AustAsia to boost exports to RI

AustAsia to boost exports to RI

CANBERRA: Australian cattle exporter AustAsia plans to expand the trade to Indonesia to 120,000 beasts in 2003 from around 80,000 in 2002, Managing Director John Griffith said Monday.

AustAsia is a major exporter of cattle for fattening in feedlots in Indonesia from Australia, but plans to capture a greater share of a market for cattle traded directly off boats, mostly for instant slaughter and sale into wet markets, he said.

Australia is a major exporter of live cattle with major markets being Indonesia and the Philippines.

An official forecast issued mid-December put live cattle exports this fiscal year up 13 percent to 900,000 beasts from an actual 797,000 last fiscal year ended June 30, 2002. -- Dow Jones

Hynix bailout package approved

SEOUL: Creditors on Monday approved a new rescue package worth some US$1.6 billion for ailing Hynix Semiconductor Inc, the world's third largest memory chip maker, main creditor Korea Exchange Bank (KEB) said.

The KEB said the package was endorsed by 86.5 percent of votes during a meeting of 114 creditors. It includes a debt for equity swap worth 1.9 trillion won ($1.58 billion), a share writedown and the rescheduling of loans.

KEB proposed a 21 to one share writedown and a three year extension of the maturity of three trillion won in debt.

Hynix has been kept afloat with a series of bailout packages, sparking criticism from foreign rivals who claim the bailouts amount to hidden subsidies.

Main Hynix creditors agreed on Dec. 11 to save the debt- stricken chipmaker with the massive debt restructuring plan, but approval had been delayed because of objections by investment trust companies and individual shareholders to the terms of the debt for equity swap. -- AFP