Briefs

 

The ministry also allocated an additional Bt10 million for the public and media campaigns of its new roles under the junta-favoured “digital economy”. Pornchai also instructed the permanent secretary’s office to appoint a team to help the ministry’s agencies adapt their working styles.

 

Highest Chinese New Year spending in 10 years

Spending over Chinese New Year is projected to increase 5.7 per cent to Bt50.47 billion, the highest in 10 years, due mainly to rising food prices, especially for oranges and bananas, according to the University of the Thai Chamber of Commerce.Thanavath Phonvichai, director of the university’s Economic and Business Forecasting Centre, said yesterday that Chinese-Thais expect to spend more to celebrate the lunar new year as they can see that the cost of living is rising.

People are expected to fork out an average of Bt3,543 for the event. Most of that will go to making merit, purchasing food and consumer goods, giving ang bao (cash), celebrating, shopping and travelling.

 

Betagro starts construction of new animal feed plant 

Betagro Group has commenced construction of its Bt1 billion plant to address domestic demand for quality animal feed.

Completion is slated for late this year and commercial operations early next year. 

Referring to a study by Euromonitor International, Chayanon Kittayachaweng, a group executive, said domestic demand now stands at a minimum 14,800 tonnes a month of animal feed and is rising. 

The 46-rai facility can produce 4,000 tonnes per month in the first phase for farms, pet shops, vet clinics and modern trade outlets. It will also serve as an original equipment manufacturer and produce for export markets. 

 

Public sector investments forecasted to boost economy 

Krungthai Bank Plc sees the economy growing 3.9 per cent this year, driven by public sector spending. 

The business sector confidence index in the fourth quarter of 2014 is trending up. Confidence for most industries is expected to improve with the exception of the agricultural and agro-industrial sectors. 

Poonpat Sripleng, first executive vice president and managing director of the Risk Management Group, said yesterday that economic expansion would be fuelled by state spending on infrastructure projects and a rise in private sector spending based on the big number of projects recently approved by the Board of Investment, normal investments this year and those related to the Asean Economic Community. 

The lower prices of crude oil have helped reduce manufacturers’ production costs and boost consumers’ purchasing power. 

However, the high domestic household debt and the rise in LPG and NGV prices in the transportation industry, the weak agricultural goods prices, the low growth of exports, volatility of the capital markets and the hazy political outlook are still risk factors. 

The Krung Thai Business Index, prepared quarterly by KTB’s risk management group, rose to 52.37 in the fourth quarter of last year from 51.50 in the third quarter. The future KTBI index rose to 53.81 as businesses expect the economy will benefit from the stimulus of state spending in infrastructure projects this year. 

 

MicroAd Singapore launches Thai subsidiary 

MicroAd Singapore, the leading online advertising platform company in Asia, yesterday launched its new subsidiary MicroAd (Thailand) Co in Thailand. 

This is the fourth company established in partnership with Ambient Digital Group, the fastest-growing digital ad network in Southeast Asia, after Vietnam, Singapore and the Philippines.

MicroAd Thailand will be offering MicroAd BLADE, the programmatic advertising platform that maximises effectiveness and return on investment in online advertising through a highly precise targeting and real-time bidding system, to advertisers and agencies in Thailand. 

 

RICE SUBSIDY COSTS SINCE 2003 MAY EXCEED BT680 BN

The total cost of Thailand’s rice subsidy programmes undertaken by various governments since 2003 could exceed Bt680 billion, the Finance Ministry says.

A ministry auditing committee came up with the Bt680-billion figure in its analysis of 15 such projects up to May last year. However, Rungson Sriworasat, permanent secretary to the ministry, said the panel would soon meet again to finalise the costs up to September 2014, so the figure was expected to be higher.

Rungson said that since May more rice in the stockpiles had deteriorated in quality, while the government had garnered more losses by selling off its rice at low prices.

The audit panel’s previous cost figure of Bt680 billion was based on total spending of Bt1.1 trillion for 15 rice subsidy projects. Four of these were operated by the government of Yingluck Shinawatra, and their costs alone were put at Bt518 billion.