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THE Industrial Production Index (IPI) for January 2008 rose 7.

0 per cent to 142 compared with 132.7 a year earlier. The higher index was attributed to increases recorded in all sectors, namely the manufacturing index which gained 7.8 per cent to 146.7 from 136.1, the electricity index which went up 7.5 per cent to 165.9 from 154.3 and the mining index which increased 4.0 per cent to 121.9 from 117.2, the department said in a statement. The increase in the manufacturing sector was driven by positive growths registered by industries, namely the basic precious and nonferrous metals, crude palm oil, computers and computer peripherals, refined petroleum products, and electronic valves and tubes and printed circuit boards. The IPI for January 2008 fell 1.5 per cent compared with the index of 144.2 in the previous month. The drop was due to decreases recorded in the manufacturing and mining sectors which were down by 2.1 per cent and 1.3 per cent respectively, it said.However, the electricity index went up 4.3 per cent compared to the previous month, it added. Bernama AIRASIA (RM; BUY; TP=RM) - AIRASIA Bhd will begin daily direct flights to Yogyakarta from April 15 from four per week. In a statement yesterday, AirAsia said it has already recorded an average of 75 per cent load factor within a month after commencing its direct flights since January 30 to the city. AirAsia group chief executive officer Datuk Tony Fernandes said the airline was proud of its load factor. SUNWAY (RM; BUY: TP=) MALAYSIAN conglomerate Sunway Group is looking abroad to boost its housing sales and aims to list its core construction business overseas within two years, its founder and chief said today. The conglomerates listed subsidiaries include property arm Sunway City Bhd, investment holdings unit Sunway Holdings and toll-road operator Sunway Infrastructure. The firm now has about RM2 billion (US$628 million) worth of projects in south India and is scouring for more in China and Vietnam, where it is looking to develop townships in joint ventures with the government, he added. HO WAH GENTING (RM; BUY) - COMMERCE Venture Magnesium (CVM) Sdn Bhd, a unit of Ho Wah Genting Bhd (HWGB), plans to raise some RM90 million from an initial public offering to fund working capital and expansion, its top official said.CVM, which makes magnesium ingots and mines for dolomite (a formation of limestone that contains magnesium), will be listed on the Hong Kong Stock Exchange's main board in the second quarter.Magnesium is used as a major component of die-casting alloys, which are used to make car parts and even computers.CVM is setting up a RM180 million magnesium smelting plant in Sg Siput, Perak, on 26ha owned by Perbadanan Kemajuan Negeri Perak (PKNP).It has exclusive rights from PKNP's unit, Harta Perak Corp Sdn Bhd, to mine and extract dolomite from two limestone hills in Sg Siput for 20 years. PKNP holds 10 per cent of CVM. HWGB and Tsorng Shin Machinery (M) Sdn Bhd own 55 per cent and 10 per cent respectively.

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