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International Business News
Jetstar Asia aims for mainland China
All', Singapore
Singapore-based budget carrier Jetstar Asia on Tuesday announced it would expand capacity and planned to begin flights to mainland China in December.
"Mainland China has immense potential lor Jetstar's low fares offering and the broader Jetstar group network destinations," said company chief executive ( hong Phit Lian.
"China is a clear focus of future growth and with our expanding fleet in 2010, we are in the stage of actively assessing future potential growth," she said.
As well as aiming to expand into China, Jetstar will from October increase flights to Manila from seven to 10 per week, adding it will also run three daily trips instead of the current two to Bangkok from next month.
And from December the firm will resume its Hights to Phuket, a route it terminated in March last year partly due to escalating oil prices.
Jetstar Asia said it would take delivery of three Airbus A320 jets over the next 12 months, which will boost its fleet capacity by 46 percent.
The firm is 49 percent-owned by Australian llag carrier Qantas and flies to some of Asia's most popular destinations including Macau. Hong Kong and Ho Chi Minh City from its regional base in Singapore.
Japan close to sign oil field deal in Iraq, say officials
AFP, TbLyo
Resource-poor Japan is close to signing a deal with Iraq on the right to develop a huge oil field in the Middle Eastern country, corporate officials saidTuesday.
Talks between Baghdad and three Japanese oil developers "are in progress toward an agreement" to develop the Nasiriyah oil field in southern Iraq, a spokesman for Nippon Oil Corp, one of the three energy firms, said.
If the deal is reached, the Nasiriyah oil field will be the biggest in production volume that Japanese companies have developed, he said.
Trade Minister Toshihiro Nikai told a news conference Tuesday: "Well tackle the project as a team of the government and the private sector."
"1 hope for a good result," the minister said.
Japan, the world's second-largest economy, has few natural resources and is almost entirely dependent on the Middle East for its oil.
The Nasiriyah field is expected to produce 600,000 barrels a day, about 10 percent of Japan's whole crude consumption. Jiji Press reported.
Japan, officially pacifist since World War II, late last year ended a mission flying goods and personnel into Iraq on behalf of the US-led coalition and the United Nations.
AFP
Models pose for a picture during the Indian launch of new Nokia mobile handsets in New Delhi yesterday. The Nokia 5530 is priced at Indian rupees 13,994 ($287) and the Nokia 5230 at rupees 9,995 ($205).
Dubai commercial property prices to continue slide
AFP, Dubai
Commercial property prices in former boomtown Dubai in the United Arab Emirates are set to slide even further, consultancy firm Jones Lang LaSalle said in a report on Tuesday.
Although the rate of decline in office rental prices slowed in the second quarter from the previous quarter, they are still poised to fall further because of increased market supply, it said.
"The Dubai commercial property market is becoming more competitive on a global scale as falling rents and increased vacancy make the city more attractive to potential tenants," the report said.
Commercial rental prices declined 25 percent in the second quarter this year compared with a 45 percent decline in the first quarter, averaging 225 dirhams (61 dollars) per square foot per year, the firm said.
By the end of 2011,25 million square feet (2.25 million square metres) of additional office space is also expected to enter the market, it said.
"(This) will increase the vacancy rate and place further downward pressure on average rentals," the Jones Lang LaSalle report added.
Hong Kong exports down 19.9pc in July
AFP, Hong Kong
Hong Kong exports plunged 19.9 percent year-on-year in July, as overseas demand for Chinese goods remained subdued despite talk of a global economic recovery, the government said Tuesday.
The total value of shipments dropped to 212.3 billion Hong Kong dollars (27.22 billion US), the Census and Statistics Department said in a statement.
The decline was significantly bigger than the 5.4 percent ycar-on-year drop in June, when the government recorded the first single-digit fall in seven months.
For the first seven months of the year, the value of total exports fell 17.7 percent from the same period in 2008 as the global slump hit southern China's manufacturing heartland, which ships many of its products through HongKong.
Ihe sharpest drop in the month was recorded for exports to Malaysia, Britain and Germany, which were all