ECONOMY
A currency crisis in Vietnam should not have a significant impact on Thailand, according to James Woodward, country head for UBS Thailand.
AUTOMOBILES
Mercedes-Benz has made a crucial step of market development in Thailand by setting up its first regional integrated operations centre with an investment of 660 million baht.
COMMODITIES
Another 288 tonnes of paddy from government warehouses have gone missing, according to Commerce Minister Mingkwan Sangsuwan.
STEEL
Rich Asia Steel projects its revenues will jump to over 10 billion baht this year, more than double last year's total, thanks to continued demand for steel in the regional market. CEO Angkakarn Tantiviroon said regional demand for steel would continue to be strong as Chinese exports had fallen due to higher domestic demand following last month's earthquake in Sichuan.
AUTOMOBILES & ENERGY SAVING
Leading European automakers yesterday urged the Thai government to offer tax incentives for environmentally friendly diesel engine technology to give it a larger presence in the local passenger car market.
AUTOMOBILES & ENERGY SAVING
TAK : PTT Plc is doubling its imports of liquefied petroleum gas (LPG) to 40,000 tonnes this month to serve rising demand in the transport and industrial sectors.
STEEL
Steel prices will remain high at least until the end of this year in line with global market trends, driven mainly by China and India, according to Wikrom Vajarakupta, director of the Iron and Steel Institute of Thailand. Prices of commodity steel would remain in the range of US$700 to $1,000 a tonne for long products and $650 to $1,000 for flat products, compared with below $500 last year, Mr Wikrom said.
INVESTING
The Thailand Futures Exchange will use baht currency to settle its gold futures contracts, despite calls by local gold traders to set the terms in US dollars.
Despite higher costs, the paper packaging market in Thailand has continued to show bright prospects, with growing consumption and rising concerns about global warming issues, the leading packaging producer Tetra Pak said yesterday.
IN Brief
ENERGY :Glow Energy Plc said yesterday that it had successfully issued 1.5 million baht worth of seven-year debentures at a coupon of 5.84%, and 2.5 million baht in 10-year debentures at 6.34% on June 5. Both issues have been rated A by Tris Rating.
ASIA FOCUS
The most sought-after destination for regional investors just a few months ago, Vietnam today is looking for shelter as the economy dives and analysts, economists, investment bankers, investors and even rating agencies downgrade their plans for the country.
ASIA FOCUS
The bubble in Vietnam has been threatening to burst since Morgan Stanley issued a report late last month that it foresaw an economic crash, sooner or later, similar to what Thailand experienced in 1997.
ASIA FOCUS : INVESTING
SINGAPORE : Laos is opening up to foreign direct investment as it seeks to join the World Trade Organisation, says Soulivong Daravong, Minister of Planning and Investment, who is urging Singapore companies to step up their presence in his country.
ASIA FOCUS : CHINA KNOWLEDGE
While Chinese investors enjoyed their long weekend as the dragon-boat festival became an official public holiday for the first time, they were caught off guard as the central bank announced it would increase bank reserve ratios by one percentage point to 17.5%. On June 10, when the market resumed trading, the Shanghai Composite Index plummeted 7.73% to 3,072.
ASIA FOCUS
Forming joint ventures with foreign partners could be an effective tool to push Thai products abroad, especially to sophisticated markets guarded by restrictive import standards.
