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Baht/$ 33.40/47
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GOLD |
14,500
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IN Brief
AUTOMOBILES :The value of Thailand's automobile exports rose 30.3% year-on-year in May with strong demand in most markets despite high global oil prices, according to the Federation of Thai Industries.
Exports were worth 32.15 billion baht ($961.7 million) in May, the FTI's automotive industry club said.
"Demand for passengers cars and pickup trucks increased continuously in nearly every market except Europe, where sales of pickups have slowed down since March," said club spokesman Surapong Paisitpatanapong.
"That slowdown in trucks to Europe may be due to high global oil prices, especially diesel oil prices."
Exports of automobiles and auto parts in the first five months were worth 209.85 billion baht, up 33.8% year on year, including shipments of 320,880 cars and trucks worth 144.82 billion baht, the club said.
"Exports in June are expected to keep growing, especially in the passenger car category considering the healthy figures in the first five months."
Passenger car exports in Asia totalled 58% of all shipments.AFP
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Oil, gas dominate
INVESTMENT :More than 90% of all foreign investment in Burma last year went into the oil and gas sector, according to a government report.
Foreign investment in 2007 totalled US$504.8 million of which US$474.3 million was in oil and gas, the Ministry of National Planning and Development said.
The United Kingdom led the oil and gas investors, with $187 million, followed by India and Singapore. Thailand invested $16.22 million and Germany $2.5 million in the manufacturing sector and South Korea $12 million in the fishing industry.
The report said the UK included the British Virgin Islands and Bermuda. Some oil companies register in the Caribbean territories to bypass sanctions imposed by their governments. BLOOMBERG
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SCIB mortgages
BANKING :Siam City Bank has introduced a new home mortgage campaign offering borrowers fixed rates of 3.25% for the first year, 4.5% for the second and one percentage point under the minimum lending rate (MLR-1) for the remaining term.
Borrowers can also choose a floating-rate plan set at MLR-4% for the first year, MLR-3% for the second year and MLR-1% afterwards, or a plan fixed at 0.99% for the first 10 months and MLR-1% afterwards. Loans are for up to 30 years and 95% of the property appraisal value. The campaign ends on Aug 31.
SCIB shares closed yesterday on the SET at 15.20 baht, down 80 satang.
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NPS rated BBB+
FINANCE :Tris Rating has affirmed the company rating of National Power Supply Co at at BBB+ with a stable outlook. The rating reflects NPS's stable cash flow from long-term sales contracts under the Small Power Producer (SPP) scheme, high profitability from the mix of biomass fuel used, and an experienced management team from the Double A Alliance Group (AA Group).
The rating takes into consideration the plant's operating risk, high fuel prices, and weakening financial position following the debt-funding acquisition and over 100% dividend payout. NPS's aggressive expansion plan will draw on more resources and capital requirements in the near future. Substantial equity injection will be needed to maintain appropriate gearing level.
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AFD prices bonds
FINANCE :Agence Francaise de De'veloppement (AFD), a French specialised financial institution, has priced its three-year, 1.5 billion baht at a coupon rate of 5.51%. The bond is rated AAA by S&P and Fitch Ratings and was arranged by HSBC and Bangkok Bank. The coupon rate is equal to 30 basis points over three-year treasuries.
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Sovereign shopping
HOTELS :Switzerland-based Sovereign Hospitality Holdings has entered Thailand and is looking for strategic acquisitions, financing and developing assets in the local hotel, tourism and real estate markets.
The global tourism and hospitality investment group, with its base in Geneva, has seamlessly integrated assets worth US$800 million to date. It also has regional offices in South Africa and Egypt.
The group is part of The M.A. Kharafi Group, a Fortune 500 company registered in Kuwait with annual turnover of $4 billion. The M.A. Kharafi Group operates in 25 countries and employs more than 100,000 people.
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