ENERGY
East and Southeast Asian nations should collaborate to secure oil stockpiles to strengthen their negotiating power with oil-exporting countries, says Asean secretary-general Surin Pitsuwan.
Thai shares gained 4.29% on the back of heavy retail buying in energy and bank blue-chips even as most Asian markets closed mixed yesterday.
EXECUTIVE Q&A
Hemaraj Land and Development Plc, currently celebrating its 20th anniversary, is Thailand's largest developer of industrial estates and related utilities, property and customer services. Its portfolio includes six industrial estates covering 31,000 rai, with 382 customers including 126 automotive companies that represent investments totalling US$14 billion and employ some 65,000 people directly. David R. Nardone, the company's president and CEO, discusses the business and economic outlook in today's Executive Q&A.
FOOD PROCESSING
Thai Union Frozen Products Plc (TUF), the country's largest processor and exporter of canned and frozen seafood, has raised its 2008 sales target to over US$2 billion from an earlier target of $1.8 billion.
ECONOMY
The Bank of Thailand must have independence in conducting monetary policy, according to deputy governor Atchana Waiquamdee. She reaffirmed that the central bank's focus was on stabilising prices rather than economic growth.
ECO CAFE'
Inflation is of increasing concern around the world. Investors are waking up to the fact that rising living costs will erode the purchasing power of their savings. For investors, inflation is no doubt their number one enemy. Some analysts even say that depositors or bondholders look at inflation the way Superman looks at kryptonite.
Monetary and fiscal policies must go together if the economy is to move forward, according to deputy finance minister Suchart Thadathamrongvej.
Earnings growth this year by listed companies is projected at 21.3%, based on a baseline forecast for economic growth of 5%, according to the Securities Analysts Association.
SVI Plc, a SET-listed electronics parts maker, plans to invest up to 750 million baht this year and next to expand its production capacity as part of its plan to achieve total revenue of eight billion baht next year.
The Emporium will hold a high-end home and condominium fair from Aug 22 to Sept 2. Participants at The Emporium Lifestyle Home and Residences exhibition will include Hua Hin Blue Lagoon, Hyde Park, Ideal 24, Millennium Residence, Musselana Beachfront Boutique Condominium, Ocean Portofino, Supalai Casa Riva, The BayCliff Patong, The Pano, The Urban Pattaya, The Vimanlay, Villa Arcadia Srinakarin, Villa Arcadia Watcharapol and Vincente.
MORTGAGES
The Government Housing Bank (GH Bank) plans to adjust requirements for low-income earners who want to apply for its special fixed interest rates.
FOODS
Retail prices of ready-to-drink UHT and pasteurised milk are likely to increase by between one and 3.75 baht depending on size and packaging, following a recent increase in the prices paid to dairy farmers for raw milk. The Commerce Ministry is expected to finalise the prices today, based on the recommendations made at a meeting yesterday by a sub-committee in charge of dairy products chaired by Yanyong Phuangrach, the director-general of the Internal Trade Department.
TECHNOLOGY
One To One Contacts Co, a unit of Samart Corporation, is capitalising on the growing practice of downsizing and outsourcing by large businesses by expanding into business process outsourcing (BPO) management service, aiming to double revenue to one billion baht by 2010.
After building its brand in the domestic market for more than four decades, Grand Sport Group, a producer of sports apparel and equipment, is setting its sight to become a regional brand of athletic apparel.
MINING
Former industry minister Suwit Khunkitti quietly approved iron ore exploration licences in three provinces for Nawakun Mining, a wholly owned subsidiary of Australia's Oxiana Ltd, a few days before he left office.
AGRICULTURE
Rice exports from Thailand might fall next year to between eight and 8.5 million tonnes as India, one of the leading rice exporters, is expected to lift bans late this year on exports of non-basmati rice due to rising supply.
MEDIA
Grammy Group, the country's largest entertainment company in term of sales, will move toward satellite TV as a content provider by the next quarter, according to chairman Paiboon Damrongchaitham.
IN Brief
COMMODITIES :Shares of Thai Vegetable Oil Plc (TVO), the country's biggest soybean importer, gained the most in almost five years yesterday on speculation that recent declines were overdone and the stock is cheap compared with projected profit.
IN Brief
COMMUNICATIONS :Hutchison CAT Wireless Multimedia has halved its customer growth target to 10% due to the economic slowdown, high inflation and oil prices.
