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Cash Converters opens in Pattaya
The renowned second-hand center, Cash Converters
officially opened on the second floor of Carrefour Department Store after 3
months of pre-launch promotion.
 The
hundreds of people who turned up for Cash Converters’ grand opening almost
caused chaos, but Cash Converters’ manager Simon Hirst made sure
everything was kept under control.
Thousands of people waited outside the store from early
morning to be the first to view the various items on sale, which almost led
to chaos, but luckily all were under control. Cash Converters’ manager
Simon Hirst managed the long-awaited event.
Various products on sale included TV sets, Hi-fi systems,
accessories, musical instruments, electrical appliances and gadgets, mobile
phones, cameras, video cameras, car audio systems, VCD, DVD players, CDs,
and more.
Cash Converters is the world’s largest second hand
outlet with 500 branches in 23 countries. The branch in Thailand is the
ninth in Asia and the third in Thailand.
Halal food industrial estate to
be set up in southern region
Thailand is planning to open a halal food industrial
estate, the first of its kind in the country, in kingdom’s southern
region. The food estate will most likely be set up in Pattani Province. Food
consumed by Muslims requires special production and handling methods which
conform to religious regulations.
Damrong Chaiyavanont, Chairman of the Pattani Chamber of
Commerce, told reporters that a private firm, Matani Industrial Co., had
proposed to set up the halal food industrial estate in Panare District in
Pattani. “The Pattani Chamber of Commerce has helped submit the proposal
to the government, and is expected to know the result by next month”,
Damrong said.
If the proposed plan is approved, it is expected to help
improve economic conditions of the three southern border provinces, as it is
anticipated to attract a number of investors from Malaysia, Indonesian,
Brunei, and even Bangkok, according to Damrong. (TNA)
NPLs currently stand at more than 600 billion baht
Non-performing loans (NPLs) held in the financial
institution system stand at more than 600 billion baht, or 12.84%, of total
outstanding loans at current, with the main portion incurred by private
banks, according to the Bank of Thailand (BOT).
At the end of January 2004, NPLs in the system totaled
619.32 billion baht. Of this, 591.04 billion baht, or 13.48%, of the
outstanding loans was held by local banks, and 28.28 billion, or 6.4%, by
foreign banks.
NPLs held by state banks totaled 95.76 billion baht, as
those held by finance companies and credit fanciers stood at 22.25 billion
and 431 million. The central bank reported most NPLs had been already
transferred to assets management corporations.
NPLs, which remained unsettled from the
debt-restructuring process, totaled 444.56 million baht as at the end of
January. Of this, 40.95 million baht was held by private banks, 388.59
million by state banks, and 15.02 million by finance companies. (TNA)
Village irrigation schemes
to get government funding
The government is set to allocate 455 million baht for
village irrigation schemes this year as part of its policy of eliminating
drought within the next six years.
Director-General of the Department of Water Resources
Surachai Sasisuwann warned that this year’s dry season could see severe
droughts across the country. Surachai said that the department would seek
out water storage facilities for villages across the country, to ensure that
all villages had sufficient water for consumption.
Two of Thailand’s major dams - Bhumibol and Sirikit -
are only 80 percent full at present, while population increases are putting
a major strain on the nation’s water resources.
A recent meeting of the National Water Resources
Commission to prepare for this year’s water crisis approved the budget of
455 million baht to pay for 169 irrigation schemes across the country.
The government of Prime Minister Thaksin Shinawatra has
put drought at the top of its political agenda, and has pledged that
problems associated with drought will be successfully dealt with over the
next six years. (TNA)
Singapore Property Show finally gets go ahead
The first Singapore, Phuket and Samui Property exhibition
will be held from Friday, March 5 to Sunday March 7.
This year, the exhibition will also introduce properties
from the Pattaya and the Eastern Seaboard region.
 The
first Singapore, Phuket and Samui Property exhibition will be held from
Friday, March 5 to Sunday March 7, and this year, the exhibition will
introduce properties from the Pattaya and the Eastern Seaboard region.
The exhibition will still give exhibitors benefit from
the 2004 selling season and will precede the two week Easter holiday period.
Originally delayed due to the SARS outbreak, the new
venue for the exhibition will be the prestigious Raffles City Convention
Centre in the Swissotel The Stamford Singapore, a Raffles International
Hotel.
The venue is ideally located in Singapore with an MRT
station, parking and all the facilities of Raffles Plaza and major
restaurants and shopping centres right on the spot.
Although confirmation of the venue has come quite late,
all advertising and marketing will be in place. “It has been very
difficult to confirm a venue in Singapore,” says exhibition director,
Graham Doven. “The long period of SARS caused massive cancellations, and
created a huge back log of weddings and business functions.”
“We have been under constant pressure from many major
developers in Phuket and Samui to get to Singapore, which has shown a strong
growth over the last year, so we can’t afford to let the opportunity pass,
especially in such a good venue.”
The Singapore exhibition will be the first on the
calendar for 2004, with events planned for Almaty, Kazakhstan, a fast
growing market of expats, Dubai, Shanghai, Moscow, Bangkok and Hong Kong.
The last two Hong Kong exhibitions were very successful
with the 2003 event generating over 200 million baht in contracts signed at
the show.
Immediate details of the Singapore exhibition can be
obtained by calling Graham Doven on 01 897 0225. Detailed information on the
website will be available shortly.
MOC launches Thailand Marketplace
The Ministry of Commerce (MOC) is teaming up with the
private sector to launch ‘Thailand Marketplace’ as a way of penetrating
foreign markets and boosting Thai exports, according to Deputy Commerce
Minister Pongsak Ruktapongpisal.
The strategic offensive is designed in accord with the
government’s policy of promoting the global competitive ability of
Thailand’s small and medium-sized enterprises (SMEs).
Noting that SMEs accounted for over 80 percent of Thai
manufacturers, Pongsak said, “The Marketplace was designed to create new
marketing channels for Thai goods, as well as expand existing ones and will
act as a one-stop service for entrepreneurs, focusing on cooperation between
foreign markets and Thai SMEs.”
“The key to this cooperation will be marketing
administration through the strategic use of information technology and
training in administration, finance and publicity. The project will boost
the recognition of Thai goods abroad, while promoting sustainable export
growth. The initial target markets will be China, India, the Middle East,
the Association of Southeast Asian Nations (ASEAN) and Europe,” Pongsak
said.
The scheme will also integrate with the government’s
policy of transforming Thailand into a ‘global kitchen’, with a focus on
food products, Thai restaurants, tableware. Other target products will
include spa products, cosmetics, the service sector, fashion, construction
materials, furniture, gifts, automobile components and One Tambon One
Product (OTOP) goods.
Ponsak forecast that over the next five years, the
Marketplace scheme could be set up in 500 locations, helping to create
50,000 new businesses and generating as much as 500 billion baht. (TNA)
Thai herbal products developed for patent registration
Khon Kaen University has developed herbal products in the
northeastern region for commercial purpose and to apply for a patent on the
products. Dean of the Faculty of Pharmaceutical, Khon Kaen University
Bong-orn Sripanichkulchai said that the establishment of the herb
development center in 2002 was aimed at preserving Thai traditional remedies
from medicinal properties in herbs and conducting the comprehensive research
studies to develop Thai herbal products to meet increasing demand in the
local and global markets.
Bong-orn said that the center would also assist in the natural resource
management and technological transfer to local communities. The natural
products which have been already developed for use include oral hygiene
products and skin care products made from locally-grown herbs such as Aloe
Vera, Tiger Herbal, Siamese Rough Bush, and Turmeric, she said. (TNA)
Higher rates will
attract foreign capital
The Bank of Thailand (BOT) said it will set a policy that
would see local interest rates staying slightly higher than those in foreign
currency markets in a move to attract foreign capital into the country and
boost local economic growth.
BOT’s Governor Pridiyathorn Devakula said, “The
continued appreciation trend of the baht against the US dollar can be
attributed to Thailand’s improved economic fundamentals. The BOT wants
domestic interest rates to stay higher than those in foreign currency markets
in order to continue the influx of foreign capital into the country. Part of
the foreign capital will be invested in the Stock Exchange of Thailand
(SET).”
Commenting on the baht’s direction, Pridiyathorn said,
“The baht is likely to make further gains against the US dollar due to
Thailand’s continued economic advances. I expect local economic expansion
this year to be higher than in 2003, with private investment being the driving
factor.”
Pridiyathorn said domestic spending still has room to grow and forecasted
high growth in Thailand’s export sector. “However, we may not see the 15
percent growth of last year’s high due to a slight reduction in shipments of
Thai products to the nation’s the country’s major export markets such as
China, United States, the European Union and Japan,” he said. (TNA)
Chonburi Tourist Visa cards now on sale
Triple-pricing now in effect?
Suchada Tupchai
In an effort to boost local tourism, the Chonburi Attraction
Club has joined forces with the Tourist Authority of Thailand (TAT) to offer a
20% to 40% discount on gate charges via a scheme called the Chonburi Tourist
Visa Card. The promotion is aimed at encouraging Thais to visit the province’s
many tourist attractions. The card is only available to Thai nationals.
 Niti
Kongrut, TAT Central Region 3 director talks about the Chonburi Tourist Visa.
According to Dr. Pichai Sonjaeng, president of the Chonburi
Attraction Club and director of the Bangsaen Institute of Marine Science,
Burapha University, the idea was raised approximately 6 months ago and became a
reality this February. Cards are now on sale at 100 baht each.
A total of 20,000 cards have been printed with over 7,000
being sold. The card enables visitors to save up to 2,000 baht per day on gate
charges at 16 destinations, including Underwater World, World Gems Collections,
Jems Gallery Pattaya, Ripley’s Believe or Not! Museum, the Bottle Museum, Khao
Kheow Open Zoo, Million Years Stone Park & Crocodile Farm, Romance of the
Three Kingdoms, Nong Nooch Gardens, Mini-Siam, Sriracha Tiger Zoo, Chonburi
Flying Club, Tiffany Show, Sattahip Butterfly Farm, The Sanctuary of Truth and
the Bangsaen Institute of Marine Science, Burapha University.
Niti Kongrut, TAT Central Region 3 director said, “It is
entirely the idea of the Chonburi Attraction Club and is a definite plus in
attracting more local visitors to the province, especially for couples and
families.”
The cards are valid until the end of the year and are
available at three locations: TAT Central Region 3 Office on Pratamnak Hill,
Romance of the Three Kingdoms theme park and the Bangsaen Institute of Marine
Science, Burapha University. The TAT is currently running a public relations
campaign to promote the card. Further details are available by calling
038-428750 or 038-427667.
Singapore slashes tax 50 percent
Thailand’s dream of becoming a regional energy hub has
sparked region-wide competition, with Singapore announcing a 50 percent cut
in its corporate income tax in a bid to maintain its market share.
According to Chavalit Sethameteekul, Director-General of
the Customs Department, rumors from Thai companies suggest that since
Thailand’s launching of its Sriracha oil center, Singapore has banned its
businesses from providing Thailand with any in-depth information concerning
oil and its related industries.
At the same time, Singapore has slashed its corporate
income tax from 10 percent to only 5 percent, following the Thai cabinet’s
decision to cut corporate income tax from 30 percent to 10 percent for oil
companies within the Sriracha zone.
Chavalit expressed confidence that the launch of Thailand
as a regional oil hub would also help solve the problem of the illegal oil
trade. With the hub in operation, the prices of oil produced and distributed
domestically would fall to the level of oil from Singapore and Malaysia, he
said.
However, the government denied that it might follow
Singapore’s move in reducing corporate income tax to 5 percent, with a
senior energy ministry official noting that the government had only just
announced the cut to 10 percent. (TNA)
Fuel price peg expected to be lifted in mid 2004
The government is expected to lift its imposed ceiling on
retail gasoline prices in the domestic market in mid 2004, from its earlier
plan in March. Praset Bunsumpun, a top executive of PTT Public Company
Limited, (PTT), said that it is likely that the government will lift the
current peg on domestic fuel prices when oil prices in the world market are
expected to drop to around US$30 a barrel.
“When a recent agreement of the Organization of
Petroleum Exporting Countries to cut its oil production by 2.5 million
barrels a day takes effect on 1 April, oil prices will eventually begin to
drop due to decreased demand in the summer,” said Praset.
The government stepped in to curb soaring gas prices in
the domestic market on 10 January, and so far, the government’s oil fund
has spent about 2.0 billion baht to shoulder the pegged fuel prices,
according to Praset. (TNA)
SET fluctuation stems from ambiguity, says PM
Prime Minister Thaksin Shinawatra recently conceded that
the ongoing volatility in the Stock Exchange of Thailand (SET) stemmed from
ambiguity in net settlement rules, brokerage commission liberalization, and
tax reduction extension.
He said the outbreak of an avian influenza was not a key
issue eroding investors’ confidence in the stock market now because it had
been absorbed by investors.
“Actually, there were three main issues shaking
investors’ confidence at the moment. First, the liberalization of
brokerage commission fees remains equivocal. In my view, the fees should be
determined in both minimum and maximum rates, not be liberalized. Second,
the measure to encourage companies to list on the stock market by reducing
income taxes to 5 percent will end on September 5. Finally, net settlement
rules initiated by the Stock and Exchange Commission late last year remain
ambiguous in terms of implementation,” said Thaksin.
The Thai leader said the government would step up efforts
to make it clear on the three issues. He said the Security and Exchange
Commission (SEC) had been instructed to closely monitor speculative trading,
adding that while speculation was usual in the capital market, control was
still needed to ensure the stability of the market. (TNA)
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