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Virgin,
AirAsia, EasyJet to set up global budget airlines network
Kuala Lumpur: Global budget airlines including
Virgin Airlines, AirAsia and EasyJet plan to form a global
alliance based in Malaysia to fly long-haul routes, a
report has said.
An
announcement is expected to be made later this week by
the Malaysian government and AirAsia officials.
According
to sources Malaysian airline AirAsia's expansion plans
are designed to ensure that Malaysia becomes the low cost
hub for the region. Neighbouring rival Singapore is also
competing for the spot.
The
report in the Star daily said the new joint venture
would first fly between Kuala Lumpur and Manchester in
Britain and Amritsar in India.
There
are future plans for flights to Hangzhou near Shanghai,
China and Tianjin near Beijing, it said. A source familiar
with the discussions said fares on the long-haul network
for destinations in China could be as low as 100 ringgit
($28).
Fares
to Britain will be between 300 ringgit and 2,500 ringgit,
about half the price of the normal ticket on a regular
airline.
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Industrial
and Commercial Bank of China acquires Indonesian bank
Beijing: China's largest bank, the Industrial and
Commercial Bank of China (ICBC) will acquire a 90 per
cent stake in Indonesian lender Bank Halim.
The
remaining 10-per cent stake will continue to be held by
shareholders of Bank Halim, and the ICBC has the option
to buy it in three years. This is the first time ICBC
has taken over a foreign bank, and is also the first time
for the bank to enter an overseas market via acquisition.
The
two banks have to wait for permission from their respective
regulatory authorities before they can finalise the deal.
On October 27, the ICBC was listed on the Hong Kong and
Shanghai bourses at the same time, registering the biggest
ever initial public offering in the world by raising $21.9
billion.
Bank
Halim had $50 million of assets by the end of 2005, with
a capital adequacy rate of 57.88 per cent and non-performing
loan rate of 1.32 per cent, according to a release.
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