Suba Indah to operate corn plant

Suba Indah to operate corn plant

SINGAPORE: Publicly-listed PT Suba Indah will start running
the first integrated corn processing factory in Indonesia in
November to meet the growing needs of domestic consumers for
corn-based ingredients and additives, the company's president,
Teddy Tjokrosaputro, said Monday.

The factory, located in Cilegon, Banten province, in West
Java, has a total investment of around US$90 million, he said.

According to Teddy, the Cilegon factory will be the biggest
corn processing factory in Southeast Asia.

It will be able to process 1,000 metric tons of corn a day to
produce corn starch, gluten meal and feed, corn oil, glucose
syrup and maltodextrin, said Teddy.

The factory will be able to produce daily 670 tons of corn
starch, 250 tons of corn feed and 30 tons of corn oil, he said.

The factory won't be producing corn flour, he said. -- Dow
Jones

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ANPAf..r..
CorporateBrief-S.Korea-banking
South Korea probes banking fraud
JP/14/brief

South Korea probes banking fraud

SEOUL: South Korea's key financial watchdog, the Financial
Supervisory Service (FSS), said Monday it was investigating a
US$95 million fraud involving an ailing trading company and six
local banks.

The FSS said Ssangyong Corp. had fabricated trade documents to
receive 113.7 billion won ($95.1 million) in loans from Chohung
Bank, Woori Bank and four other South Korean banks since 1989.

The powerful financial regulator pledged to hand out "grave
punishment, including dismissals, for bankers or others involved
in or responsible for the fraudulent deals.

One senior Ssangyong Corp. official has been arrested for
leading the irregular deal while an accomplice has been at large
since the investigation began, it said.

But FSS said the case would not affect the government-led
restructuring program for the financially-crunched Ssangyong
Corp. which began in February this year. -- AFP

;Agencies;
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CorporateBrief-U.S.-pipeline
U.S. to fund study of gas pipeline
JP/14/brief

U.S. to fund study of gas pipeline

JAKARTA: The United States said Monday it will fund a study on
the development of a gas pipeline from East Kalimantan to the
heavily-populated island of Java.

Under a deal signed with Indonesian officials, the state-owned
gas company Perusahaan Gas Negara will receive US$655,000 from
the U.S. Trade and Development Agency (TDA).

The U.S. agency said in a statement that the study will
examine potential routes of a 32-inch (80 cm) pipeline over 1,100
km from East Kalimantan province in Borneo to Java, Indonesia's
most populated island.

The pipeline would transport about one billion cubic feet (29
million cubic meters) of gas a day, the statement said. -- AFP

;Agencies;
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CorporateBrief-Air-France
Air France cancels most flights
JP/14/brief

Air France cancels most flights

PARIS: Air France canceled two thirds of its flights from
Paris' two commercial airports on Monday as a strike by the
company's pilots entered its fourth day, airport officials said.

Some 54 percent of Air France flights from Paris' Roissy-
Charles de Gaulle (CDG) airport and 75 percent of flights from
Orly, the capital's other major airport, were scrapped.

At CDG, northeast of Paris, 196 flights of the day's 369
flights were canceled. At Orly 165 departures of the 220 planned
were canceled.

The strike was launched by six pilots' unions, led by the
National Airline Pilots' Union (SNPL), after negotiations on
salaries and pensions broke down on Wednesday.

Although the strike was scheduled to end late on Monday,
analysts said there could be further disruptions on Wednesday,
when two trade unions representing ground staff are preparing a
day of action against government plans to reduce the state's
holding in Air France. -- AFP