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Ministry to open fourth rice bidding next month

The Commerce Ministry is set to open the fourth round of rice bidding next month, foreseeing heavy demand in the market after the recent drought reduced the supply of rice.

The Foreign Trade Department yesterday revealed that its third round of bidding for 1.06 million tonnes of rice could draw as many as 40 traders to bid for 840,000 tonnes of rice. This amount of rice is worth about Bt7.8 billion. The bidding result would be concluded by the Rice Management Policy Committee at its meeting on Friday.

Bangjongjit Angsusingh, deputy director-general of the department, said the government would continue to open tenders for rice traders to join during the following months as the supply of rice dwindles at the end of the harvest season. – Petchanet Pratruangkrai

berkshire asia expansion

Warren Buffett’s Berkshire Hathaway will pay Aus$500 million (US$380 million) for a stake in Sydney-based Insurance Australia Group (IAG) as it seeks to expand in Asia, the companies said yesterday.

Under a 10-year strategic relationship, Berkshire will receive 20 per cent of IAG's gross written premium and pay 20 per cent of its claims. Berkshire will also take a 3.7 per cent stake in the group as the Australian firm pushes into Asia. – AFP

fitch buoyed by em banks

Fitch Ratings expects Asia’s emerging market (EM) banking systems to be better positioned, although not immune, to currency risks as currency volatility increases due to rising US interest rates and slowing regional economic growth.

In a report released yesterday, Fitch compares EM Asia’s banking systems currency risks with those of other emerging market regions. Exposure appears comfortable based on the ratio of foreign-currency denominated loans to total loans and loan to deposit ratios.