TCRAP_Public/081104.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, November 4, 2008, Vol. 11, No. 219

                            Headlines

A U S T R A L I A

A.C.N. 119 934 806 PTY: Commences Liquidation Proceedings
ANDREW PINE: Second and Final Dividend on November 28
AVENTIS ANIMAL: Members' Final Meeting Held
BABCOCK & BROWN: Founder Resigns as Director
D & J AIRCONDITIONING: Commences Liquidation Proceedings

G & S BUILDING: Commences Liquidation Proceedings
HERITAGE HILLS: Final Dividend Will Be Declared Tomorrow
ITALO PTY: Commences Liquidation Proceedings
MINESITE SERVICES: Members' General Meeting Held
MONI AUSTRALIA: Members’ Final Meeting Held

NEW CAP REINSURANCE: General Meeting & Creditors' Meeting Held
PLANET BOLLYWOOD: Commences Liquidation Proceedings
POWERMAN COMMUNICATIONS: Final Dividend Declared
PUPRUSH PTY: Commences Liquidation Proceedings
R & Z FORMWORK: Members Appoint Liquidator

REFLECTIONS CLEANING GROUP: Commences Liquidation Proceedings
ROBERT UDEN PTY: Members' Meeting Held
SAVVIDES PTY: Final Meeting Held


C H I N A

HOPSON DEVELOPMENT: Fitch Withdraws 'BB' Ratings
* Fitch Says China's Securitization Market Is Progressing


H O N G K O N G

CHIA TAI HAINAN: Members' Final Meeting Slated for Nov. 26
CHIA TAI INTERNATIONAL: Members' Final Meeting Slated for Nov. 26
FRIGAID HK: Creditors' Proofs of Debt Due on November 10
HKSC FOODS: Court to Hear Wind-Up Petition on December 3
KING LONG: Court to Hear Wind-Up Petition on November 5

LEECO TEXTILE: Pays First Dividend to Creditors
MELBOURNE GARMENT: Members and Creditors to Meet on November 26
UNITED CHAMPION: Subject to CITIC's Wind-Up Petition
WONDERFUL CHINESE: Court to Hear Wind-Up Petition on November 19
WORLD BILLION: Members and Creditors to Meet on November 26


I N D I A

TATA MOTORS: October 2008 Vehicle Sales Down 20%
TATA MOTORS: Tata Group Takes Rs30BB of the Rs41.5BB Rights Issue


I N D O N E S I A

INDOVER BANK: Jakarta to Sue Bank Over Alleged Letter of Support


M A L A Y S I A

* Malaysia Banks Resilient As External Conditions Getting Tougher


N E W  Z E A L A N D

AGGREGATE LTD ET AL: Creditors Must File Claims by November 7
BRENT ATKINSON: Court to Hear Wind-Up Petition on November 17
CHEZ & CO: Court to Hear Wind-Up Petition on November 7
GARDEN CITY: Court to Hear Wind-Up Petition on November 17
L J L LTD: Court to Hear Wind-Up Petition on November 17

LAKE TE ANAU: Court to Hear Wind-Up Petition on November 17
MORE COWS: Faces CIR’s Wind-Up Petition
ROSS JAMES: Joint Liquidators Appointed
SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7
ST. GEORGE: John Curtis Appointed as Westpac Deputy Chairman

TAG LTD: Faces CIR’s Wind-Up Petition
TOTAL LANDSCAPE: Faces CIR’s Wind-Up Petition
VTL GROUP: Calls in Colin McCloy as Receivers
* NEW ZEALAND: Wholesale Funding Guarantee Details Unveiled
* NEW ZEALAND: Annual Wage Rate Growth at 3.6% in September Qtr.


X X X X X X X X

* BOND PRICING: For the Week October 27 to October 31, 2008


                         - - - - -


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

A.C.N. 119 934 806 PTY: Commences Liquidation Proceedings
---------------------------------------------------------
At a meeting of A.C.N. 119 934 806 Pty Limited held on
September 10, 2008, a resolution was passed -- that, as the
company is unable to pay its debts as and when they fall due, the
company be wound up voluntarily and that Robert Moodie be
appointed liquidator for the purpose of that winding up.

The liquidator can be reached at:

     ROBERT MOODIE
     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


ANDREW PINE: Second and Final Dividend on November 28
-----------------------------------------------------
A second and final dividend with respect to unsecured creditors of
Andrew Pine Furniture Pty Limited is to be declared on November
28, 2008.

The deadline for creditors to file claims expired on October 21,
2008.

The liquidator is:

     MURRAY GODFREY
     Liquidator
     RMG Partners
     88 Pitt Street, Level 12
     Sydney NSW 2000
     Telephone: (02) 9231 0889


AVENTIS ANIMAL: Members' Final Meeting Held
-------------------------------------------
A final meeting of the members of Aventis Animal Nutrition Pty
Limited was held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on October 31, 2008.

The purpose of the meeting was:

   (a) To receive an account from the Liquidator.

   (b) A resolution to destroy the books and records of the
       company.

   (c) To consider and other business.

The liquidator is:

     GEOFFREY REIDY
     Liquidator
     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000


BABCOCK & BROWN: Founder Resigns as Director
--------------------------------------------
Babcock & Brown Limited founder Jim Babcock has resigned as
director of the company effective Nov. 1, 2008.

The company said Mr. Babcock has made the decision to step down
from the Board for personal reasons; he remains a significant
shareholder in the company.

A search to recruit new independent directors for the Board is
ongoing, Babcock & Brown said in a statement.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages 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
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.


D & J AIRCONDITIONING: Commences Liquidation Proceedings
--------------------------------------------------------
At a meeting of D & J Airconditioning Pty Limited held on
September 16, 2008, a resolution was passed -- that, as the
company is unable to pay its debts as and when they fall due, the
company be wound up voluntarily and that Robert Moodie be
appointed liquidator for the purpose of that winding up.

The liquidator can be reached at:

     ROBERT MOODIE
     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


G & S BUILDING: Commences Liquidation Proceedings
-------------------------------------------------
At a general meeting of members of G & S Building Services Pty
Limited held on September 15, 2008, it was confirmed that the
company be wound up voluntarily and Gavin Moss and Angus Gordon of
Macquarie Gordon & Co, Level 11, 179 Elizabeth Street, Sydney NSW
2000 be appointed Joint Liquidators.

The liquidators can be reached at:

     Macquarie Gordon & Co
     179 Elizabeth Street, Level 11
     Sydney NSW 2000


HERITAGE HILLS: Final Dividend Will Be Declared Tomorrow
--------------------------------------------------------
A first and final dividend for unsecured creditors of Heritage
Hills (Australia) Pty Limited will be declared on November 5,
2008.

The liquidator is:

     M. C. DONNELLY
     Official Liquidator
     Ferrier Hodgson
     GPO Box 4114
     Sydney NSW 2001


ITALO PTY: Commences Liquidation Proceedings
--------------------------------------------
At a meeting of the members of Italo Pty Limited held on September
15, 2008, it was resolved that the company be placed into
Liquidation and that Messrs. Ozem Kassem and Bruno Anthony
Secatore be appointed Joint and Several Liquidators.

The liquidators can be reached at:

     Cor Cordis Chartered Accountants
     76-80 Clarence Street, Level 10
     Sydney NSW 2000
     Telephone: (02) 8221 8433
     Facsimile: (02) 8221 8422


MINESITE SERVICES: Members' General Meeting Held
------------------------------------------------
A general meeting of the members of Minesite Services Pty Limited
was held at the offices of Ferrier Hodgson (Newcastle), Chartered
Accountants, Level 3, 2 Market Street, Newcastle on October 31,
2008 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:

     P. W. GIDLEY
     Liquidator
     Ferrier Hodgson Chartered Accountants
     PO Box 840
     Newcastle NSW 2300


MONI AUSTRALIA: Members’ Final Meeting Held
-------------------------------------------
The final meeting of members of Moni Australia Pty Limited will be
held at the offices of Ernst & Young, Level 37, 680 George Street,
Sydney NSW 2000 on October 30, 2008.  The members discussed the
manner in which the winding up has been conducted and the property
of the company has been disposed of.

The liquidators are:

     KEIRAN WILLIAM HUTCHISON
     JOHN RAYMOND GIBBONS
     Liquidators
     Ernst & Young
     680 George Street, Level 37
     Sydney NSW 2000
     Telephone: (02) 9248 5555


NEW CAP REINSURANCE: General Meeting & Creditors' Meeting Held
--------------------------------------------------------------
A general meeting of New Cap Reinsurance Corporation Limited and a
meeting of its creditors was held at the Insurance Hall, 20
Aldermanbury, London EC2V 7HY, United Kingdom on October 16, 2008.

They discussed the liquidator's acts and dealings and the conduct
of the winding up.

The liquidator is:

     John R. Gibbons
     Liquidator and Scheme Administrator
     New Cap Reinsurance Corporation Limited
     Ernst & Young Chartered Accountants
     680 George Street
     Sydney NSW 2000


PLANET BOLLYWOOD: Commences Liquidation Proceedings
---------------------------------------------------
At a meeting of members of Planet Bollywood Pty Limited held on
September 15, 2008, these Special and Ordinary resolutions were
passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


POWERMAN COMMUNICATIONS: Final Dividend Declared
------------------------------------------------
A first and final dividend for unsecured creditors of Powerman
Communications Pty Ltd was declared on October 24, 2008.

The liquidator is:

     STEVEN NICOLS
     Nicols + Brien
     350 Kent Street, Level 2
     Sydney NSW 2000
     Telephone: (02) 9299 2289
     http://www.bankrupt.com.au/


PUPRUSH PTY: Commences Liquidation Proceedings
----------------------------------------------
At a meeting of Puprush Pty Limited held on September 10, 2008, a
resolution was passed -- that, as the company is unable to pay its
debts as and when they fall due, the company be wound up
voluntarily and that Robert Moodie be appointed liquidator for the
purpose of that winding up.

The liquidator can be reached at:

     ROBERT MOODIE
     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


R & Z FORMWORK: Members Appoint Liquidator
------------------------------------------
At a meeting of members of R & Z Formwork & Construction Services
Pty Limited held on September 15, 2008, these Special and Ordinary
resolutions were passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


REFLECTIONS CLEANING GROUP: Commences Liquidation Proceedings
-------------------------------------------------------------
At a meeting of members of Reflections Cleaning Group Pty Limited
duly convened and held on September 15, 2008, these Special and
Ordinary resolutions were passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


ROBERT UDEN PTY: Members' Meeting Held
--------------------------------------
A meeting of the members of Robert Uden Pty Limited was held at
the office of Hall Chadwick Chartered Accountants, Level 29, 31
Market Street Sydney NSW 2000 on October 31, 2008.

The meeting was a final meeting.  Members received 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:

     ROBERT ELLIOTT
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


SAVVIDES PTY: Final Meeting Held
--------------------------------
A final meeting of the members of Savvides Pty Limited was held at
Rodgers Reidy, Level 8, 333 George Street, Sydney on
October 30, 2008.

The purpose of the meeting was:

   (a) To receive an account from the Liquidator.

   (b) A resolution to destroy the books and records of the
       company.

   (c) To consider and other business.

The liquidator is:

     PETER RODGERS
     Liquidator
     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000



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

HOPSON DEVELOPMENT: Fitch Withdraws 'BB' Ratings
------------------------------------------------
Fitch Ratings has withdrawn Hopson Development Holdings Limited's
(Hopson) Long-term foreign currency Issuer Default Rating (IDR)
and senior secured debt rating of 'BB', both of which were placed
on Rating Watch Negative on June 27, 2008, due to a lack of
sufficient information to allow timely monitoring of credit trends
by the agency.

Fitch will no longer provide ratings or analytical coverage of
this issuer.


* Fitch Says China's Securitization Market Is Progressing
---------------------------------------------------------
Fitch Ratings has commented in a just published report, "Outlook
For Securitisation In China", that China's securitization market
is moving forward gradually despite the complex domestic
environment and the current global financial crisis.

"China's securitization market is in its early stages and is
controlled by the government. While the government's strategy to
develop the market steadily is clear, coordination among different
regulators may dramatically affect the path and process of its
development. The global financial crisis also hinders the steps
the regulators will take to loosen control over the market," said
Jet Zhou, Director of the agency's Structured Finance team.

In the report, Fitch reviews the market situation over the past
few years and points out two current phenomena of the Chinese
securitization market, namely, continuous product innovation in
the interbank market, and the suspension of corporate ABS (or
Specific Asset Management Plan) in the stock exchange market.

Although regulators have made efforts to advance the
securitization development, and steady progress of the second
batch of pilot programs are noticeable, the market is not
completely developed as corporate ABS -- which is thought to have
the most developmental potential -- is missing from the picture.
The low liquidity of securitization notes in the interbank market,
mainly as a result of investment restrictions by regulators, is
another concern for market development.

The global financial crisis has negatively affected China's
securitization market with policymakers becoming more cautious in
approving new transactions.

Also included in the report are questions raised by market
participants, as well as Fitch's opinions and suggested solutions
on securitization market development.

The agency expects an additional securitization transaction to be
issued in 2008, and another round of formal reviews on the market
by regulators will follow. Fitch hopes to see a certain level of
integration between the two securities markets in China, which
will help pave the way for further development of the country's
securitization market.

The special report, "Outlook For Securitisation In China", is
available on http://www.fitchratings.com/



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

CHIA TAI HAINAN: Members' Final Meeting Slated for Nov. 26
----------------------------------------------------------
The members of Chia Tai Hainan Development Company Limited will
hold their final general meeting on November 26, 2008, at 11:00
a.m., at the 21st Floor of Far East Finance Centre, 16 Harcourt
Road, in Admiralty, Hong Kong.

At the meeting, pang Siu Chik, Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHIA TAI INTERNATIONAL: Members' Final Meeting Slated for Nov. 26
-----------------------------------------------------------------
The members of Chia Tai International (H.K.) Limited will hold
their final general meeting on November 26, 2008, at 10:00 a.m.,
at the 21st Floor of Far East Finance Centre, 16 Harcourt Road, in
Admiralty, Hong Kong.

At the meeting, pang Siu Chik, Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FRIGAID HK: Creditors' Proofs of Debt Due on November 10
--------------------------------------------------------
The creditors of Frigaid HK & Traders Limited are required to file
their proofs of debt by November 10, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         Caroline Centre, Lee Gardens Two
         29th Floor
         28 Yun Ping Road
         Hong Kong


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

Li Kwan Fung Yee Brenda filed the petition against the company on
October 2, 2008.

Li Kwan's solicitors are:

         Messrs. Peter C. Wong
         Chow & Chow
         Admiralty Centre, Tower I
         Room 2204, 22nd Floor
         No. 18 Harcourt Road
         Hong Kong
         Telephone: 2520 0383
         Facsimile: 2810 0280


KING LONG: Court to Hear Wind-Up Petition on November 5
-------------------------------------------------------
A petition to have King Long Industrial Limited's operations wound
up will be heard before the High Court of Hong Kong on August 29,
2008, at 9:30 a.m.

CITIC Ka Wah Bank Limited filed the petition against the company
on August 29, 2008.

CITIC's solicitors are:

         Messrs. Ip, Kwan & Co.
         The Center, Suite 1502
         99 Queen's Road Central
         Hong Kong


LEECO TEXTILE: Pays First Dividend to Creditors
-----------------------------------------------
Leeco Textile Limited paid first dividend to its creditors on or
after October 27, 2008.

The company paid 7.134% of dividend.


MELBOURNE GARMENT: Members and Creditors to Meet on November 26
---------------------------------------------------------------
The members and creditors of Melbourne Garment Limited will meet
on November 26, 2008, at 2:00 p.m. and 2:30 p.m., respectively, at
the 32nd Floor of One Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UNITED CHAMPION: Subject to CITIC's Wind-Up Petition
----------------------------------------------------
On August 29, 2008, CITIC Ka Wah Bank Limited filed a petition to
have United Champion Trading Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 5, 2008, at 9:30 a.m.

CITIC's solicitors are:

         Messrs. Ip, Kwan & Co.
         The Center, Suite 1502
         99 Queen's Road Central
         Hong Kong


WONDERFUL CHINESE: Court to Hear Wind-Up Petition on November 19
----------------------------------------------------------------
A petition to have Wonderful Chinese Cuisine Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on November 19, 2008, at 9:30 a.m.

Wong Chi Wai filed the petition against the company on Sept. 12,
2008.

Wong Chi's solicitors are:

         Ivan Tang & Co.
         Silvercorp International Tower
         Units A & B, 22nd Floor
         707-713 Nathan Road
         Kowloon, Hong Kong
         Telephone: 2388 9389
         Facsimile: 2770 1726


WORLD BILLION: Members and Creditors to Meet on November 26
-----------------------------------------------------------
The members and creditors of World Billion Industrial Limited will
meet on November 26, 2008, at 3:10 p.m. and 3:30 p.m.,
respectively, at the 32nd Floor of One Pacific Place, in 88
Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.



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

TATA MOTORS: October 2008 Vehicle Sales Down 20%
------------------------------------------------
Tata Motors Limited's October 2008 total vehicle sales declined
20% to
39,729 from 49,354 in the same month last year.  Cumulative sales
for the company at 305,414 nos., declined by 2%.

Tata says unavailability of finance, coupled with high interest
rates, is forcing customers to postpone purchases.

                       Commercial Vehicles

The company's sales of commercial vehicles in October 2008 in the
domestic market were 19,154 nos., a decline of 29% compared to
27,103 vehicles sold in October last year.  M&HCV sales stood at
7,321 nos., a decline of 48% over October 2007, while LCV sales
were 11,833 nos., a decline of 10% over October 2007.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal were 164,894 nos., a growth of 3% over 159,964 nos.
last year.  Cumulative M&HCV sales stood at 76,117 nos., a decline
of 8% over last year, while LCV sales for the fiscal were 88,777
nos., a growth of 15% over last year.

                       Passenger Vehicles

Total sales of passenger vehicles at 17,014 vehicles in the
domestic market in October 2008 have been growing since July sales
of 14,652 nos.  They grew by 3% over the previous month of
September 2008, but declined by 6% over 18,021 nos. sold in
October 2007.  Retail sales crossed 18,500 nos. led by highest
retail sales for cars for any month this fiscal.  The Indica range
sales at 9,484 nos. grew by 10% compared to the previous month,
and continue to look up since August, the month in which the
Indica Vista was launched, when the sales were at 7,756 nos.  The
car continues to have a 6-week waiting period, and the company is
ramping up production every month to meet the pending demand.  As
a result, the range still shows a decline of 19% over the same
month last year, but it is slated to register a growth as soon as
the production reaches a stable ramped up capacity.  The Indigo
range continues to have a good run with sales of 4,616 nos., a 96%
growth over October 2007.  Between the Indica and the Indigo
range, total sales of 14,100 nos. in the month of October 2008 are
marginally up (for the first time this fiscal) than the car sales
of 14,011 nos. in October 2007.  Retail sales for cars were at the
highest this fiscal at over 15,000 nos.  The Sumo and Safari
accounted for sales of 2,914 nos., a decline of 27% compared to
October 2007.  The UV/SUV range has been under pressure in the
market since the July ad hoc imposition of an additional element
of excise duty on vehicles having engine displacement of over 1.5
litre.

Cumulative sales of passenger vehicles in the domestic market for
the fiscal were 114,919 nos., a decline of 5% over 120,498 nos. in
the same period last year, primarily due to the phasing out of the
older Indica and the induction of the new Indica Vista.
Cumulative sales of the Indica at 59,039 nos., reported a decline
of 26%, a situation that has shown an improvement over the last
few months since the launch of the Indica Vista.  Cumulative sales
of the Indigo family were 31,282 nos., a strong growth of 88%.
Cumulative sales of Sumo and Safari were 24,598 nos., a growth of
4%.

                             Exports

The company's sales from exports at 3,561 vehicles in October 2008
declined by 16% compared to 4,230 vehicles in October 2007.  The
cumulative sales from exports for the fiscal at 25,601 nos.
declined by 20% over 31,832 nos. in the same period last year.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA MOTORS: Tata Group Takes Rs30BB of the Rs41.5BB Rights Issue
-----------------------------------------------------------------
Tata Group of India had to cover about Rs 30 billion (US$607
million) of the Rs 41.5 billion rights issued by Tata Motors
Limited after investors shunned the offering, The Financial Times
reports.

The offering's underwriters, JM Financial Consultants of Mumbai
and Citigroup Global Markets India, also intervened, absorbing Rs
3 billion, says the report.

According to the FT, the issue was part of efforts to refinance a
US$3 billion loan the group took for Tata Motors' US$2.4 billion
acquisition of Ford's Jaguar and Land Rover marques this year.

"Given the unprecedented situation . . . between the promoters and
the underwriters, the issue had to be supported," C. Ramakrishnan,
chief financial officer of Tata Motors, was quoted by the FT as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
22, 2008, Tata Motors' Rs.4,200-crore twin rights issue failed to
get investors' interest amid drastic fall in the company's stock
price.  The issue, according to The Economic Times, was priced at
Rs.340 a share for full voting ordinary rights shares and Rs 305 a
share for the differential voting rights component of the issue
('A' ordinary shares).

"We did not invest in Tata Motors rights offer as shares are
available in the markets 28% cheaper than the offer price.  It
does not make any economic rationale for us to invest in the offer
even though the company has long term prospects," The Economic
Times cited an unnamed top official of an Indian financial
institution as saying.

Sify related that the stock price of Tata Motors, which was
Rs.355.85 on September 29, when the rights issue opened, shed
Rs.111.95 when the rights issue closed
on October 20.

A TCR-AP report on Aug. 21, 2008, said Tata Motors reduced its
long-term financing plan for the Jaguar-Land Rover acquisition
from three to two simultaneous but unlinked securities citing the
current situation in the capital market and the change in the
level of prices in the stock markets since May 2008.

The original rights issue, totaling Rs.7,200 crores, was composed
of:

   a) an issue of ordinary shares of a total amount
      of about Rs.2,200 crores;

   b) an issue of 'A' ordinary shares having differential
      voting rights (viz. 1 vote for every 10 shares held)
      of a total amount of about Rs.2,000 crores; and

   c) an issue of 0.5% 5-year convertible preference
      shares of a total amount of about Rs.3,000 crores,
      which would be convertible into 'A' ordinary shares
      at any time after 3 years but before 5 years from
      the date of allotment.

The amended rights issue was restricted to (a) an issue of
Ordinary Shares and (b) an issue of 'A' Ordinary Shares having
differential voting rights.

In place of the issue of Convertible Preference Shares, Tata
Motors then proposed to raise the required resources by monetizing
a part of the company's investments through a phased divestment of
certain investments (preferably as inter-group sales wherever
feasible) at prevailing market prices over the next 6 to 8 months.
The funds released from such future divestments together with
those already sold during the current financial year, will form
part of the resources to be raised for repaying the bridging loan
taken for the Jaguar-Land Rover acquisition.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.



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

INDOVER BANK: Jakarta to Sue Bank Over Alleged Letter of Support
----------------------------------------------------------------
Jakarta is suing N.V. de Indonesische Overzeese Bank aka Indover
Bank for claiming that the government endorsed a letter of support
that Bank Indonesia, the central bank, issued this year to help it
raise funds, The Financial Times reports, citing
Finance Minister Sri Mulyani Indrawati.

Indover Bank is a Netherlands-based subsidiary of Bank Indonesia.

Ms. Indrawati told the FT the government had "no connection
whatsoever with the ownership and activities of Indover Bank" and
its collapse has no bearing on "government's ability to manage the
state's finances".

Separately, Antara News reports Indover Bank is facing liquidation
after the Indonesian government failed to meet the October 31
deadline set by the Dutch central bank for a fresh fund injection.

According to Antara, the Indonesian central bank's senior deputy
governor, Miranda S Goeltom, said in a press conference over the
weekend that BI could not inject fresh funds into Indover because
no official approval was received from the House of
Representatives (DPR) until the end of the deadline.

Indover Bank had been frozen by a court of law in the Netherlands
on October 7, 2008, after the bank failed to meet its obligations
worth US$92 million, Antara recalls.

Besides facing liquidation, Antara relates the ailing bank is also
facing auditing for alleged misappropriation.



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

* Malaysia Banks Resilient As External Conditions Getting Tougher
-----------------------------------------------------------------
Fitch Ratings has noted in an upcoming report that although the
financial performance of Malaysian banks remained fairly healthy
in H108, the impact of the global downturn and recent turmoil in
financial markets has yet to be fully reflected. Rather, a
significant slowdown in economic growth in 2009, in response to a
worsening global growth climate and the corresponding negative
impact on income, spending and employment prospects, is likely to
result in much weaker earnings and cause credit quality to
deteriorate for the Malaysian banks from end-2008.

"While the Malaysian banks are expected to be quite well-placed to
weather the weaker growth conditions ahead, given the progress
seen in the clean-up of their balance sheets and the build-up of a
stronger provision buffer over the last few years, the impact on
the real economy and to the financial sector will have to be
watched closely given the downside risks to regional economic
growth estimates, particularly in 2009," says Tan Lai Peng,
Director of the agency's Financial Institutions team. Fitch's
Sovereign team is in the process of reviewing global and regional
economic estimates, and further downward revisions can be
expected.

The financial performance of the nine domestic commercial banking
groups in Malaysia remained quite good in H108 with ROA slightly
higher at 1.2% on an annualized basis (2007: 1.1%) on stronger
credit growth and surprisingly rather stable non-interest income
(on a collective basis) due to the offsetting impact of increased
fee income. Limited exposure to US subprime financial assets as
well as to other severely hit financial entities like Lehman
Brothers has also helped minimize the direct impact of the fallout
in the financial markets of US and Europe for the banks. Loan
quality improved in H108 with NPLs lower in absolute and ratio
terms (4.5% of gross loans at end-August 2008), while provision
cover was raised to 82.6% (2007: 73.5%). However, a more
pronounced increase in new NPLs from end-2008 can be expected as
the impact of the global downturn will erode repayment capacity of
businesses and consumers.

System liquidity has so far remained quite satisfactory with a
loan-deposit ratio of 74% at end-August 2008 although the
Malaysian banking system has not been immune to bouts of
volatility in capital flows due to the swings in the global
financial markets. The central bank has intermittently injected
liquidity into the banking system to keep domestic interbank rates
stable in the last few months; also, it took pre-emptive measures
to shore up confidence in the financial system by guaranteeing all
local and foreign currency deposits of commercial banks and other
deposit-taking institutions as of mid-October 2008. This was
despite the absence of distress among banking institutions in
Malaysia. The banks are also largely customer deposit funded with
customer deposits funding about three quarters of total assets for
the domestic commercial banks. Fitch calculations of eligible
capital (after taking into account the equity credit of hybrid
capital issues) suggest that the ratio has remained stable at 9.8%
at H108 as corresponding capital replenishment efforts through the
issuance of hybrid securities have been undertaken by a few of the
larger banks in view of an expanded asset base and other capital
management initiatives.

However, more needs to be done to restore core capital
particularly for one or two of the larger banks due to the
regional acquisitions undertaken this year. The execution risks
with most of these acquisitions in less creditworthy markets will
have to be monitored.

The report, 'Malaysian Banks: Resilient Performance in H108 but
External Conditions Are Worsening', will be available on the
agency's paid Web site http://www.fitchresearch.com/



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

AGGREGATE LTD ET AL: Creditors Must File Claims by November 7
-------------------------------------------------------------
On October 10, 2008, it was resolved that these 28 companies be
liquidated and that Sinclair Richardson, chartered accountant of
Bennett Currie Limited, Palmerston North, be appointed liquidator:

   -- Aggregate Limited
   -- Albert Trading Limited
   -- Alpha Trading Limited
   -- Beta Trading Limited
   -- Entertainment Systems Limited
   -- Hospo Services Limited
   -- Ichiban Investments Limited
   -- Karori Apartments Limited
   -- Murphy’s Main Street Limited
   -- Spice Investments (Blair St) Limited
   -- Spice Investments (Empire St) Limited
   -- Spice Investments (Exchange) Limited
   -- Spice Investments (Main St) Limited
   -- Spice Investments (Wanganui) Limited
   -- Spice Investments (Wellington) Limited
   -- TPG Old Limited
   -- Triple J Limited
   -- WD Holdings Atlanta Limited
   -- WD Holdings Blair St Limited
   -- WD Holdings Cambridge Limited
   -- WD Holdings Deanos Limited
   -- WD Holdings Empire Limited
   -- WD Holdings Grand Limited
   -- WD Holdings Lower Hutt Limited
   -- WD Holdings Masterton Limited
   -- WD Holdings PN Limited
   -- WD Holdings Turks Limited
   -- WD Holdings Wanganui Limited

Creditors have until November 7, 2008, to make their claims and to
establish any priority their claims may have.

The liquidator can be reached at:

     SINCLAIR RICHARDSON
     Liquidator
     Bennett Currie Limited
     PO Box 141
     Palmerston North 4440
     Telephone: (06) 356 5511
     Facsimile: (06) 356 5522


BRENT ATKINSON: Court to Hear Wind-Up Petition on November 17
-------------------------------------------------------------
On September 30, 2008, an application to put Brent Atkinson
Builders Limited into liquidation was filed in the High Court at
Christchurch.

The application is to be heard before the High Court at
Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807.  Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


CHEZ & CO: Court to Hear Wind-Up Petition on November 7
-------------------------------------------------------
On June 20, 2008, an application to put Chez & Co 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, November 7, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries
to: R. E. Harvey on telephone (09) 336 7556).

The plaintiff’s solicitor is S. J. EISDELL MOORE.


GARDEN CITY: Court to Hear Wind-Up Petition on November 17
----------------------------------------------------------
On September 15, 2008, an application to put Garden City
Decorators Limited into liquidation was filed in the High Court at
Christchurch.  The application is to be heard before the High
Court at Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


L J L LTD: Court to Hear Wind-Up Petition on November 17
--------------------------------------------------------
On September 19, 2008, an application to put L J L Limited into
liquidation was filed in the High Court at Hamilton.  The
application is to be heard before the High Court at Hamilton on
November 17, 2008, at 10:45 a.m.

The plaintiff is E & H Enterprises Limited, whose address for
service is at the offices of Whitlock & Co., c/o Level 2, Baycorp
House, 15 Hopetoun Street, Auckland.

The plaintiff’s solicitor is Malcolm David Whitlock.


LAKE TE ANAU: Court to Hear Wind-Up Petition on November 17
-----------------------------------------------------------
On September 17, 2008, an application to put Lake Te Anau View
Limited into liquidation was filed in the High Court at
Christchurch.  The application is to be heard before the High
Court at Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


MORE COWS: Faces CIR’s Wind-Up Petition
---------------------------------------
On September 15, 2008, an application to put More Cows
(Canterbury) Limited into liquidation was filed in the High Court
at Christchurch.  The application is to be heard before the High
Court at Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


ROSS JAMES: Joint Liquidators Appointed
---------------------------------------
Thomas Lee Rodewald and Robert James Neilson were appointed joint
and several liquidators of Ross James Unique Developments Limited
and Warehouse Storage Limited on October 14, 2008.

The liquidators can be reached at:

     Rodewald Hart Brown Limited
     PO Box 15660
     Tauranga 3144
     Telephone: (07) 571 6280
     Website: http://www.rhb.co.nz/


SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7
-------------------------------------------------------------
On July 11, 2008, an application to put Southland Stone and Marble
Co 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, November 7, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries
to: R. E. Harvey on telephone (09) 336 7556).

The plaintiff’s solicitor is S. J. Eisdell Moore.


ST. GEORGE: John Curtis Appointed as Westpac Deputy Chairman
------------------------------------------------------------
Westpac Banking Corporation has appointed St George Bank chairman
John Curtis as deputy chairman of the company.  Westpac has also
appointed St George directors Peter Hawkins and Graham Reaney as
directors.

According to the Sydney Morning Herald, Westpac chairman Ted Evans
said that the appointments would take effect on December 1,
subject to St George shareholders approving its takeover of the
smaller bank on November 13.

Under the merger proposal, the report relates, Westpac agreed to
appoint three current St George directors to its board.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2008, citing Sarah McDonald of The National Business
Review, the Treasury approved the merger between Westpac and St.
George on these conditions set by Treasurer Wayne Swan:

   -- Westpac will have to maintain the existing number of Westpac
      and St George branches and ATMs, including those in
      non-urban areas;

   -- Westpac must also keep all Westpac and St George retail
      banking brands, including Bank SA;

   -- Westpac must maintain dedicated management teams for St
      George and Westpac retail banking distribution;

   -- Westpac must retain a corporate presence in the southern
      Sydney suburb of Kogarah; and

   -- Foreign ATM fees for Westpac customers using St George ATMs
      and vice-versa must be removed.

The Busines Review noted that together Westpac and St George would
have over 1,200 branches and 2,700 ATMs in Australia, and 10
million customers.

Ms. McDonald recounted that the Australian Competition and
Commerce Commission has already approved the AU$17 billion deal.

                    About St George Bank

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

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

                          *     *     *

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

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


TAG LTD: Faces CIR’s Wind-Up Petition
-------------------------------------
On October 1, 2008, an application to put Tag Limited into
liquidation was filed in the High Court at Whangarei.  The
application was heard before the High Court at Whangarei on
November 3, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries
to: R. E. Harvey on telephone (09) 336 7556).

The plaintiff’s solicitor is S. J. EISDELL MOORE.


TOTAL LANDSCAPE: Faces CIR’s Wind-Up Petition
---------------------------------------------
On September 15, 2008, an application to put Total Landscape
Construction (CH) Limited into liquidation was filed in the High
Court at Christchurch.

The application is to be heard before the High Court at
Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


VTL GROUP: Calls in Colin McCloy as Receivers
---------------------------------------------
VTL Group Limited disclosed that all of its directors have
resigned and that it has invited Colin McCloy to become the
receiver of the company.

The company said that its directors continue to believe that
Remote Technology Systems LLC, Shop24 and the vending franchise
programme have value and hope that the restructuring programme
will continue for the benefit of the stakeholders.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent.  Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.


* NEW ZEALAND: Wholesale Funding Guarantee Details Unveiled
-----------------------------------------------------------
Following the announcement by the Minister of Finance that the
Crown will offer a wholesale funding guarantee facility to
investment-grade financial institutions in New Zealand, the
Treasury and the Reserve Bank have released further details of the
facility.

Treasury Secretary John Whitehead and Reserve Bank Governor Alan
Bollard said "The primary goal of the facility is to support the
re-entry of New Zealand banks to regular foreign markets, on a
scale commensurate with our economy's overall financing needs.  At
the same time, we've structured the guarantee facility in a way
that will encourage issuers to graduate from using a government
guarantee as soon as reasonably possible."

The facility will be available to financial institutions that have
an investment grade credit rating and have substantial New Zealand
borrowing and lending operations.

The facility will operate on an opt-in basis, by institution and
by instrument.  New issues of senior unsecured negotiable or
transferable debt securities will be eligible for inclusion.

A guarantee fee will be charged, differentiated by the credit
rating of the issuer and the term of the security being
guaranteed.  "The fee schedule is designed to ensure that the
facility is used while it is needed, but to encourage issuers to
graduate from using the guarantee as market conditions permit.
The guarantee fee will be reviewed regularly and may be adjusted
in future for new issues, in light of experience with the scheme."

No instruments will be covered by both this scheme and the deposit
guarantee scheme.

Dr. Bollard and Mr. Whitehead noted that "As a condition of
continuing to receive fresh guarantees on new issues, banks
utilizing this guarantee facility will be required to maintain an
additional 2 per cent capital buffer, on top of the existing
required 4 per cent Tier 1 capital.  Banks all have at least this
much additional capital at present, and maintaining current levels
of capital will help protect the Crown’s position as guarantor."

Applications to join the facility should be addressed in the first
instance to The Treasury which has overall delegated
responsibility for management of the scheme.

Mr. Whitehead noted that draft legal documentation has been
prepared and will be finalized in the next few days.

"We expect to be in a position to sign issuers up to the facility
within the next week or so.  Policy guidelines, which will outline
formally the way in which we will exercise our discretion under
the scheme, will also be published shortly."


* NEW ZEALAND: Annual Wage Rate Growth at 3.6% in September Qtr.
----------------------------------------------------------------
The Labour Cost Index (LCI) recorded an increase of 3.6 percent in
salary and wage rates (including overtime) in the year to the
September 2008 quarter, Statistics New Zealand said.  This is the
largest annual increase recorded since the series began in the
December 1992 quarter.

The Quarterly Employment Survey (QES) results for the September
2008 quarter show the annual increase in total gross earnings
continued to exceed the annual increase in total paid hours.  This
resulted in a 5.5 percent increase in average total hourly
earnings, to NZ$24.37.

The LCI increase for the September 2008 quarter was 1.1 percent,
up from increases of 0.8 percent and 0.7 percent in the June 2008
and March 2008 quarters, respectively.  The latest quarterly
increase matches the record quarterly increase of 1.1 percent
recorded in the December 2007 quarter.

For all surveyed salary and ordinary time wage rates that rose in
the year to the September 2008 quarter, the mean increase was 6.1
percent.  This compares with a mean increase of 5.8 percent in the
year to the June 2008 quarter, and is the largest annual mean
increase since the series began.

QES results show that while annual earnings growth remained
strong, the growth in demand for labor slowed.  Total gross
earnings increased 7.0 percent for the September 2008 year.
Employment as measured by full-time equivalent employees (FTEs)
increased 1.6 percent for the year to September 2008.  This is the
smallest annual increase in FTEs since March 2007.



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

* BOND PRICING: For the Week October 27 to October 31, 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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