Thai shares up 4.5 per cent on good news

nationmultimedia.com — Thai shares jumped 4.5 per cent in value Monday on a combination of good news on both the international and domestic fronts. The Stock Exchange of Thailand (SET) index ended at 410.58, up 17.71 points or 4.17 per cent. "Investors came back to the market because of two bits of good news," said Mongkol Phuangphaetha, an analyst at Adkinsons Securities. read more...

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Hat Yai businesses closed

nationmultimedia.com — Most businesses in the South's commercial hub, Hat Yai town, shut down Monday to avoid imminent flooding damage. Heavy rain has pelted over Nakhon Hat Yai Municipality area during the past few days. "We have closed our business for one day to facilitate moving our products to higher grounds," Songkhla Chamber of Commerce chief advisor Boonchuay Jangsiriwattanathamrong said Monday. According to his estimate, the one-day closing means between Bt40million and Bt50million in lost opportunities. read more...

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GM to temporarily stop production at Thai plant

examiner.com — Ailing U.S. automaker General Motors Corp. (GM, News) said Thursday it will stop production at its Thai plant for up to two months, joining other global vehicle manufacturers in cutting production as the global downturn hits sales. The truck assembly line at the plant in the eastern seaboard province of Rayong will close for one month from mid-December while the passenger car assembly line will shut for two months from late November, said Chartchai Suwanasevok, director of public relations at GM Thailand. The Rayong plant, which has annual capacity of 130,000 vehicles, produces one-ton pickup trucks, compacts and sedans for export and the local market. Production last year was about 100,000 vehicles, mostly pickup trucks, and totals 93,000 units so far this year. read more...

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Deputy PM Olarn sees government's six measures lifting GDP by 4% in 20

enews.mcot.net — Thailand's Deputy Prime Minister Olarn Chaipravat expressed confidence that the six economic stimulus measures being planned by the government will make the Thai economy grow by 4 per cent and exports expand by 5 per cent in 2009 amid global economic gloom. Speaking at a seminar on the outlook for Thai agricultural products during global recession on Saturday, Dr. Olarn described the government's package of six economic stimulus measures as a perfect prescription for the Thai economy to grow at least 4 per cent next year – against a general prediction of 2-3 per cent which takes into account the impact of the global recession. The package of economic stimulus consists of help for the capital market, credit liquidity injection for state-owned banks; the quick disbursement of budgeted public expenditures; export and tourism promotion, spending on mega-projects and formation of an Asia-wide contingency fund. read more...

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Bank of Thailand advised to cut interest rates

enews.mcot.net — Citing fears of a possible Thai economic recession due to global downturn, members of the Thai private sector urged the Bank of Thailand (BoT) to further lower interest rates. Federation of Thai Industries president Santi Vilassakdanont expressed grave concern over the outlook of the Thai economy in 2009, as it must battle both global recession and domestic political crisis which erodes consumer and investor confidence. Mr. Santi said the economic stimulus planned by the government are good but not adequate, in light of the fact that consumption and investment still show signs of sliding. To enable Thailand to ride out of the storm, Mr. Santi said the Bank of Thailand should cut interest rates by at least another 0.5 per cent to complement other economic stimuli. read more...

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SET views matching fund as tonic

bangkokpost.com — The Stock Exchange of Thailand hopes to finalise plans for its new 8.25-billion-baht matching fund programme sometime next week. Officials hope that the matching funds, involving capital from the SET, listed companies, private investors and financial institutions, can help support the ailing equity market, which has seen lost more than half its value this year due to the global financial crisis. Vichate Tantiwanich, a SET executive vice-president, said the new matching funds would offer greater flexibility than an earlier programme involving local asset management companies. read more...

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Cabinet approves bank deposit guarantees till 2011

bangkokpost.com — In an attempt to shore up bank depositors confidence amid the global financial crisis, which originated in the US and spread to Europe, the cabinet on Tuesday gave the green light to extend full guarantees for bank deposits by another two years until August 10, 2011, Finance Minister Suchart Thada-Thamrongvech said. Tuesday's cabinet decision is in response to the worldwide credit crunch which has left countries with a shortage of funds and at least some panicked investors, who fear that their money will not be safe in banks. In August this year, Thailand approved the guaranteeing of all banking deposits for one year, or until August 2009, and a decreasing proportion of deposits for three years thereafter, with a maximum of Bt1 million per customer per account from 2012 onwards. read more...

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Thaibev's listing hinges on extent of opposition

nationmultimedia.com — Thai Beverages, the country's largest alcoholic drinks company, is likely to face a weaker opposition to its new stock listing plan on the local bourse, given that its most powerful opponent, Maj General Chamlong Srimuang, is now preoccupied with unseating the government. In 2006, the firm, producer of Sangsom, Mekhong and Chang beer, aborted its listing plan on the Stock Exchange of Thailand following strong local opposition led by Chamlong. Afterwards, its shares were instead listed on the Singapore bourse. Last week, it re-applied for a dual listing of its shares on both the Singapore and Thai markets. Chamlong said he would not personally lead the opposition to Thai Bev's listing this time due to his unfinished business at Government House where the anti-government People's Alliance for Democracy has camped out since late August to pressure the Somchai government to step down. He noted that other Buddhist and anti-alcoholic beverage groups would continue to oppose the ThaiBev bid. read more...

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