Valuair adds flight to Jakarta
Valuair adds flight to Jakarta
JAKARTA: Singapore's budget airline Valuair has increased its flights from Jakarta to Singapore from one to two flights a day, the company announced on Wednesday.
"Singapore has been a popular destination for Indonesian. We are happy to increase our flights and provide the best value for the industry," Sim Kay Wee, Valuair's Chief Executive Officer in a press briefing.
The increased flight frequency is to cater for Indonesians and Singaporeans who frequently commute between two countries either for business, medical treatment or tourism, Kay Wee said.
The company offers US$85 for a round-trip tickets to Singapore from Jakarta which is its third destination after Hong Kong and Bangkok.
Valuair was founded by the former managing director of Singapore Airlines Lim Chin Beng.-- JP
;DJ; ANPAf..r.. Brief-Kaltim-loans Kaltim Prima seeks bank loans JP/14/Brief
Kaltim Prima seeks bank loans
JAKARTA: Coal miner PT Kaltim Prima Coal has decided to seek syndicated bank loans rather than issue bonds to refinance its debt, a senior executive with Credit Suisse First Boston said Wednesday.
KPC has named CSFB as arranger for the loan and hopes to get around $365 million from local and foreign banks, said Rizal Gozali, investment director with CFSB in Jakarta.
Rizal said the planned loan means Kaltim Prima has decided not to proceed with a bond issue, an option it was considering. He didn't provide reasons for the change of plan.
"We are currently approaching some foreign and local banks," Rizal said. "Hopefully we can secure the loan this year."
He said the banks include Singapore's DBS Bank and United Overseas Bank Ltd., and Indonesia's PT Bank Mandiri, PT Bank Negara Indonesia and PT Bank Central Asia. -- Dow Jones
;AFP; ANPAf..r.. Brief-SKorea-banking South Korea fines Kookmin Bank JP/14/Brief
South Korea fines Kookmin Bank
SEOUL: South Korean financial authorities on Wednesday slapped Kookmin Bank, the country's biggest lender, with a hefty fine of US$1.7 million for accounting irregularities, officials said.
The Securities and Futures Commission (SFC) said Kookmin had breached accounting rules by either inflating losses of its card unit before last year's merger or deflating losses of the parent bank in 2003.
"The SFC ... has agreed to impose a fine of 2 billion won ($1.7 million) on Kookmin Bank and ordered it to have outside auditors for the next two years," the commission said in a statement.
Legal violations included Kookmin Bank's inflation of losses of Kookmin Credit Card -- a unit merged into the bank in 2003 -- by 309.6 billion won to reduce its tax burden from the tie-up.
Kookmin Bank also erroneously reported the level of its losses by a total of 240.4 billion won, the statement said. -- AFP