Thai Roong Ruang Group, a sugar miller and exporter, will begin to operate the country's first cellulose-derived ethanol plant in Saraburi next month, according to managing director Ugrit Asadatorn. The company's wholly owned subsidiary, Thai Roong Ruang Energy, has a licence to produce 400,000 litres of ethanol a year. Some will be made from bagasse, a byproduct from molasses.
Thai shares fell for the third straight day yesterday, dropping 3.04% as most Asian markets closed lower following weakness on Wall Street.
BANKING
The Finance Ministry will not interfere in the Bank of Thailand's decision to sell off its holdings in BankThai, Finance Minister Surapong Suebwonglee said yesterday.
RETAILING
CenCar Co, the operator of Carrefour hypermarkets, has expanded its role to become a retail developer, opening its first community mall with a Carrefour premium store as a magnet.
PTT Plc, the majority state-owned oil-and-gas conglomerate, expects liquefied petroleum gas (LPG) imports to rise five-fold next year to one million tonnes from 200,000 tonnes this year unless the government scraps its subsidy. The domestic LPG price today, at 8.50 baht a kilogramme, is one-third the international market price, with PTT absorbing the difference.
PETROCHEMICALS
The Charoen Pokphand (CP) Group is studying the possibility of jointly investing almost two billion baht with its US partner Nature Works to upgrade its bioplastics business in Thailand. Chaipong Chainapakorn, senior vice-president of CPPC Public Co, said the joint venture would produce a minimum 24,000 tonnes annually of polylactic acid (PLA), now purely imported for domestic use.
PROPERTY
Despite considerable risk, top real estate developers are likely to show revenue growth over the next two years, according to Phatra Securities Plc. Growth should be supported by market share gains by bigger developers that have diversified both in products and locations to deal with lower demand.
INVESTING
For many investors, the past month has been an absolute nightmare, as the Stock Exchange of Thailand index has gone into a free-fall over political and economic woes. But Somjin Sornpaisarn, the managing director of One Asset Management, believes investors should see the light behind the clouds, and begin increasing their positions in long-term equity and retirement funds.
ECONOMY
WASHINGTON : Thailand's economy is resilient despite domestic political uncertainty and global financial market turmoil, the International Monetary Fund said on Wednesday. Thai authorities should monitor signs of rising inflation closely and stand ready to adjust interest rates if necessary, but the Bank of Thailand's policy of keeping interest rates on hold is appropriate, the IMF said in a statement on the conclusion of an Article IV consultation.
INSURANCE
After keeping a low profile for two years, MSIG Insurance, formerly Aviva, vows to stage a comeback with a commitment to grow by an average of 15% a year. The company is investing about 30 million baht in advertising to raise brand awareness as part of the growth strategy.
CORPORATE Counsellor
Readers might recall reports of policyholders being defrauded by unscrupulous insurance agents. The good news is that policyholders are now being given more protection. The bad news is that restrictions on foreign ownership, which were rejected amid controversy with respect to the Foreign Business Act, were nonetheless incorporated into the new Life Insurance Act.
AVIATION
Far-reaching implications of any drastic decision are holding back leaders of Nok Airlines from determining the fate of the budget carrier, which has been hit hard by high fuel prices and falling traffic.
AVIATION
Thai Airways International (THAI) has launched a new monthly inflight magazine with a new publisher that combines two previous separate titles. The flag carrier has commissioned Dubai-based The Media Factory (TMF) to produce the restyled Sawasdee magazine in a competitive bid in which 25 international publishing houses took part.
SPORTING GOODS
Reebok (Thailand), the athletic shoe and apparel maker, aims to expand sales by 25% to 250 million baht this year through aggressive marketing and brand updating.
AUTOMOBILE RENTALS
Soaring demand for alternative-fuel vehicles has led Krungthai Car Rent and Lease Plc (KCAR) to expand its fleet by more than 500 vehicles that can run on gasohol or compressed natural gas (CNG).
INDUSTRY
The Industry Ministry is seeking urgent measures to help small and medium enterprises (SME) overcome business difficulties amid the slowing economy.
IN Brief
BROKERAGES :Adkinson Securities has purchased the entire 11.63% stake held by TMB Bank in MFC Asset Management for 202.35 million baht. Adkinson (ASL) purchased 13.95 million MFC shares at 14.50 baht each, raising its holding to 16.21%.
