What's new in business news: July 25, 2013 | Bangkok Post: learning

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What's new in business news: July 25, 2013

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Gas prices to float, fake signatures from police for police stations never built, PTT's profits rise. 

Across the country, the company PCC stands accused of leaving 396 police stations unbuilt or partly finished, such as this one in Thanyaburi district. (Photo by Apichit Jinakul)


LPG float for households remains on schedule for September


The Energy Ministry confirmed the price of liquefied petroleum gas (LPG) will be floated for households in September.

It believes cooked-food prices will increase by only 1% as the LPG price rises by 50 satang a kilogramme in each of 12 consecutive months.

Under the scheme, the price of cooking gas will increase by 37% or 6.69 baht per kg to 24.82 baht by August 2014 from 18.13 baht now.

A total of 7.78 million low-income households, defined as those using no more than 90 kilowatt-hours of electricity per month, and food vendors will be subsidised so they can continue to buy LPG at the present 18.13-baht price.

These groups must register with their local administrations or the ministry from Aug 5-30 to receive a PIN code. When buying LPG, they will have to send the code via SMS to a call centre.

The subsidy will be funded by the state Oil Fund.

"Our research found that floating the LPG price by 37% will result in a 1% increase in the cost of cooked food but no extra cost for street food since the vendors will receive a direct subsidy," said the Energy Ministry. 

Low-income homes will receive a capped LPG price at a maximum volume of 18 kg per quarter, while street vendors will be limited to 150 kg per month.

With the Oil Fund subsidy, the LPG price has been capped for more than two decades even though the global price has increased to US$333 a tonne from $316 in 2006. Between March 2008 and last month, the subsidy cost the government 141 billion baht.

As well, LPG in the transport sector, which has been capped at 21.38 baht per kg, will rise incrementally by 50 satang a month starting next February until reaching 24.82 baht.

Thailand consumes 20.7 million tonnes of LPG a day, with households accounting for 34.3% of the total.


PTTEP profit rises 38%

25 Jul 2013

PTT Exploration & Production (PTTEP), Thailand's biggest publicly listed oil and gas explorer, said on Thursday that profits rose 38% in the second quarter on higher prices and increased sales of oil and gas.

Net income was 10.7 billion baht (US$344 million), or 2.67 baht per share, compared with 7.7 billion baht, or 2.33 baht, a year earlier. Revenue rose 6% to 55.3 billion baht.

PTTEP has expanded its investments to 45 projects in 12 countries, including last year’s acquisition of Cove Energy Plc's oil and gas assets in Mozambique, to diversify output. The company said today that sales from its Montara field off the coast of Australia will start in August and the Zawtika project near Myanmar will begin commercial production in the first quarter of next year.

Earnings will rise further in the second half because of higher oil and energy prices. Average petroleum prices rose to $65.16 per barrel, from $64.17 in the same period last year.

Expenses fell 4% to 29.5 billion baht because of a drop in exploration spending. Foreign-exchange losses jumped 58% to 2.2 billion baht because of currency volatility, including changes in PTTEP Canada Ltd's dollar-denominated loans caused by the depreciation in the Canadian dollar.


DSI says PCC 'forged invoices'


King-oua Laohong

PCC Development and Construction Co, the contractor that allegedly failed to build 396 police stations across the country, forged hundreds of documents and signatures to get money for projects it never completed, the DSI charged on Wednesday.

Department of Special Investigation chief Tarit Pengdit said the signatures of almost 1,500 police officers were faked on documents that falsely reported progress in the construction projects. They enabled the company to withdraw millions of baht from the Government Savings Bank (GSB), but it was not entitled to the payment, Mr Tarit said.

The officers whose signatures were forged headed committees at 363 individual police stations in Provincial Police Region 2, 4 and 6, Mr Tarit told the media. They were tasked with inspecting progress in PCC's construction. Their signatures would authorise payment to PCC for making scheduled progress in the buildings.

PCC managed to claim money from the GSB 2,800 times. The DSI is still counting exactly how much the alleged fraud collected.

The ranks of the police officers victimised in the alleged forgery ranged from regional director, commander, deputy commissioner to chief of police station, he added. 

In some documents, however, there were signatures of officers endorsing construction works despite the fact that they were not even members of the committees, Mr Tarit Pengdit said.

The DSI’s revelation came only after GSB auditors discovered that PCC had apparently used falsified documents to claim money. 

Under one contract signed with the Royal Thai Police Office, PCC was permitted to apply for a 600 million baht loan to use as a circulation fund for its construction work. It was required to submit a police committees report on building progress along with each loan request. 

The RTPO hired PCC to build the stations for a total of 5.848 billion baht. Construction was to take place between March 26, 2011, and June 15 of last year. It scrapped its contract and filed charges against the company early this year after paying out about 1.5 billion baht for the incomplete work.

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acquisition: the process of buying something; something that has been bought - การซื้อ, การได้มาซึ่งการเข้าถือสิทธิ์

alleged: claimed to be true although not yet proven; claimed to have done something wrong but not yet proven - ที่ถูกกล่าวหา

allegedly: claimed to have done something wrong, but not yet proven - ที่กล่าวหา

apparently: based only on what you have heard or think, not on what you are certain is true; seemingly - ตามที่ได้รู้มา

asset: something owned by a person, company etc., particularly money and property - ทรัพย์สิน

auditor: someone whose job is to officially examine the financial records of a company, organisation, or person to see that they are accurate - ผู้สอบบัญชี

authorise: to give official permission for something, or to give someone official permission to do something - ให้อำนาจ, มอบอำนาจ, ให้สิทธิ

average: an amount calculated by adding several amounts together, finding a total, and dividing the total by the number of amounts - เฉลี่ย, ค่าเฉลี่ย

cap: an upper limit on an amount of money that can be spent or borrowed - ขีดสูงสุด, ครอบ

collect: to gather together a group/set/amount of things, often of the same sort - สะสม, เก็บรวบรวม

commercial: for business purposes - เกี่ยวกับการค้า

committee: a group of people who are chosen, usually by a larger group, to make decisions or to deal with a particular subject - คณะกรรมการ

confirm: to state or show that something is definitely true or correct, especially by providing evidence - ยืนยัน

consecutive: following one after another in order and with nothing else in between - ที่ต่อเนื่องตามลำดับ

construction: the work of building or making something, especially buildings, bridges, etc. - การก่อสร้าง

contract: an official written agreement - สัญญา

contractor: a person or company whose job is to do work for another person, organisation, company, etc. - ผู้รับเหมา

direct: going straight to a place (not "going to other places first" which is "indirect") - ตรงไป, ไม่เบี่ยงเบน

discover: to find somebody/something, or learning about something that was not known about before - ค้นพบ

diversify: when a business or investor starts developing a wider range of products, markets, investments, etc. in order to be more successful or reduce risk - ทำหลายๆอย่าง, ทำให้แตกต่างกัน, ทำให้หลากหลาย, ทำให้เป็นหลายชนิด,ทำให้แตกต่างกัน. ลงทุนในรูปต่าง ๆ , ผลิตออกมาในรูปต่าง ๆ

document: a paper or set of papers with written or printed information, especially of an official type  - เอกสาร

enable: to make someone able to do something, or to make something possible - ทำให้เป็นไปได้

endorse: to support; to approve - รับรอง, เห็นชอบ

entitled: having the right to have or do something - มีสิทธิโดยชอบ

expand: to make or become larger - ขยาย เพิ่ม

explorer: a person who travels to unknown places in order to find out more about them - ผู้สำรวจ,นักสำรวจ,ผู้สำรวจตรวจค้น

fake: made to look like something real in order to trick people - ที่ทำปลอม

falsified: changed in order to deceive people - ปลอมแปลงเพื่อหลอกลวง

float: when something such as an exchange rate or interest rate is allowed to move up and down freely in response to market forces and government does not try to control it -

forge: to make illegal copies of something valuable, especially in order to earn money - ปลอมแปลง

forgery: the crime of making illegal copies of something valuable, especially in order to earn money - การปลอมแปลงเอกสาร

fraud: the crime of intentionally deceiving someone or cheating in order to gain an advantage or benefit - การฉ้อโกง การหลอกลวง เล่ห์เพทุบาย

fund: money provided for something - เงินทุน กองทุน

fund: to provide money for something - ให้เงินทุน

household: a group of people, often a family, who live together - ครัวเรือน

incomplete: not having everything that it should have; not finished or complete - ซึ่งไม่สมบูรณ์

inspect: to look at something carefully - ตรวจสอบ, ตรวจสอบอย่างละเอียด

investment: the act of investing money in something - การลงทุน

listed firm: a public company, i.e., a company that offers its shares to the public on a stock exchange - บริษัทมหาชน

local administration: local government -

low-income: earning little money - รายได้ต่ำ

maximum: the most possible - ที่สูงสุด ที่มากที่สุด

media: newspapers, television, radio, etc. - สื่อ

oil field: an area on land or in the office where there is a lot of oil and the rights to explore and get this oil belongs to some company -

permit: to allow someone to do something - อนุญาต, อนุมัติ, ยินยอม

petroleum: oil coming from the ground - น้ำมันปิโตรเลียม, น้ำมันดิบ, น้ำมันจากดิน

present: this time, happening now, happening currently - ปัจจุบันนี้

production: the process of making goods or materials, especially large quantities - การผลิต

progress: the process of developing or of getting nearer to achieving or completing something - ความคืบหน้า

project: a planned piece of work that is designed to find information about something, to produce something new, or to improve something - โครงการ

publicly: intending to be seen or heard by people in general - อย่างเปิดเผย

quarter: three months of the year on the official calendar of the government or companies -

rank: someone’s official position in the armed forces, police, fire services, etc. - ยศ, ตำแหน่ง

register: to put your name and other information on an official list in order to be allowed to do something, e.g., vote, study, stay in a hotel etc - ลงทะเบียน

report: to tell someone officially that something exists or happened - รายงาน

revelation: a previously unknown and often surprising piece of information - การเปิดเผย

revenue: income from taxes or business activities - รายได้

scheduled: planned to happen at a particular time or day - ตามตารางเวลา

scheme: a plan that is developed by a government or large organisation in order to provide a particular service for people - แผนการ โครงการ

sector: a part of a country’s economic or business activity - ภาค (เศรษฐกิจ)

signature: usually a person name written in a special way, but in this case a set of markings that are different from all others - ลายมือชื่อ

subsidise: to pay part of the costs of something - ให้ความช่วยเหลือด้านการเงิน

subsidy: an amount of money that a government or organisation pays to help to reduce the cost of a product or service - เงินชดเชยที่รัฐเป็นผู้จ่ายให้

task: something that you have to do - งาน, หน้าที่; ภารกิจ

task: to give someone a particular responsibility - ให้หน้าที่

transport: moving people or things from one place to another - การขนส่ง

vendors: people who sell things, e.g., food or newspapers, usually outside on the street - พ่อค้าแม่่ค้าหาบแร่แผงลอย

victim: someone who has been harmed, injured or killed as the result of a crime - เหยื่อผู้เคราะห์ร้าย

volume: an amount of something - ปริมาณ

withdraw: to take money out of a bank account - ถอนเงินจากธนาคาร

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