IN BRIEF

Indonesia delays fuel

subsidy curbs

JAKARTA: Indonesia has again delayed a plan to stop private cars from using subsidised fuel, after opposition from lawmakers and the state energy firm, and is now considering lifting the cheapest fuel prices in Asia as an alternative, its energy minister said. Indonesian policymakers want to cut back on fuel subsidies, considered wasteful by economists as they added US$18 billion to the budget last year, but are nervous of doing so after previous fuel price hikes cost the country's leaders their jobs. A price rise would need parliamentary and presidential approval, so any such move is likely to take a long time, said Energy Minister Jero Wacik.

Honda production down 20% in 2011

TOKYO: Japan's Honda Motor, the country's third-biggest carmaker, suffered a 20 per cent plunge in its global production last year, it said yesterday. Honda made 2.91 million vehicles not including motorbikes in 2011, it said, down 20.2 per cent as auto manufacturers struggled with natural disasters, a rising yen and the European economic slowdown. The figures came as Japan's major car firms announced their annual production for 2011.

MAS and Qantas

mulling joint venture

KUALA LUMPUR: Malaysia Airlines (MAS) and Australian carrier Qantas are mulling over a joint venture to set up a premium airline based in Kuala Lumpur, a move that could give a competitive boost to both airlines, industry sources said. The sources said that both parties had been working towards signing a memorandum of understanding (MoU) on Tuesday, but the date had been pushed back indefinitely. The aim of the MoU is for both parties to explore areas of co-operation and/or joint venture before they enter into a definitive agreement.

Kia targets sales growth in Europe, US

SEOUL: South Korean carmaker Kia Motors Corp said yesterday that it aims to lift vehicle sales in Europe and the United States by double-digit percentages this year, despite an uncertain economic environment, and targets a 9.5 per cent rise in global sales. The announce-

ment came as the automaker reported that net profit for the October-December quarter fell 3.5 per cent to 790.4 billion won (US$704.52 million) from a year earlier, well below a consensus forecast of 1.1 trillion won and pushing its shares down. Kia said it aimed to boost sales in Europe by 22.8 per cent and US by 10 per cent.Agencies