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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Thai bakery chain pulls cookies after melamine reports

asia.news.yahoo.com — Thai restaurant and bakery S&P said on Tuesday it was withdrawing a line of milk cookies sold in Thailand after reports that Swiss officials had found traces of melamine in the biscuits. "I have pulled our milk cookies from sale and will submit them for inspection," Vitoon Sila-on, vice-president for business development at S&P Syndicate, told TPBS TV. Thai newspapers reported that Swiss authorities had pulled the S&P milk cookies, as well as other products from China and Sri Lanka, after tests showed they were tainted by melamine. Products made with tainted Chinese milk have been pulled off shelves worldwide in a widening health scandal after the industrial chemical melamine was found in milk and milk formula. read more...

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Export shock: Trade deficit hits $675 mln

bangkokpost.com — Thai exports grew 15.5 per cent in August, the slowest performance this year, while imports were up 26.9 per cent, leaving the kingdom with a $675 million trade deficit, the Bank of Thailand said Tuesday. The value of Thailand's exports totaled $15.79 billion, up 15.5 per cent from August 2007, the central bank said. The rise was lower than July's 44-per-cent jump. The export slowdown was led by declines in rice shipments and prices while rubber exports also dropped in volume, the bank said. read more...

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Thai market falls on US bailout uncertainty

bangkokpost.com — Shares on the Stock Exchange of Thailand shed 2.86 per cent of their value on Monday as investors remained uncertain about the global outlook despite the proposed US $700 billion bailout. The SET index ended at 601.29, down 17.68 points of 2.86 per cent. "Investors are worried that the US Congress' $700 billion bailout will not be enough to cover the US banks' total outstanding debt, and now there are signs that the European banks are also in trouble," said Porranee Thongyen, a stock analyst at Asia Plus Securities. (dpa) read more...

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