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
;Agencies; 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; ANPAf..r.. 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; ANPAf..r.. 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