Costs spiralling with record fuel prices. Thailand’s inflation rate rose to a seven-year high last month, pushed by rising oil prices, public transport costs, food and consumer product prices. The consumer price index, an inflation indicator, rose 5.6 per cent year-on-year in August, its highest level since October 1998, the Commerce Ministry announced yesterday.

TRADE CONCESSION: Europe lowers tariffs on Thai shrimp

Exports expected to get an overdue boost. The European Union (EU) has agreed to a temporary measure that brings down tariffs on Thai shrimp under the Generalised System of Preferences (GSP). The measure is expected to boost Thai shrimp exports, which have dropped 90 per cent since 1999 when the privileges were cut.

Motorola upbeat about Thai telecoms

The major US supplier of telecom equipment, Motorola, is upbeat about the trend among Thailand’s telecom operators to invest in new network technology to boost their competitive edge and revenue.

On-screen advertising for Siam Piwat malls

Matching Studio Plc has joined hands with Siam Piwat Co Ltd, the owner of Siam Centre and Siam Discovery, to create a new advertising medium using 70 screens located throughout the two shopping complexes.

AIS appoints Peerasak

Market-leading mobile-phone operator Advanced Info Service (AIS) has appointed a game-content veteran, Peerasak Komalarajun, 44, as its new assistant vice president for content development.

FRIDAY BUG: Good press for Banthoon

Banthoon Lamsam, chief executive of Kasikornbank, seems to be the main Thai banker that the foreign media have latched on to.

Biznews round-up

-BankThai said its subsidiary BT Asset Management’s assets increased 1,227 per cent to Bt23.26 billion after the Securities and Exchange Commission allowed the bank to transfer its provident fund and private management business to its subsidiary on August 1.

PROPERTY: Home builders plan big sales push

End-of-year campaigns with low-interest loans, prizes

Thai companies ‘need to evaluate service strategies’

While the service industry is growing rapidly in Asia, very few local companies can get recognition due to their service differentiation, tolerant staff and leadership.

IN BRIEF: US CHEMICAL ALERT: Seafood exporters get warning on residue

The Foreign Trade Department has warned seafood exporters to avoid the use of fluoroquinolones, which would cause a chemical residue problem in their foods as it has been prohibited by the US.

COMPANY REPORTS

AYUDHYA INSURANCE’s board of directors approved payment of an interim dividend of 45 satang per share for first-half operations, payable on September 30.

TOURISM INDUSTRY: Travel groups sign MoU on new body

Federation to establish common platform and direct growth strategies for sector

NTC rejects TOT’s huge claim

The national telecom regulator has refused to pay compensation of Bt13 billion to TOT Plc, which it claimed as the cost of investment in services in remote areas last year.

Panel outlines funding advice

A special panel has recommended that the government finance the Bt223-billion investment of five electric train routes with funds from the general budget, concessions and property-related income.

Auditor questions Power-P transactions

The special auditor for Power-P (PP) has cast doubt over transactions between the company and three other entities, which were not named.

Call for surcharge on Thai auto parts

The government should consider imposing surcharges on exports of raw materials to carmakers in China to force them to raise prices and help Thailand’s auto and auto-parts industry, the Thai Auto-Parts Manufacturers Association has

STREET WISE: Get your fresh longkongs!

Drive past CP Tower on Silom Road or CP Building II and True Tower on Ratchadapisek Road, and you might wonder whether these posh office buildings have turned into giant longkong markets.

FUEL SUBSIDY DEBT: Oil Fund bonds issue downsized

Lack of demand and smaller losses than feared ‘could see Bt85-bn issue halved’

STOCK MARKET: Through 700 at last

Foreigners pile in on back of rosier economic data, gains across region

China’s FDI gain is Kingdom’s loss

Thailand’s export competitiveness and inflow of foreign direct investment have been clearly affected by China’s low-cost production capabilities and burgeoning market.

Jada supports BOT rates move

The head of Siam Commercial Bank yesterday backed a proposal to amend banking laws to allow the Bank of Thailand to offer deposit rates to commercial banks.

Transit plan backed

The State Audit Commission yesterday threw its support behind Transport Minister Pongsak Ruktapongpisal’s move to downsize the planned mass transit system and cut investment losses.