theSun | THURSDAY JUNE 11 2009 œ 13

business

MAS, Turkish Airlines sign
code-sharing pact
KUALA LUMPUR: Malaysia
Airlines (MAS) and Turkish
Asian cities
Never
say
never
among world’s
most expensive,
says survey
pg 27
SINGAPORE: Asian cities are among the
most expensive in the world for expatri-
ates this year as regional currencies have
gained against the US dollar and other key
units, a survey said yesterday.
Tokyo was ranked the second most ex-
Airlines will code-share on pensive in the world, up from number 13 in
MAS flights into domestic 2008, the survey by human resources con-

Airlines have sealed a code-
share agreement.
In a statement here yester-
day, MAS said the agreement
will provide both airlines with
an air bridge into their respec-
tive key markets.
It said under the agreement,
it would have access into Tur-
key, Europe, Commonwealth
of Independent States (CIS)
and North Africa while Turk-
ish Airlines will gain access
into Malaysia, South-East Asia
and Asia-Pacific.
MAS said there will be two
phases to the agreement.
“Phase one will see Turk-
ish Airlines code-sharing on
MAS flights between Kuala
Lumpur and Istanbul.
“In phase two, MAS expects
to code-share on Turkish Air-
lines’ flights into the domestic
points in Turkey, Europe, CIS
and North Africa,” it said.
It said in return, Turkish
points in Malaysia, South-East
Asia and Asia-Pacific.
MAS managing director/
chief executive officer Datuk
Seri Idris Jala said the airline is
pleased to partner Turkish Air-
lines to provide its passengers
with convenient and seamless
services. “In addition, with
the strong feeder traffic from
Europe, CIS and North Africa
into Istanbul, we can expect
robust passenger and revenue
growth,” he said.
MAS said the two airlines
are also working out an ar-
rangement for a reciprocal
frequent flyer programme be-
tween its Enrich and Turkish
Airlines’ Miles and Smiles.
To commemorate the
strategic alliance, MAS said
it is offering a promotional
all-inclusive return fare of
RM2,274 from Kuala Lumpur
to Istanbul until June 30, 2009.
– Bernama
REUTERSPIX
sultancy ECA International said, as the yen
has risen almost 8% on the greenback.
Nagoya was the third most expensive
city, up from 20th, while Yokohama came
in fourth and Kobe fifth. The four Japanese
cities beat Copenhagen, Oslo, Geneva and
Zurich into 6th, 7th, 8th and 9th respec-
tively. Singapore completed the top 10.
Luanda in Angola was top due to the
need to buy imported goods.
ECA International’s cost of living survey
compares a basket of 125 consumer items
commonly purchased by expatriates in
over 370 locations globally.
Beijing rose to 26th from 104th last
year, with Shanghai and Hongkong also
sharply jumping up the most expensive
list ladder.
Living costs in the Chinese cities were
costlier than New York City, Munich, The
Hague and Rome, the survey showed.
“The strengthening of Asian currencies
is the dominant factor contributing to the
region being more expensive for visitors
than it was 12 months ago,” said Lee Quane,
Retail giant goes bust ... ECA International regional director.
However, the cost of living did improve
A street is reflected in the window of a Quelle shop, which is owned by the
for expats in Seoul, Kuala Lumpur, Bangkok
Arcandor retailer, in Berlin yesterday. One of Germany’s biggest retailers,
and Taipei, where the currencies have fallen
Arcandor, threw in the towel on Tuesday, filing for insolvency after the
against the US dollar, the survey said.
government rejected its pleas for emergency state aid.
Maseru in Lesotho was ranked the
cheapest city. – AFP

briefs lar and hopes of a recovery in the global economy,

M’sian economy set to
recover soon, says Mukhriz
KUALA LUMPUR: Malaysia is seeing a slowdown
in its exports decline and, coupled with a strong
financial system, the country is in a position to
recover quickly from the current economic dif-
ficulties, Deputy International Trade and Industry
Minister Datuk Mukhriz Mahathir said yesterday.
“We can’t say if we have hit rock bottom. But
it is a good sign when we see a deceleration of
decline in exports,” he told reporters after visiting
the Malaysian Productivity Centre here.
“There is a new momentum that our export
is going up the ‘U’ curve. It is no longer a steep
drop,” he added.
He said this when asked to comment on the
further decrease in export for April.
“The drop in export is still something of a
concern to us. We will try to get information from
the industries from where demand has fallen,” he
said. – Bernama
Bursa cautions investors on
Measat, Transmile
KUALA LUMPUR: Bursa Malaysia Bhd has
called on investors to exercise caution and due
diligence on the trading of Measat Global Bhd
(MEASAT) and Transmile Group Bhd (TRANMIL)
securities following the sharp increase in the
share prices of both companies recently.
In a statement yesterday, the stock market
operator said the two companies had earlier
this month replied to its queries on the unu-
sual market activity of their securities.
MEASAT responded to the query stating
that the directors were not aware of any ru-
mour or report concerning the business and
affairs of the group and there was no material
development other than preparation made
by the company’s wholly-owned subsidiary,
MEASAT Satellite Systems Sdn Bhd to launch
the MEASAT-3a satellite this month.
Meanwhile, TRANMIL stated its directors
were not aware of any rumour, report or ma-
terial developments relating to the business
and affairs of the group. – Bernama
Oil prices breach US$71
in Asian trade
SINGAPORE: Oil prices breached US$71 (RM247)
a barrel to their highest level in eight months in
Asian trade yesterday on weakness in the US dol-
analysts said.
New York’s main futures contract, light
sweet crude for July delivery, surged US$1.09 to
US$71.10 a barrel in the afternoon.
Oil was last seen above US$71 in October last
year when prices plunged from historic peaks
of more than US$147 (RM511.56) a barrel in July
after the global economic and financial crisis clob-
bered energy demand.
Brent North Sea crude for delivery in July was
up 89 cents to US$70.51.
Analysts attributed the price rise to signs
that the worst is over for the recession-hit US
economy, the world’s biggest energy consumer,
as well as weakness in the US dollar. – AFP
April industrial output
drops 11.4%
KUALA LUMPUR: The industrial output slid
11.4% year on year in April as weak exports
caused a drop in the manufacturing, mining
and electricity sectors, official data showed
yesterday.
The industrial production index fell 0.3%
compared with the previous month, the
government’s statistics department said in
a statement.
Manufacturing tumbled 15.7% in April com-
pared with a year ago, largely due to a sharp
fall in demand for electrical and electronics
products amid the economic downturn.
Mining and electricity both fell 2.9% from a
year earlier due to lower prices of crude oil.
Revised figures showed industrial output
sank 12.7% in March, as poor global economic
conditions hit Malaysia’s key exports and
industrial production, in turn squeezing the
labour market and private sector activity.
– AFP
May CPO output up 8.49% to
1.395mil tonnes
KUALA LUMPUR: Malaysia’s crude palm oil (CPO)
production rose by 8.49% to 1.395 million tonnes
last month compared with 1.286 million tonnes in
April, the Malaysian Palm Oil Board (MPOB) said
yesterday.
In a statement here yesterday, it said, simi-
larly, palm kernel, crude palm kernel oil and palm
kernel cake production also increased to 351,547
tonnes, 162,689 tonnes and 180,371 tonnes
respectively.
CPO stocks also went up by 119,223 tonnes to
725,523 tonnes last month compared to 606,300
tonnes previously. – Bernama