Briefs

PTT Exploration and Production has been fined 510,000 Australian dollars (Bt16.5 million) for the 2009 fire at its Montara field off the coast of Australia.

In a statement to the Stock Exchange of Thailand, PTTEP president and CEO Tevin Vongvanich said the company’s wholly owned subsidiary PTTEP Australasia (Ashmore Cartier) pleaded guilty to four charges brought by the National Offshore Petroleum Safety and Environmental Management Authority in relation to non-compliance with regulations regarding the Montara incident. PTTEP (Australasia), which owns PTTEP Australia (Ashmore Cartier), appeared in the Darwin Magistrates Court on Thursday August 30 and the sentence was delivered yesterday.

"The amount is within the provision that has already been set up in the 2009 financial statements," Tevin said in the statement.

BAAC budgets Bt405

Under the government price-pledging scheme, the Bank for Agriculture and Agricultural Cooperatives has set up a budget of Bt405 billion for the 2012-13 rice harvest season.

The bank aims to finance 25 million tonnes of paddy rice, of which 15 million tonnes is the second crop and the remainder the main crop. The new pledging scheme will start in October to serve the main crop.

For last year’s project, the bank spent Bt270 billion to finance 17 million tonnes of paddy rice, comprising 10 million tonnes from the second crop and the rest from the main crop.

In addition, the bank has to finance the pledging programme for cassava, which spent Bt27.8 billion to subsidise 9.73 million tonnes from February to the end of June.

New Asean+6 deal

Asean countries have agreed that at the leaders’ summit in November they will announce a "Regional Comprehensive Economic Partnership" (RCEP) with the bloc’s six main partners, Commerce Minister Boonsong Teriyaphirom said yesterday from Siem Riep, Cambodia, during the Asean Economic Ministers’ Meeting.

Those six partners are China, South Korea, Japan, India, Australia and New Zealand.

The RCEP is intended to expand trade, investment and services among Asean+6.

The ministers hope to start talks on RCEP by next year with hopes of completing the partnership by 2015 when the Asean Economic Community is fully implemented.

"The RCEP is a big trade agreement among 16 countries with a combined economic value of US$171 trillion," Boonsong said. He added that Thailand’s trade value with RCEP countries was $255 billion (Bt8 trillion), accounting for 56 per cent the Kingdom’s total.

A report by Thailand Development Research Institute said the RCEP would increase Thailand’s gross domestic product by 4.03 per cent.

Goods that will benefit from this regional partnership include vegetables, processed fruits and foods, electrical appliances and electronic equipment, car parts, rubber and plastic.

SET Connect set for

The Stock Exchange of Thailand has completed the development of its new securities trading system, SET Connect, for deployment on Monday.

SET Connect can support the launches of domestic and international financial products. It also upgrades the Thai capital market to meet international standards, while enabling global connectivity.

JPMorgan names

JPMorgan says it has named Kamoltas Nalinthrangkurn as head of treasury services and Sunti Ninsuvannakul as head of global corporate banking in Thailand, reflecting its continued focus on corporate and institutional clients in the Kingdom.

BAM appoints presi

Bangkok Commercial Asset Management Co’s board appointed Krit Sesavej as president. He replaces Sumate Maneewattana, who retires today. – The Nation