AKR, Petronas may distribute more fuels

Alfian ,  The Jakarta Post ,  Jakarta   |  Tue, 12/29/2009 8:32 AM  |

 

PT AKR Corporindo and PT Petronas Niaga Indonesia, two firms selected to join PT Pertamina in distributing subsidized fuels in 2010, may distribute more subsidized fuels in the following years, says the  regulator.

While the tender for subsidized fuel distributors is carried out every year, both AKR and Petronas have a major chance to be selected again for 2011 and beyond, having been selected as the distributors for 2010 , giving them the edge over other rivals for the future, in term of expertise and distribution networks, said downstream oil and gas regulator BPHMigas on Monday.

"Whether they will get more subsidized fuel quotas in the following years pretty much depends on their readiness with infrastructure," BPHMigas's chairman Tubagus Haryono said in the appointment delivery ceremony in Jakarta on Monday.

During the occasion, Pertamina, AKR and Petronas were officially assigned to distribute subsidized fuels next year,  which will be the first time that private companies have been involved in the subsidized fuels business, which has long been monopolized by the state oil and gas company Pertamina.

Although AKR and Petronas have been selected to assist with the distribution of subsidized fuels, which happens at national level, they can only distribute the fuels in limited volume and in limited areas under the present arrangements.

The government and the House of Representatives, through the Law on the 2010 state budget, have established that the quota for subsidized fuel distribution next year will be 36,504,779 kiloliters, which will include 21,454,104 kiloliters for Premium gasoline; 3.8 million kiloliters for kerosene; and 11,250,675 kiloliters for diesel.

Most of the quota will be distributed by PT Pertamina. AKR is only allowed to distribute 56,500 kiloliters of diesel per year in Deli Serdang, Medan, Central Lampung, South Lampung, East Lampung, North Lampung, Bandar Lampung, Banjar Masin, and Pontianak.

Petronas is only allowed to distribute 20,440 kiloliters of Premium gasoline per year in four fuel stations in Medan, North Sumatra.

Tubagus said that, besides the infrastructure, the commercial aspects would also help to determine whether the two companies would get additional quotas or not.

As for this year's  assignments, both AKR and Petronas said they were ready to distribute the subsidized fuels.

"Starting from the first January 2010, we are ready to distribute the subsidized fuels. All our outlets have been audited by BPHMigas," AKR's president director Haryanto Adi Koesoemo said.

Pertamina's president director Karen Agustiawan said the presence of AKR and Petronas in the subsidized fuels distribution business would be good for Pertamina as this would make the business more competitive.

"Now we have competition in subsidized fuel distribution. I hope that Pertamina's team would  do better in doing this job," she said.

Director general for oil and gas Evita H. Legowo emphasized that AKR and Petronas must give priority to buy the fuels from domestic refineries.

"We know that the outputs from domestic refineries are still small, but we want this to be used optimally. We don't want to see that AKR and Petronas import the fuels, while at the same time Pertamina wants to export the fuels from their refineries," she said.

Tubagus said all subsidized fuel distributors were required to report their sales volume on a daily basis in a bid to provide and monitor up-to-date figures on the consumption of subsidized fuels.

READ MORE - AKR, Petronas may distribute more fuels

Nokia opens new front in Apple patent battle

Nokia opens new front in Apple patent battle

 

 

HELSINKI (Reuters) - The world's top mobile phone maker Nokia launched a new patent broadside against Apple, escalating a battle for control of the smartphone market that has already led to a flurry of lawsuits.

Nokia filed a complaint with the U.S. International Trade Commission (ITC) on Tuesday alleging that Apple infringes Nokia patents in "virtually all of its mobile phones, portable music players, and computers" sold.

The seven patents at issue relate to Nokia technology being used by Apple to create features in user interface, camera, antenna and power management technologies, it said in a statement.

A Nokia spokesman said the firm expected the ITC to decide whether to pursue the case in around 30 days. Any possible injunction against the sale of Apple products with regard to the alleged patent infringement would not happen until early 2011.

Apple was not immediately available for comment.

The ITC action is the latest step taken by Nokia to fight off fierce competition from Apple, with the inclusion of the U.S. firm's iconic iPod and iMac products in the complaint marking an escalation from previous patent claims.

Both firms had earlier this year launched patent infringement suits against the other.

Nokia shares closed 0.5 percent higher in Helsinki at 8.85 euros, while Apple shares traded 0.7 percent lower at $210.11 at 1635 GMT in New York.

TIT FOR TAT

Analysts say the dispute, potentially involving hundreds of millions of dollars in annual royalties, reflects the shifting balance of power in the mobile industry as cellphones morph into handheld computers that can play video games and surf the Web. They have said it could take years to resolve.

Relative newcomer Apple trails the Finnish firm in cellphone shipments, but has gained a lot of ground against the market leader in the smartphone segment thanks to the iPhone.

Apple, which entered the industry in mid-2007, overtook Nokia last quarter as the cellphone maker generating the highest total operating profit.

In October Nokia said it had filed a lawsuit in the U.S. state of Delaware, accusing Apple of infringing 10 patents and trying to hitch a "free-ride" on Nokia's technology investments.

This month Apple struck back, saying Nokia infringed 13 of its patents and accusing the Finnish firm of anti-competitive practices. Nokia said the countersuit did not change anything fundamental in its own case.

(Reporting by Brett Young; editing by John Stonestreet)

READ MORE - Nokia opens new front in Apple patent battle

Schumacher Returns to Formula One With Mercedes GP

Schumacher Returns to Formula One With Mercedes GP

By RICHARD S. CHANG

 

Michael Schumacher, left, has signed on with Mercedes GP Petronas after a three-year absence from Formula One.

Michael Schumacher is back. The seven-time world champion who had retired from Formula One at the end of the 2006 season has signed on to race for Mercedes GP Petronas, the reigning constructors' champion.

The team made the announcement on Wednesday. The deal had been widely anticipated for weeks, ever since Mercedes bought a 75 percent stake in the team from Brawn GP in November. Mercedes was determined to replace the two existing drivers, Jenson Button, the new world champion, and Rubens Barrichello. Button left to join McLaren, and Barrichello signed with Williams.

"Mercedes-Benz supports the idea of signing an experienced and capable German driver," said Norbert Haug, the vice president of Mercedes-Benz Motorsport, at the time. "There is, however, no reason to finalize the driver situation too hastily."

Mercedes quickly signed Nico Rosberg to fill one of the seats, and then hesitated on naming a second driver. Haug promised a surprise, which quickly started the rumor mill spinning.

There was romance in the notion of a Schumacher comeback. He came close to returning to the grid in 2009 after the Ferrari driver Felipe Massa was injured at the Hungarian Grand Prix. But Schumacher's attempt was thwarted because his neck had not recovered from a motorcycle injury. Schumacher had also once raced with Mercedes sports car program before his career in Formula One.

The signing reunites Schumacher with Ross Brawn, the team principal of Mercedes GP Petronas. Brawn has played a big part in Schumacher's past successes. He was the technical director for Benetton when Schumacher won his first two drivers' titles. And then the two moved to Ferrari, where they proceeded to win five more championships.

"Mercedes GP Petronas represents a new challenge for me both in a sporting and a personal context," Schumacher said in a statement. "It is a new chapter in my racing career and I am really looking forward to working with my old friend Ross Brawn and my companions from my days with the Mercedes Junior Program."

Schumacher will be 41 when he arrives at the season opener in Australia. One of the greatest drivers in racing history, he has 248 grand prix starts and 91 wins, 154 podiums and 68 pole positions.

"It is fantastic that Michael is returning to Formula One and will be my teammate at Mercedes GP Petronas," Rosberg said. "It's a great challenge for me to be up against one of the best drivers of all time. I'm sure that we will form a very strong partnership as he will have lost none of his speed! It is also great news for our sport and the fans."

Update | 11:02 a.m.

Brad Spurgeon, who covers Formula One for The Times, has weighed in his thoughts on Schumacher's prospects for 2010.

"Even if Schumacher has moved to the winning team of last year, I think his age and the very nature of the current period of Formula One, where the technology is much closer between cars than it was only a few years ago, will make it a much more competitive affair," Spurgeon wrote, comparing Schumacher's comeback with his dominating years at Ferrari. "The one thing it will be, and of that I'm sure, is extremely interesting to watch how Schumacher performs after three years' retirement and at the age of 41 — and with drivers like Lewis Hamilton and Schumacher's own teammate, Nico Rosberg, hungry to get a chance to show him up."

READ MORE - Schumacher Returns to Formula One With Mercedes GP

Malaysia's Petronas joins Mercedes GP team

Malaysia's state energy firm Petronas said Monday it had struck a five-year deal with automaker Mercedes to become a title sponsor of the Mercedes GP team in Formula One.

 

Malaysia's state energy firm Petronas said Monday it had struck a five-year deal with automaker Mercedes to become a title sponsor of the Mercedes GP team in Formula One.

"The team will from 2010 be officially known as the Mercedes GP Petronas Formula One Team," Petronas said in a statement.

The team was known as Brawn GP, winner of the 2009 Formula One drivers' and constructors' championship, until Mercedes, its engine supplier, acquired a majority stake in a deal last month.

"The partnership also allows related business arrangements with Mercedes that will support Petronas' international business expansion efforts, particularly in its global lubricant business," the Petronas statement added.

Petronas did not disclose the amount of the deal, but said the move would enhance Malaysia and Petronas's "ongoing global brand positioning efforts."

Petronas -- Malaysia's biggest company in terms of profit, assets and revenue -- is also the title sponsor of the Petronas Malaysian F1 Grand Prix.

Apart from Petronas, Malaysia's budget carrier AirAsia group chief executive Tony Fernandes is the new Malaysian-backed Lotus team principal, one of the four new teams that will compete in the 2010 Formula One season.

Their involvement in F1 come as the sport battles the global financial downturn, which has forced major players like Germany's BMW and Japan's Honda to pull out.

READ MORE - Malaysia's Petronas joins Mercedes GP team

Google to produce, sell own "Nexus One" phones: report

Google to produce, sell own "Nexus One" phones: report

 

LOS ANGELES (Reuters) - Google Inc plans to sell its own cellphone direct to consumers as soon as next year, bypassing wireless operators in a rare strategic move, the Wall Street Journal cited sources as saying on Saturday.

Called the Nexus One and made by smartphone maker HTC, the phone will run on the search giant's Android operating system -- around which Motorola and other cellphone makers have built devices -- and will be sold online, the newspaper cited persons familiar with the matter as saying.

Cellular service will have to be bought separately, it added.

The Internet search leader may be sounding a challenge to wireless carriers such as Sprint and Verizon, as well as smartphone makers like Apple. It marks a departure for the leader in Web advertising, which has rarely sold devices directly to consumers, the newspaper said.

Google's Android phones have won attention in the mobile industry lately, with Motorola and Sony Ericsson choosing to launch it with their new top models.

Analysts say the aim is to gain access to valuable consumer data that can be used to sell ads at premium prices, rather than to make money from direct hardware sales, as companies such as Nokia or Research in Motion do.

Research house IDC estimates the market share for Android operating software rose to 5.4 percent from 4.2 percent in July-September in Western Europe, a key market.

Executives at HTC, the Taiwan-based world's No. 4 smartphone brand, were not available for comment. Google was also not available for comment. Google began sharing a version of the Nexus One with employees in recent days, the newspaper cited its sources as saying.

(Reporting by Edwin Chan; editing by Todd Eastham)

READ MORE - Google to produce, sell own "Nexus One" phones: report

EBay and Craigslist square off in Delaware court

GEORGETOWN, Delaware/SAN FRANCISCO (Reuters) - EBay Inc's former chief executive, Meg Whitman, took the witness stand on Monday to make the case online classifieds site Craigslist unfairly cut eBay's stake in the company.

EBay sued Craigslist in 2008 for lowering its ownership stake to 24.85 percent from 28.4 percent, causing the e-commerce giant to lose its seat on Craigslist's board.

Craigslist sued eBay a month later in San Francisco, saying the larger rival used its board seat to glean information to launch its own classified site, Kijiji, and employed deceptive tactics to direct traffic away from Craigslist's site.

Whitman, who is running for governor of California and took the stand on Monday, denied eBay was out to steal Craigslist's secrets. She said eBay had bought shares of Craigslist from disgruntled shareholder Philip Knowlton in 2004 in the hope of ultimately owning the company outright and keeping competitors at bay.

"We were very interested in making an acquisition of Craigslist and we would have loved to have bought the whole thing," Whitman said, testifying in front of about 20 people in a small courtroom in Delaware, where eBay is incorporated. "But we understood early on that was not going to be possible, at least early on."

Whitman said eBay paid $32 million for its stake in Craigslist -- $16 million to Knowlton and $8 million each to Craigslist co-founder Craig Newmark and CEO Jim Buckmaster in exchange for special rights that included an ability to block the issuance of new shares.

EBay sought to have a "collaborative" relationship with Newmark and Buckmaster -- and be a "good partner," she added.

"We knew there was no path to control unless they sold us the shares," Whitman said.

EBay first sued Craigslist in Delaware in April 2008 -- claiming that Newmark and Buckmaster hatched a "coercive plan" to dilute eBay's stake and strip it of its board seat -- but Craigslist a month later filed a lawsuit over the same issues in San Francisco.

Craigslist said eBay never revealed it was developing Kijiji, which it launched internationally in 2005 and in the United States in 2007.

COMPETING CLASSIFIEDS

Whitman, appearing calm and confident, said eBay had an ambitious vision for an international classifieds business. She said she did not initially reveal a plan to buy Dutch classifieds site Marktplaats to Craigslist because the deal had not yet closed.

Under cross-examination, Whitman said she was aware eBay would have to give up some of the special rights it had purchased from Buckmaster and Newmark, however, when eBay launched a U.S. version of Kijiji that included job listings.

Also on the stand was eBay founder Pierre Omidyar, who temporarily sat on Craigslist's board. He testified that eBay fully disclosed to Craigslist that it intended to launch a classified business in the United States.

"I did disclose that eBay was going to do classified aggressively and going to launch Kijiji," he said.

"My recollection at that time was that I was to communicate the urgency and anyone sitting across the table from someone who says eBay is committed and is going to aggressively pursue these opportunities would understand that," he added.

EBay, one of the high-flyers in the dot-com boom, pioneered online auctions and spurred millions of people around the world to sell and buy on the Web.

Despite generating $8.5 billion of revenue in 2008 and employing thousands of people, the San Jose-based company has been forced to broaden its market to better compete and expand beyond its traditional online auctions.

In contrast, privately held Craigslist, with only a few dozen employees, is now the top U.S. online classifieds site, beloved for its mostly free service to help people find homes, adopt pets or sell junk from their garages.

The trial, which could last about a week, is being broadcast over Courtroom View Network.

The case is eBay Domestic Holdings Inc v Newmark, et al, Delaware Chancery Court, No. 3705-CC.

(Additional reporting by Phil Wahba in New York; editing by Tim Dobbyn and Andre Grenon)

READ MORE - EBay and Craigslist square off in Delaware court

News Pro for BlackBerry & iPhone

News Pro for BlackBerry & iPhone

Our mobile applications provide you with access professional-grade news and market data wherever and whenever you want it. Applications features include:

• Extensive world, business and market news
• Global financial data
• Corporate information
• Personalized stock tab
• The latest sports, science, health, technology and entertainment news
• Fast on or offline access to the latest breaking news
• Full story articles and photos optimized for easy reading on your mobile device
• And much more

Installing News Pro for iPhone:

• Open the Safari web browser on your device and visit reuters.com/iphone this will open the iTunes page that hosts the News Pro application
• Tap the blue "FREE" button near the top of the page. This will cause it to become a green INSTALL button. Tap the green INSTALL button to begin installation of News Pro
• While News Pro is a free-of-charge application, you may be asked for your iTunes store password when you request installation. Once you've entered your password, the application will begin downloading to your device

Application is available on iPhone or iPod Touch devices.

Installing News Pro for BlackBerry:

• Enter http://reuters.com/bb on your BlackBerry web browser
• Click on "Download" or "Download BES version" depending on whether you have a personal or corporate Blackberry.

After installation:

• If asked, allow HTTP connections for the application
• Click "Run" to access the Reader or click "Ok" to run later
• The Thomson Reuters icon will be found in the "Applications", "Download" or "Games" menu

Application is available on BlackBerry devices with operating systems of 4.0 and greater, and on older models that have been upgraded to OS 4.0. The application is free to consumers, although standard data charges from your carrier may apply.

BlackBerry Download FAQs

Which version of News Pro for BlackBerry should I install – Normal or BES? The Normal version is for individuals on a personal mobile plan, while the corporate version is for users with a BlackBerry Enterprise Server (BES) – a corporate-issued BlackBerry

• All users on Nextel (USA) and Telecom Italia Mobile (Italy) will install the BES version

If you connect using one method – even if it doesn't work – the application is flagged so that it won't be able to connect using the other method. If you have downloaded the wrong version for your device, you can simply uninstall that version and install the correct version

Tip: Make sure to un-install the non-working version of the application before you install the other version. To un-install, go to Tools -> Settings -> Applications, select "Thomson Reuters News Pro" and then "Delete."

Why do I get a "406 error" on the installation page? Your company may have BlackBerry® Enterprise Server (BES) installed that restricts installation of third party applications.

READ MORE - News Pro for BlackBerry & iPhone

After Hours: Hong Kong

In the evening, it's easy to find relief from the city's madness

By JESSICA YU

For the millions of screen slavers emerging from a long day in a cubicle, or business travelers seeking to put an endless string of meetings behind them, Hong Kong makes an evening of recovery surprisingly easy.

View Interactive

Aqua Restaurant Group

The Aqua Luna

To start with, if you're looking to let off some steam with a little physical activity, it's a great town for walking. Not in the skyscraper forest, where the unwary pedestrian among the apparently randomly scurrying crowds feels like a human mahjong tile during intergame shuffle, but as little as five minutes out of the central business district by taxi. That's all it takes to reach the start of the Morning Trail, a well-paved, well-lit path that takes you 2.8 kilometers up Victoria Peak.

It illustrates one of the greatest things about this city: How easy it is to get away from all that is "city." Thanks to the government's tight land-supply policy, the metropolis doesn't sprawl but instead grows taller and tighter -- meaning green areas stay green, large and nearby.

On the trail, you'll be enmeshed within minutes by plants and trees and all sorts of natural things that are foreign to the world of shimmering skyscrapers just departed. You'll even pass a waterfall. In less than an hour you'll reach the top and a momentary interruption to the natural serenity: two shopping centers. This is still Hong Kong, after all.

The Peak Tower -- which is also where the Peak Tram ends (note, for the lazy) -- offers a platform at the top for a fee, but across the street the Peak Galleria offers pretty much the same view for free. You can dine there, too. Just stop in at Il Bel Paese, an Italian deli, and pick up some fresh lasagna and a bottle of Chianti before heading to the rooftop.

On an unpolluted night, the view extends to both sides of Hong Kong Island and across the harbor to Kowloon and the New Territories beyond. From here, you can really appreciate exactly how much of Hong Kong's hills are still green and undeveloped.

Another place to exercise away the day's frustrations is a short ride away from work on the MTR (Hong Kong's metro). Open until 11 p.m., the City Golf Club driving range, on the water and right across the street from the Kowloon station, offers 180 bays on multiple levels -- ample opportunity to practice your swing or visualize your boss's head on a tee. (Not yours, of course, boss!) You're close enough to the towers of Kowloon that you feel you might bounce a shot off one. (To feel like Superman, take advantage of the laws of physics and tee off from the top bay.) Afterward pop out front to Thai Mary's restaurant for a beer and curry.

Another of Hong Kong's relaxing resources, ranking with the green hills, is its famous harbor. And while the continual reclamation projects seem to foreshadow a day when Hong Kong Harbour becomes Hong Kong Stream, for the time being there's still plenty of water around to be enjoyed.

The Details

Morning Trail

Starts at the top of Hatton Road

Il Bel Paese

Shop 17-18, Level 1, The Peak Galleria, 118 Peak Rd.

Open until 8 p.m.

Tel: 852-2849-2834

www.ilbelpaese.com.hk

City Golf Club/Thai Mary restaurant

8 Wui Cheung Rd., Jordan, Kowloon

Open until 11 p.m.

Bays, about US$8 an hour; club rental, about $1.30

Tel: 852-2992-3333 (club)

Tel: 852-2199-7392 (restaurant)

www.citygolfclub.com

Jubilee (squid fishing)

Tsim Sha Tsui Pier, Kowloon

Trip lasts from 7 p.m. until 11 p.m.

About US$14 to $22

(includes equipment; price depends on the date and whether food is provided)

Tel: 852-2530-0530

www.jubilee.com.hk

Aqua Luna

Harbor cruise from Tsim Sha Tsui Pier, Kowloon, or Pier 9, Central

About US$23 a person; one standard beverage included

Tel: 852-2116-8821

www.aqua.com.hk

Hutong

1 Peking Rd., Tsim Sha Tsui, Kowloon

Dinner: 6 p.m. to late

Tel: 852-3428-8342

www.aqua.com.hk

Cafe Gray Deluxe

Level 49, The Upper House, Pacific Place, 88 Queensway, Central

Dinner: 6:30 p.m. to 10:30 p.m.

Drinks: 11 a.m. to 1 a.m.

Tel: 852-3968-1106

www.cafegrayhk.com

Yu Club

13/F Luk Yu Building, 24-26 Stanley St., Central

Monday-Thursday, 5 p.m. to 2 a.m.; Friday and Saturday, 5 p.m. to late; closed Sunday

Tel: 852-2868-1833

Wooloomooloo Steakhouse (Wanchai)

31F & rooftop, The Hennessy, 256 Hennessy Rd., Wanchai

11:45 a.m. to late; rooftop opens at 6 p.m.

Tel: 852-2893-6960

www.wooloo-mooloo.com

If you want an experience that may be unique to Hong Kong, consider a squid-fishing tour. (Despite its name, the quarry is actually that squid cousin the cuttlefish; according to one local, the reason for the slight misnaming is that in Cantonese, "frying cuttlefish" is slang for being fired.) From late spring to early autumn, the waters off the New Territories teem with these boats, easy to pick out by the cuttlefish-attracting floodlights off the side and the eruptions of "Waaaaah!" when someone makes a catch.

As a sport, it's not exactly marlin fishing. Your weaponry consists of standard fishing line and a jig. It takes no bait, and next to no effort; just bob your wrist up and down and wait. The boat crew cooks up the bounty for consumption on the spot, but you don't have to be in it for the eating. (There is usually also an unremarkable Chinese buffet.) The shiny cuttlefish, with the pigmentation that changes right before your eyes, are fascinating to look at, and entirely in keeping with the Hong Kong obsession with the sparkly. Or, speaking of sparkly, you can just sit back and enjoy the multicolored lights of Hong Kong as they shimmer on the water.

But there are days when even the idea of laboring to catch food -- or of physical exertion for fun -- seems, quite frankly, unnecessary. We live in the modern age, after all, so let's not ignore the accomplishments of those who came before us. Instead, let us enthusiastically embrace today's world in all its effortless splendor.

So how about a boat ride that doesn't take you out to catch some sea creature, but just carries you on a 45-minute cruise around the harbor and then drops you off a five-minute walk from a restaurant where they bring the food right to you? And what if your table were 28 floors up, with those same city lights spread before you? Catch the Aqua Luna, an almost-traditional Chinese junk (the vibrant red sails are for show; it's powered by an engine). Get aboard the 7:30 sailing from Central and you'll also catch the "Symphony of Lights," a nightly spectacle of flashing buildings and rooftop lasers set to music.

The restaurant is on the Kowloon side: Hutong, meticulously designed from floor to ceiling to teacup to resemble an old, but very posh and dramatically lit hutong (one of the rapidly disappearing alleyways that wind through the ancient neighborhoods of Beijing). The crispy deboned lamb ribs are diet-unfriendly but completely worth it.

Or forget about boats, stay on the Hong Kong side and just head for Café Gray Deluxe. Situated at the top of the newly opened Upper House hotel, this swanky escape is the world of slick, luxury-magazine photo spreads come to life.

For a first plate, the green salad of foie gras and lentils is an adventure in texture and temperature, though if what you seek after a long day is warmth and comfort, the saffron pasta fiore is the way to go. For your second plate, skip the much-touted braised short rib of beef (unfortunately overpowered by a one-note sauce reminiscent of store-brand barbecue sauce), and instead go for the delicately flavored lavender grilled snapper and mashed potatoes.

And tonight's not the night to pass on dessert. You deserve a treat -- and the chocolate rum toast with rum raisin ice cream is magnificent.

For a more relaxed but equally trendy venue, there's the Yu Club. Decorated in glamorous retro Hong Kong style, it's intimate -- room for just 50 chic lounge lizards on its eclectic mix of plush couches, leather ottomans and brightly patterned daybeds. Like many establishments in Hong Kong, the club is technically members-only but membership is easy: Simply call ahead and ask for it (even from outside the door).

General manager and chief bartender Jeff Cheng makes a great cocktail, especially for a man who says he doesn't like to drink. His Death by Chocolate is a milkshake for adults: vodka, crème de cacao, Tia Maria, Baileys, Kahlua and chocolate ice cream. And he supplements the extensive standing menu with daily offerings dictated by what's fresh at the local markets; you might get to try a Mango-Passion Fruit Martini. If you're lucky, you'll be around when Mr. Cheng is handing out some of his more whimsical creations, such as artfully assembled jello shots in flavors that include Mango Daiquiri and litchi sake.

To combine a civilized drink or two or six with the pleasures of the great outdoors, climb to the rooftop bar of Wooloomooloo's new Wanchai branch. Gazing over the 270-degree view, you're the king of the city. To the right, thoroughbreds round the bend inside Happy Valley racecourse. Straight ahead, boat lights twinkle on the water and the brake lights of a thousand red taxis and Ferraris flash on the spaghetti-strand highways. To the left, dotted windows of skyscrapers reveal the silhouettes of bankers hammering out the next megadeal (or perhaps their CVs).

Have another sip of champagne and at long last a peaceful revel in the beautiful frenzy that is Hong Kong.

Write to Jessica Yu at jessica.yu@wsj.com

READ MORE - After Hours: Hong Kong

President Obama & V.P. Biden Go Out For A Burger [Ray's Hell Burger]

READ MORE - President Obama & V.P. Biden Go Out For A Burger [Ray's Hell Burger]

The Week's Movies

OPENING THIS WEEK

	Dragonball Evolution Emmy Rossum, James Marsters, Jamie Chung 33% want to see In the next to last saga from the anime series "Dragon Ball," a young boy sets out to fulfill his grandfather's dying request: Find the great Master Roshi and gather all seven Dragon Balls to prevent Piccolo from taking over the world. Showtimes | Photos (56) |  Trailer
	Hannah Montana: The Movie Miley Cyrus, Billy Ray Cyrus, Emily Osment 23% want to see Miley Stewart (Miley Cyrus) struggles to juggle school, friends, and her secret pop-star persona. When Hannah Montana's soaring popularity threatens to take over her life, her father (Billy Ray Cyrus) takes her home to Crowley Corners, TN, for a dose of reality. This kicks off an adventure filled with fun, laughter, and romance even Hannah Montana's celebrity lifestyle couldn't match. Showtimes | Photos (92) |  Trailer
	Observe and Report Seth Rogen, Anna Faris, Michael Pena 43% want to see Bi-polar mall security guard Ronnie Barnhardt (Seth Rogen) is called in to stop a flasher from turning a shoppers' paradise into his personal perversion excursion. But when Barnhardt can't bring the culprit to justice, a surly police detective (Ray Liotta), is recruited to close the case. Showtimes | Photos (4) |  Trailer

More Opening This Week

TOP BOX OFFICE

	Fast and Furious Gal Gadot, Jordana Brewster, Laz Alonso 85% liked it The original cast of "Fast & Furious" raced to the top of the box office this weekend with a debut of $72.5M, making the flick not only the series' biggest opener and a personal best for Vin Diesel and Paul Walker, but also the biggest April debut ever. Showtimes | Photos (17) |  Trailer
	Monsters vs. Aliens Reese Witherspoon, Hugh Laurie, Will Arnett 71% liked it Despite dropping to #2, "Monsters vs. Aliens" wasn't entirely outdone and still brought in a tidy $33.5M, bringing its total to $106M (and eclipsing "Watchmen" after just 10 days in theaters). Showtimes | Photos (22) |  Trailer
	The Haunting in Connecticut Virginia Madsen, Kyle Gallner, Martin Donovan 63% liked it "The Haunting in Connecticut" held on to #3, but its second weekend saw a steep drop, taking only $9.6M and bringing its total to $37.2M (a weak showing for a horror film). Showtimes | Photos (7) |  Trailer

READ MORE - The Week's Movies

Yamaha and PETRONAS extend collaboration into MotoGP

 Thursday, 09 April 2009

Yamaha Motor Co., Ltd have signed a three-year agreement with PETRONAS that will see the Malaysian national oil and gas corporation become an important new Official Sponsor of the Fiat Yamaha team.

Under a new partnership, the Fiat Yamaha Team will carry the PETRONAS branding on the team's liveries this season, including on the bikes of riders Valentino Rossi and Jorge Lorenzo, as well as team equipment and material.

The two parties have also been partners in sporting collaborations in motorcycle championships in the Asia Pacific region for over eight years.

The partnership will lead to the future extension of the existing business relationship in Malaysia into the South-East Asian region, for the development and production of Yamalube engine oil for Yamaha OEM vehicles.

For PETRONAS, the latest collaboration with Yamaha will enable it to continue building the position of its international lubricants business through a strategic partnership with another globally successful manufacturer and brand.

"This is a very exciting development for Yamaha and for the sport of MotoGP," commented Lin Jarvis, Managing Director of Yamaha Motor Racing. "Yamaha and PETRONAS already have a successful business relationship away from racing, and this new, long-term, business partnership will see the ties between the two multi-national companies strengthened further."

He continued, "It is especially good to see a global company of PETRONAS' stature making the decision to enter into our sport at this difficult time and we look forward to working hand in hand with them to develop a long and mutually beneficial relationship."

The new livery of the Fiat Yamaha Team riders and bikes with PETRONAS branding will be seen for the first time tomorrow (Friday 10th April) as the riders begin free practice at the Commercialbank Grand Prix of Qatar.

Information courtesy of Yamaha Racing

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Petronas to Launch New Mesra Loyalty Program

(Source: Datamonitor)Malaysian oil company Petronas will launch its new Mesra loyalty program for gas station customers on May 1, 2009, replacing the existing Kad Mesra-RealRewards program managed by Electronic Commerce Technology.

The Kad Mesra-RealRewards will not be accepted at any of Petronas's service stations and RealRewards merchants from May 1, 2009 onwards.

Existing Kad Mesra- RealRewards members will be able to transfer their accumulated points gained from purchases at Petronas gas stations, to the new loyalty program.

The new Petronas Mesra loyalty program, which will be wholly owned and managed by Petronas Dagangan, will not be associated with Electronic Commerce Technology (ECT).
A service of YellowBrix, Inc.

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Letter For Mother

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RECIPE FROM KFC

INGREDIENTS 4 Eggs, slightly beaten 1 cup dark corn syrup pinch of salt 1/3 cup sugar 1 Tablespoon lemon juice or vinegar 4 Tablespoons melted butter 2 teaspoons vanilla 2/3 cup pecan halves 1 9-inch unbaked pie shell INSTRUCTIONS Preheat oven to 325-350ºF. Mix together the first seven ingredients listed above. Stir in 2/3 cup pecan halves. Pour the mixture into an unbaked pie shell. Bake 35-40 minutes.

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Starbucks’ strange brew of business plans

When Starbucks Chief Executive Howard Schultz announced that he was taking back the reins at the company he had built to glory, the recession had just begun and the foreclosure and banking crises were far from apparent.

A little more than a year later, the economy is considerably more troubled and so, potentially, is Starbucks. Over the past 12 months, the Seattle-based coffee chain has said it would close hundreds of stores and lay off thousands of workers, and made substantial changes in its management ranks. Shares in Starbucks have fallen by nearly 50 percent.

Meanwhile, the company has rolled out an increasingly broad array of products and initiatives aimed at helping Starbucks find its footing in a vastly different economic environment. The latest, and perhaps most surprising: instant coffee, launched this week.

The fast-paced series of changes have left some hopeful that the company is taking the necessary steps to get through the crisis, while others wonder whether the company has lost its vision.

“It’s actually split,” said R.J. Hottovy, an equity analyst with Morningstar who follows Starbucks.

Starbucks acknowledges that it has made a lot of changes in the past year, which it says are partly a reflection of its broader goals and partly an effort to respond quickly to the recession.

“There are long-term strategies and plans in place that have not changed at all, but, that said, we have had to adjust because of the economy, just like every other business,” said Deb Trevino, a Starbucks spokeswoman.

Schultz, who led the company through its explosive growth in the 1980s and 1990s, announced in January of 2008 that he was returning to the chief executive position, while maintaining his role as chairman of the board. The news came amid growing worries that Starbucks had expanded too quickly, and in the process lost some of the touches — including a focus on coffee and an attention to the customer — that had made it such a success in the first place.

Schultz pledged to remind customers about the things that brought them to Starbucks years ago. Executives rolled out fancy new espresso machines and a new blend of coffee, Pike Place Roast, that baristas were instructed to grind fresh in their stores. The company even shuttered the doors of its shops for three hours one evening, so baristas could review their latte-making skills, and said it would add high-end Clover coffee makers in some of its stores.

Starbucks also said it planned to get rid of its meat and cheese breakfast sandwiches, which were popular but also had been much derided for their fast food smell.

But as 2008 wore on, it became clear the economy was deteriorating, leaving millions of Americans worried about gas and food bills, and job security. For many newly budget-conscious consumers, a mocha Frappuccino or a pumpkin spice latte was the first thing to go.

Starbucks was forced to change tactics, and talk of Starbucks shifted from recapturing the Starbucks experience to laying off more workers and closing more stores. While the company continued to push ahead with its plans to refocus on coffee, it also began to branch out, launching a line of blended drinks and an array of healthier breakfast options such as oatmeal.

The hot breakfast sandwiches also stayed, although Starbucks tweaked the recipe to reduce the smell. Next month, it plans to further expand the lineup of breakfast sandwiches, as part of an initiative to offer $3.95 “pairings” — the company’s version of the value meal, and a response to customers’ money worries.

The move toward more budget-oriented offerings also comes as Starbucks faces another foe: growing competition from the likes of McDonald’s, Dunkin’ Donuts and even the local gas station. Such companies have pushed aggressively onto Starbucks’ turf just as the deteriorating economy left people more open to trying a cheaper coffee drink.

“On the one hand, the coffee space has become infinitely more competitive since Howard rejoined the firm, (and) in response to the competitive pressures they’ve had to take a new approach and try out a lot of things,” said Hottovy, the Morningstar equity analyst. “On the other hand, a lot of the things that they have tried haven’t really panned out.”

Hottovy sees a lot of potential for Starbucks in the company’s expanded breakfast choices, especially now that it is facing more pressure from food-oriented retailers such as McDonald’s.
“Customers come to expect that from a chain that sells coffee,” he said.
But he’s more skeptical about the instant coffee, called VIA.

Long-term, he said, there might be an opportunity for Starbucks to take some market share away from more traditional instant coffee companies like Folgers. But in the short-term, the company is up against the strong perception that instant coffee just doesn’t taste as good as the real thing — a perception formed in part by Starbucks itself, which has done a lot to sell Americans on freshly brewed, high-quality coffee.

“It’s going to be an uphill battle,” Hottovy said.
Meanwhile, Starbucks also is facing other challenges. A series of layoffs, store closures and changes to worker benefits could mar its reputation as a good employer, and also impact morale. And on a broader level, there is the question of where Starbucks will be left if and when economic conditions improve.

Andrew Hetzel, director of the coffee industry consulting firm Cafemakers, said he had high hopes for Starbucks when he heard that Schultz had returned to the CEO job, and grew even more confident after hearing about plans to refocus on premium, fresh-brewed coffee, such as using the upscale Clover coffee maker.

But he has grown disillusioned as he’s watched Starbucks branch out into such things as smoothies, breakfast sandwiches and now instant coffee.
“There have just been so many mixed messages,” Hetzel said

READ MORE - Starbucks’ strange brew of business plans

Exxon, Chevron Would Pay More Under Obama’s Plan

By Daniel Whitten and Tina Seeley

Feb. 26 (Bloomberg) -- President Barack Obama is seeking to raise at least $31.5 billion over 10 years by raising royalty fees and imposing new taxes on oil companies. Exxon Mobil Corp., Chevron Corp., and ConocoPhillips would be among companies subject to new costs under the plan.

Obama’s fiscal 2010 budget proposal, released today, would apply new excise taxes on Gulf of Mexico oil and gas leases, end oil company benefits from a U.S. manufacturing tax credit and repeal credits for older drilling projects.

“The public receives over $12 billion annually from fees, royalties, and other federal payments related to oil, gas, coal, and other mineral development,” according to the Obama budget document. “That return could be improved by closing loopholes, charging appropriate fees, and reforming how royalties are set.”

During his campaign, Obama proposed a windfall-profits tax on oil companies to pay for clean-energy programs. He backed off of that plan as oil plummeted below the $80 per barrel level that would have triggered the tax.

The new taxes “could reduce our nation’s energy security by discouraging new investment in domestic oil and natural gas production and refining capacity and pushing those investments - -and American jobs -- abroad,” said Jack Gerard, president of the Washington-based American Petroleum Institute, the oil and gas industry’s biggest trade group.

Crude oil for April delivery rose $2.50, or 5.7 percent, to $45.07 a barrel at 11:15 a.m. on the New York Mercantile Exchange. Futures touched $45.25, the highest since Jan. 27. Prices are down 69 percent from their record of $147.27 a barrel last July.

Spending More
Without offering details, the budget says there’s a need to spend more on clean and renewable energy and reduce U.S. reliance on foreign oil.

The budget proposal includes a $5.28 billion “excise tax on Gulf of Mexico oil and gas.” The tax, which would begin in 2011, would raise at least $500 million a year through 2019 “to close loopholes that have given oil companies excessive royalty relief,” according to the spending plan.
Congress has tried to close a loophole in leases issued in 1998 and 1999 that had the effect of allowing oil companies to produce oil and gas without paying royalties.

The plan would repeal $13.3 billion over 10 years in benefits for oil companies for a manufacturing tax credit still available to other U.S. industries and an $8.25 billion tax break for production in depleting oil and gas wells.

New Leases
It also would impose a $1.16 billion fee for companies that have “non-producing leases.” Congress failed last year to approve legislation preventing companies from getting new leases to drill for oil and gas until they can certify they are developing on 68 million acres of already-leased areas.

Obama’s budget plan would end payments to coal-producing states that no longer need funds to clean up abandoned coal mines, saving $1.52 billion through 2019.
It proposes charging user fees to oil companies for processing the permits for operations on federal lands, and would increase returns from development of oil and gas by “reforming royalties and adjusting rates.”

Energy, Interior Spending
Overall, the new administration proposes $26.3 billion in spending for the Energy Department, a 5 percent increase from the Bush administration’s request for the 2009 year, which began last October. It calls for a 13 percent increase in spending for the Interior Department, to $12 billion from the $10.6 billion Bush sought.

Funding for the Interior Department includes $100 million for national parks and a $75 million fund to fight wildfires.

The budget also proposes increasing funding for the Commodity Futures Trading Commission more than 44 percent from 2008, when funding was $111 million.

To contact the reporters on this story: Daniel Whitten in Washington at dwhitten2@bloomberg.net; Tina Seeley in Washington at tseeley@bloomberg.net.

READ MORE - Exxon, Chevron Would Pay More Under Obama’s Plan

DIFC chief economist urges Gulf gov'ts on sukuks

on Thursday, 19 February 2009

SUKUK CALL: The DIFC's chief economist says there has never been a better time for Gulf governments to issue Islamic bonds. (Getty Images)
There has never been a better time for Gulf governments to start issuing Islamic bonds (sukuks), despite existing issues trading at “outlandish” prices, the chief economist of Dubai International Financial Centre (DIFC) has said.“This is the time for governments to start introducing sukuks as part of public finance,” Dr Nasser Saidi told reporters at a press conference.By using sukuks to finance major projects such as power plants, roads and ports, GCC governments would help the region consolidate its position as an international centre for Islamic finance

“This is the time at which governments should be active with their central banks to create money markets in Shariah compliant instruments that the central banks can then use for assisting and providing liquidity to Shariah compliant institutions,” he said.By simply running down the surpluses accumulated during the six year oil boom governments would risk losing investments that could continue to earn them an income, he noted.Dr Saidi estimated the total size of that surplus to be around $950 billion."As governments develop the debt market, it will encourage the private sector to start issuing debt again," Dr Saidi said.Asked about the low price of Gulf sukuks in the secondary market, he said prices are likely to return to more reasonable levels within the near future.“I think this is a temporary phenomenon. I think the pricing is unrelated to the fundamentals,” he said.“It doesn’t make a great deal of sense to me that you are pricing UAE debt as being more risky than Iceland….

This current pricing is outlandish.”The amount raised globally from sukuk issuance decreased by 54.5 percent in 2008 from the year before to $15.1 billion, while the number of issues rose to 165 from 129, Global Investment House said in a research note on Thursday.“The decline in sukuk issuance is due to the credit crunch that forced investors to step aside from the fixed income market, including the Islamic one,” the investment bank said. “As evident of the credit crunch effect on sukuks, issuances in the fourth quarter of 2008 were weak when compared with other quarters in the same year.”In the first three quarters of last year, the amount raised from sukuks averaged $4.8 billion per quarter, compared with only $0.8 billion in the fourth quarter.GCC countries and Malaysia continued to be the largest markets, accounting for 55.5 percent and 36.3 percent respectively of the dollar amount issued.

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