[b]Valuair launches

Valuair launches new service to RI

SINGAPORE: Singapore-based budget carrier Valuair will begin a second daily service to Jakarta next week to tap into the growing traffic between the two neighbours, the airline said on Thursday.

The second flight to the Indonesian capital, starting on Monday, will be an evening service. The existing daily flight leaves in the morning.

"With the addition of a night flight, business travellers are able now to spend the day in Jakarta and still make it back to Singapore on the same working day," Valuair said in a statement.

The launch of a second service to Jakarta increases Valuair's total flight routes to five. It currently flies twice daily to Bangkok and daily to Jakarta and Hong Kong. Valuair, started by a former Singapore Airlines managing director, made its maiden flight in May and is the first budget airline to base itself out of Singapore, where two more no-frills carriers are preparing to launch services. -- AFP

;AFP; ANPAf..r.. CorporateBrief-SIA SIA raises fuel surcharge JP/14/brief

SIA raises fuel surcharge

SINGAPORE: Singapore Airlines (SIA) and its regional wing SilkAir will increase their current fuel surcharge of US$5 to as high as $12 from September to offset escalating oil prices, the carriers said on Thursday.

For flights to Southeast Asian cities, passengers will have to pay a levy of $7, SIA and SilkAir said in separate statements.

The surcharge on all other flights outside of Southeast Asia will increase to $12, they said.

But the levy for the busy Singapore-Kuala Lumpur route will remain at four dollars, SIA said.

"The revised surcharge will help defray, in part, the increase in costs arising from record (oil) prices," SIA said. -- AFP

;AP; ANPAf..r.. CorporateBrief-Hutchison Li sees profits double at Hutchison JP/14/brief

Li sees profits double at Hutchison

HONG KONG: The conglomerates Hutchison Whampoa Ltd. and Cheung Kong (Holdings) Ltd. reported on Thursday that half-year profits roughly doubled on one-time gains and a stronger property market.

Despite lingering losses in Hutchison's third-generation telephone business, billionaire tycoon Li Ka-shing, who is Hong Kong's richest man, said he was "confident" his two companies will "continue to perform well."

Hutchison, which has interests ranging from ports to telecoms, said its profits in the six months ending June 30 doubled to HK$12.48 billion (US$1.60 billion), up from HK$6.07 billion in the same period last year.

Hutchison's revenues rose to HK$81.0 billion from HK$65.8 billion a year earlier, with a boost from one-time gains including the sale of a stake in a joint venture with Procter & Gamble Co. -- AP

;AP; ANPAf..r.. CorporateBrief-BlueScope BlueScope announces record profits JP/14/brief

BlueScope reports record profits

SYDNEY: Australia's largest steel producer BlueScope Steel Ltd. reported on Thursday a record annual profit of A$584.1 million (US$417.3 million), thanks to higher steel prices and surging demand overseas.

The result for the fiscal year ending June 30 marked a 29 percent increase over the previous year's net profit of A$451.7 million.

Sales for the company topped A$5.7 billion, up 9 percent from A$5.3 billion the previous year. The company, which makes flat steel and coated and painted steel, attributed its improved performance to higher prices in the United States and other export markets for BlueScope's slab and hot rolled coil products. -- AP