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Rice exports fall 63% in March
Thai rice exports in March fell 63 per cent year on year, as the government’s populist policy to raise farmers’ income undercut the grain’s price competitiveness on the world market, media reports said yesterday.
According to the Bank of Thailand’s latest economic data, rice exports reached 608,000 tonnes in February, down 27 per cent year-on-year, and 430,000 tonnes in March, down 63 per cent.
“It has become clear that we have lost price competitiveness in the world market, particularly during February and March,” senior bank director Mathee Supapongse said.
Thailand has been the world’s leading rice exporter for the past five decades, but is expected to lose its title to India or Vietnam this year as the government’s domestic price support policy goes into full effect. – DPA
Govt mulls US beef ban
Thailand, which bought less than 0.1 per cent of total US beef exports last year, may suspend imports from that country after the first case of mad-cow disease in six years, according to the US Meat Export Federation.
While Thailand has not “officially informed” Washington that it is suspending US access to its market, the Denver, Colorado-based federation informed its members that closure was a “strong possibility”, said Joe Schuele, a spokesman for the group.
“We’ve alerted our members that it’s a possibility that it will be closing,” Schuele said. “We’re not certain it’s going to happen. We would prefer to see people err on the side of caution. If you send product and the market closes while it’s in route, that can be a big problem.” – Bloomberg
Thai UOB’s default rating remains BBB+
Fitch Ratings has affirmed United Overseas Bank (Thai)’s long-term foreign-currency issuer default rating at “BBB+” and downgraded the bank’s viability rating to “bb+” from “bbb-”.
The national long-term rating has been affirmed at “AAA(tha)”. The outlook is stable.
UOB Thai’s ratings are primarily based on Singapore’s United Overseas Bank remaining the controlling shareholder. Given UOB’s reputation and resources, Fitch believes that there would be a high probability of shareholder support, if required.
The national rating reflects the agency’s view that Thailand’s foreign-ownership limit of 49 per cent is unlikely to prevent a capital injection by UOB if required, particularly in times of stress, to support its Thai subsidiary. – The Nation
Onyx to operate Doha hotel
Thailand-based Onyx Hospitality Group has been appointed by Gulf Trading and Contracting to operate a 120-room hotel in the Qatari capital Doha. The property is scheduled to open in September.
Located 15 minutes from Doha International Airport, the property boasts a prime position for exploring Doha’s historic and cultural sites, including the Islamic Art Centre and Souk Waqif, ranked No 1 of things to do in Doha by Lonely Planet readers.
“This project will be the first Amari property in the Middle East,” said Peter Henley, Onyx president and CEO.
“It is a significant milestone for us. Amari Doha will provide genuine Asian hospitality with a modern twist,” he said. – The Nation
