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Special interest rates on fixed deposits
Bangkok Bank yesterday announced a special fixed-deposit account offering interest rates of 2.5 per cent per annum for a four-month term, 2.75 per cent for a 10-month term, and 3 per cent for a 15-month term. The minimum opening amount is Bt200,000 and the offer is available from now to July 11.
Tisco Bank launched an eight-month fixed-deposit product offering 3.25 per cent interest for new customers who deposit between Bt500,000 and Bt10 million.
Bt2 bn premiums targeted
Tokio Marine Life Insurance (Thailand) targets gross premiums of Bt2 billion this year after it saw premiums from its agencies in the first five months of Bt537 million, up by 42 per cent year on year, mainly because of pension plans.
The company has launched two new insurance products, “whole life” with longer payment terms and “early critical illness care”, to help boost premiums during the rest of the year.
Thai heads Worldcom unit
Worldcom Public Relations Group, a global partnership of independently owned PR firms, has announced that Mae Maneekulpan, partner at TQPR Thailand in Bangkok, was elected chairwoman of the group’s Asia-Pacific regional board of directors.
Also elected were Cindy Payne of Asia-Pacific Connections in Singapore as past chairwoman and treasurer, Gina Lee of PRN in Seoul as recruitment chairwoman, Niall Dologhan of TQPR Malaysia in Kuala Lumpur as secretary, and Caren Dunn of Wrights PR in Sydney as marketing chairwoman. Mae and Payne also serve on Worldcom’s group board of directors.
Worldcom global chairwoman Stephanie Paul, managing director of Phillips Group in Brisbane, said she was confident of the strength of the newly elected Asia-Pacific region board and the significant growth potential in the region.
Sanko Fastem expands
Sanko Fastem, a manufacturer of expansion anchors, has invested Bt30 million in expanding its production capability to reduce costs and increase gross profit margin in response to the approach of the Asean Economic Community.
It is hoped that the introduction of the AEC in 2015 will boost the company’s sales volume to Thailand’s automobile industry thanks to its location close to emerging markets in Cambodia, Laos and Myanmar. Sanko’s growth target will depend on that of automobile industry, as it accounts for 60 per cent of the company’s sales volume. The estimation for automobile exports this year is 2.55 million vehicles.
Market shift
According to the International Data Corporation (IDC) “Worldwide Quarterly Smart Connected Device Tracker”, global shipments of personal computers, tablets and smart phones are expected to surpass 1.7 billion units by next year, with roughly 1 billion units delivered to emerging markets.
Within the emerging markets, the BRIC countries – Brazil, Russia, Indian and China – are expected to generate shipments of 662 million units with a value of more than US$206 billion (Bt6.38 trillion). More than 650 million units are forecast to be shipped to developed markets, with the United States, Britain and Japan capturing more than 400 million units with a shipment value of $204 billion.
Egat cleared of blame in blackout
The Energy Ministry’s fact-finding panel has found that the blackout in the South on May 21 was beyond the control of the Electricity Generating Authority of Thailand.
The accident was unexpected and Egat followed standard operating procedures in responding to the crisis, Energy Minister Pongsak Ruktapongpisal said yesterday after reviewing the report from the committee.
The committee, which was set up to investigate the causes of the power cut in 14 southern provinces, pointed out three contributing factors in its report. First, lightning struck the 500-kilovolt line linking Chom Bung in Ratchaburi province and Bang Saphan, Prachuap Khiri Khan. Second, this line went under emergency repair. Third, the high-voltage direct-current system linking to the power supply from Malaysia malfunctioned.
All three incidents happened in 5.2 seconds, cutting off the South from the national power grid.
Delay likely
The government is likely to delay further the plan to float the price of cooking gas beyond the schedule of July 1, pending the conclusion of measures to ease the possible impact of the float on low-income households.
The Energy Business Department yesterday met with liquefied-petroleum-gas retailers but failed to reach a conclusion on the measures.
Viraphol Jirapraditkulm, director-general of the department, said the meeting came up with only two options. One is for the shops to continue selling LPG to low-income people at the current price of Bt18.13 per kilogram and the LPG traders will absorb the difference. Later the traders and shops will settle this cost.
The department will meet with them again to seek a clear guideline on this settlement.
The second option is for households buy LPG at the actual market price and the government will pay compensation later into their bank accounts.
However, it has yet to be decided which parties would shoulder the cost of this funds transfer.
Consultant chosen
The government will hire Boston Consulting Group to conduct the feasibility study on the high-speed-rail project featuring four routes.
Areepong Bhoocha-oom, permanent secretary of the Finance Ministry, said yesterday that the consulting firm would be assigned to evaluate the project from all aspects, including business and social.
The study might find that the project would yield a low return on investment but high social returns.
Japan SMEs eye Kingdom
More than 200 small and medium-sized enterprises from Tokyo and Yokohama plan to expand in Thailand, particularly in auto parts, electrical appliances and electronic products.
“The depreciation of the yen has encouraged their decision to invest overseas,” Chainarong Limpkittisin, managing director of exhibition organiser Reed Tradex, said yesterday.
According to the company’s roadshow to the two cities, Thailand is seen by Japanese SMEs as having potential for investment and as a base for the manufacture and export of cars, especially pickup trucks, to the world market.
Apology for insults
Workpoint Entertainment yesterday apologised for the heated controversy involving three judges who insulted a 24-year-old man calling himself Sitthata Emerald in the third season of “Thailand’s Got Talent” that debuted on Channel 3 on June 2.
CEO Panya Nirankul said that on behalf of his colleagues he was sincerely sorry for the unintended mistake in the competition as his team did not know that Emerald was mentally unstable – possibly autistic – as his parents did not inform them about it.
Panya offered his apology after meeting with the National Broadcasting and Telecommunications Commission, Bangkok Entertainment Co, the operator of Channel 3, and the Professionals of Broadcasting Council (Thailand) on the matter.
