Bangchak Petroleum Plc, the majority state-owned oil refinery, will gradually phase out mainstream petrol products in its service stations by the end of this year to strengthen its position as a market leader in alternative fuels.
INVESTMENT
The Japanese trading giant Marubeni Group has been downsizing its textile business in Thailand due to the shrinking market and the strong baht, which has affected its export competitiveness. The group, through its Thai subsidiary Marubeni Thailand, has adjusted its investment portfolio here by scaling down the textile operation and focusing on chemicals, metal and machinery.
Thai Namthip Ltd, the local bottler of Coke, Fanta and Sprite, yesterday criticised the Internal Trade Department for refusing to let soft-drink companies raise prices even though sugar and transport costs have soared in recent months. The state-mandated price ceiling on ex-factory prices was distorting the entire market, said Pornwut Sarasin, the vice-chairman of Thai Namthip.
STOCKS
Thai stocks dropped 1.1% in the first trading session of the third quarter yesterday as investors sold off energy and bank stocks over concerns of rising energy prices and inflation. The Stock Exchange of Thailand index closed at 760.01 points, down 8.58, in trade worth 12.87 billion baht. Energy stocks fell 0.26%, banks 2.9% and property stocks dropped 3.4% for the day.
MUTUAL FUNDS
UOB Asset Management yesterday launched a new foreign investment fund aimed at investors looking to capitalise on a recovery in the global financial sector after the US sub-prime mortgage crisis. The UOB Smart Financial Opportunity Fund is a feeder fund investing in the United Financials Opportunity Fund managed by UOBAM's parent, UOB Asset Management in Singapore.
While economic growth for Thailand is continuing to slow, the country still has strong fundamental stability, says Toshiya Wakaume, joint general manager for Mizuho Corporate Bank's Bangkok branch. Mizuho, a Japanese financial conglomerate, has investments in 20 countries around the world and 11 in the Asian region.
BANKING
Siam Commercial Bank significantly missed its corporate loan targets for the first half due to sluggish economic growth and poor investor sentiment.
TrueVisions, the country's biggest pay-TV operator, is beginning to earn a revenue stream from advertisements for the first time after the Broadcasting Act took effect in March, according to chief commercial officer Ong-ard Prapakamol.
ENTERTAINMENT
Tourism and Sports Minister Weerasak Kohsurat pledged yesterday to offer ''attractive'' incentives for foreign film productions in a bid to promote Thailand as a prime location for the industry. ''The privileges to be offered would be competitive and on par with those currently offered by various countries in the region such as South Korea, New Zealand, Singapore, Malaysia and Vietnam,'' he said.
COMMUNICATIONS
The long-awaited Thai Mobile deal is close to being settled once and for all after TOT agreed to buy out the holding of CAT Telecom for 2.4 billion baht with payment to be made over five years. The two state telecom enterprises are scheduled to sign an agreement next week, witnessed by Mun Patanotai, the Information and Communications Technology (ICT) minister.
SERVICES
There are many ways for organisations to communicate their brands and one channel is floral wreaths, says the gift-delivery firm Stacey International Corp. Sanongnuch Charnvirakul, the company's managing director, said sales of corporate wreaths had been growing substantially in the past few years, even for funerals.
TRAIN THE TRAINER
A few days ago, I was in Asia Books looking at some of the new books that have come in and I noticed one called The Ten Laws of Leadership. I picked it up and looked through it. It seemed to have some good ideas, but I found myself not buying it because of the title and the blurb on the cover. Why? Because leadership is a very personal thing. What works for one person may not work for another. There aren't rules, there are results.
ENERGY
An odd coalition of senators, transport and fishery operators and consumer activists took turns blasting the national energy conglomerate PTT Plc for profiteering and failing to take steps to ease the pain of soaring fuel prices. They also joined to point fingers at the Energy Ministry, accusing it of failing to address high living expenses.
ENERGY
PTT Plc said yesterday that average refining margins in the second half of this year would be close to, or lower than, the $7 a barrel expected in the first half, because of new supplies.
REAL ESTATE
Magnolia Quality Development Corporation Co, a luxury housing developer, is still confident in the property market and has plans to launch six new projects worth around 10 billion baht this year, according to managing director Visit Malaisirirat. The company has already secured land for five projects and has met with several potential partners including banks, local and foreign property funds and individual investors.
REAL ESTATE
PATTAYA : Seized property asset sales in Pattaya so far this year have exceeded the target by 10%, according to Ratchanee Boonrueng, the director of the Legal Execution Department. She said Pattaya's property market and tourism industry were booming despite the slow economy, high oil prices and inflation.
CREATIVITY UN-LTD
In the Q&A following a recent conference keynote address, I encountered an interesting question: ''In our firm, the problem is not that we don't have enough ideas but that we need to decide on which ideas we should bring to market. How can we make the right decision?'' Today, let's take up this question and talk about seven aspects to consider when deciding which of your ideas is fit for implementation.
IN Brief
COMMODITIES : The price of Thai 100% Grade B white rice, the world's benchmark, fell 6.5% yesterday from last week due to continued weak demand, exporters said.
