Late news :SCIB no nearer a new president
The board of Siam City Bank (SCIB) yesterday cancelled a meeting at which it was due to discuss the appointment of a new president. A source said two directors had been unable to attend the meeting, which had therefore been adjourned at the last minute.
The selection of a president has been delayed by a row between the board and SCIB's major shareholder, the Financial Institutions Development Fund, over the two nominees - SCIB's first senior executive vice president Lersuk Chuladesa, and former Bank of Asia president Chulakorn Singhakowin.
Dearer petrol All oil-retailers will today increase the price of refined oil products by Bt0.40 a litre. Following the hike, the pump price of premium and regular petrol will be Bt26.09 and Bt25.29 per litre respectively, Chaiwat Choorit, senior executive vice president of PTT, said yesterday. The retail price of high-speed diesel will rise to Bt24.24 per litre. Retailers attributed the increase to the sharp increase in global oil prices over the past week. In Singapore, crude oil for January delivery shot up above US$64 (Bt2,295) per barrel on concerns over a possible production cut by the Organisation of Petroleum Exporting Countries but retreated to $62.70 yesterday.
UBE eyes boom UBE Group Thailand is considering increasing its petrochemical production capacity to accommodate growing global demand, particularly from China. The company is studying the feasibility of expanding its caprolactam capacity from the current 110,000 tonnes a year to 130,000 tonnes, Charunya Phichitkul, the group's president, said yesterday. He said domestic caprolactam demand was also likely to rise, with Thailand hoping to become the "Detroit of Asia" by 2010. A feasibility study will also be carried out for nylon, with a plan to increase annual capacity to 75,000 tonnes from this year's 25,000 tonnes. Charunya is upbeat that the group's future growth will be fuelled by sales from the national and regional vehicle markets, with China expecting to produce 7 million units this year.
Luxury auction The Customs Department is auctioning a confiscated luxury yacht and a range of accessories on Thursday. Bids must be received the previous day in sealed envelopes with cheques to guarantee participation. Details of the auction can be found at www.customs.go.th.
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