Panin Bank plans to issue bonds

Panin Bank plans to issue bonds

JAKARTA : PT Bank Pan Indonesia, or Panin Bank, is planning to
issue around Rp 500 billion of bonds by June to diversify the
maturity profile of the source of its funds, an official with the
bank said on Tuesday.

"We see the current falling interest rate as an opportunity to
issue bonds," an official with the company, who spoke on
condition of anonymity told Dow Jones Newswires.

He said the purpose of the bond issuance is to decrease the
bank's reliance on short-term funds such as time deposits.

He added that the bank will likely name Triple-A Securities as
the lead underwriter for the issue if the bank gets approval for
the issue from the capital market watchdog, Bapepam.

Panin Bank is one of the few local banks that survived the
recent banking crisis without funding assistance from the
government.

Several companies are planning to issue bonds this year as
demand for bonds is healthy amid declining interest rates. --Dow
Jones

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Malaysia industrial output down
JP/14/

Malaysia industrial output down

KUALA LUMPUR: Malaysia's industrial output dipped 0.90 percent
from a year ago in February due to a slowdown in electricity and
manufacturing growth, the Statistics Department said on Tuesday.

The electricity sector fell 8.9 percent while manufacturing
was down one percent, but this was cushioned by a 4.2 percent
rise in mining, it said in a statement.

Production in February was down 1.9 percent from January as
electricity and mining growth plunged 18.7 and 10.6 percent
respectively, but manufacturing showed a two percent gain, it
said.

In the first two months of the year, the industrial production
index expanded 1.2 percent from a year earlier.

Malaysia's industries are reeling from the twin blow of the
war in Iraq and the outbreak of the deadly Severe Acute
Respiratory Syndrome (SARS) which has killed more than 100 people
worldwide. --AFP

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Aussie business confidence rebounds
JP/14/

Aussie business confidence rebounds

SYDNEY : Business confidence in Australia rebounded in March,
defying international trends brought on by the war in Iraq and
weak global equity markets, according to a survey released on
Tuesday.

After hitting its lowest level since the Sept.11 terrorist
attacks in February, the National Australia Bank (NAB) monthly
measure of business confidence rose to positive 2.1 points in
March from minus 0.3 points in February.

NAB said business conditions deteriorated marginally to a
reading of 5.0 points in March from 7.0 points the previous
month.

NAB chief economist Alan Oster said the important feature of
the survey was it showed Australian business had not experienced
the sharp slowing in activity or impact on confidence levels seen
in the United States, Europe and New Zealand.

"Rather the survey is painting a picture that is very much one
of 'steady as she goes' in March," Oster said. --AFP