Thai exports surged 27.4% year-on-year to a record US$16.268 billion in June, pushing first-half export growth to 23.1%, thanks largely to greater shipments of agricultural and food products.
INTEREST RATES
Policies to push interest spreads downward and delay implementation of tougher accounting rules will not undermine the strength of specialised state banks, said Finance Minister Surapong Suebwonglee.
Danieli Far East Co, a subsidiary of Italian-based Danieli C. Officine Meccaniche SpA, is proceeding with a 100-million investment to expand its existing facilities into the group's regional production, design and research centre in Thailand.
AUTOMOBILES
Toyota released a newly revised forecast predicting nationwide pick-up truck sales this year will contract by 5% to only 385,000 units, the first decrease in the past 10 years.
THE WEEKLY Link
One aspect of importing is exactly like every other business the world over: Importers are in business to make money. But the nature of the importing business is such that it is extremely difficult to determine profit/loss. The documents required to support an import process are often complicated and prolific. It is daunting enough to imagine being able to manage these multiple pieces of paper (even images of them), without trying to imagine how you might bring together all the information those documents contain. But that's exactly what importers have to do.
The Stock Exchange of Thailand and the Market for Alternative Investment would miss their new listing target of 37 companies this year due to political and economic uncertainties.
BANKING
Kasikornbank aims to generate two billion baht in income this year from its wealth management services.
ING Funds (Thailand) yesterday launched its new oil-linked fund offering returns from zero to 10% per year.
The Bank of Thailand has petitioned the Finance Ministry to approve an increase in the foreign ownership limit for BankThai Plc.
TOURISM
Tourism-related operators must focus on short-haul tourists to offset a falling number of long-haul tourists, who have been hurt by soaring travel costs. Prakit Chinamourphong, president of Thai Hotels Association (THA), said the number of long-haul tourists, particularly from Europe, has declined by 10% since the start of the year as higher oil prices have increased travel costs by over 30% from last year.
TOURISM
The Tourism Authority of Thailand (TAT) has teamed up with the private sector to kick off the ''Green Initiatives'' programme to help maintain a balance between tourism promotion and environmental protection and ensure long-term sustainability for the industry.
SUGAR
The government's initiative to raise the domestic price of sugar has encouraged some unethical sugar traders to illegally disguise their export quotas as domestic lots to boost profits. Damri Sukhotanang, the deputy industry permanent secretary and chairman of the Office of the Cane and Sugar Board (OCSB), said such illegal activity has been increasing since the government decided to increase the domestic sugar price five baht per kilogramme or 37%.
TELECOMMUNICATIONS
CAT Telecom has ignored DTAC's call to separate its request to offer third-generation mobile phone service from that of True Move, reasoning that it did not want to waste further time. CAT president Phisal Jorpocha-udom said that CAT has already sent a letter which combined both the requests of DTAC and True Move in offering the service to the National Telecommunications Commission (NTC) for consideration.
AVIATION
Airline business confidence slumped to new lows in the second quarter of this year following a steep decline in the preceding quarter, and airline chief finance officers now expect a further deterioration in the next 12 months. The July 2008 responses to a survey conducted by the International Air Transport Association (IATA) underscore the worsening business environment faced by airlines in recent months.
HOME FURNISHINGS
Thailand's luxury furniture market is forecast to grow slightly at 3-5% this year due to the dim economy, according to Marc DaSilva, general manager of JS Home Interiors, the local distributor of American high-end brand Ethan Allen. ''The furniture market was stagnant in the first half and is expected to grow by only 3-5% this year when compared to 6% last year as people tend to hold off on buying under such conditions,'' he said.
The local motorcycle market has begun recovering this year after a sharp plunge in late 2006. ''The rapid decrease of the market from October 2006 seems to have bottomed out in the beginning of 2008 at 1.59 million units by accumulated year total,'' said Zenjiro Sakurai, president of AP Honda Co, the country's largest motorcycle distributor.
PROPERTY
Star Property Fund, a local property fund, expects a 80% capital gain from the sales of all of its 30 freehold units worth a combined 800 million baht at All Seasons Mansion on Wireless Road after holding them for six years, according to its sales agent Nexus Property Consultants Co Ltd.
INFRASTRUCTURE
Thailand remains firm on track to receive funding from the Japan Bank for International Cooperation (Jbic) for the mass transit scheme despite minor concerns on higher costs pushed by inflation and political uncertainties.
Amid rising construction costs, value engineering can be an effective tool for developers to save on costs and increase their competence, according to Charan Kesorn, managing director of condominium developer L.P.N Development Plc.
IN Brief
INFRASTRUCTURE :The State Railway of Thailand (SRT) has agreed to allow the consortium led by Sino-Thai Engineering and Construction Plc (STECON) to extend by 370 days the deadline for the Airport Rail Link project to May 8 next year.
INDUSTRY
The cabinet yesterday approved a budget of 1.8 billion baht for a five-year development roadmap for the bioplastic industry.
