TELECOM, POST AGENCIES TOLD TO DO MORE R&D

In a separate matter, the ICT and Finance ministries will discuss in detail how to improve the financial performance of TOT and CAT after the expirations of all their concessions. Pornchai said merging the two state telecom agencies would be the last option to help them to improve financially.

 

SHORTFALL ‘NO PROBLEM’

The finance minister says the fact that fiscal 2014 revenue collection is below target, this will not cause difficulties for the government. But he asked tax departments to make sure they achieve the 2015 target. 

Sommai Phasee said this fiscal year’s revenue was expected to be Bt200 billion short of the target of Bt2.275 trillion after the Thai economy was adversely affected by the Bangkok-based political problems and the gloomy global economy.

The ministry has asked the Revenue, Customs and Excise departments to boost their efficiency for the 2015 fiscal year. The 2015 revenue target is Bt2.325 trillion. 

Despite the below-target revenue collection, there will be no impact on state spending this fiscal year and next, Sommai insisted. The treasury balance totalled Bt346 billion for the first 10 months of this fiscal year. In the first 11 months of fiscal year 2014 (October 2013-August 2014), tax revenue amounted to Bt1.88 trillion, Bt168 billion lower than expected. 

 

ATMs DISPENSE GOLD

Singapore now has its first automated teller machines that dispense gold, claimed to be the first in Asia. Two such ATMs were launched yesterday morning at Resorts World Sentosa and Marina Bay Sands.

The custom-built machines will dispense a variety of pure-gold items produced by top Swiss refiner PAMP. The gold products – available in a variety of sizes from 1-10 grams – will have different prices daily, pegged to the day’s global prices.

On the day of the launch, a 1-gram pendant cost 100 Singapore dollars (Bt2,546) while a 10-gram one cost S$660.

The company behind the machines, Asia Gold ATM, says it intends to launch two or three more machines “in the near future” as it looks for more locations to base the ATMs. – The Straits Times

 

 

JFCCT makes public its policy recommendations

The Joint Foreign Chambers of Commerce in Thailand yesterday publicly released a wide-ranging, 12-chapter “Policy Recommendations” document for the promotion of a competitive economy.

The National Council for Peace and Order earlier requested the JFCCT to make such recommendations to it.

The JFCCT consulted with the European Association for Business & Commerce in Thailand, other chambers of commerce, as well other organisations, and the policy recommendations in most areas reflect the views of the full foreign business community in Thailand.

The 12 chapters cover the general business environment (productivity and innovation, anti-corruption, and foreign investment, amongst other issues), service-sector liberalisation, transport and logistics, tourism, the Asean Economic Community, information and communications technology, energy, education, work permit and visa issues, skilled and unskilled labour, banking and financial services, and customs and excise. 

 

Supattanapong to head up

PTT Global Chemical

PTT Global Chemical’s board on Monday appointed Supattanapong Punmeechaow as president and chief executive officer and acting secretary to the board.

He replaces Bowon Vongsinudom, due to his retirement, with effect from October 1.

 

G4S Thai unit launches 

facility-services solutions

G4S Secure Solutions (Thailand), the local unit of the world’s leading security-services provider with operations in more than 120 countries globally and headquartered in the United Kingdom, has announced the launch of another of its main business lines – facility-services solutions – in Thailand. 

This complements G4S’s long-existing security services, which are also guaranteed and managed under the company’s international standards. 

Facilities business has been growing in the double-digit range each year, despite the Kingdom’s political instability and economic challenges. 

The company expects the business unit will have a bright future due to rising demand, especially after Thailand steps into the Asean Economic Community in the coming year.

 

SEC revises rules on 

inadequate net capital 

The Capital Market Supervisory Board has approved the revision of rules applicable to securities companies facing financial difficulty and unable to maintain adequate net capital, Securities and Exchange Commission (SEC) secretary-general Vorapol Socatiyanurak said yesterday. 

The revised rules include the rectification period, the restriction of business operations during the rectification period, and undertakings in case of failure to rectify. 

The new rules will provide a more up-to-date and practical framework and are aimed at mitigating undesirable impacts on securities firms’ clients and counterparties, as well as on the capital-market system, he said. The revised regulations will become effective by the end of October.

 

RS appoints new 

head of music business

Leading music and entertainment company RS has appointed Supachai Nilawan as the new head of its music business for both the international and domestic markets. 

As senior executive vice president for music business, Supachai will pursue a new business model for RS to generate income from artist management, which is considered its own content, through to increasing advertising airtime for every media channel. 

Chief executive officer Surachai Chetchotisak said people today were listening to more rather than less music, and music operators must be alert and adjust themselves along with the change of consumer lifestyle and find a new business model to generate additional income for survival.

Supachai was previously the head of R Siam, an RS subsidiary for Thai country music.