World Business Quick Take

■ Accommodation
Manila has cheapest hotels
Hotels in Manila are the cheapest among 10 Asian countries, followed by Singapore and Kuala Lumpur, a consulting firm reported yesterday. This year's average daily room rates in the Philippine capital are between US$70 to US$75. Singapore's hotels average US$76 and Kuala Lumpur's US$75 to US$80, according to consulting firm Horwath Asia Pacific. Bangkok's hotel rooms average US$110 to US$115 a night. Tops on the list is Tokyo, with rates between US$190 to US$195, followed by Shanghai, at US$170 to US$175, the firm's data showed. With the entry of budget airlines and the economies of Japan, China and India humming along, hotel chiefs predict room rates will rise this year.

■ Investment
Securities firm discussed
A major Japanese banking group and Merrill Lynch & Co are in talks about setting up a securities company together that would target rich people, a news report said yesterday. Mitsubishi Tokyo Financial Group Inc denied that a decision had been made, while acknowledging that informal talks were in progress. Merrill Lynch refused to comment. The companies are considering combining the US firm's expertise in such business and Mitsubishi Tokyo's strong customer base, which would allow Merrill Lynch to gain a bigger foothold in the Japanese market, the leading business newspaper Nihon Keizai Shimbun reported. Mitsubishi Tokyo is merging with another Japanese "Big Four" bank, UFJ Holdings Inc, by October, forming the world's biggest bank in assets.

■ Airlines
Passenger traffic rebounds
The number of international passengers traveling on the Asia-Pacific region's major airlines rose 22.5 percent last year from the previous year to 117 million, an aviation group said yesterday, signaling the industry's recovery from 2003's SARS crisis. "The unexpectedly strong rebound in passenger traffic in 2004 was a welcome relief," the Association of Asia-Pacific Airlines said. It "has generally resulted in higher revenues and better profitability, despite markedly higher fuel costs. The challenges of continuing high fuel prices and keen competition will remain important factors affecting profitability,'' the group said in a statement.

■ Advertising
Asia-Pacific splashes out
A record US$62 billion was spent on advertising in the Asia-Pacific region last year fuelled by a rise in economic and consumer confidence, a research agency's report said on Thursday. The outlook for this year remains positive, said Nielsen Media Research, although the impact of the Dec. 26 tsunamis made predictions uncertain. China showed the biggest increase out of the 12 countries surveyed in 2004. Its US$31.6 billion in ad spending represented a 32 percent jump from 2003. Hong Kong and South Korea were also big spenders, with each accounting for 7 percent. Australia accounted for 6 percent, India and Indonesia 4 percent each, Taiwan, the Philippines and Thailand 3 percent each. Singapore contributed 2 percent to the region's ad spending along with Malaysia. Television remained the dominant choice for advertisers, capturing 66 percent of the pie between the three core media: newspapers, magazines and TV.