The Bank of Thailand has alerted commercial banks to improve their security systems, after a hacker stole personal information belonging to a bank customer and used it to transfer money via Internet banking services. Meanwhile, the central bank continues to receive a stream of complaints regarding Internet banking and ATM fraud. Continue Reading

Foreign banks operating in Thailand reiterated their readiness to increase lending in an effort to help maintain the country’s economic growth momentum.Thai banks provide a wide range of services throughout the country. Most foreign banks are represented, however, at this stage they offer limited services to the individual consume Thailand Business News

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Growth momentum encourages Foreign banks operating in Thailand

Sectors linked to external demand (namely, manufacturing, hotels and transport) have been the main contributors to growth since the 1997-98 Asian financial crisis, and have also determined the dynamics of the economy in 2008-09. These sectors have accounted for almost all of the annual changes in real GDP.
All in all, a more favorable external environment should help boost real GDP growth to 6.2 percent in 2010. After this year, slower growth in developed countries, emerging capacity constraints as capacity idled during the crisis is quickly put to use, and the weight of the ongoing political turmoil on new investment, should likely keep growth below Thailand’s historical average of 5.1 percent. On the whole, Thailand’s fiscal and financial picture remains solid

Alexander Wood, a founding partner of AWR Lloyd, believes the global crisis has acted as a catalyst for a fundamental, structural change in the global capital markets. The real new players in the markets are the sovereign wealth funds.
But another factor is likely the presence of larger, institutional investors in large-cap stocks who are more concerned about long-term performance than short-term market movements.

As the situation is escalating, the Bangkok Bank, Krung Thai Bank, Kasikornbank and Siam Commercial Bank will close all of their Bangkok branches at 1pm on Wednesday, Prasarn Trairatvorakul, chairman of the Thai Bankers Association said.

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Four banks to close all BK branches

Financial markets have so far been accommodative of the government’s borrowing plans. The expansion of expenditures stemming from the stimulus packages combined with a decline in revenues due to the economic crisis has led to an increase in the fiscal deficit and, consequently, government debt ratios, which have reached 45 percent of GDP in September. Because Thailand entered the crisis with a relatively strong fiscal position, the cyclical increase in debt levels is not by itself a concern as long as Thailand’s historical fiscal performance is maintained in the future.

FDI policies

The country’s well-defined investment policies focus on liberalization and encourage free trade. Foreign investments, especially those that contribute to the development of skills, technology and innovation are actively promoted by the government. Thailand consistently ranks among the most attractive investment locations in international surveys, and the World Bank’s 2010 Ease of Doing Business report places Thailand as the 12th easiest country in the world in which to do business.

Government support and incentives are provided for foreign investors in Thailand

Numerous government agencies support investors. Through the Board of Investment, the government offers a range of tax incentives, support services and import duty exemptions or reductions to an extensive list of promoted activities.
Companies receiving investment promotion privileges from the Board of Investment are not subject to foreign equity restrictions in the manufacturing sector, and there are no local content requirements nor export requirements, as Thailand’s investment regime is in total compliance with WTO regulations.
The Board of Investment also coordinates the activity of the One-Stop Service Center for Visas and Work Permits, which enables foreign staff of BOI-promoted companies to obtain work permits and long-term visas within three hours or less.
The BOI also administers the One Start One Stop Investment Center, which opened in November 2009 to facilitate a full range of services and streamline investment procedures by bringing representatives from more than 20 government agencies under one roof.
In addition to the activities of the BOI, other government organizations, such as the Department of Export Promotion and international chambers of commerce, provide invaluable support and a host of other important services.

Thailand’s geographical advantage favors transforming Thailand to be the energy hub of the region

The course of Thailand’s electricity industry development has set forth a goal of greater efficiency – both on the supply side and demand side. The aim is to ensure the optimization of energy resources and minimization of environmental impacts, with an ultimate goal of sustainable energy development. On the other hand, the industry has also had to properly adjust to economic and social changes as well as national energy policies and strategies over the past decades.
For some time, the government has encouraged more private participation in the electricity generation business in order to reduce the public investment burden and enhance greater competition in the industry.

In compliance with the national policy, EGAT established and listed the Electricity Generating Public Company Limited (EGCO), the country’s first independent power producer (IPP), in 1992 to mobilize funds from the stock market for its power investment, followed by the privatization of Ratchaburi Electricity Generating Holding Public Company Limited (RATCH), EGAT’s subsidiary founded in 2000.

Mr. Fergal G Harris, is Regional Head, Commercial Real Estate, South East Asia Wholesale Banking, Standard Chartered How would you rate the Thailand luxury property sector’s performance in 2008 and early 2009 and what were the major issues … Thailand Business News

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Standard Chartered Regional Head hints on Real Estate in Thailand

The output of other sectors was also affected during the recent crisis, although less markedly because they had been growing slower than the sectors linked to external demand After this year, slower growth in developed countries, emerging capacity constraints as capacity idled during the crisis is quickly put to use, and the weight of the ongoing political turmoil on new investment, should likely keep growth below Thailand’s historical average of 5

TBank, 49% owned by Canada’s Bank of Nova Scotia, this month purchased a 47.58% stake in SCIB from the Financial Institutions Development Fund for about 32 billion baht. TBank plans to tender for all outstanding shares of SCIB and to consolidate the assets under the Thanachart brand. Continue Reading

The Stock Exchange of Thailand has cancelled all activities to take place during March 12-14, on concerns over inconvience of visitors and their safety.

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Events cancelled, but normal bank operations continue
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China will be “ready” to deal with the currency exchange rate issue when its global partners begin to withdraw their stimulus packages, the deputy head of China’s central bank said Saturday. The role of the yuan will be augmented next year following implementation of the China-Asean Free Trade Area, creating a market of almost 2 billion people
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