Quick news

The state-owned Public Warehouse Organisation (PWO) is aiming to achieve Bt100 million in revenue next year after suffering losses for a decade. 

PWO president Chanudpakorn Vongseenin said the organisation will adopt new technology to boost its efficiency in managing stocks. The government has allocated Bt200 million for the project. The PWO, which falls under the Commerce Ministry, oversees stockpiles of farm crops and cold storage. 

PWO has also been planning to promote transparency and launch corporate social responsibility projects. In order to efficiently manage its stocks, especially rice stockpiles, it will develop an online system that eases problems like waste of time or unnecessary duplication of farmers’ licences. The new scheme will initially be applied to the government rice-pledging project in order to cut down on corruption and the delay in payment to farmers. 

In order to help reduce the cost of living, the PWO will also produce cheap packed rice that will be sold directly to consumers. Initially, it will produce 40 million 5-kilogram packs of rice, which will be sold at Bt85 per pack. 

 

Slight rise in bank loans in August

Bangkok Bank, Kasikornbank and Land and Houses Bank reported a rise in lending in August, though Thanachart Capital (TCAP) witnessed a drop in loans owing to a low season of car sales. 

BBL’s lending in August rose 1.6 per cent after a 0.3 per cent drop in July. As a result, lending in the first eight months expanded by 5.1 per cent. 

KBank reported a 1.4 per cent increase in loans from 0.5 per cent in July, which brought its lending in the first eight months up by 6.6 per cent. LHBank’s loans in August expanded by 2.5 per cent from a 1.1 per cent drop in July.

However, the number of loans TCAP approved dropped by 0.5 per cent in August, compared to a 0.2 per cent growth in July. 

Krungsri Securities noted that auto loans were lower than expected, while house loans may also be revised down later this year. 

 

Tesco General, Cigna team up 

Tesco General Insurance Broker is joining up with Cigna Insurance to offer a range of personal accident and health insurance products through combined distribution channels focusing on telemarketing and Tesco Lotus Insurance Broker counters in 152 Tesco Lotus branches nationwide. With diversified products that serve people’s needs at all stages of life along with protection coverage, services and easy access, Tesco General aims to be a leader in retail insurance by 2015, CEO Alan Tan said.