Bualuang launches IPO for gold fund

The fund will invest in 96.5-per-cent gold bars and be listed in the Stock Exchange of Thailand. Its initial public offering opened yesterday and closes on October 20.
The fund aims to meet the global demand for gold as the central bank's international reserves due to unclear resolution to the eurozone's debt crisis and slowing US economy.
YLG Bullion International forecasts the gold price will rise to $2,200 (Bt66,000) an ounce in the next six months.

Thai Life reports 13% growth
Thai Life Insurance reported that its new business operations grew 13 per cent to Bt6.16 billion during the first nine months this year despite the flood crisis.
In the same period, the company also reported that total premiums rose 11 per cent to Bt26.22 billion, of which renewal premiums accounted for Bt20.05 billion, up by 10 per cent.
Apirak Thaipatanagul, director and chief executive officer of the company, said the growing business reflected people’s worries about risk coverage. In addition, consumer are more concerned on their security amidst economic slowdown.
To help alleviate the burden of policyholders during the floods, the company has also extended the payment period of premiums to 91 days depending on the insurance coverage. The company also provides other services to facilitate policyholders whoever have been affected from floods.

108 bank branches
suspend operations

Effective yesterday, 108 bank branches temporarily suspended services, 56 of them in Ayutthaya.
The Bank of Thailand said 31 branches in Nakhon Sawan, 15 in Pathum Thani, two in Sing Buri and one each in Chai Nat, Nonthaburi, Lop Buri and Bangkok (Krung Thai Bank’s Lat Krabang Branch) also shut operations.
On Thursday, only 9 bank branches in Pathum Thani were closed.