' HONG KONG. Sept 8 Finibanco (Macao) SARL, the first Chinese Portuguese joint venture bank in the Por iugue*e colony of Macao, officially opened Friday, a news report said

The bank is 70 per cent owned by Portugal a Fim banco SA. a member of the Portuguese Vicaima Group of Enterprises, with the rental nfrtg 30 per cent owned by properly developer and financier Wong Kong Kei the Portuguese news agency LUSA said

It quoted Jose De Oliveira Costa. Chairman of Finibanco IMacaol as saying the new bank will have major opera tiona in project finance, financial consulUng. trade fi nance and syndicated loan participation. It will also offer selected retail services, such as mortgage tending

The bank has a capital of 1OO million patacas (about US 12 5 million dollars)

Macao a tiny colony of about 400.000 people on the south China coast returns tc Chinese rule in 1999

NEW DELHI: Indus external debt has touched a record high of 96 billion dol-

lars business Standard newspaper reported Friday

The increase means that India has added eight billion dollars to its external debt since last fiscal year that ended on March 30 . 1995

The Business Standard's report based on official data is more than the projections made by Washington-based Institute of International Finance which has put the debt at 95 billion dollars

India a nation of 900 mil lion peoples, imports 40 per cent of Its petroleum needs The other imports include fertilizer chemicals and iron

The federal government will invite global bids for set ting up private captive power plants to all major ports In the country Surface Transport Minister Jagdish Tytler said Friday

India ha* 1 1 major and 175 minor ports.

The power plant wUl have capacity to generate 12 to 20 megawatts of power each The plants will be allowed to offer excess electricity to ar eas around the ports on commercial basis

•INGAPOKE: Singapore Airlines announced Friday

ihat it will operate a weekly flight between Haigzhou in eastern China and Singapore from November I, replacing a service now offered by ■ SilkAlr. a subsidiary of Singapore* national carrier.

The change result* from a change in SllkAir s fleet to amaller planes that de not have the range to operate non-stop between Singapore and Hangzhou Hangzhou will be Singapore Airlines fourth destination China, along with feei

jing. Shanghai and Guangzhou

JAKARTA: Sony Corp said Friday it is strengthening its presence In Indonesia by setting up a joint venture with a local company. PT Bintanginulia Senaperkasa to market Sony products here.

The venture, called PT Sony Indonesia, is Sony's third direct investment In the country after PT Sony Electronics Indonesia and PT Sony Manufacturing Indone ma

With an Initial Investment oj one million dollars Sony Indonesia started operation on September 1.

Established in 1992. Sony Electronics manufactures various audio products for ex port while Sony Manufacturing Is expected to begin production of various elec Ironic products for domestic sales by the end of this year.

Previously, the marketing of Sony products was done by a licensed manufacturing and marketing company

TOKYO: Mitsubishi Materials Corp announced Friday its will skip dividend for the half year ending September 30. despite its earlier fore cast that it would pay up to 2.5 yen for that period.

The major Japanese metals and ceramics maker said the yen s appreciation during the six months has hurt its business condition severely In addition, the company will post s charge from the July explosion at one of its domestic production facilities.

Mitsubishi Materials, which has paid a dividend of 2.50 yen for both the first half and second half of Its fiscal year over the past Iwo years, had predicted dividends of the same amount for the current fiscal year.

SINGAPORE: An agree ment between Mexico and Singapore for the avoidance of double taxation that was signed on November 9. 1994 came into effect Friday

A statement from the Ministry of Finance said it was designed to fscilitate greater cross-flows of trade. Investment, technical knowhow and expertise between Singapore and Mexico to strengthen bilateral economic links for the benefit of both countries

MANILA: Philippine Air lines on Friday announced it will pull out of 42 unprofitable domestic routes to cut losses until such time the government's Civil Aeronautics Board approves Its petition for a fare increase

PAL's move is expected to 35 local destinations. PAL cites that losses from these domestic routes with the use of the 54-seater Fokker 50

aircraft totalled 622 million pesos (23.9 million dollars) for the fiscal year ending March 1995.

Total net loss for PAL for the fiscal year was 1.72 billion pesos (66 million dollars)

PAL had been charging the third lowest domestic fare in the world at 55 dollars over a flight distance of 500 kilometres — higher only than China's 42 dollars and Saudi Arabia s 45 dollars, the airline said in the statement.

Even if the plane is full. PAL said It still loses 50.000 pesos (1.923 dollars) per flight from the Fokker 50s.

PAL said it lost 4.1 billion pesos (157.7 million dollars) from domestic operations the past 10 years, but International operations had kept domestic operations going

It also blamed the board for allowing additional flights to other airlines as among the reasons for the losses.

PAL further said the loases from Ctomestlc routes have prevented It from replacing its airplanes with bet ter and more fuel efficient aircraft. — Sdutm.-AP