REGULATION
The new Energy Regulatory Commission (ERC), which began work yesterday, is preparing to demand that energy business operators seek legitimate licences by the end of this year.
Thai Airways International is prepared to plead guilty to a charge of cargo price fixing and pay fines of up to US$300 million in the European Union to settle the case.
ECONOMY
Business confidence plunged to a five-year low as a result of soaring oil prices and domestic political uncertainty, according to the Bank of Thailand.
WORKPLACE TRENDS
Starting today, civil servants under the Fiscal Policy Office will be able to gain a measure of relief from the daily traffic congestion and soaring energy prices under a new work-at-home pilot project.
Leading THE WAY
While business activity - and mergers and acquisitions (M&A) in particular - in Europe and North America has slowed as a result of the ongoing credit crisis, Asia has remained relatively unaffected. In the first quarter of this year, M&A transactions in Asia Pacific totalled US$236.5bn, a fall of just 5.8% from a year earlier when financing was far easier to obtain. By comparison, M&A declined by 31.8% in Europe and 37% in North America.
PROPERTY
The Government Housing Bank (GH Bank) downgraded their housing loan target for 2008 because of the economic slowdown and declining loans to the National Housing Authority (NHA), said president Khan Prachuabmoh.
PROPERTY
Property companies are likely to face growing liquidity constraints as banks tighten their new lending criteria due to economic uncertainties.
The Agricultural Futures Exchange of Thailand (AFET) is preparing to introduce trading of Thai Hom Mali Rice Grade B contracts on July 14 as planned, despite lingering concerns over the effect the government's rice-pledging scheme would have on prices and the market mechanism. ''Agricultural futures should be free from any intervention by the government,'' said Supoj Wongjirattitikarn, president of the Thai Rice Association.
COMMODITIES
Cane and sugar industry executives say they fully support the government's proposal to lift controls on prices, and they hope to see the 1984 Cane and Sugar act amended by next year. The Office of the Cane and Sugar Board (OCSB) met yesterday with cane farmers, sugar millers and industry experts to discuss an operational plan to support the cane and sugar master plan.
TOURISM
The Tourism and Sports Ministry yesterday set its sights on raising the country's tourism revenue from foreign visitors by at least 10% in 2009 from an estimated 600 billion baht this year. According to Tourism and Sports Minister Weerasak Kohsurat, the target is challenging given soaring oil prices and delays in logistics development that were expected to persist until next year.
M Pictures Entertainment, which is 41% owned by Major Cineplex, yesterday announced plans to acquire Media Network Retail Co in a deal valued at over 300 million baht. M Pictures, formerly Traffic Corner Holdings, would also acquire a 97% stake in Pacific Marketing and Entertainment Group from Major Cineplex in a separate share swap transaction valued at 395 million baht.
COMMUNICATIONS
Samart I-Mobile, the handset distribution subsidiary of Samart Corporation, has reduced its local handset sales target from three million units this year to 2.5 million, while increasing its export sales target from 2.5 million to 3 million. Managing director Thananant Wilailuck said that although the overall handset market continued to grow, the company was adjusting to improved export prospects and slower local sales.
PROPERTY
Amid unfavourable market sentiment, Asian Property Development Plc (AP) posted 60% growth in revenue during the first half of the year. AP plans to launch 14 new projects worth 19 billion baht with two new brands tapping the market in the second half, said executive vice-president Visanu Suchatlumpong.
COMMUNICATIONS
Jasmine International Plc has identified broadband as its flagship business after undertaking a major overhaul of its state-like organisational structure. The communications provider is also changing to a flat management structure with flexible working practices.CEO Pete Bodharamik said Jasmine was preparing to introduce new facets of broadband service and application platforms.
AUTO PARTS
Bosch has segmented its automotive aftermarket group strategy to expand its market share this year. The product segmentation enables Bosch customers to choose the products suitable for their car engine performance, said Yingyuad Whangprayoat, general manager of Robert Bosch Ltd's automotive aftermarket division.
BROADCASTING
BEC World Plc, the operator of television Channel 3, is likely to increase its commercial fees for the third time this year, according to Chatchai Thiamtong, the company's vice-president for finance. ''Do you think our prime time (8-10 pm) TV is like a sponge? Yes, it is. We have absorbed a lot of water (advertising) but there is still plenty of demand waiting for us'' he said yesterday.
IN Brief
FINANCE :State-owned financial institutions should cut their lending rates to help borrowers suffering from rising living expenses, says Finance Minister Surapong Suebwonglee.
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.
