Briefs

Ensogo, an e-commerce operator, is shutting down its businesses in Asean, according to a report by the Tech in Asia website.
“Ensogo Australia … will no longer provide financial support to its subsidiary Southeast Asian flash sales and marketplace business units. These business units will be shut down.
“All staff have been informed and communications will be made to customers in the coming days,” the company said in a statement sent to Tech in Asia.
“These decisions have been made to preserve the company’s cash for new investment opportunities,” Ensogo said.
The company asked the Australian Securities Exchange to suspend trading in its stock. In its filing to ASX, it said financial support to its flash sales and marketplace businesses was withdrawn, which was likely to result in the shutting down of those subsidiaries.
It also said its board had approved the resignation of chief executive officer Kris Marszalek, effective last Monday. He has been the CEO since August 2014. On its website, Ensogo said it had 7.2 million subscribers in Asean and Hong Kong.

FLUCTUATION IN ASEAN
CURRENCIES ON BREXIT VOTE
Asean currencies are likely to witness an initial sell-off on Friday if Britain votes to leave the European Union, according to United Overseas Bank.
They are expected to weaken by 2-3 per cent against the US dollar. The bank also anticipates intervention by central banks to cushion the sharp depreciation.
However, if the United Kingdom votes to remain in the EU, the currencies are likely to stage a relief rally of 1-2 per cent.

CABINET NODS TO
AID FOR FARMERS
The Cabinet yesterday gave the green light to projects to assist farmers for the 2016-17 rice-harvest season.
Finance Minister Apisak Tantivorawong said that under the Bank for Agriculture and Agricultural Cooperatives’ responsibility, one of the approved projects is to subsidise production costs at Bt1,000 per rai for up to 10 rai (1.6 hectares).
A two-year debt moratorium will also be introduced and loan interest rates lowered by 3 percentage points to help relieve farmers’ debt burden.
Training will be given to assist 300,000 targeted farmers and Bt1.2 billion in rice insurance will be offered at premiums of Bt120-Bt483 per rai for customers.

CHAMBER HOPES FOR MYANMAR COOPERATION
The Thai Chamber of Commerce said yesterday that the official visit of Aung San Suu Kyi from tomorrow to Saturday would help promote more trade and closer cooperation between Thailand and Myanmar.
Chairman Isara Vongkusolkit said the chamber planned to propose to the government to leverage two border checkpoints between the two countries, that it provide visas on arrival to businesspeople from Myanmar and extend the validity of border passes for Myanmar visitors to Thailand as a strategy to promote more spending.