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CMO, Zaap target partygoers
CMO and Zaap Enterprise Co have set up CMO-Zaap to organise concerts and events aimed at teenagers and partygoers, starting with the “Single Festival” music show on November 7.
Sermkhun Kunawong, CEO of CMO, a major event organiser, said yesterday that Zaap had expertise in organising concert parties and its Zaap party was well known.
The joint venture targets revenue at Bt30 million next year.
Mobile Expo sees sales jump 15%
The four-day Thailand Mobile Expo Showcase, which ended on Sunday, saw consumer spending rise 15 per cent to Bt1.56 billion from the same event held in the middle of this year.
Sales were concentrated on the latest high-end mobile devices and products with special discounts, according to event organiser M Vision.
Demand for used cars ‘to rise’
Union Auction expects good third-quarter sales figures thanks to the falling prices of used cars, which will boost demand for vehicles, chairman Thepchai Sila said yesterday.
The company posted sales and service revenue of Bt98.9 million in the first quarter and Bt97.85 million in the second.
TRIS rates Ticon debenures
TRIS Rating has assigned an “A” rating to the proposed issuance of up to Bt1.3 billion in senior debentures of Ticon Industrial Connection.
It has also affirmed the company and current senior debenture ratings of Ticon at “A”. The outlook remains “stable”.
The ratings reflect the company’s proven record in developing ready-built factories and warehouses for rent, plus the recurring cash flows from rental contracts.
However, Ticon is planning to make sizeable capital expenditures in the near future. There also remains notable uncertainty surrounding the timing and strength of the economic recovery, which affects investment activities worldwide.
These two issues are still rating concerns.
SEC, agricultural futures body sign info-exchange MoU
The Securities and Exchange Commission and the Agricultural Futures Trading Commission are exchanging information on the development and supervision of the derivatives business.
The memorandum of understanding inked yesterday includes information on derivatives business operators, trading systems and research papers, expertise and enforcement. It will not contravene public interest and will be in accordance with the laws and regulations under the supervision of each organisation.
“We trust that the MoU will lead to development and collaboration to achieve more efficient supervision on derivative businesses, especially in the areas of relevant transactions and industries, which will be beneficial to investors and development of the Thai economy,” Vorapol Socatiyanurak, SEC secretary-general, said yesterday.
Wanchai Palotaitakerng, AFTC secretary-general, said the two commissions had, in fact, been cooperating in several areas.
The official collaboration confirms their determination and unity to promote and regulate derivatives businesses in Thailand.
It also assures stakeholder confidence in both local and international levels and fosters positive sentiment towards the Thai derivatives market.
Veranda introduces Pattaya condo/resort project
Veranda Resort and Spa has introduced its latest condominium project, Vera Residence Pattaya, and Veranda Resort and Spa Pattaya, worth Bt3 billion.
Of the total budget, Bt2 billion will be for the condominium complex with 360 units starting at Bt16 million each, and Bt1 billion for the hotel, president Verawat Ongvasith said yesterday.
Construction will commence in the middle of next year and will be completed in 2015. The project will be financed from internal cash flow and bank loans, he said.
Pruksa to offer homes to young CBD workers
Pruksa Real Estate has launched a condominium project named Condolette Pixel in Bangkok’s Sathorn area worth Bt900 million.
The project will focus on young workers in the central business district with prices starting at Bt1.99 million per unit, executive vice president Piyabutr Lertdumrikarn said yesterday.
Norske Skog divests its newsprint mill in Thailand
Norske Skog, one of the world’s largest newsprint makers, has sold its paper mill in Sing Buri for US$33 million (about Bt1 billion) to an unknown industrial group.
The Sing Buri mill has total newsprint production capacity of about 125,000 tonnes, and is the sole producer of newsprint in Thailand. The mill has 239 employees. It is one of 11 Norske Skog business units (mills) in nine countries.
In a statement released yesterday, the Norwegian pulp and paper company said the new owner planned to continue producing newsprint at the mill. It said the decision to divest aimed to improve the company’s financial position.
“We are very pleased to be able to sell the operations in Thailand to a buyer with long-term plans for the mill,” said Sven Ombudstvedt, president and CEO of Norske Skog.
Court dismisses LPG petition
The Central Administrative Court last week dismissed a petition of the Foundation for Consumers to suspend the Cabinet’s resolution on August 13 to raise the price of cooking gas by 50 satang per kilogram per month per from September 1, said Energy Minister Pongsak Ruktapongpisal.
The court said the ministry had launched relief measures to ease the impact of the price rise for liquefied petroleum gas, so it would affect only some groups and would not have a severe impact on the economy or the people.
Upto Bt700 bn for reimbursement
Comptroller-General’s Department director-general Manus Jamveha said that between October and December of this year and the first quarter of next year, there will be up to Bt700 billion set aside for reimbursement. About Bt600 billion is from the expenditure reserve for the overlapping period between 2013 and 2014, and Bt100 billion from the new annual budget of next year.
The department has set aside an expenditure reserve for the overlapping period, which will allow about Bt700 billion to flow into the budget-disbursement system in the first quarter of next year.
For fiscal 2013, the government collected about Bt2.17 trillion, which was 3.52 per cent below budget. Although the reimbursement was below target, because of delays by many government agencies, the department has resolved the problem by allowing those agencies to reserve funds for the overlapping period between this and next year.
Stats seminar held in Jakarta
The International Seminar on Trade and Tourism Statistics is being held in Jakarta to promote trade and tourism – key parts of the regional economy.
The seminar will refer to the Manual on Statistics of International Trade in Service 2010 for selected service categories such as transport, other business, computers and manufacturing, with emphasis on travel and tourism statistics.
It will also include discussions on policy-relevant foreign affiliates of trades, modes of supply, guidelines for statistical business registers, and measurement of global value chains.
Strong cooperation at the national level is crucial.
