TCRAP_Public/090106.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, January 6, 2009, Vol. 12, No. 3

                            Headlines

A U S T R A L I A

ARAGON INVESTMENTS: Members Hear Wind-Up Report
AUSTRALIAN ELECTRICAL: Members Receive Wind-Up Report
BAGA PTY: Members Hear Wind-Up Report
CONDOBOLIN BOWLING: Commences Liquidation Proceedings
CONDOBOLIN GOLF: Commences Liquidation Proceedings

DOYLE BEATTY: Commences Liquidation Proceedings
GAMING ASSET: Members Receive Wind-Up Report
GANDY PTY: Members Hear Wind-Up Report
GRAVITY CORPORATION: Members and Creditors Hear Wind-Up Report
HEDRICK HOLDINGS: Members Hear Wind-Up Report

IAN MOORE: Appoints Jamieson Louttit as Liquidator
JEFCO HOLDINGS: Placed Under Voluntary Liquidation
MUNG & MUNG: Members and Creditors Hear Wind-Up Report
NORTHERN DEVELOPMENTS: Court Hears Wind-Up Petition
PANAUST LIMITED: Rolls Over US$80 Mil. Subordinated Debt Facility

PATTIM HOLDINGS: Placed Under Voluntary Liquidation
REEPAK (MANUF): Commences Liquidation Proceedings
SIMPSONS MANAGEMENT: Court Enters Wind-Up Order
SYDNEY WATER: Appoints Christopher Darin as Liquidator
TECKO CONSULTING: Appoints Warner and Kugel as Liquidators

WARNER MUSIC: Placed Under Voluntary Liquidation


C H I N A

CHINA HEALTH: Sept. 30 Balance Sheet Upside Down by US$4.9 Million
CITIC PACIFIC: Chairman and 16 Directors Under SFC Probe
TONGLI PHARMACEUTICALS: Still Seeking to Refinance US$1 Mil. Note
* MACAO: Trade Deficit Hits MOP24.57BB in First 11 Mos. of 2008
* MACAO: Unemployment Rate Up by 0.4% in Three Mos. Ending Sept.


H O N G  K O N G

ATHABASCA COMPANY: Creditors' Proofs of Debt Due on January 9
CERTINO LIMITED: Final General Meeting Set for January 20
DIABELL (INTERNATIONAL): Members' Final Meeting Set for January 20
ETERNITY GOLD ET AL: Appoint Hon and Ming as Liquidators
KB TOYS: Li & Fung Faces US$10MM Payment Demand from HK Toymakers

MOMENTIVE PERFORMANCE: Moyes and Yuen Cease to Act as Liquidators
MTB HK: Lam Ka Lun Ceases to Act as Liquidator
S.E.A. TRAC: Creditors' Proofs of Debt Due on January 19
SWISSRE ADVISERS: Moyes and Yuen Step Down as Liquidators
WARHAI ENTERPRISES: Creditors' Proofs of Debt Due on January 22

ZH015 DEVELOPMENT: Members' Final Meeting Set for January 20


I N D I A

CROWN ALBA: Weak Financial Risk Profile Cues CRISIL 'BB' Ratings
GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws
ROTOMAC EXPORTS: CRISIL Rates  Rs.30.0MM Cash Credit at 'BB'
ROTOMAC GLOBAL: CRISIL Puts 'BB' Rating on Rs.40.0MM Term Loan
TATA POWER: Files Writ Petition on Sasan UMPP Project Bidding

VEERAL E: CRISIL Assigns 'D' Ratings on Various Bank Facilities


J A P A N

FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008
RAKUTEN INC.: To Report JPY65.64BB in Appraisal Losses for 2008
SONY CORP: Denies Plan to Close Major Operations


K O R E A

AXESSTEL INC: Bryan B. Min Resigns as Board Chairman
KUMHO TIRE: Liquidity Problems Prompt Company to Delay Bonus
SSANGYONG MOTOR: Needs KRW320 Bil. Aid to Avoid Liquidation


N E W  Z E A L A N D

METLIFECARE LIMITED: To Suspend Dividend; Plans to Raise Capital


P H I L I P P I N E S

* PHILIPPINES: SC Approves 2008 Rules on Corporate Rehabilitation


S I N G A P O R E

* SINGAPORE: MTI Forecasts Lower Economy Growth


X X X X X X X X

* BOND PRICING: For the Week December 29 to January 2, 2009


                         - - - - -


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

ARAGON INVESTMENTS: Members Hear Wind-Up Report
-----------------------------------------------
The members of Aragon Investments (Australia) Pty Ltd met on
November 28, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Paul Gilbert Harriman
          409/251 Oxford Street
          Bondi Junction NSW 2022


AUSTRALIAN ELECTRICAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Australian Electrical Industries Pty Limited  met
on November 20, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jamieson Louttit
          Jamieson Louttit & Associates
          88 Pitt Street, Level 15
          Sydney NSW 2000
          Telephone:(02) 9231 0505
          Facsimile:(02) 9231 0303


BAGA PTY: Members Hear Wind-Up Report
-------------------------------------
The members of Baga Pty Limited met on December 5, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

Stephen French is the company's liquidator.


CONDOBOLIN BOWLING: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on September 28, 2008,
the members of Condobolin Bowling Club Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Stephen Jay
          1st Floor, Suite 103
          Wollundry Chambers
          Johnston Street
          Wagga Wagga NSW 2650


CONDOBOLIN GOLF: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on September 28, 2008,
the members of Condobolin Golf Club Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Stephen Jay
          1st Floor, Suite 103
          Wollundry Chambers
          Johnston Street
          Wagga Wagga NSW 2650


DOYLE BEATTY: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 14, 2008, the members of
Doyle Beatty Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          99 Elizabeth Street, Level 5
          Sydney NSW 2000


GAMING ASSET: Members Receive Wind-Up Report
--------------------------------------------
The members of Gaming Asset Management Pty Limited met on Nov. 25,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Greg Jepsen
          Accountants
          50 Montgomery Street, 1st Floor
          Kogarah NSW 2217


GANDY PTY: Members Hear Wind-Up Report
--------------------------------------
The members of Gandy Pty Limited met on December 8, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Fiona Ford
          Level 7, Suite 1
          36 Carrington Street
          Sydney NSW 2000


GRAVITY CORPORATION: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------------
The members and creditors of Gravity Corporation Pty Limited met
on December 2, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Schon G. Condon
          Condon Associates
          87 Marsden Street, Level 6
          Parramatta NSW
          Telephone:(02) 9893 9499


HEDRICK HOLDINGS: Members Hear Wind-Up Report
---------------------------------------------
The members of Hedrick Holdings Pty Ltd met on November 20, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          William Croker
          BCP Accounting and Business Advisors
          Kellicar Lane, Suites 1-8
          Macarthur Square
          Campbelltown NSW 2560


IAN MOORE: Appoints Jamieson Louttit as Liquidator
--------------------------------------------------
On October 15, 2008, Jamieson Louttit was appointed liquidator of
Ian Moore Architects Pty Limited.

The Liquidator can be reached at:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, Suite 73
          88 Pitt Street
          Sydney NSW 2000
          Telephone:(02) 9231 0505
          Facsimile:(02) 9231 0303


JEFCO HOLDINGS: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Jefco Holdings Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Simon Geoffrey Holt
          36 Beauchamp Street
          Deakin ACT


MUNG & MUNG: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Mung & Mung Investment Company Pty
Limited met on November 28, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney NSW 2000


NORTHERN DEVELOPMENTS: Court Hears Wind-Up Petition
---------------------------------------------------
On October 27, 2008, the Supreme Court of New South Wales heard a
petition to have Northern Developments (NSW) Pty Ltd's operations
wound up.

A & N Aust Pty Ltd filed the petition against the company on
September 25, 2008.


PANAUST LIMITED: Rolls Over US$80 Mil. Subordinated Debt Facility
-----------------------------------------------------------------
PanAust Limited disclosed that it has agreed terms with Goldman
Sachs JBWere for the rollover of its US$80 million subordinated
debt facility (GSJBW facility) by more than one year to a new
maturity date of March 31, 2010.

Managing Director, Gary Stafford, said the agreed rollover of the
GSJBW facility would significantly improve PanAust's debt profile
at a time when there is significant investor focus on this issue.

"In parallel with negotiating rollover terms with GSJBW, PanAust
has identified several potential funding sources to ultimately
replace the GSJBW facility.  Consequently, we believe we will be
able refinance the facility well before the new maturity date in
2010," Mr. Stafford said.

In a separate transaction, PanAust said it has entered into an
US$8.1 million revolving working capital facility for the Phu Kham
Project with three banks from the Senior Project Facility.

According to PanAust, Phu Kham is cashflow positive, has no
development capital commitments and continues to perform
exceptionally well with ore grades scheduled to rise through 2009
for copper production of over 65,000 tonnes, gold production of
70,000 to 80,000 ounces and cash costs less than US$0.90/lb1.

Mr. Stafford said, "It is encouraging that financial institutions
are prepared to lend new money or extend existing facilities to
companies with cost competitive and quality mining operations
despite the prevailing liquidity constraints within global
credit markets."

              GSJBW Facility - Summary of Key Terms

The revised terms of the GSJBW facility foreshadow the potential
to repay the facility before July 31, 2009.  Thereafter, should
either the whole or part of the facility remain unpaid, the terms
will change through to the maturity date of March 31, 2010.

The key terms of the GSJBW facility comprise:

   * All-in coupon rate of 12%, increasing to 15% after
     July 31, 2009;

   * Redemption premium of between US$2.5 million and
     US$10 million that is linked to PanAust's market
     capitalization at the time of repayment;

   * 75 million options will be issued over ordinary
     shares (4.8% of the issued capital of the company
     on a fully diluted basis) with a strike price of
     AU$0.105 per share (24% premium to market close on
     December 30, 2008) and a three-year term.  PanAust
     will seek shareholder approval for the issue of
     these options to GSJBW.

If any part of the loan is outstanding after July 31, 2009,
PanAust will issue a second tranche of 75 million options over
ordinary shares.  These options will have a strike price based on
a 10% premium to market prices at July 31, 2009, and the same
maturity date as the first option tranche.

The GSJBW facility agreement will be subject to formal
documentation, conditions entirely within the company's control
and approvals normal for a facility of this kind.

                    Working Capital Facility
                    for the Phu Kham Project

As a condition of entering into the US$8.1 million working capital
facility, PanAust stated that it has agreed to issue 18 million
options to each of the three banks with a 355-day term to maturity
(coinciding with the maturity date of the working capital
facility).  The exercise price of each option will be the greater
of AU$0.104 (22% premium to market close on December 30, 2008) or
the closing share price on the date of issue.

The US$8.1 million facility replaces the previously undrawn US$20
million facility.

PanAust intends to issue the options to the banks participating in
the working capital facility under the provisions of ASX Listing
Rule 7.1 and will subsequently seek shareholder ratification of
the issue.

                      About PanAust Limited

Headquartered in Brisbane, Australia, PanAust Limited, formerly
Pan Australian Resources Limited, is engaged in the mine
development, gold mining operations, precious and base metal
project evaluation and mineral exploration.  PanAust has mining
and mineral operations carried on in Laos and Thailand.  In Laos,
the company operates the large Phu Kham Copper-Gold Mine, which
commenced processing of copper-gold ore in March 2008.  The
company produces gold from the Phu Kham Heap Leach Gold Operation
which was brought into production in November 2005.  The company
owns a 90% interest in the Phu Bia Mining Limited (Phu Bia
Mining), through the company's wholly owned subsidiary Pan Mekong
Exploration Pty Limited. PanAust holds a shareholding right of
33.17% in Puthep Company Limited (Puthep) through the company's
wholly owned subsidiary PNA (Puthep) Pty Limited.

                         *     *     *

The company incurred three consecutive net losses of AU$13.05
million, AU$4.52 million, and AU$4.99 million for the years ended
Dec. 31, 2007, 2006 and 2005, respectively.


PATTIM HOLDINGS: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of Pattim Holdings Pty Limited met on October 10,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Anthony M. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


REEPAK (MANUF): Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on October 15, 2008, the members of
Reepak (Manuf) Aust Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


SIMPSONS MANAGEMENT: Court Enters Wind-Up Order
-----------------------------------------------
On October 13, 2008, the Supreme Court entered an order to have
Simpsons Management Services Australasia Pty Ltd's operations
wound up.

The company's liquidator is:

          Pino Fiorentino
          c/o Hamiltons
          25 Bligh Street, Level 17
          Sydney NSW 2000
          Telephone:(02) 9232 6611
          Facsimile:(02) 9232 6166


SYDNEY WATER: Appoints Christopher Darin as Liquidator
------------------------------------------------------
During a general meeting held on October 10, 2008, the members of
Sydney Water Project Management Pty Ltd appointed Christopher
Darin as the company's liquidator.

The Liquidator can be reached at:

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


TECKO CONSULTING: Appoints Warner and Kugel as Liquidators
----------------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Tecko Consulting International Pty Limited appointed Anthony
Warner and Steven Kugel as the company's liquidators.

The Liquidators can be reached at:

          Anthony Warner
          Steven Kugel
          Telephone:(02) 8243 5200
          Website: http://www.liquidationdirect.com.au


WARNER MUSIC: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 14, 2008, the members of
Warner Music International Services Asia Pacific Pty Limited
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

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



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

CHINA HEALTH: Sept. 30 Balance Sheet Upside Down by US$4.9 Million
------------------------------------------------------------------
China Health Care Corp. Chief Executive Officer Siew Man Pang
disclosed in a regulatory filing that the company had a net loss
of US$2,719,503 and a negative cash flow from operations of
US$1,139,328 for the year ended September 30, 2008 and a working
capital deficiency of US$4,842,080 and a shareholders' deficit of
US$4,944,873 at September 30, 2008.  "These matters raise
substantial doubt about the company's ability to continue as a
going concern if the company does not secure new outside
financing. The company is currently and continues to make efforts
to procure outside financing to strengthen its financial
position."

As of September 30, 2008, the company's balance sheet showed total
assets of US$1,499,720 and total liabilities of US$6,,387,781.

Chief Executive Officer Siew Man Pang said that during the year
ended September 30, 2008, the company financed its operation
mainly through cash generated from its operations and the loans
from directors of the company. During the year ended September 30,
2007, the company funded its operations mainly through two aspects
1) cash generated from its operations, and 2) cash proceeds from
issuance of securities such as preferred stock. Cash from
operations is only enough to fund its onsite personnel. The sale
of preferred stock has providing the funding for the company's
investment in capital expenditures, and the cost of medical and
management expertise that are heavily involved in the early stages
of building out the VIP Birthing Centers and training of the
personnel that staff those VIP Birthing Centers.

"The company expects that with the expansion into new markets and
development of its business model, it can gain economies of scale
on its heavy investment medical and hospital management experts.
Related parties and directors have also provided the working
capital during the most recent operating periods in order to
maintain the business a going concern. The company is actively
seeking external financing to strengthen its financial position."

A full-text copy of the company's annual report is available for
free at: http://researcharchives.com/t/s?372b

                        About China Health

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.


CITIC PACIFIC: Chairman and 16 Directors Under SFC Probe
--------------------------------------------------------
Kyunghee Park at the Shanghai Daily reports that Citic Pacific Ltd
said the Hong Kong Securities and Futures Commission (SFC) is
investigating its Chairman and 16 other company directors in
relation to bets.

According to the report, in a statement to the Hong Kong stock
exchange, Citic named Chairman Larry Yung and Managing Director
Henry Fan among the 17 directors under SFC probe.

The commission had announced the investigation on Oct. 22, 2008,
without giving details, Shanghai Daily says.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 22, 2008, various reports said Citic Pacific may post a
nearly US$2 billion loss from unauthorized currency trade by two
of its executives.

The Wall Street Journal reported that the company's Group Finance
Director Leslie Chang and Group Financial Controller Chi Yin Chau
were fired from their post for neglecting to provide proper
oversight.  It was "regrettable that policies and procedures on
risk management were not followed," the same report cited Citic
Pacific Chairman Larry Yung, as saying.

Citic Pacific's bet that the Australian dollar would rise resulted
into losses as the currency tumbled about 30% against its U.S.
counterpart from a 25-year high reached in July, Bloomberg News
reported.  According to the WSJ, the hit to the company's bottom
line could reach HK$14.7 billion (US$1.89 billion), which is
roughly a third more than the company earned in 2007.

Moreover, Agence France-Presse related the company said it had
incurred loses of HK$808 million (US$104 million) in terminating
leveraged foreign exchange contracts.  The size of the loss won't
be known until December 31, when Citic Pacific plans to mark to
market its positions in currency-derivative contracts, WSJ
said.

Citic Pacific's state-owned parent, Citic Group, has agreed to
step in with a standing loan of US$1.5 billion.  Citic Group holds
a 29% stake in Citic Pacific.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2008, Standard & Poor's Ratings Services revised the
CreditWatch implications to developing from negative on its 'BB'
long-term corporate credit rating on CITIC Pacific Ltd. and
relevant issue ratings.  At the same time, Standard & Poor's kept
its issuer credit ratings, along with relevant issue ratings, on
CITIC Group, CITIC International Financial Holdings Ltd., and
CITIC Resources Holdings Ltd. on CreditWatch with negative
implications.

On Nov. 18, 2008, the TCR-AP reported that Moody's Investors
Service changed the rating review to direction uncertain for both
CITIC Pacific Ltd's Ba2 corporate family rating and the Ba2 rating
of CITIC Pacific Finance (2001) Ltd's US$450 million bonds, which
are guaranteed by CITIC Pacific.   These ratings were previously
downgraded to Ba2 from Ba1 and placed under review for further
possible downgrade on Oct. 21, 2008, following the company's
report of material losses from leveraged foreign exchange
contracts.


TONGLI PHARMACEUTICALS: Still Seeking to Refinance US$1 Mil. Note
-----------------------------------------------------------------
Tongli Pharmaceuticals (USA), Inc., as of September 30, 2008, has
a deficiency in working capital of US$1,438,583 and is in default
on its bank loan of US$1,009,216.  "The uncertainties caused by
these conditions raise substantial doubt as to the Company's
ability to continue as a going concern," Chief Executive Officer
Yao Mingli and Chief Financial Officer Yao Yuan disclosed in a
regulatory filing dated November 13, 2008.

According to CEO Yao Mingli and CFO Yao Yuan, the note is
collateralized by real estate assets owned by the company's
Chairman.  "The note has been in default since June 30, 2007, and
we are negotiating a refinance of the note."

"The company is currently profitable and is exploring various
alternatives to improve its financial position and continue to
meet its obligations.  Management is focusing on improving its
operations and seeking additional debt or equity financing.  The
company is attempting to negotiate new terms with the bank and, as
of September 30, 2008, the bank has not taken any action against
the company. There can be no assurance that any of these efforts
will be fruitful."

"The development of our business through September 30, 2008,
resulted in an accumulated deficit of US$888,608.  We funded that
deficit by means of a bank loan and loans from the members of our
management and entities related to our Chairman."

"Our need to have raw materials available when needed causes us to
advance cash to suppliers.  This drain on our cash will remain
unless we secure a proprietary source of the volatile herbs that
are a large portion of our raw materials.  The growth of our
company will require capital.  Currently, we have budgeted US$3.5
million for capital improvements.  We intend to pursue a two prong
search for capital:  on the one hand seeking debt to be secured by
our facility and equipment, which has a book value of US$7.2
million and is free of liens; on the other hand approaching
international equity markets for debt or equity investments.  To
date we have no commitment from any source for the funds we
require."

The company's September 30 balance sheet showed total assets of
US$9,361,709, total liabilities of US$2,546,022, and total
shareholders' equity of US$6,815,687.  The company earned
US$487,036 for the three months ended September 30, 2008.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?3733

                   About Tongli Pharmaceuticals

Tongli Pharmaceuticals (USA), Inc., through a wholly owned
subsidiary, Harbin Tianmu Pharmaceuticals Co., Ltd., develops,
produces and sells a wide variety of Chinese drugs and healthcare
products in The Peoples Republic of China.  TP was formerly known
as American Tony Pharmaceutical, Inc.  The name change became
effective on October 30, 2008, and was done to better represent
the origin and ongoing business of the company.

On August 12, 2008, American Tony completed a reverse merger with
Aim Smart Corporation, a dormant public shell. Under the terms of
the merger agreement, the former American Tony shareholders
exchanged their shares for Aim Smart shares so that, upon the
closing of the merger, the former American Tony shareholders owned
96.7% of the outstanding shares of Aim Smart. Aim Smart changed
its name to American Tony prior to the change to TP.


* MACAO: Trade Deficit Hits MOP24.57BB in First 11 Mos. of 2008
---------------------------------------------------------------
The value of total imports and exports of goods continued to
decline in November 2008, figures released by the Statistics and
Census Service (DSEC) showed.  The value of total exports of goods
amounted to MOP1.07 billion, down by 42.6% year-on-year, with the
value of domestic exports decreasing by 56.3% to MOP564 million
and that of re-exports dropping by 11.7% to MOP504 million.  The
value of total imports of goods amounted to MOP3.39 billion, down
by 15.1% year-on-year.  A trade deficit of MOP2.32 billion was
recorded for November 2008.

From January to November 2008, total exports of goods fell by
18.7% year-on-year to MOP15.12 billion, with the value of domestic
exports and re-exports declining by 25.9% and 4.8% respectively.
Meanwhile, total imports of goods rose slightly by 0.9% to
MOP39.69 billion, and the trade deficit for the first eleven
months of 2008 reached MOP24.57 billion.  The exports/imports
ratio decreased from 47.3% in the first eleven months of 2007 to
38.1% in the same period of 2008.

The value of textile & garment exports declined by 28.7% year-on-
year and its relative importance decreased further to account for
57.4% of the total exports of goods in the first eleven months of
2008; however, the value of non-textile exports grew slightly by
0.1%, with exports of Image & sound appliances rising by 43.7%,
but exports of machines & apparatus, parts & accessories and
footwear falling by 46.2% and 64.3% respectively.

In the first eleven months of 2008, DSEC said, the value of
merchandise exports to the U.S., mainland China and Europe
decreased by 18.7%, 36.6% and 56.0% respectively year-on-year, but
that to Hong Kong rose by 22.1%.

The value of imports from mainland China and Hong Kong amounted to
MOP19.75 billion, accounting for 49.7% of the total imports in the
first eleven months of 2008.  In terms of broad economic
categories, the value of imports of Fuels & lubricants and
Consumer goods expanded by 18.1% and 14.9% respectively year-on-
year, but that of Raw materials & semi-manufactures and Capital
goods decreased by 19.3% and 8.9% respectively.


* MACAO: Unemployment Rate Up by 0.4% in Three Mos. Ending Sept.
----------------------------------------------------------------
According to the results of the Employment Survey released by the
Statistics and Census Service, the global financial crisis began
to affect the employment condition of Macao.  The unemployment
rate and the underemployment rate for September-November 2008 was
3.3% and 1.6% respectively, up by 0.2 and 0.1 percentage point
over the previous period (August-October 2008).

Total labor force was 338,000 in September-November 2008, with an
employed population of 327,000, down by 1,000 and 1,800
respectively compared with previous period, which was the first
decrease registered in 2008.

The unemployed population rose by 800 from the previous period to
11,000 in September-November 2008, the number of unemployed of the
Construction and Gaming sectors rising more notably.

Labor force participation rate stood at 70.5%, down by 0.1
percentage point over the previous period, but up by 0.2
percentage point year-on-year; meanwhile, the unemployment rate
and the underemployment rate both went up by 0.4%.



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

ATHABASCA COMPANY: Creditors' Proofs of Debt Due on January 9
-------------------------------------------------------------
The creditors of Athabasca Company Limited are required to file
their proofs of debt by January 9, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 8, 2008.

The company's liquidators are:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CERTINO LIMITED: Final General Meeting Set for January 20
---------------------------------------------------------
The members of Certino Limited will hold their final general
meeting on January 20, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Flat C, 4th Floor of Good Luck
Industrial Building, 105 How Ming Street, Kwun Tong, in Kowloon,
Hong Kong.


DIABELL (INTERNATIONAL): Members' Final Meeting Set for January 20
------------------------------------------------------------------
The members of Diabell (International) Co., Limited will hold
their final general meeting on January 20, 2009, at 10:00 a.m., at
the 5th Floor of Dah Sing Life Building, 99-105 Des Voeux Road, in
Central, Hong Kong.

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


ETERNITY GOLD ET AL: Appoint Hon and Ming as Liquidators
--------------------------------------------------------
On December 12, 2008, Chiu Wai Hon and Lau Wai Ming were appointed
as liquidators of:

   -- Eternity Gold Holdings Limited; and
   -- Eternity Gold Industrial (HK) Limited.

The Liquidators can be reached at:

          Chiu Wai Hon
          Lau Wai Ming
          Hang Seng Wanchai Building
          Rooms 603-4, 6th Floor
          200 Hennessy Road
          Wanchai, Hong Kong


KB TOYS: Li & Fung Faces US$10MM Payment Demand from HK Toymakers
-----------------------------------------------------------------
More than 40 suppliers of Li & Fung Ltd. are seeking a total of
US$10 million from Li & Fung after KB Toys filed for bankruptcy on
Dec. 11.

According to Bloomberg News, the Hong Kong-based companies, acting
as the Joint Committee for Li & Fung Creditors, aim to recover
money they say is owed to them by Li & Fung for goods sold to KB
Toys, Ricky Ng, the group's spokesman, said.

Li & Fung has insisted that it was only acting as KB Toys' agent,
Business Times says.

"As one of the largest creditors of KB Toys, Li & Fung
will seek proper recourse from the bankruptcy courts and has
approached most of the affected factories to meet with the group
to discuss how it can help them to deal with the bankruptcy
proceedings in the U.S.," Li & Fung Executive Director Henry Chan
said in an e-mailed statement, Bloomberg added.

Headquartered in Pittsfield, Massachusetts, KB Toys, Inc. --
http://www.kbtoys.com-- operates a chain of retail toy stores.

On Jan. 14, 2004, the Debtor and 69 of its affiliates filed for
protection under Chapter 11 of the Bankruptcy Code, which were
administratively consolidated under Case No. 04-10120.  Two of the
200 bankruptcy cases remain open, KB Toys Inc. and KB Toy of
Massachusetts Inc.  In connection with the emergence of KB Toys
from bankruptcy in August 2005, and the subsequent organizational
restructuring, the assets and operations of may of these prior
debtors were transferred among then existing debtor entities and
consolidated with KB Toys Group.  Furthermore, most of the
entities involved were either dissolved or were merged into
surviving entities, and several of them changed their names.  As
a result, nine Debtors and four inactive special purpose units
which are not debtors.

The company, together with eight of its affiliates, again filed
for Chapter 11 on December 11, 2008 (Bankr. D. Del. Lead Case No.
08-13269).  Joel A. Waite, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor LLP, represent the Debtors in
their restructuring efforts.  The Debtors proposed Wilmer Cutler
Pickering Hale and Dorr LLP as their co-counsel, FTI Consulting
Inc. as financial and restructuring advisor, and Epiq Bankruptcy
Solutions LLC as claims and noticing agent.

According to Bloomberg, KB listed assets of US$241 million against
debt totaling US$362 million in its Chapter 11 petition filed
on Dec. 11.  The debts include US$143 million in unsecured claims;
and US$200 million in secured claims, including US$95.1 million
owed to first-lien creditors where General Electric Capital Corp.
serves as agent; and US$95 million owed to second-lien creditors.

As reported by the Troubled Company Reporter on Dec 22. 2008, the
Hon. Kevin Carey of the U.S. Bankruptcy Court for the District of
Delaware has allowed KB Toys Inc. to start going-out-of-business
sales.  KB Toys expects the liquidation sales to be completed by
Feb. 9, 2009.


MOMENTIVE PERFORMANCE: Moyes and Yuen Cease to Act as Liquidators
-----------------------------------------------------------------
On December 12, 2008, Paul David Stuart Moyes and Yeung Betty Yuen
stepped down as liquidators Momentive Performance Materials
Holdings Limited.

The company's former liquidators can be reached at:

          Paul David Stuart Moyes
          Yeung Betty Yuen
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


MTB HK: Lam Ka Lun Ceases to Act as Liquidator
----------------------------------------------
On December 8, 2008, Lam Ka Lun cease to act as liquidator of
MTB H.K. Limited.

The company's former Liquidator can be reached at:

          Lam Ka Lun
          Kwai Hung Holdings Centre
          Room 1401, 14th Floor
          89 King's Road North Point
          Hong Kong


S.E.A. TRAC: Creditors' Proofs of Debt Due on January 19
--------------------------------------------------------
The creditors of S.E.A. Trac (Holdings) Limited are required to
file their proofs of debt by January 19, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 5, 2008.

The company's liquidators are:

          Robin Harris
          Zelinda Ng Kit Ying
          The Center, 31st Floor
          99 Queen's Road Central
          Hong Kong


SWISSRE ADVISERS: Moyes and Yuen Step Down as Liquidators
---------------------------------------------------------
On December 19, 2008, Paul David Stuart Moyes and Yeung Betty Yuen
cease to act as liquidators of Swissre Advisers, Limited.

The company's former liquidators can be reached at:

          Paul David Stuart Moyes
          Yeung Betty Yuen
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


WARHAI ENTERPRISES: Creditors' Proofs of Debt Due on January 22
---------------------------------------------------------------
The creditors of Warhai Enterprises Limited are required to file
their proofs of debt by January 22, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Francis Young
          Tung Wai Commercial Building, 20th Floor
          109-111 Gloucester Road
          Wanchai, Hong Kong


ZH015 DEVELOPMENT: Members' Final Meeting Set for January 20
------------------------------------------------------------
The members of ZH015 Development Company Limited will hold their
final general meeting on January 20, 2009, at 10:00 a.m., at
Level 28 of Three Pacific Place, in 1 Queen's Road East, Hong
Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.



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

CROWN ALBA: Weak Financial Risk Profile Cues CRISIL 'BB' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/ Stable/P4' to the various
bank facilities of Crown Alba Writing Instruments India Pvt Ltd
(Crown Alba).

   Rs.5.0 Million Cash Credit          BB/Stable (Assigned)
   Rs.12.0 Million Term Loan           BB/Stable (Assigned)
   Rs.35.0 Million EPC                 P4 (Assigned)
   Rs.900.0 Million Letter of Credit   P4(Assigned)

The ratings reflect Crown Alba's weak financial risk profile,
client concentration, and short track record in agricultural
commodities trading.  These weaknesses are, however, partially
offset by Crown Alba's established presence in the pen industry.

For arriving at the ratings, CRISIL has combined the financial
profiles of Rotomac Global Pvt Ltd (RGL), its subsidiary Crown
Alba, and associate company Rotomac Exports Pvt Ltd (REL), as the
entities are in the similar line of business, and share a common
management, suppliers and customers.  RGL holds 60 per cent stake
in REL, and proposes to merge the companies over the medium term.

Outlook: Stable

CRISIL believes that the Crown Alba's credit risk profile will
remain constrained owing to high gearing and increase in trading
activities, leading to decline in margins.  The outlook may be
revised to 'Positive' if the company's business model attains
stability, resulting in stable cash flows and margins.
Conversely, the outlook may be revised to 'Negative' if the
company's capital structure deteriorates further on account of
debt-funded capital expenditure (capex).

                       About Crown Alba

Promoted by Mr. Vikram Kothari, Mr. Chanderkumar Shroff and Mr.
Madhu Bhandari in March 2004, Crown Alba manufactures pens for
export markets.  In 2007-08 (refers to financial year, April 1 to
March 31), Crown Alba diversified into trading in agricultural
commodities.  In 2006, RGL acquired 71 per cent stake from the two
promoters, with Mr. Kothari holding the remaining 29 per cent.

For 2007-08, Crown Alba reported a profit after tax (PAT) of Rs.
4.6 million on net sales of Rs. 277.6 million, as against a
negative PAT of Rs. 1.4 million on net sales of Rs. 43.8 million
for 2006-07.


GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws
--------------------------------------------------------------
General Motors Corporation disclosed in a regulatory filing that
its board of directors approved amendments to the company's Bylaws
effective immediately.  Section 2.4, which establishes the process
for calling a special meeting of the board well as the timing of
notice of a special meeting, was amended to add that the secretary
of the company may provide less than 24 hours notice if the notice
is reasonable under the circumstances.

In addition, Section 2.5, which sets the quorum for meetings of
the board, was amended to provide that one third of the whole
board constitutes a quorum at a regular or special meeting of the
board for which directors receive notice at least 24 hours in
advance and that for a special meeting for which directors
received less than 24 hours' notice, a majority of the whole board
constitutes a quorum.

A full-text copy of the BYLAWS as of Dec. 19, 2008, is available
for free at http://ResearchArchives.com/t/s?3736

Neil Irwin at the Washington Post reports that the U.S. Treasury
Department keeps leeway in the U.S. auto aid.  The Washington Post
relates that the Treasury "will determine the form, terms, and
conditions of any investment made pursuant to this program
[Automotive Industry Financing Program] on a case-by-case basis."

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


ROTOMAC EXPORTS: CRISIL Rates  Rs.30.0MM Cash Credit at 'BB'
------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Rotomac Exports Pvt Ltd (REL).

   Rs.30.0 Million Cash Credit           BB/Stable (Assigned)
   Rs.70.0 Million EPC                   P4(Assigned)
   Rs.780.0 Million Letter of Credit@    P4(Assigned)
   Rs.20.0 Million Bank Guarantee        P4(Assigned)

   @ including Rs 280.0 Million proposed Letter of Credit

The ratings reflect REL's low stability in cash flows, and
exposure to risks relating to high supplier and client
concentration.  These weaknesses are partly offset by REL's
moderate financial risk profile.

CRISIL has combined the financial risk profiles of REL, its group
company Rotomac Global Pvt Ltd (REL) and its subsidiary Crown Alba
Writing Instruments India Private Limited (Crown Alba) as part of
this rating exercise.  This is because these entities are in the
same line of business, and have a common management, and
procurement and customer base.  Moreover, RGL's promoters have a
60 per cent stake in REL, and propose to merge the companies over
the medium term.

Outlook: Stable

The rating on the Rotomac group will continue to be constrained
due to speculative activities.  The outlook may be revised to
'Positive' if the company improves its business model, resulting
in improvement in the cash flow stability.  Conversely, it may be
revised to 'Negative' in case of any unforeseen loss, especially
on speculative transactions.

                            About REL

REL was set-up in 2002 by Mr. Vikram Kothari, promoter of RGL,
along with Mr. Sunil Verma and Mr. Udai Desai of Frost
International Ltd, to primarily undertake agricultural goods
trading.  REL also trades in other commodities like iron ore,
shirts; however, the shares of these commodities in the total
turnover is marginal.

For 2007-08, REL reported a profit after tax (PAT) of Rs.93.4
million on net sales of Rs.7.5 billion, as against a PAT of
Rs.194.1 million on net sales of Rs.9.7 billion for 2006-07.


ROTOMAC GLOBAL: CRISIL Puts 'BB' Rating on Rs.40.0MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Rotomac Global Pvt Ltd (RGL).

   Rs.165.5 Million Cash Credit          BB/Stable (Assigned)
   Rs.40.0 Million Term Loan@            BB/Stable (Assigned)
   Rs.1000.0 Million Letter of Credit    P4(Assigned)
   Rs.0.7 Million Bank Guarantee         P4(Assigned)

   @ including proposed limit of 4.5 Million

The ratings reflect RGL's low stability in cash flows, and
exposure to risks relating to high supplier and client
concentration.  These weaknesses are partly offset by RGL's
established position in pen industry and moderate financial risk
profile.

CRISIL has combined the financial risk profiles of RGL, its
subsidiary Crown Alba Writing Instruments India Private Limited
(Crown Alba) and its group company Rotomac Exports Pvt Ltd (REL)
as part of this rating exercise.  This is because these entities
are in the same line of business, and have a common management,
and procurement and customer base.  Moreover, RGL's promoters have
a 60 per cent stake in REL, and propose to merge the companies
over the medium term.

Outlook: Stable

The rating on the Rotomac group will continue to be constrained
due to speculative activities.  The outlook may be revised to
'Positive' if the company improves its business model, resulting
in improvement in the cash flow stability.  Conversely, it may be
revised to 'Negative' in case of any unforeseen loss, especially
on speculative transactions.

                           About RGL

RGL, known as Rotomac Pens Pvt Ltd until August 2008, was promoted
by Mr. M M Kothari (Pan Parag Group) in 1992, mainly to
manufacture pens under the brand name, Rotomac.  Till 1999, the
operations were jointly handled by Mr. M M Kothari and his two
sons, Mr. Vikram Kothari and Mr. Deepak Kothari.  After the family
realignment in 1999, Rotomac and ancillary companies came to Mr.
Vikram Kothari.

Over the past five years, RGL has diversified into trading in
agricultural commodities, primarily soya meals and Brazilian
wheat. This has increased its sales to Rs.1800 crore in 2007-08
(refers to financial year, April 1 to March 31) from Rs.318 crore
in 2002-03.  Mr. Vikram set up REL in 2002, along with Mr. Sunil
Verma and Mr. Udai Desai of Frost International Ltd, to primarily
undertake agricultural goods trading.  REL also trades in other
commodities like iron ore, shirts; however, the shares of these
commodities in the total turnover is marginal.  Mr. Vikram set-up
Crown Alba Writing Instruments Pvt Ltd in March 2004 with 29
percent share in personal capacity, along with NRI, Chanderkumar
Shroff and Madhu Bhandari, to manufacture pens for export markets
with other partners providing marketing set-up.  RGL acquired rest
71 percent stake from other promoters in 2006-07.

For 2007-08, Rotomac group reported a profit after tax (PAT) of
Rs.153 million on net sales of Rs.25.8 billion, as against a PAT
of Rs.249 million on net sales of Rs.13.2 billion for 2006-07.


TATA POWER: Files Writ Petition on Sasan UMPP Project Bidding
-------------------------------------------------------------
The Economic Times reports that Tata Power Company Ltd has filed a
writ petition in the Delhi High Court challenging the government's
decision to allow diversion of coal from the captive coal mines of
the Sasan ultra mega power project (UMPP) to other power projects.

According to the report, a company official confirmed the
development.  "Yes, we have filed the petition in the Hon'ble High
Court of Delhi.  We do not wish to comment any further as the
matter is subjudice."

The Times relates that an empowered group of ministers (eGoM) had
allowed Reliance Power (RPL), the successful bidder of the Sasan
UMPP, to use surplus coal from the Sasan block for another 4,000
mw power project at Chitrangi in Madhya Pradesh.

Tata Power, the report notes, was the number two bidder for the
Sasan power project.

In the petition cited by the report, the company has sought the
court's direction to cancel the award of Sasan project to RPL and
re-tender it with the permission to divert coal from captive coal
blocks.

The petition, according to the Times, said such a facility is
likely to give RPL windfall gains, estimated to the tune of about
Rs 50,000 crore over a period of next 25 years, at the expense of
consumers at large.

                        About Tata Power

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, Moody's Investors Service changed the outlook for
Tata Power Company's (TPC) Ba3 corporate family rating and B1
senior unsecured bond ratings to stable from negative.


VEERAL E: CRISIL Assigns 'D' Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Veeral E Safety Glass Pvt Ltd (Veeral).

   Rs.40.0 Million Cash Credit         D(Assigned)
   Rs.23.9 Million Term Loan           D(Assigned)

   Rs.8.1 Million Proposed Long        D(Assigned)
                  Term Facility

   Rs.8.0 Million Letter of Credit     P5(Assigned)

The ratings reflect overdrawals in bank limits for working capital
that have sustained for more than 30 days in recent past, latest
being in the month of October 2008.  The ratings are also
constrained by small size and financial risk profile marked by a
stretched liquidity profile.  The weaknesses are, however,
partially offset by the promoters' knowledge of the industry and
their customer and supplier relationships developed over the
years.

                          About Veeral

Incorporated in 2004, Veeral is promoted by Mr. Bharat Nagori,
Mr. Manik Kodre, Mr. Jagmohan Gujral and Mr. Vineet Dangi.  The
company processes and supplies a wide variety of glass, including
toughened, laminated and insulated glass to builders and
fabricators, solar panel makers, and automobile manufacturers.

Veeral recorded a profit after tax (PAT) of Rs.4.1 million on net
revenues of Rs.134 million in 2007-08 (refers to financial year,
April 1 to March 31) as against a PAT of less than Rs.0.1 million
on net revenues of Rs.106 million for 2006-07.



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

FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008
-------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Ford Motor
Co. said on Friday that industry-wide car and truck sales in the
U.S. dropped almost 19% in 2008.

Ford Motor's chief sales analyst, George Pipas, said that overall
vehicle sales, including heavy and medium-duty trucks, were
expected to drop to 13.5 million in 2008 from 16.5 million in
2007, which would be the lowest sales year since 1992, WSJ
relates.

Citing Mr. Pipas, WSJ states that the sales rate for vehicles, on
an annualized basis, fell from 15.6 million vehicles in the first
quarter 2008 to:

    -- 14.6 million in the second quarter 2008,
    -- 13.1 million in the third quarter 2008, and
    -- 10.6 million in the fourth quarter 2008.

"We are not looking for sales in the first quarter to be much
different than the fourth quarter," WSJ quoted Mr. Pipas as
saying.  Ford Motor, according to WSJ, said that the continued
slowdown won't change much in the first quarter 2009.

Citing Mr. Pipas, WSJ says that Ford Motor's market share in the
U.S. would drop to 14% for 2008, from 14.7% in 2007.

Mr. Pipas said that vehicle sales could recover in the second half
of 2009 as efforts to stimulate the economy take, according to
WSJ.  Ford Motor said its overall 2009 sales would total
12.5 million units, while light-vehicle sales may hit
12.2 million, WSJ reports.

Neil Irwin at the Washington Post reports that the U.S. Treasury
Department keeps leeway in the U.S. auto aid.  The Washington Post
relates that the Treasury "will determine the form, terms, and
conditions of any investment made pursuant to this program
[Automotive Industry Financing Program] on a case-by-case basis."

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


RAKUTEN INC.: To Report JPY65.64BB in Appraisal Losses for 2008
---------------------------------------------------------------
Online shopping mall operator Rakuten Inc. expects to report
JPY65.64 billion in appraisal losses for the year ending Dec. 31,
2008, mainly from its stake in Tokyo Broadcasting System Inc., The
Japan Times reports citing Kyodo News.

According to Japan Times, Rakuten, the largest shareholder of
Tokyo Broadcasting, said the losses stemmed partially from a steep
fall in the broadcaster's share price caused by a decline in
corporate value from sagging advertising revenue.

Rakuten, Japan Times says, did not provide full-year earnings
forecasts, citing volatility in the Internet businesses and the
securities industry, but the valuation losses are likely to force
the company to fall into the red for the current fiscal year.

Akiko Ikeda at Bloomberg News relates that Rakuten fell the most
in seven weeks in Tokyo trading after disclosing that it will take
a charge on devalued stockholdings.

Bloomberg News says Rakuten dropped JPY1,700, or 3 percent, to
JPY55,300, as of 10:09 a.m., January 5, 2009, on the Jasdaq
Securities Exchange, the sharpest slide since Nov. 18.

Meanwhile, Bloomberg News notes, Tokyo Broadcasting, which has
fallen 44 percent in the past year, declined JPY52, or 3.8
percent, to JPY1,312 yesterday, January 5.

                          About Rakuten

Headquartered in Tokyo, Japan,  Rakuten Inc. engages in the e-
commerce, credit payment, portal media, travel, and securities and
sports businesses.  It has six business segments. The E-commerce
segment is engaged in the provision of e-commerce services, online
shopping and private auction services and other Internet-related
services.  The Credit Payment segment is engaged in the card loan,
credit card and general credit sales businesses.  The Portal Media
segment operates portal sites under the name Infoseek, and
operates cable satellite broadcasting channels.  It also provides
database marketing and other portal site services.  The Travel
segment operates Internet accommodation booking and travel
websites.  The Securities segment is engaged in the provision of
online securities trading services.  The Pro Sports segment is
engaged in the operation of baseball league under the name Rakuten
Golden Eagles, and the planning and sale of its baseball league
goods.


SONY CORP: Denies Plan to Close Major Operations
------------------------------------------------
Sony Corp denied reports it will likely announce a restructuring
plan that could include closures of Japanese factories and major
divisions, Reuters reports.

According to Reuters, company sources told the Times of London
that Sony is braced for a series of measures to abolish some of
its domestic operations and transform the electronic giant's
business.

However, Reuters relates spokesman Atsuo Omagari, in response to
the report, said "We do not plan to announce additional
restructuring measures at this time.  We don't have any such
plan."

Meanwhile, Reuters discloses analysts have said the company
announced a US$1.1 billion savings plan in its electronics
division in December, but it needs further and bigger
restructuring measures to secure growth.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2008, Sony said in response to the sudden and rapid
changes in the global economic environment, it intends to:

   -- adjust product pricing,
   -- curtail or delay part of its investment plans,
   -- downsize or withdraw from unprofitable or non-core
      businesses,
   -- realign domestic and overseas manufacturing sites,
   -- reallocate its workforce, and
   -- reduce headcount.

Through these measures, Sony aims to save more than JPY100 billion
by the end of the fiscal year ending March 31, 2010.

Sony is planning to reduce investment in the electronics business
by approximately 30% in the fiscal year ending March 31, 2010,
compared to its mid-term plan.

By the end of the current fiscal year, Sony plans to cease
production at two overseas manufacturing sites, including Sony Dax
Technology Center in France, which manufactures tape and other
recording media.

Sony plans to reduce the total number of manufacturing sites by
approximately 10%, from the current total of 57, by March 31,
2010.

By March 31, 2010, Sony plans to reduce headcount in the
electronics business worldwide by approximately 8,000, out of
approximately 160,000 as of September
30, 2008.  At the same time, Sony plans to reduce headcount in its
seasonal and temporary workforces.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.  It has five
segments: Electronics, Games, Pictures, Financial Services and All
Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.



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

AXESSTEL INC: Bryan B. Min Resigns as Board Chairman
----------------------------------------------------
Axesstel, Inc., disclosed in a regulatory filing with the
Securities and Exchange Commission that Bryan B. Min will resign
as chairman of the board for personal reasons, effective Dec. 31,
2008.  The board expects to name a replacement in early 2009, and
after the replacement is named, the board will continue to have
five members.

"I have thoroughly enjoyed the opportunity to serve Axesstel,"
stated Mr. Min.  "During the past several years, the company
resolved many challenges and stayed the course in pursuit to
become a world leader in the fixed wireless and broadband data
products business.  2008, in particular, has been rewarding as we
delivered three consecutive profitable quarters for the first time
in our business and we are on target to exceed our 2008 annual
revenue goal of US$100 million.  I believe Axesstel has a better
foundation from which to build in the coming years, and I wish the
company continued success."

Mr. Min became a director in November 2005 and served as chairman
since June 2006.  He is the founder and CEO of Epsilon Systems
Solutions, Inc.

"[Mr. Min]" is an extremely talented executive, and Axesstel was
fortunate to have had the benefit of his expertise and leadership
on the board, said Clark Hickock, CEO of Axesstel.  "We wish him
the best as he turns his focus to Epsilon Systems Solutions and
other matters requiring his attention."

                       About Axesstel Inc.

Headquartered in San Diego, California, Axesstel Inc. (AMEX: AFT)
-- http://www.axesstel.com/-- designs and develops fixed wireless
voice and broadband data products.  Axesstel's product portfolio
includes broadband modems, 3G gateways, voice/data terminals,
fixed wireless desktop phones and public call office phones for
high-speed data and voice calling services.  The company delivers
innovative fixed wireless solutions to leading telecommunications
operators and distributors worldwide.  Axesstel's research and
development center is located in Seoul, South Korea.

Net income was US$433,000 compared to a net loss of US$3.0 million
in
the third quarter of 2007.

For the nine months ended Sept. 28, 2008, the company reported net
income of US$1.9 million, compared to a net loss of US$4.0 million
for
the first nine months 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$39.1 million, total liabilities of US$36.1 million and
stockholders' equity of US$3.0 million.

At Sept. 28, 2008, the company ended the quarter with cash and
cash equivalents of approximately US$3.0 million, and working
capital of approximately US$155,000.  In addition, at Sept. 28,
2008, accounts receivables were US$31.1 million.  Currently its
only
source of borrowing is a credit line secured by certain of its
accounts receivable.  At Sept. 28, 2008, these borrowings totaled
US$2.9 million.  The company intends to use this working capital
financing to provide liquidity as required to fulfill orders for
its products.

                       Going Concern Doubt

The company experienced losses from operations from 2004 to 2007.
Because of the company's continuing net losses and negative
working capital position, Gumbiner Savett Inc., the company's
independent auditors, in their report on the company's
consolidated financial statements for the year ended Dec. 31,
2007, expressed substantial doubt about the company's ability to
continue as a going concern.


KUMHO TIRE: Liquidity Problems Prompt Company to Delay Bonus
------------------------------------------------------------
Kumho Tire Co. Ltd. said it hasn't been able to pay bonuses last
year to its approximate 3,000 factory workers amid a liquidity
shortage, Trading Markets reports.

Trading Markets cited an official at Kumho Tire as saying, "The
bonus payment was delayed because of the company's liquidity
problem."

According to the report, the Kumho Tire official said the annual
bonus payment was postponed indefinitely, saying the company "will
make its utmost efforts" to pay the bonus of KRW2.5 million
(US$1,883) per worker.

Kumho Tire Co. Ltd. is a tire manufacturer based in Korea.  The
company's offerings include tires for sports utility vehicles,
passenger cars, various sizes of trucks and buses and racing cars.
In addition, the company provides batteries for automobiles.  The
company has eight overseas subsidiaries located in Australia,
Canada, China, Germany, Japan, France, the United Kingdom and the
United States .  The company is part of the Kumho Asiana Group,
which is comprised of companies mainly involved in the chemical,
distribution, transportation, construction and industrial
manufacturing businesses.


SSANGYONG MOTOR: Needs KRW320 Bil. Aid to Avoid Liquidation
-----------------------------------------------------------
Ssangyong Motor Co. may face liquidation if its Chinese parent
SAIC Motor Corp. fails to provide KRW320 billion ($249 million) in
new financing, Seonjin Cha at Bloomberg News reports citing Korea
Development Bank (KSB), Ssangyong Motor's largest creditor.

According to Bloomberg News, a bank official said KDB may take
steps toward liquidation rather than debt-restructuring if SAIC
pulls out.

Bloomberg News relates the bank official said SAIC has to provide
the funds, including a credit line from a Chinese bank, as soon as
possible as Ssangyong Motor will need KRW600 billion of new
financing next year.

Ssangyong Motor owes about KRW240 billion to Korea Development,
Bloomberg News says citing KDB.

                         Vote for Strike

Meanwhile, Yonhap News Agency reports Ssangyong Motor's union
leader called for members Monday to go on strike against potential
job cuts amid concerns that the company may face liquidation
unless SAIC injects fresh capital.

Yonhap News relates local newspapers, citing unnamed company
sources, have reported that SAIC had requested Ssangyong to cut as
many as 3,000 workers, or nearly half of its factory jobs in
exchange for fresh capital.

Yonhap News discloses Han Sang-kyun, the union leader, told
members in a statement posted on its Web site, "Only by a
landslide vote for a strike can we defend ourselves and thwart
SAIC's conspiracy."

"Let's show our strength against the Chinese owner that has
cheated us over the past five years," Mr. Han said.

According to Yonhap News, the union's some 5,200 members were
voting Monday on the strike plan.  Balloting was due to close on
Tuesday.

The fate of Ssangyong is likely to be decided on Thursday, when it
plans to hold a board meeting, Yonhap News says citing a local
media report.

As reported by the the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2008, The Scotsman said SAIC asked the South Korean
government to help secure new loans for Ssangyong Motor, as the
company struggles to stave off a potential liquidity crisis.

SAIC, the Scotsman said, seeks government's help to ensure that
Korea Development Bank (KDB), Ssangyong's main creditor, offers
new loans to the firm.

SAIC holds a majority stake in troubled Ssangyong, the Scotsman
noted.

According to Yonhap News, the company expects to post a loss of up
to KRW100 billion (US$76.9 million) this year.

During the first nine months of this year, Bloomberg News says,
Ssangyong had a loss of KRW98.1 billion, compared with a KRW16.7
billion profit a year earlier.  Sales dropped 15 percent to
KRW2.01 trillion.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.



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

METLIFECARE LIMITED: To Suspend Dividend; Plans to Raise Capital
----------------------------------------------------------------
Metlifecare Limited said it plans to raise capital in the first
quarter of 2009 and suspend dividend in order to strengthen its
balance sheet.

In a statement, Metlifecare disclosed it is planning to strengthen
its balance sheet by raising approximately NZ$30 million to NZ$40
million through the issue of new shares.  The proceeds of the
raising will be used to reduce existing debt in the company's bank
facilities, which the company is in the process of renegotiating
based on the planned capital raising.

The company said it continues to have positive operating
cashflows, however the company's directors believe it is prudent
to actively manage Metlifecare's balance sheet amid weakening
property market.

Metlifecare's largest shareholder, Retirement Villages New Zealand
(RVNZ), which holds an 82% shareholding, has confirmed it will
participate in the raising and has applied for OIO approval.

Existing shareholders will also be provided with an opportunity to
participate in the capital raising.  The company plans to conduct
the raising prior to March 31, 2009.

In addition, Metlifecare also intends to suspend its dividend for
the foreseeable future to retain cashflows and reduce gearing.

Metlifecare reported a NZ54.04 million net loss in the year ended
June 30, 2008.  

Based in New Zealand, Metlifecare Limited (NZE:MET) --
http://www.metlifecare.co.nz/ -- along with its subsidiaries, is
engaged in the accommodation and care for the aged through the
ownership and management of retirement villages in New Zealand.
Its subsidiaries include Metlifecare Bayswater Limited,
Metlifecare Coastal Villas Limited, Metlifecare Crestwood Limited,
Metlifecare Greenwood Park Limited, Metlifecare Highlands Limited,
Metlifecare Kapiti Limited, Metlifecare Oakwoods Limited,
Metlifecare Pakuranga Limited, Metlifecare Pinesong Limited,
Metlifecare Powley Limited, Metlifecare 7 Saint Vincent Limited
and Metlifecare Somervale Limited.  On September 3, 2007,
Metlifecare Merivale Limited acquired assets, liabilities and the
business of Merivale Retirement Village Limited.



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

* PHILIPPINES: SC Approves 2008 Rules on Corporate Rehabilitation
-----------------------------------------------------------------
The Philippine Stock Exchange (PSE) disclosed that the Supreme
Court has approved the 2008 Rules of Procedure on Corporate
Rehabilitation which replaces the Interim Rules of Procedure on
Corporate Rehabilitation approved by the Supreme Court way back in
2000.

The new rules will take effect January 16, 2009, PSE said in a
statement.

The new rules seek to improve and expedite the court procedures
for petitions for rehabilitation or re-organizations of
corporations, partnerships and associations in order to help
debtors recover from financial difficulties while at the same time
attempting to ensure fair treatment of creditors.

Mr. Francis Lim, PSE president and chief executive officer said,
"The passage of the new rules is perfectly timed as some of our
companies may encounter financial difficulties as a result of the
ongoing global recession.  It is therefore important that our
bankruptcy system is ready to help our companies get back on their
feet if they find themselves in such a situation."

"The new rules will be the counterpart of Chapter 11 proceedings
in the United States pending passage by Congress of a more
comprehensive bankruptcy law to replace our 1909 Insolvency Act,"
Mr. Lim said further.

Congress has been working on the Corporate Recovery and Insolvency
Act or CRIA, which is one of the capital market-related laws being
advocated by the PSE.

"One major change being introduced by the Supreme Court is a new
rule governing pre-negotiated rehabilitation plans.  Under the
rule, if the plan is approved by creditors holding at least two-
thirds of the total liabilities of the debtor, including secured
creditors holding more than 50% of the total secured claims and
unsecured creditors holding more than 50% of the unsecured claims,
both parties can go to court for approval of the plan.  The court
is then given a maximum of 120 calendar days from the date of
filing of the petition to make a decision on the petition.  If the
court fails to do so within the period, the rehabilitation plan
shall be deemed approved," Mr. Lim explained.

As far as ordinary petitions for rehabilitation are concerned, the
new rules give the court a maximum period of one year to approve
or disapprove the petition.  The new deadline is intended to avoid
delay in the disposition of rehabilitation cases, which has proven
detrimental to the interest of both the debtor and its creditors.

Another major improvement is the recognition of foreign re-
organization or rehabilitation proceedings which covers cases
whereby assistance is sought in a Philippine court by a foreign
court or representative, or assistance is sought in a foreign
state in connection with a domestic proceeding, or a foreign
proceeding and domestic proceedings are concurrently taking place.

"The new rule on foreign proceedings elevates our rehabilitation
rules to global standards as it is almost a verbatim copy of the
UNCITRAL model rules on recognition of foreign insolvency
proceedings.  This rule is intended to make our country attractive
to foreign investors.  A modern set of bankruptcy law is a big
factor being considered by foreign investors when making
investment decisions.  This was amply demonstrated by our CaLPERS
experience where the Philippines was almost delisted as an
investment-grade country partly because of our archaic and
outmoded bankruptcy law, which was enacted way back in 1909,"
pointed out Mr. Lim.

"The new rule on foreign proceedings may play a critical role
amidst the present financial meltdown in which we see foreign
companies undergoing re-organization proceedings (like Chapter 11)
in foreign countries.  These companies may have assets in the
Philippines.  Conversely, there may be domestic companies
undergoing rehabilitation proceedings in the Philippines with
assets located abroad.  The new rule, which is based on
international best practices, is envisioned to cover such
situations," Mr. Lim noted further.

The rules were drafted by a committee of the Supreme Court with
the assistance of private sector representatives which includes
the Philippine Stock Exchange.



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

* SINGAPORE: MTI Forecasts Lower Economy Growth
-----------------------------------------------
The Ministry of Trade and Industry (MTI) said that it expects the
Singapore economy to grow between -2.0 per cent and 1.0 per cent
in 2009, lower than the -1.0 per cent to 2.0 per cent range it had
forecast in November 2008.

In a press statement, MTI related the global economic crisis has
worsened since November, with sharp declines in global demand,
trade and investments.  According to the World Bank, global trade
volume will decline by 2.1 per cent in 2009, the first contraction
in 26 years.  Since November, analysts have shaded down their
growth forecast for the US, Europe and Japan by about one
percentage point.  The growth outlook for the regional economies
has also deteriorated, with more economies now expected to
register negative or flat growth next year.

These developments will affect the sectors in the Singapore
economy that rely on the movement of goods and services in the
region, such as the wholesale & retail sector and the transport &
storage sector.  Manufacturing will be weighed down by falling
demand in the developed economies, while financial services will
see a sharp slowdown reflecting weak financial markets and credit
growth.  The slowdown in these sectors will spread to the
domestically-oriented segments of the economy, such as property,
retail, and business services.

           Advance GDP Estimates for Fourth Quarter 2008

The weaker prognosis for the Singapore economy in 2009 is also
based on the sharp contraction seen in the fourth quarter of 2008.
Advance estimates[1] show that gross domestic product (GDP) in the
fourth quarter contracted by 2.6 per cent in real terms over the
same period in 2007, following the decline of 0.3 per cent in the
preceding quarter.  On a seasonally adjusted, annualised quarter-
on-quarter basis, real GDP fell by 12.5 per cent, compared to a
decline of 5.4 per cent in the third quarter of 2008.

                    4Q07   2007  1Q08   2Q08  3Q08  4Q08*  2008*
                    ----   ----  ----   ----  ----  -----  -----
Overall GDP          5.4   7.7   6.9    2.2   -0.3  -2.6    1.5

Goods Producing
Industries

Manufacturing        0.2   5.8  12.6   -5.5  -11.0  -9.0   -3.7

Construction        24.3  20.3  16.9   21.0   18.6  13.3   17.3

Services Producing
Industries           7.7   8.1   7.7    7.1    5.3   1.1    5.3
               --------------------------------------------
  * Advance estimates

The manufacturing sector declined by 9.0 per cent compared to the
same period in 2007, mainly because of a sharp drop in the output
of electronics and precision engineering.  This segment has been
affected by the continued weakness in global demand for
electronics products.  Chemicals output also fell during the
quarter as a result of slowing external demand, as well as
temporary plant maintenance shutdowns.  Biomedical manufacturing
output was also lower, reflecting the production of pharmaceutical
ingredients with lower values compared to same period in 2007.

The services producing industries are estimated to have grown by
1.1 per cent in the fourth quarter, slowing down from a 5.3 per
cent increase in the third quarter.  The collapse in world trade
severely impacted wholesale trade and transport and storage.
Growth in financial services weakened on the back of declines in
trading activities in foreign exchange and stock brokerage, fund
management, and Asian Currency Unit (ACU) business.

The construction sector grew by 13.3 per cent in the fourth
quarter of 2008, slower than the growth of 18.6 per cent in the
preceding quarter.  Construction output was mainly weighed down by
a contraction in industrial building activity. Weak market
sentiment has also prompted the deferment of private sector
projects.

For 2008 as a whole, the economy is estimated to have grown by 1.5
per cent, compared with 7.7 per cent in 2007.  This figure is
lower than MTI's forecast of around 2.5 per cent in November 2008.
The manufacturing sector is estimated to have contracted by 3.7
per cent, down from an expansion of 5.8 per cent in 2007.  The
services producing industries and construction sector are also
expected to register slower rates of growth compared to 2007, at
5.3 per cent and 17.3 per cent respectively in 2008.

The preliminary GDP estimates for the fourth quarter and for the
whole of 2008, including performance by sectors, sources of
growth, inflation, employment and productivity, will be released
in February 2009 in the Economic Survey of Singapore.



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

* BOND PRICING: For the Week December 29 to January 2, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Aust & NZ Bank                6.540%   06/29/49   GBP      67.98
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      63.61
Antares Energy               10.000%   10/31/13   AUD       1.10
Babcock & Brown Pty           8.500%   11/17/09   NZD      21.52
Becton Property Group         9.500%   06/30/10   AUD       0.15
Bemax Resources               9.375%   07/15/14   USD      58.38
Bemax Resources               9.375%   07/15/14   USD      58.38
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      60.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.97
FMG Finance                   9.750%   09/01/13   EUR      45.00
FMG Finance                   9.750%   09/01/13   EUR      45.00
FMG Finance                  10.000%   09/01/13   USD      60.38
FMG Finance                  10.000%   09/01/13   USD      60.38
FMG Finance                  10.625%   09/01/16   USD      65.38
FMG Finance                  10.625%   09/01/16   USD      65.38
Griffin Coal Min              9.500%   12/01/16   USD      36.13
Griffin Coal Min              9.500%   12/01/16   USD      36.13
Hanson Australia              5.250%   03/15/13   USD      34.13
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.64
Nylex Ltd.                   10.000%   12/08/09   AUD       1.00
Orchard Invest                9.000%   12/15/10   AUD      46.00
Paladin Energy                4.500%   12/15/11   USD      58.61
Paladin Energy                5.000%   03/11/13   USD      51.37
Rio Tinto Financ              5.875%   07/15/13   USD      69.86
Rio Tinto Financ              6.500%   07/15/18   USD      65.62
Rio Tinto Financ              7.125%   07/15/28   USD      68.78
Timbercorp Ltd                8.900%   12/01/10   AUD      44.00
Westfield Fin                 3.625%   06/27/12   GBP      71.12
Westfield Fin                 5.500%   06/27/17   GBP      72.05


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Jiangxi Copper                  1.000%  09/22/16     CNY    70.93


   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    59.75


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    69.26
Astrazeneca Phar               8.000%  01/11/09     INR    29.70
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    55.44
ICICI Bank Ltd                 7.250%  08/29/49     USD    43.17
State BK India                 6.439%  02/28/49     USD    70.09
Subex Azure                    2.000%  03/09/12     USD    20.75
Tata Motors                    1.000%  04/27/11     USD    63.75
Videocon Indus                 5.000%  03/07/11     USD    39.50
Videocon Indus                 4.500%  07/25/11     USD    44.50


   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    70.00
Indonesia (Rep)                6.625%  02/17/37     USD    73.09


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     USD    73.37
Aiful Corp                     4.450%  02/16/10     USD    73.37
Aiful Corp                     5.000%  08/10/10     USD    65.34
Aiful Corp                     5.000%  08/10/10     USD    65.34
Aiful Corp                     6.000%  12/12/11     USD    49.14
Aiful Corp                     6.000%  12/12/11     USD    49.14
Aozora Bank                    0.660%  11/12/12     JPY    74.40
Aozora Bank                    0.660%  11/27/12     JPY    74.15
Aozora Bank                    0.660%  12/12/12     JPY    73.90
Aozora Bank                    0.600%  12/27/12     JPY    73.67
Aozora Bank                    0.660%  01/12/13     JPY    73.42
Aozora Bank                    0.660%  01/27/13     JPY    73.19
Aozora Bank                    0.560%  02/12/13     JPY    72.56
Aozora Bank                    0.560%  02/27/13     JPY    72.33
Aozora Bank                    1.300%  02/27/13     JPY    74.86
Aozora Bank                    0.560%  03/12/13     JPY    72.12
Aozora Bank                    0.560%  03/27/13     JPY    71.89
Aozora Bank                    1.250%  03/27/13     JPY    74.30
Aozora Bank                    0.560%  04/12/13     JPY    71.63
Aozora Bank                    1.300%  04/26/13     JPY    74.03
Aozora Bank                    0.560%  04/27/13     JPY    71.41
Aozora Bank                    0.560%  05/12/13     JPY    71.20
Aozora Bank                    0.560%  05/27/13     JPY    70.93
Aozora Bank                    1.600%  05/27/13     JPY    74.68
Aozora Bank                    0.560%  06/12/13     JPY    70.68
Aozora Bank                    0.560%  06/27/13     JPY    70.45
Belluna Co Ltd                 1.100%  03/31/12     JPY    61.62
Ebara Corp                     1.300%  09/30/13     JPY    69.62
Hiroshima Bank                 1.720%  05/14/14     JPY    70.61
Hiroshima Bank                 1.890%  09/20/17     JPY    58.96
Hitachi Zosen                  1.500%  09/30/12     JPY    69.25
Nis Group                      2.730%  02/26/10     JPY    71.98
Orix Corp                      5.480%  11/12/11     USD    74.50
Promise Co Ltd                 5.950%  06/13/12     USD    74.46
Promise Co Ltd                 5.950%  06/13/12     USD    74.46
Resona Bank                    4.125%  09/29/49     EUR    54.17
Resona Bank                    5.850%  09/29/49     USD    51.07
Resona Bank                    5.986%  08/29/49     EUR    64.82
Shinsei Bank                   1.960%  03/25/15     GBP    68.13
Shinsei Bank                   2.010%  10/30/15     JPY    66.10
Shinsei Bank                   3.750%  02/23/16     EUR    38.65
Softbank Corp                  7.750%  10/15/13     EUR    68.38
Sumitomo Mitsui                4.375%  07/29/49     EUR    55.00
Sumitomo Mitsui                5.625%  07/29/49     EUR    69.25
Takefuji Corp                  9.200%  04/15/11     USD    73.76
Takefuji Corp                  9.200%  04/15/11     USD    64.23
Takefuji Corp                  8.000%  11/01/17     USD    45.97


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    69.48
GS Caltex Corp                 5.500%  10/15/15     USD    69.48
GS Caltex Corp                 6.000%  08/08/16     USD    62.57
GS Caltex Corp                 5.500%  04/24/17     USD    65.38
GS Caltex Corp                 5.500%  04/24/17     USD    65.38
Hynix Semi Inc.                4.500%  12/14/12     USD    56.35
Hynix Semi Inc.                7.875%  06/27/17     KRW    36.88
Korea Dev Bank                 7.350%  10/27/21     KRW    52.04
LG-Caltex Oil                  5.500%  08/25/14     USD    73.35
Woori Bank                     6.125%  05/03/16     USD    69.46



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Huat Lai Resources             5.000%  03/28/10     MYR     0.31
Insas Berhad                   8.000%  04/19/09     MYR     0.29
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.16
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     1.92
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Silver Bird Grp                1.000%  02/15/09     MYR     0.32
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Wah Seong Corp.                3.000%  05/21/12     MYR     2.00
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.41


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    65.32
Allied Nationwid              11.520%  12/29/49     NZD    55.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    19.92
Blue Star Print                9.100%  09/15/12     NZD    64.18
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    61.03
Fidelity Capital               9.250%  07/15/13     NZD    68.94
Fletcher Building              7.800%  03/15/09     NZD    10.10
Fletcher Building              7.550%  03/15/11     NZD     9.00
Hellaby Holdings               8.500%  06/15/11     NZD    70.52
Infratil Ltd                  10.180%  12/29/49     NZD    62.50
Pins Securities                9.250%  01/31/14     NZD    25.96
Sky Network TV                 9.370%  10/16/16     NZD    75.00
South Canterbury              10.430%  12/15/12     NZD     1.08
St Laurence Prop               9.250%  07/15/10     NZD    72.52
Trustpower Ltd                 8.500%  09/15/12     NZD     7.75
Trustpower Ltd                 8.500%  03/15/14     NZD     8.50
Vector Ltd                     8.000%  12/29/49     NZD     7.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.06


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    70.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    68.00
Capitaland Ltd.                2.100%  11/15/16     SGD    72.18
Capitaland Ltd.                3.125%  03/05/18     SGD    67.90
Capitaland Ltd.                2.950%  06/20/22     SGD    53.93
Capitaland Prop NZ             8.000%  04/15/10     NZD    15.00
Sengkang Mall                  8.000%  11/20/12     SGD     0.00
Empire Cap Res                 9.375   12/15/11     USD    64.82
Olam International Limited     1.000%  07/03/13     USD    66.19


   SRI LANKA
   ---------
Rep of Sri Lanka              8.250%  10/24/12     USD     66.37
Sri Lanka Govt                7.000%  08/01/11     LKR     73.90
Sri Lanka Govt                7.000%  10/15/11     LKR     72.38
Sri Lanka Govt                6.850%  04/15/12     LKR     68.85
Sri Lanka Govt                6.850%  10/15/12     LKR     65.67
Sri Lanka Govt                8.500%  01/15/13     LKR     68.75
Sri Lanka Govt               10.500%  04/01/13     LKR     73.65
Sri Lanka Govt                8.500%  07/15/13     LKR     67.47
Sri Lanka Govt                7.500%  08/01/13     LKR     64.46
Sri Lanka Govt                7.500%  11/01/13     LKR     63.85
Sri Lanka Govt                8.500%  02/01/18     LKR     61.19
Sri Lanka Govt                8.500%  07/15/18     LKR     60.51
Sri Lanka Govt                7.500%  08/15/08     LKR     55.95
Sri Lanka Govt                7.000%  10/01/23     LKR     47.65



  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
Italian-Thai Dey              4.500%  06/10/13     USD     44.50
Thoresen Thai AG              2.500%  09/24/12     USD     63.60



                         *********

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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  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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