit
consideration in the current volatile environment.  Without the
full interaction of the company in the rating process, S&P said
it feels it is no longer able to provide a credit opinion.

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


AIR NEW ZEALAND: September Passenger Load Down 4.5%
---------------------------------------------------
In September, Air New Zealand carried 1,199,000 passengers, down
4.5% on the same month last year.  Over the month, the airline's
capacity growth was flat at 0.3% and the Group passenger load
factor dropped by 2.5 percentage points to 77.8%.

The Domestic passenger load factor dropped by 1.2% on last
September. This decrease is less than the overall market decrease
as Air New Zealand benefits from superior frequency and service
offering in this market. The airline’s capacity decreased by 1.1%
in the Domestic market on last September as schedules and gauges
were closely managed.

In the Tasman and Pacific market, passenger numbers and load
factors were significantly down.

Passengers carried fell by 10% and passenger load factor was down
by 7 percentage points on September last year. This looks to be an
increasingly difficult market over the coming months and the
airline is taking a disciplined approached to managing both
frequency and aircraft type used on trans-Tasman routes.

In the Long Haul market, passenger load factors remained
relatively high at 82.0%. North America and UK routes went against
the overall trend in September with load factors increasing by 1.4
percentage points on a 1.2% increase in capacity.  Asia, Japan and
UK showed signs of weakness as demand from China continued to be
disrupted following the Olympic games.

Air New Zealand has hedged 95% of its FY09 US dollar operating
cash flow exposure and 60% of its FY10 exposure at NZ$/US$ rate of
0.76. Future capital commitments of US$319 million have been
hedged at NZ$/US$ rate of 0.75.

The 2009 financial year-to-date capacity and passenger numbers are
not directly comparable with the previous period. This is due to
two less days being captured in the July 2008 operating statistics
compared to July 2007.  "We have made adjustments to the variance
calculations to make the figures comparable year on year," the
company said in press statement.

                      New Aircraft Deliveries

The only further deliveries expected of new aircraft during the
2009 financial year are the final two Q300 turbo prop aircraft,
which are due to arrive in April and May 2009.  In November 2008,
an A320 will return from Europe into the operating fleet.

Operating Aircraft  June 08  Additions  Disposals  24 October 08
------------------  -------  ---------  ---------  -------------
Boeing 747-400          8        -          -           8
Boeing 777-200ER        8        -          -           8
Boeing 767-300ER        5        -          -           5
Airbus A320-200        12        -          -          12
Boeing 737-300         16        -          -          16
ATR72-500              11        -          -          11
Q300                   21        -          -          21
Beech 1900D            17        1          -          18

TOTAL                  98        1          -          99
================================================================

        Tasman Customers to Benefit From New Technology

Air New Zealand has become the first Airbus operator in the world
to have its entire Airbus fleet enabled with Required Navigation
Performance (RNP) technology.

RNP enables specially trained pilots to fly to lower altitudes on
a more precise and efficient route into the airport, saving fuel
and emissions and reducing the impact of bad weather on services.
The airline has fitted the new technology onto its fleet of A320s,
which operate services across the Tasman.

Air New Zealand to suspend two trans-Tasman routes from Hamilton
Air New Zealand will suspend services between Hamilton to Sydney
and the Gold Coast during the traditionally lower demand period
from March 29 to October 24, 2009.  The move is a result of weak
demand and an oversupply of trans-Tasman capacity from Auckland.
This decision is part of Air New Zealand’s ongoing review of its
network.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Standard & Poor's Ratings Services removed its
unsolicited 'BB/Stable' credit rating and outlook on Air New
Zealand Ltd.

According to S&P, the airline's strategic and commercial
response to the very high fuel prices is an important credit
consideration in the current volatile environment.  Without the
full interaction of the company in the rating process, S&P said
it feels it is no longer able to provide a credit opinion.

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


ANCARE NEW ZEALAND: Creditors Must File Claims by November 7
------------------------------------------------------------
Ancare New Zealand Limited’s shareholders appointed Douglas Kim
Fisher, chartered accountant of Auckland, as liquidator on
October 10, 2008.

The deadline for creditors to file their proofs of claim is
November 7, 2008.

The liquidator can be reached at:

     Douglas Kim Fisher
     Private Bag MBE M215
     Auckland
     Telephone: (09) 630 0491
     Facsimile: (09) 638 6283


BLACK TRADING: Faces CIR’s Wind-Up Petition
-------------------------------------------
On June 27, 2008, an application to put Black Trading Limited into
liquidation was filed in the High Court at Auckland.  The
application was heard before the High Court at Auckland on
October 24, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


CM MORAN LTD: Faces CIR’s Wind-Up Petition
------------------------------------------
On June 18, 2008, an application to put CM Moran Limited into
liquidation was filed in the High Court at Auckland.  The
application was heard before the High Court at Auckland on
October 24, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


GILLS ROAD: Commences Liquidation Proceedings
---------------------------------------------
On September 18, 2008, it was resolved by special resolution that
Gills Road HD Limited be liquidated and that Colin F. Currie, of
Hamilton, be appointed liquidator.

The liquidator can be reached at:

     COLIN F. CURRIE
     PO Box 19296
     Hamilton
     Mobile: (0274) 571 928
     Facsimile: (07) 838 1600


HOME & LEISURE: Creditors Have Until November 10 to File Claims
---------------------------------------------------------------
On October 9, 2008, it was resolved by special resolution that
Home & Leisure Limited be liquidated and that Roderick T. McKenzie
and Lyn M. Carey of McKenzie & Partners Limited, Chartered
Accountants, Palmerston North, be appointed liquidators.

The liquidators have fixed November 10, 2008, as the last day for
creditors to make their claims and to establish any priority their
claims may have under section 312 of the Companies Act 1993.
Creditors who have not made a claim at the date a distribution is
declared may be excluded from the benefit of that distribution and
may not object to that distribution.

The liquidators can be reached at:

     McKenzie & Partners Limited
     484 Main Street, Level 1
     PO Box 12014
     Palmerston North
     Telephone: (06) 354 9639
     Facsimile: (06) 356 2028


J.W. DRYWALL: High Court to Hear Wind-Up Petition on October 31
---------------------------------------------------------------
On July 27, 2008, an application to put J.W. Drywall Fixing
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


KENSINGTON RESIDENTIAL ET AL: Shareholders Appoint Liquidators
--------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of eight companies by the
shareholders on October 8, 2008:

   -- Kensington Residential Kohimarama Limited
   -- Harbourside Properties Limited
   -- De Berri Group Limited
   -- Kensington Residential Upland Limited
   -- Kensington Residential Orakei Limited
   -- Kensington Construction Limited
   -- Kensington Properties Limited
   -- Huka Village Limited

The liquidators fixed January 13, 2009, as the deadline for
creditors to file their proofs of claim.

The liquidators can be reached at:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Adrienne Stone


LFS NO2: High Court to Hear CIR’s Wind-Up Petition on Friday
------------------------------------------------------------
On July 8, 2008, an application to put LFS NO2 Limited (in
receivership) -- formerly Dirty Business Launderers Limited --
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


NEW ZEALAND VEHICLE: Claims Filing Deadline Is October 31
---------------------------------------------------------
Richard Burge and Edward Jansen were appointed joint and several
liquidators of New Zealand Vehicles Distributors (Transport)
Limited (in liquidation).

The liquidation commenced on September 22, 2008.

The deadline for creditors to file their proofs of claim is
October 31, 2008.

Enquiries may be directed by a creditor or shareholder of the
company during normal business hours to Richard Burge at PO Box
30568, Lower Hutt, or telephone (04) 569 9069.


NRGNZ LTD: Faces CIR’s Wind-Up Petition
---------------------------------------
On June 18, 2008, an application to put NRGNZ Limited -- formerly
Sureslim NZ Limited -- into liquidation was filed in the High
Court at Auckland.

The application was heard before the High Court at Auckland on
October 24, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


OSCAR DECORATOR: High Court to Hear Wind-Up Petition on October 31
------------------------------------------------------------------
On July 21, 2008, an application to put Oscar Decorator Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, October 31, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


QUICK GRIPS: High Court to Hear CIR’s Wind-Up Petition on Friday
----------------------------------------------------------------
On July 8, 2008, an application to put Quick Grips Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


RESOLUTION DIGITAL: High Court to Hear Wind-Up Petition on Oct. 28
------------------------------------------------------------------
On September 9, 2008, an application to put Resolution Digital
Print Limited into liquidation was filed in the High Court at
Wellington.

The application is to be heard before the High Court at Wellington
on October 28, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington; Telephone:
(04) 890 1127; Facsimile: (04) 890 0009.

The plaintiff’s solicitor is Julia Marie Snelson.


RICHARD GEEWIZ: Faces CIR’s Wind-Up Petition
--------------------------------------------
On July 8, 2008, an application to put Richard Geewiz Gee
Consultants Limited into liquidation was filed in the High Court
at Auckland.  The application is to be heard before the High Court
at Auckland on Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


RICHMOND PARK: Claims Filing Deadline Is November 12
----------------------------------------------------
Craig Andrew Young and Raymond Gordon Burgess were appointed
liquidators of Richmond Park Properties Limited on October 10,
2008.

The deadline for creditors to file their proofs of claim is
November 12, 2008.

The liquidators can be reached at:

     Restructuring Services Limited
     PO Box 87340
     Meadowbank, Auckland
     Telephone: (09) 525 7236
     Facsimile: (09) 528 9521
     Enquiries to: Craig Young


TRIANGLE ROAD: High Court to Hear Wind-Up Petition on October 31
----------------------------------------------------------------
On July 8, 2008, an application to put Triangle Road Developments
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.


VERITAS HOLDINGS: Faces CIR’s Wind-Up Petition
----------------------------------------------
On March 10, 2008, an application to put Veritas Holdings NZ
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 5-7 Byron Avenue (PO Box 33150), Takapuna, Auckland;
Telephone: (09) 984 1514; Facsimile: (09) 984 3116.

The plaintiff’s solicitor is Michael Kinlim Yan.



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


* PHILIPPINES: BSP Oks Proposed Hike in Deposit Insurance Coverage
------------------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) has expressed support to the
proposed increase in the insurance coverage of the Philippine
Deposit Insurance Corp. (PDIC) to Php500,000 per depositor from
the present Php250,000.

However, BSP Governor Amando M. Tetangco Jr. said the proposed
increase in the insurance coverage should be complemented with
other reforms to strengthen the PDIC.

"We support the proposed increase in deposit insurance coverage.
These and other reforms should be taken in context of an overall
plan to strengthen the PDIC and the BSP," Mr. Tetangco said.

BSP and PDIC want immunity from legal suits in the course of doing
their duties as regulators of banks.

The PDIC, meanwhile, is also reviewing some of the regulatory
issuances it has issued as well as its bank examination functions.

The government for its part is studying options on how it would be
able to fund the proposed increase in PDIC's insurance coverage.

Budget Secretary Rolando Andaya said that the government can set
aside an incremental budget for PDIC for five years while Finance
Secretary and PDIC chairman Margarito Teves said that the
government could inject Php45 billion in fresh equity to PDIC to
be able to double the maximum insurance coverage from the current
level of Php250,000.

The Finance chief said the government could also pursue burden
sharing.

Under this scheme, the government would shoulder a large part of
the capital infusion while depositors would also shoulder a
portion of the additional equity.

Senator Mar Roxas II has filed Senate Bill 2688 seeking to double
the maximum deposit insurance coverage to Php500,000 from the
current level of Php250,000.

The maximum deposit insurance coverage was increased to Php250,000
from Php100,000 in 2004 but the Php3-billion government funding to
PDIC was not increased.  Likewise, the assessment rate levied on
member banks was not increased.

PDIC President Jose Nograles had expressed support for the
proposed legislation to double the PDIC's maximum deposit
insurance coverage (MDIC) from Php250,000 to Php500,000.

"This is a pre-emptive move to maintain public confidence in light
of current financial crises overseas.  PDIC welcomes legislative
initiatives to increase the MDIC to help maintain public
confidence and contribute to a stronger financial system," he
earlier said.


* PHILIPPINES: BSP OKs 20% Risk Weighting of AGFP-Guaranteed Loans
------------------------------------------------------------------
The Monetary Board approved on October 17, 2008, the twenty
percent (20%) risk weighting of bank loans to the extent
guaranteed by the Agricultural Guarantee Fund Pool (AGFP), data
from Bangko Sentral ng Pilipinas shows.

The AGFP resulted from the implementation of Administrative Order
(AO) No. 225 dated April 1, 2008, as amended by AO No. 225-A dated
May 26, 2008.  The AOs directed Government Owned and Controlled
Corporations (GOCCs) and Government Financial Institutions (GFIs)
to allocate five percent (5%) of their 2007 surplus for projects
in rice and food production.  They were issued in support of the
national government's thrust of increasing rice production to
achieve food sufficiency.

The AGFP, which will be placed in trust with the Land Bank of the
Philippines, shall be used to provide guarantee to loans extended
by GFIs and private financial institutions, such as rural banks
and cooperative banks, to farmers engaged in rice production.

The lower risk weight approved by the MB is expected to expand the
banks’ exposure to the agricultural sector, taking full advantage
of the AGFP facility.


* PHILIPPINES: BSP Allows Reclassification of Financial Assets
--------------------------------------------------------------
The Monetary Board (MB), in its meeting held on October 23, 2008,
approved the guidelines allowing financial institutions to
reclassify financial assets from categories measured at fair value
to those measured at amortized cost, data from Bangko Sentral ng
Pilipinas shows.  This reclassification is consistent with the
October 2008 amendments to International Accounting Standards
(IAS) 39 and International Financial Reporting Standards (IFRS) 7
issued by the International Accounting Standards Board (IASB) in
light of the extra-ordinary circumstances in the world's financial
market.

Financial institutions (FI) may now reclassify their investments
in debt and equity securities from the Held for Trading (HFT) or
Available for Sale (AFS) categories to the Held to Maturity (HTM)
or the Unquoted Debt Securities Classified as Loans (UDSCL) until
December 31, 2008.  Reclassifications done before November 1,
2008, may be based on July 1, 2008, fair values.  However,
reclassifications done on or after November 1, 2008, shall be
based on fair values as of the date of the reclassification.

The Monetary Board's approval of the guidelines ensures that the
BSP continues to be aligned with international accounting
standards.  Furthermore, the reclassification is a move towards
maintaining confidence in financial markets taking full cognizance
of the extra-ordinary global situation.



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

MERIDIAN LIFE: Creditors' Meeting Slated for October 31
-------------------------------------------------------
Meridian Life International Pte. Ltd., which is in liquidation,
will hold a meeting for its creditors on October 31, 2008, at
3:00 p.m., at Preston Room, #02-13, Tower 4, in 167 Jalan Bukit
Merah, Singapore 150167.

At the meeting, the creditors will be asked to:

   -- consider the company’s Statement of Affairs and the progress
      of the liquidation;
   -- approve the joint liquidators' fees and disbursements;
   -- consider the mandate to be given to the joint liquidators,
      moving forward in the liquidation of the company, including
      funding the liquidation administration;
   -- consider the nomination of creditors to a Committee of
      Inspection; and
   -- consider any other matters.

The company's liquidators are:

          Yin Kum Choy
          Mok Wai Seng
          c/of K C Yin & Co CPA, Singapore
          100 Tras Street, #16-01 Amara Corporate Tower
          Singapore 079027
          Telephone: 6323 1613
          Facsimile: 6323 1763


MOSTRANS PTE: Court Enters Wind-Up Order
----------------------------------------
On October 10, 2008, the High Court of Singapore entered an order
to have Mostrans Pte Ltd's operations wound up.

Oversea-Chinese Banking Corporation filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Singapore of 45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118




SINGAPORE LEASING: To Pay Dividend on October 31
------------------------------------------------
Singapore Leasing International Pte Ltd, which is in liquidation,
will pay the final dividend to its creditors on October 31, 2008.

The company will pay 1.44 cents to a dollar.  The dividend will be
paid at One Raffles Quay, North Tower, in Level 18, Singapore
048583.


SUNRISE F &B: Contributories to Meet on October 31
--------------------------------------------------
Sunrise F &B Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its contributories on October 31, 2008, at
10:00 a.m., at 6 Shenton Way, in #32-00 DBS Building Tower 2,
Singapore 068809.

At the meeting, the contributories will be asked to:

   -- receive a status update from the liquidator;
   -- appoint a Committee of Inspection pursuant to Section
      277(1) of the Companies Act (Cap. 50); and
   -- consider any other matters, which may properly be brought
      before the meeting.


* SINGAPORE: Exports Fell by 5.7 Percent in September
-----------------------------------------------------
Singapore's non-oil exports fell by 5.7 percent to SGD13.8 billion
(US$9.3 billion) in September, as global economic slowdown cut
consumer demand for electronic goods from the city-state, The
Associated Press reports citing a statement by the Ministry of
Trade and Industry's International Enterprise Singapore.

According to the report, the drop in exports was led by electronic
goods, such as disk drives, chips and telecommunications
equipment, which fell 11 percent in September.  Non-electronic
exports, led by pharmaceuticals, dropped 1.9 percent.  Exports
fell 14 percent in August and 5.8 percent in July from a year
earlier.

Non-oil exports account for about 70 percent of the country's
gross domestic product, The Associated Press noted.

Singapore's economy contracted 0.5 percent in the third quarter,
and the government cut its 2008 economic growth forecast earlier
this month to 3 percent from between 4 percent and 5 percent on
expectations of falling consumer demand in the U.S., Europe and
Japan, the AP report adds.



===========
T A I W A N
===========

AU OPTRONICS: Appoints Dr. LJ Chen as Chief Executive Officer
-------------------------------------------------------------
AU Optronics Corp. at a board meeting resolved that starting
Jan. 1, 2009, Dr. LJ Chen will assume the position of President
and Chief Executive Officer.  Mr. HB Chen will serve as Vice
Chairman of the Board, and will no longer be CEO.

The company said it has been using a consistent Corporate
Governance method for years, and has conducted several
organization changes and job rotations.  The company also believes
that the structure of the top management team should be planned in
advance and implemented in steps.  In line with that philosophy,
Dr. LJ Chen was appointed President and Chief Operating Officer
last September.  Through his resolute leadership such as deploying
"AUO Green Solutions," AUO had already become a stronger company
and the management team had proven themselves ready to assume
larger responsibilities for the future.  Therefore, as had been
laid out in the original planned schedule, Dr. LJ Chen was
promoted to the position of President and Chief Executive Officer,
and is expected to lead the Company to another new era.

Effective Jan. 1, 2009, Mr. HB Chen will continue to dedicate his
time and efforts to AUO by being the Vice Chairman.  He is also
the Chairman of Lextar Electronics Corporation as well as
Welllypower Optronics Corporation.  Mr. HB Chen will be
responsible for the long-term business and strategy of AUO and its
affiliated companies, as well as the relationship with business
partners to enhance future competitiveness.  Mr. Chen has
successfully accomplished a variety of organizational changes and
two major mergers during the past 12 years.  He has also set a
very good example for others at AUO for his generous experience
sharing with successors.

                        About AU Optronics

AU Optronics Corp. (AUO) -- http://auo.com/-- is the worldwide
manufacturer of thin film transistor liquid crystal display panels
(TFT-LCD).  AUO provides customers a full range of panel sizes and
comprehensive applications, offering TFT-LCD panels in sizes
ranging from 1.5 inches to greater than 65 inches.  AUO generated
NT$480.2 billion (US$14.8 billion) in sales revenue in 2007 and
now houses the staff of more than 42,000 employees throughout its
global operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.



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

* BOND PRICING: For the Week October 20 - October 24, 2008
----------------------------------------------------------

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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.65
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.65
Allco Hit Ltd                  9.000%  08/17/09     AUD    24.10
Alumna Finance                 2.000%  05/16/13     USD    54.77
Antares Energy                10.000%  10/31/13     AUD     0.75
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    44.69
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    30.00
Becton Property Group          9.500%  06/30/10     AUD     0.35
Bounty Industries Limited     10.000%  06/30/10     AUD     0.04
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.50
Carpal Aluminum               10.000%  03/29/12     AUD    65.10
China Century                 12.000%  09/30/10     AUD     0.70
Cit Group Au Limited           6.000%  03/03/11     NZD    55.23
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.96
FBG  Finance Limited           5.875%  06/15/35     USD    72.53
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.40
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.50
Ge Cap Australia               6.000%  04/15/15     AUD    73.06
Ge Cap Australia               6.000%  03/15/19     AUD    60.08
Gpt Management                 6.500%  08/22/13     AUD    73.97
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.20
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.50
Insurance Australia            5.625%  12/21/26     GBP    73.44
Jpm Au Enf Nom 1               3.500%  06/30/10     USD     1.41
Lane Cove Tunnel               6.800%  12/09/15     AUD    60.76
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.11
Macquarie Bank                 6.500%  05/31/17     AUD    42.65
Macquarie Comm                 2.500%  08/23/13     USD    69.63
Marac Finance                 10.500%  07/15/13     NZD     1.02
Metal Storm Ltd               10.000%  09/01/09     AUD     0.09
Minerals Corp                 10.500%  03/31/09     AUD     0.20
Paladin Energy                 4.500%  12/15/11     USD    46.81
Paladin Energy                 5.000%  03/11/13     USD    44.51
Publ & Broad Fin               6.280%  05/06/11     AUD     8.59
South Canterbury              10.430%  12/15/12     NZD     1.01
St. Laurence Prop              9.250%  07/15/01     NZD    72.93
Suncorp Metway I               6.750%  09/23/24     AUD    72.47
Suncorp Metway I               6.750%  10/06/26     AUD    71.90
Sun Resources NL              12.000%  06/30/11     AUD     0.25
TrustPower Ltd                 8.300%  12/15/08     NZD    10.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.36
TrustPower Ltd                 8.500%  03/15/14     NZD     8.50
Westfield Fin                  5.500%  06/27/17     GBP    72.12

   CHINA
   -----
China Govt Bond                4.860%  08/10/14     CNY     0.00
Jianxi Copper                  1.000%  09/22/16     CNY    69.13

   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    73.52
Noble Group Ltd                6.625%  03/17/15     USD    39.80
Noble Group Ltd                6.625%  03/17/15     USD    72.62
Respacrcs Funding              8.000%  12/29/49     USD    26.95
Treasure Source                2.000%  05/23/11     HKD    66.57

   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    71.20
Astrazeneca Phar               8.000%  01/11/09     INR    25.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
JCT Limited                    2.500%  04/08/11     USD    69.25
State Bank India               6.439%  02/28/49     USD    45.77
Tata Motors                    1.000%  04/27/11     USD    73.45
Tata Steel Limited             1.000%  09/05/12     USD    67.36
UTI Bank Limited               7.250%  08/12/21     USD    62.10
Videocon Industry              4.500%  07/25/11     USD    54.75

   INDONESIA
   ---------
Indonesia (Rep)                6.625   02/17/37     USD    43.50
Indonesia (Rep)                6.750   03/10/14     USD    66.50
Indonesia (Rep)                6.875   01/17/18     USD    58.58
Indonesia (Rep)                7.750   01/17/18     USD    56.00
Indonesia (Rep)                7.250   04/20/15     USD    65.00
Indonesia (Rep)                7.500   01/15/16     USD    69.28
Indonesia (Rep)                7.750   01/17/38     USD    58.50
Indonesia (Rep)                8.500   10/12/35     USD    53.85
Indonesia (Rep)                8.500   10/12/35     USD    54.57
Indonesia Government           9.000%  09/15/13     IDR    74.78
Indonesia Government           9.000%  09/15/18     IDR    62.52
Indonesia Government           9.500%  06/15/15     IDR    71.32
Indonesia Government           9.500%  07/15/23     IDR    60.20
Indonesia Government           9.750%  05/15/37     IDR    57.49
Indonesia Government          10.000%  07/15/17     IDR    68.75
Indonesia Government          10.000%  09/15/24     IDR    61.90
Indonesia Government          10.000%  02/15/28     IDR    65.58
Indonesia Government          10.250%  07/15/22     IDR    64.83
Indonesia Government          10.250%  07/15/27     IDR    62.57
Indonesia Government          10.500%  07/15/38     IDR    60.60
Indonesia Government          10.750%  05/15/16     IDR    74.79
Indonesia Government          11.000%  11/15/20     IDR    69.89
Indonesia Government          11.000%  09/15/25     IDR    67.15
Indonesia Government          11.500%  09/15/19     IDR    73.58
Indonesia Government          11.600%  08/15/18     IDR    74.61
Indonesia Government          11.750%  08/15/23     IDR    71.67
Indonesia Government          12.000%  09/15/26     IDR    72.56


   JAPAN
   -----
Belluna Co Limited             1.100%  03/31/12     JPY    72.62
Chuo Mitsui                    5.506%  12/29/49     USD    69.79
Csk Corporation                0.250%  09/3013      JPY    75.00
ES-Con Japan Limited           3.260%  05/10/10     JPY    45.12
Fukoku Mutual                  4.500%  09/28/25     EUR    70.23
Hiroshima Bank                 1.890   09/20/17     JPY    67.73
Resona Bank                    4.125%  09/29/49     EUR    73.16
Resona Bank                    5.850%  09/29/49     EUR    61.70
Shinsei Bank Ltd.              2.010%  10/20/17     JPY    67.73
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    48.75
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    30.24
Sumitomo Mitsui                4.375%  07/29/49     EUR    62.87
Sumitomo Mitsui                5.625%  07/29/49     EUR    65.91

   KOREA
   -----
Exp-Imp Bk Korea               5.375%  10/04/16     USD    72.65
GS Caltex Corp                 5.500%  04/24/17     KRW    70.75
GS Caltex Corp                 5.500%  10/15/15     KRW    70.76
GS Caltex Corp                 5.500%  04/24/17     KRW    72.03
Korea Dev. Bank                7.310%  11/08/21     KRW    43.30
Korea Dev. Bank                7.350%  10/27/21     KRW    43.40
Korea Dev. Bank                7.400%  10/27/21     KRW    43.40
Korea Dev. Bank                7.400%  11/02/21     KRW    43.35
Korea Dev. Bank                7.450%  10/31/21     KRW    43.37
Korea Dev. Bank                8.450%  12/15/26     KRW    70.22
Hanarotelecom                  7.000%  02/01/12     USD    57.52
Hynix Semi Inc.                7.875%  06/27/17     USD    46.38
Rep of Korea                   5.625%  11/03/25     USD    64.71
Woori Bank                     6.208%  05/02/37     USD    56.57

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.03
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.87
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.50
Cagamas Berhad                 3.640%  05/05/09     MYR     4.07
Cheating Capital               2.000%  07/05/12     USD    71.00
Eastern & Orient               8.000%  07/25/11     MYR     0.65
EG Industries                  5.000%  06/16/10     MYR     0.16
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Huat Lai Resources             5.000%  03/28/10     MYR     0.45
Insas Berhad                   8.000%  04/19/09     MYR     0.28
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.70
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.23
Mithril Bhd                    3.000%  04/05/12     MYR     0.50
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.10
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.08
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.31
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.32
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.69
Wah Seong Corp.                3.000%  05/21/12     MYR     2.01
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.33
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.10

   PHILIPPINES
   -----------

First Gen Corp                 2.500%  02/11/13     USD    53.75
Philippines (Rep)              6.375%  01/15/32     USD    59.00
Philippines (Rep)              7.500%  09/25/24     USD    67.50
Philippines (Rep)              7.750%  01/14/31     USD    65.50
National Power Corporation     6.875%  11/02/16     USD    73.81
National Power Corporation     6.875%  11/02/16     USD    71.09

   SINGAPORE
   ---------
Capitaland Ltd.                2.100%  11/15/16     SGD    57.87
Capitaland Ltd.                2.950%  06/20/22     SGD    51.81
Capitaland Trust               1.000%  07/14/31     SGD    65.50
Flextronics International      6.250%  11/15/14     USD    74.09
Hynix Semiconductor Inc.       4.500%  12/14/12     USD    36.75
ICICI Bank Limited             5.875%  10/20/11     USD    74.28
Olam International Limited     1.000%  07/03/13     SGD    48.81
Sengkang Mall                  8.000%  11/20/12     SGD     1.65
Wah Hai S Pte                  5.000%  06/29/15     USD    69.13


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     64.72
Sri Lanka Govt                7.500%  08/15/18     LKR     54.89
Sri Lanka Govt                7.500%  11/01/13     LKR     64.00
Sri Lanka Govt                6.850%  04/15/12     LKR     68.84
Sri Lanka Govt                6.850%  10/15/12     LKR     65.91
Sri Lanka Govt                7.000%  08/01/11     LKR     73.87
Sri Lanka Govt                7.000%  10/15/11     LKR     72.43
Sri Lanka Govt                7.000%  10/01/23     LKR     47.08
Sri Lanka Govt                8.500%  01/15/13     LKR     69.37
Sri Lanka Govt                8.500%  02/01/18     LKR     60.08
Sri Lanka Govt                8.500%  07/15/13     LKR     67.86
Sri Lanka Govt                8.500%  07/15/18     LKR     59.48
Sri Lanka Govt               10.500%  04/01/13     LKR     74.46


   TAIWAN
   ------
Cathay United                 5.500%  10/05/20     USD     72.99


  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     44.50
Ptt Pcl                       5.875%  08/03/35     USD     71.71


   VIETNAM
   -------
Vietnam (Rep of)              6.875%  01/15/16     USD     67.25



                         *********

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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