|
|
| • EXCH RATES |
|
Baht/$ 33.46/49
Bid/Ask
|
GOLD |
15,250
+ 50
|
|
INDUSTRY
NAREERAT WIRIYAPONG
Siam Cement Group (SCG), Thailand's largest industrial conglomerate, has expressed concern over the Thai economy in the face of rising of oil prices.
President and chief executive Kan Trakulhoon said the gross domestic product (GDP) growth projected earlier was likely to be revised down soon, because oil was now approaching US$150 a barrel.
''Seriously, I don't think Thailand's GDP growth can hit the target of 5-6%. The government needs to revise down the figure soon,'' he said yesterday.
SCG also expects to revise its revenue projection to cope with oil prices at $150 a barrel as a worst-case scenario, against $130 in an earlier forecast. However, Mr Kan declined to give specific figures.
''Oil prices are rising so fast, we need to keep an eye on them to assess the situation,'' he said.
He also voiced concern over the effect possible double-digit inflation could have on the overall economy.
He did not think the Bank of Thailand's decision yesterday to lift its key interest rate by a quarter-point to 3.5% would have much of an impact on business operators. More worrying, he said, would be the impact of the new fuel subsidies the government has approved for six months starting from Aug 1. Excise tax cuts will reduce all fuel prices by a range of 8-12% a litre.
Despite concerns about the economy, SCG has pledged to invest six billion baht over five years to 2012 in innovation to become a leader in its field in Asean.
The money would be invested to enhance the potential of human resources, technology and management, research and development and intellectual property management.
With the goal of becoming a leading Asean conglomerate, SCG has confronted fierce competition and rapid changes, said Mr Kan. For years the group has made innovation the cornerstone of its drive to stay competitive.
Along with 300 initiatives for creating innovative products, services and processes developed by its employees, the group has also motivated employees to be active and open-minded thinkers, with focus on creating a pleasant atmosphere as well
''SCG has developed an innovative culture and fostered our employees in thinking out of the box as we believe human capital is the key driving force for achieving the goal of regional business leader,'' Mr Kan said.
This will support knowledge development of employees, encourage them to create new ideas for the business and add value to products and services for the benefits of customers and stakeholders, he added.
By continually developing innovations, Mr Kan said Thai industry would be able to stay competitive in the global business arena.
SCC shares prices closed yesterday on the Stock Exchange of Thailand at 170 baht, down four baht, in trade worth 113.3 million baht.
Prev
1
2
3
4
5
6
7
8
9
10
11
12
Next
