|
Rubber growers seek help from PM after sharp fall in prices
Rubber planters from the south, including more than 80 major commercial
rubber growers and suppliers, were expected to descend on Bangkok this week
to demand urgent assistance from Prime Minister Somchai Wongsawat in the
wake of a severe drop in the price of rubber.
Federation of Rubber Planters Association of Thailand president Somsak
Pongpantarak said he had decided to bring the rubber growers to Bangkok to
request that the prime minister assist in shoring up rubber prices and
helping the growers.
He said five measures aimed at controlling rubber supply were proposed by a
group of rubber farmer cooperatives last Friday to the Agriculture and
Cooperatives Ministry’s Rubber Replanting Aid Fund. The question of slowing
latex tapping to reduce output between next month and next April said was
not possible he said because growers have already invested significant
amounts of money.
Thailand is the world’s biggest rubber exporter, and both demand and prices
are sinking. Somsak suggested the government should play a larger role in
issuing measures to help rubber growers.
The price of rubber sheet at the central rubber market in the southern
district of Hat Yai last Friday had increased slightly to Bt49.09 from
Bt48.89 per kg on Thursday.
Meanwhile, Prapas Uanontouch, president of Nakhon Si Thammarat Industry,
said the sharp declines in rubber prices were a result of the sluggish world
economy and financial crisis in the US.
China, the major importer of Thai rubber, has also slowed buying rubber from
this country, said Prapas. He said Thai rubber exporters should speed
negotiations with Chinese importers in order to help the rubber industry
survive. (TNA)
Thailand asks Singapore
to cooperate to curb crisis
Deputy Prime Minister Olarn Chaiprawat last Thursday met with
Singapore’s ambassador to Thailand and discussed ways in which the two countries
could work together to reduce the impact of the current international financial
crisis.
Speaking after a meeting with Singapore Ambassador Peter Chan Cher Hing, Olarn
said that he expressed keen interest in the Singapore Stock Exchange and wanted
to see bilateral cooperation between the two countries for the sake of the
transfer and exchange of knowledge needed for the development of the capital
market.
Deputy Prime Minister Olarn told the Singapore envoy of the Thai government’s
six new measures to protect Thailand from the impact of the global financial
crisis.
Included are the further development of Thailand’s capital market, expansion of
opportunities for domestic and regional investors to buy stocks at much
discounted prices with high returns, export and tourism promotion, strengthening
the domestic economy through loan growth and speeding investment in metropolitan
Bangkok’s mega-projects.
In response to Thailand’s proffered confidence, the Singapore minister offered
the view that Thailand must more effectively boost confidence among investors in
the country’s tangled political and economic situation. (TNA)
BoT, Bangkok’s bankers assess
impact of global economic crisis
Executives from Thailand’s central bank and from the country’s private banks
met over three days last week in response to a Bank of Thailand (BoT)
initiative to assess the impact of the global financial crisis on Thailand’s
banking system, according to a top central bank official.
Sorasith Sunthor, BoT assistant governor in charge of financial institutions
supervision, said the central bank met with top executives of major banks
last Wednesday, including Bangkok Bank, Krung Thai Bank, Siam Commercial
Bank, and the Kasikorn Bank, to discuss details of overseas investment and
the possible impacts of the world financial crisis on their status.
He said the central bank was informed of the real situation of each bank and
the BoT also asked about each bank’s contingency plans for responding to the
global financial institutions crisis.
Last Thursday and Friday the BoT also met with top executives from mid-sized
and smaller banks banks, including the Bank of Ayudhya, TMB Bank, Siam City
Bank, and Thanachart Bank, Standard Chartered Bank, UOB Bank, Tisco Bank,
Kiatnakin, and BankThai.
“The discussions were held in respective groups because each bank has been
impacted differently in terms of its financial position, operating
performance, and other factors,” said Sorasith.
The BoT officer said he discussed with bank executives and was assured that
Thai commercial banks had not yet been adversely by the global financial
meltdown.
At the same time, liquidity in Thailand’s financial system remained
sufficient, so the central bank need not adopt emergency measures to stave
off the crisis, he said. (TNA)
British Chamber
promotes Thailand in UK
The British Chamber of Commerce Thailand (BCCT) has just
completed a successful UK roadshow of ‘business to business’ seminars under its
‘Thailand Means Business 2008’ programme. BCCT’s two main messages to British
companies are that business succeeds in Thailand despite political uncertainty
and Thailand has been, and remains, a good destination for British investment.
BCCT visited London, Birmingham, Newport (South Wales) and Manchester. While the
timing was not ideal each seminar was well attended. BCCT Chairman Rodney Bain
says, “I believe that BCCT over-achieved considering the circumstances both in
Thailand and globally. British business appeared to accept our central messages
and appreciated a frank assessment of the many opportunities that exist in
Thailand balanced by some of the challenges”.
The ‘Thailand Means Business 2008’ roadshow was sponsored by Mayer Brown JSM, CB
Richard Ellis, Property Care Services and Bangkok Bank with support from British
Airways and UK Trade & Investment. The speakers at each event were: BCCT
Chairman Rodney Bain, BCCT Executive Director Greg Watkins, Mayer Brown JSM
Managing Partner Gary Biesty, CB Richard Ellis Executive Director James Pitchon,
Bangkok Bank Advisor Vongthip Chumpani and Thailand Board of Investment (BOI)
Paris Office Director Pannee Chengsutta.
Rodney Bain continues, “It was a great pleasure to work so closely with Bangkok
Bank and the Board of Investment. This and the fact that the four expatriate
speakers have lived and worked in Thailand for a combined total of 75 years
added much credibility to the messages conveyed to British business. The
seminars clearly demonstrated that by working together in partnership, the UK
and Thailand can achieve much success.”
Bain concludes, “‘Thailand Means Business 2008’ was launched in support of
BCCT’s mission – To serve the needs and promote the development of British
business in Thailand and as ‘Partners in Progress’ contribute directly to
Thailand’s economic advancement - and the Government’s objective of making
Thailand the preferred destination for foreign investment in Asia.”
Founded in 1946, the British Chamber of Commerce Thailand (BCCT) is the oldest
foreign chamber and the largest non-Asian foreign chamber in Thailand. In
addition, it is the largest and oldest British Chamber in Asia. In 2007 BCCT
achieved a record membership of more than 660 companies with over 2,000 named
representatives and 200,000 employees covering a broad cross-section of business
interests in Thailand. Membership, which is open to companies of all
nationalities and sizes, has increased by 86% since 1996.
For further information call BCCT Executive Director Greg Watkins on Tel. 0 2651
5350-3 or email: [email protected]
|
