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Thaksin & Pojaman skip bail to seek exile in England
Posted on Monday, August 11, 2008
BUSINESS NEWS:

Thaksin & Pojaman skip bail to seek exile in England

Former Premier, Thaksin Shinawatra, and Khunying Pojamarn Shinawatra decided not to return to face other criminal charges in Thailand and sought an exile in England.

Former PM Thaksin Shinawatra and his wife, Pojamarn, quietly left China for England on Saturday just a day before flying back to report themselves to the Thai court on the Ratchadapisek land scandal case.

Thaksin sent his statement via fax to all news agencies in Thailand this morning.

He claimed he has been forced to run away because he feared for the safety of his family and also due to unjust judicial treatment.

Pojamarn was earlier sentenced to three years in jail after being found guilty in tax fraud.

Both received a court approval to leave Thailand for China and were supposed to return home Sunday evening to face other charges.

Meanwhile the Supreme Court has promptly issued an arrest warrant for them.

The court also ordered their bail bonds to be seized. Thaksin posted bail of eight million baht in February after returning from more than a year in exile in London while Pojamarn was released on five-million-baht bail late last month.

***********************************************************

Fin Min assures no intervention in BoT works

The Finance Minister repeatedly assured the Bank of Thailand of its independence and freedom to work without state intervention.

Deputy Prime Minister and Finance Minister, Surapong Suebwonglee, said today the government would let the Bank of Thailand to carry out its work without any state intervention.

The Finance Ministry and the BoT have been embroiled in reported conflicts over the interest rate policy not long after the Cabinet reshuffle earlier this month with new Deputy Finance Minister, Suchat Tadatamrongvej, stepped up pressure on the central bank last week by suggesting the bank’s chief to resign.

The BoT’s Monetary Policy Committee (MPC) will meet on August 27th to discuss its interest rate policy after having raised the one-day repurchase rate by 25 basis points to 3.50% on July 16th.

While the bank insisted on possible rate rise if Thai inflation remains high, the Finance Ministry has been calling for lower interest rate.

In addition, with the amended Bank of Thailand Act in effect since March 3rd the term of the present MPC is to come to an end by August 30th.

But Surapong stated that if the new MPC members cannot be appointed before its next meeting the current committee would still have to discuss all pending issues as planned.

The Finance Minister went on to say that he is confident that the Monetary Policy Committee would make the best decision for the country.

***********************************************************

State economic team to discuss future prospect this week

The government’s economic team will meet some time this week to discuss the Thai economy’s past and future.

Deputy Prime Minister in charge of the economy, Surapong Suebwonglee said today the Finance Ministry will hold a meeting before the end of this week when four other related state agencies would be invited to share their information and view on local economic conditions.

Three other offices set to join the discussion include the Bank of Thailand, the National Economic and Social Development Board, and the Bureau of the Budget.

Surapong added all offices would discuss Thai economic performance during the past 6 months and its long-term potential in the future.

Thai economy has been weathering a series of negative factors in recent months with the Consumer Price Index hit its new 10-year high of 9.2% in July while economic recovery has continued even in Q2-08 but at a slow pace due to low consumer and investor sentiment.

***********************************************************

BOT confident local investment growth on track, to hit 2008 target

The latest official record shows smaller amount of state investment promotion has been sought after during the first seven months of this year when compared with the same time of 2007.

Board of Investment (BOI) secretary-general, Sathit Charnchaokul, revealed today the total value of state investment privilege application from January to July was 242 billion baht.

This is around 6% lower than 257 billion baht recorded during the same period of last year.

However he asserted that local investment has not been slowing down because of higher number of projects applying for BOI incentives.

He said 749 projects have applied for state privileges so far compared with 724 projects during the same time a year ago.

Sathit added the BOI has also been selecting the applicants that are needed to help expand Thai economy.

He is confident that BOI would achieve its 2008 privilege approval target of 600 billion baht.


SET MONITOR:

Thai share prices ended higher in Monday trade with turnover at its two-month record.

The Stock Exchange of Thailand composite index rose more than 12 points to 702.9 with high volume of nearly 24 billion baht or almost 710 million dollars.

Retail investors sold the most today with a net value of 693 million baht or 20.5 million dollars followed by foreign investors of 432 million baht which is around 13 million dollars.

Local institutions posted a net buy of 1.1 billion baht that’s approximately 33 million dollars.

The SET main index added almost 2% at Monday close driven by falling world oil price.

Meanwhile traders said former Premier, Thaksin Shinawatra’s seeking an exile in England has somewhat cooled down political heat in the country and led to improved trade sentiment.

Index Performance

Last

Change

%Change

High

Low

Volume
('000 Shares)

Value
(M.Baht)

SET Index

702.93

+12.23

+1.77

715.33

702.93

3,496,020

23,933.06

SET100 Index

1,073.72

+22.14

+2.11

1,096.07

1,073.72

1,537,053

19,810.22

SET50 Index

498.11

+10.51

+2.16

508.59

498.11

677,553

17,952.56

FSTHL

829.49

+19.57

+2.42

-

-

-

-

mai Index

251.62

+1.10

+0.44

254.20

251.09

46,111

190.39

Source: The Stock Exchange of Thailand


Net Buy/Sell

Investor Type

Buy
(M.Baht)

%

Sell
(M.Baht)

%

Net
(M.Baht)

Local Institutions

4,622.63

19.16%

3,497.02

14.50%

1,125.61 M

Foreign Institutions

7,388.91

30.63%

7,822.28

32.43%

-433.37 M

Retail Investors

12,111.92

50.21%

12,804.16

53.08%

-692.24 M

Source: KGI Securities (Thailand) PLC.


SET SPOTLIGHT:

AMC surpasses 1-mth high after Q208 report shows THB183.4 mil net profit

Asia Metal Public has seen its share price rise to the highest level in more than a month at 2.78 baht apiece in Monday trade after the company announced an impressive Q2-08 earnings report.

AMC report shows a net profit of 183.4 million baht at the end of Q1-08  compared with 35.8-million-baht net loss a year earlier.

The company credited a 47.6% increase in revenue to 3.2 billion baht driven by a 7.3% rise in sales as steel prices went up recently.

This evening AMC price fell slightly but still closed more than 2% higher from last Friday close at 2.58 baht.

SET DATEBOOK:

12 Aug 2008: Fuel Price Cut ( THB0.60): (All Service Stations)
Gasohol 95  THB29.39/Liter
Gasohol 91  THB28.59/Liter
Benzene 91  THB36.89/Liter

12 Aug 2008: Fuel Price Cut ( THB0.80): (All Service Stations)
Diesel           THB34.24/Liter

14 Aug 2008: Release of July Consumer Confidence Index

SET Today: Weekdays 6:30 pm


Posted on Monday, August 11, 2008 (Archive on Monday, August 18, 2008)
Posted by suchitra  Contributed by admin
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