Dep Minister of Finance Pradit Phataraprasit to lead an Open Forum on Wed 10th Feb to solicit direct input from private sector on how government can help them operate more competitively in the region
Deputy Minister of Finance Pradit Phataraprasit, today, (Wednesday 3 February) announced that the government is formulating plans to boost tax and non-tax benefits to companies that locate their regional operating headquarters in Thailand.
“We aim to reinforce Thailand’s position in the region as an important manufacturing and services hub,” said Deputy Finance Minister Pradit who chairs a committee charged with developing a set of recommendations that can make Thailand a more attractive location for the regional operating headquarters of companies.
He said, “The establishment of a regional headquarters in Thailand by giant foreign companies can generate enormous benefits for our country and accelerate economic growth. It results in the location in Thailand of many high-salaried expatriate managers; it means more demand for housing, more shopping and other spending, and more business for hotels and restaurants with a greater number of international events being organized in Thailand. It also means that Thai staff have more opportunity to become regional managers with much higher salaries and responsibilities.”
Mr. Pradit said that he is organizing an Open Forum meeting on Wednesday 10th February at the Queen Sirikit National Convention Center for the private sector to give direct input to him on how they believe Thailand could become more attractive as a regional operating headquarters for their companies.
“I want this to be a collaborative effort that gets the best ideas on the table, and to weed out what isn’t important to the private sector,” said Mr. Pradit.
He said that, “multiple government agencies are working together and all key people responsible for developing and submitting these recommendations for Cabinet approval will be present at the session to listen to the views of the private sector, including the Board of Investment, the Bank of Thailand, the Revenue Department, the Fiscal Policy Office, as well as the Federation of Thai Industries, and the Thai Chamber of Commerce, in addition to himself and the Permanent Secretary of the Ministry of Finance.”
HOW TO REGISTER TO ATTEND
Attendance is free. To book a place, please email or fax representatives’ Name, Title, and Company to ROHforum@gmail.com , or fax: 02-664 9515, Attention: Khun Pairoj. Reservations should be made no later than Monday 8th February. Seating is limited and available on a first come, first served basis. Presentations will be in English and Thai.
Sunday, February 7, 2010
“THAI CONSUMER CONFIDENCE IN FOURTH QUARTER OF 2009 REACHED THE HIGHEST LEVEL SINCE 2008” SAYS NIELSEN
THAI Consumer MORE OPTIMISTIC ABOUT PERSONAL FINANCES AND JOB SECURITY IN 2010 But Spending Still Restrained
Consumer confidence in Thailand during the fourth quarter 2009 reached its highest level since mid 2008, driven by improved job prospects and better personal finances, according to the Global Consumer Confidence Survey released today by The Nielsen Company.
An increase in consumer confidence in Asian markets, as well as Brazil, continues to reflect signs that the economy is emerging from a global recession and, in some markets, the recovery is accelerating, according to the latest survey. Results of the Nielsen survey highlighted that consumer confidence gains in markets recovering fastest from recession – including Hong Kong, China, Singapore, India and Brazil – have fueled renewed willingness to spend by many consumers as they head into 2010.
While eight of the top 10 most confident markets in the fourth quarter of 2009 came from Asia Pacific, including emerging markets Indonesia (ranked 1st) and India (ranked 2nd), consumers in two of Asia’s most developed markets, South Korea and Japan, were the least confident. Brazil (ranked 3rd) and Canada (ranked 10th) were the only countries outside of Asia to make the top 10.
In Asia Pacific, Hong Kong recorded the highest consumer confidence increase for the second consecutive quarter in quarter four (Q4) – up seven index points from 93 in Q3 2009 to 100 (on a scale of 0 to 200 Index points) in Q4. Confidence in Hong Kong rose a total of 21 points since June 2009.
Globally, between June and December last year, the Nielsen Global Consumer Confidence Index rose five points from 82 to 87 while consumer confidence in Thailand increased nine points from 86 to 95.
The Nielsen survey shows that consumers in the past six months have become more optimistic about their country emerging from recession with better job prospects and personal finances. This is another sign that global recovery is heading in the right direction.
In Thailand, Nielsen found consumers became more optimistic about the economy in the fourth quarter of 2009. The percentage of Thais who said they believe the country is currently in a recession dropped for the fourth consecutive quarter– down from 91 percent in Q1 to 70 percent in Q4 of 2009.
Aaron Cross, Managing Director of The Nielsen Company, Thailand said “A year ago the world was in free-fall and consumer confidence hit an all time low in Nielsen’s global index. Thai consumer confidence also plummeted to it lowest record in Q1 2009. Since the Thai government reacted quickly to implement a significant stimulus program we have seen the consumer confidence index continue to rise throughout the year of 2009 showing an increase from 81 in Q1 to 86 in Q2 and 94 in Q3”.
Thai Consumers More Optimistic About Personal Finances
More than half (55%) of Thai consumers surveyed said their personal financial outlook for 2010 will be excellent or good compared to 45 percent last June.
Asia is also leading the way in increased discretionary spending. Chinese consumers topped global rankings (in discretionary spending) for investing in stocks and mutual funds and new technology products, and are ranked second globally for spending on new clothes and holidays. Thai consumers, however are not ready to start spending yet with 64 percent saying now is not a good time to spend - up from 60 percent in Q3.
Job Prospects Looking Up
The economy remains the top concern of Thai consumers however the concern for job security continued to decline in Q4 2009. In December 2009, 40 percent of Thai consumers described job prospects for 2010 as excellent or good compared with only 15 percent in Q1 2009, 27 percent in Q2 2009 and 38 percent in Q3 2009.
How do Thais utilize spare cash?
Thai consumers are cautious about discretionary spending. After covering necessary living expenses, Thais continue to put their spare cash into savings (59%). This has been the favorite mode of spare cash utilization for Thais since the year of 2006. After savings, holidays/vacations (47%) investing in retirement funds (30%), and home improvement and decoration (28%) were the three most popular spending options.
Discretionary spending
According to Nielsen’s survey on consumer behavior, Thai consumers will cut back on the following expenses
Spend less on new clothes (64%)Cut down on out of home entertainment (58%)Try to save on gas and electricity (55%)Delay upgrading technology, e.g. PC, mobile phone (44%)Cut down on holidays/ short breaks (42%)
About the Nielsen Global Consumer Confidence Survey
The Nielsen Global Consumer Confidence Survey was conducted between December 4 -18, 2009 and polled over 17,500 consumers in Asia Pacific, Europe, Latin America, the Middle East and North America about their confidence levels and economic outlook. The Nielsen Consumer Confidence Index is developed based on consumers’ confidence in the job market, status of their personal finances and readiness to spend. The sample has quotas based on age and sex for each country based on their Internet users, and is weighted to be representative of Internet consumers and has a maximum margin of error of ±0.6%.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and business publications. The privately held company is active in more than 100 countries, with headquarters in New York, USA.
Consumer confidence in Thailand during the fourth quarter 2009 reached its highest level since mid 2008, driven by improved job prospects and better personal finances, according to the Global Consumer Confidence Survey released today by The Nielsen Company.
An increase in consumer confidence in Asian markets, as well as Brazil, continues to reflect signs that the economy is emerging from a global recession and, in some markets, the recovery is accelerating, according to the latest survey. Results of the Nielsen survey highlighted that consumer confidence gains in markets recovering fastest from recession – including Hong Kong, China, Singapore, India and Brazil – have fueled renewed willingness to spend by many consumers as they head into 2010.
While eight of the top 10 most confident markets in the fourth quarter of 2009 came from Asia Pacific, including emerging markets Indonesia (ranked 1st) and India (ranked 2nd), consumers in two of Asia’s most developed markets, South Korea and Japan, were the least confident. Brazil (ranked 3rd) and Canada (ranked 10th) were the only countries outside of Asia to make the top 10.
In Asia Pacific, Hong Kong recorded the highest consumer confidence increase for the second consecutive quarter in quarter four (Q4) – up seven index points from 93 in Q3 2009 to 100 (on a scale of 0 to 200 Index points) in Q4. Confidence in Hong Kong rose a total of 21 points since June 2009.
Globally, between June and December last year, the Nielsen Global Consumer Confidence Index rose five points from 82 to 87 while consumer confidence in Thailand increased nine points from 86 to 95.
The Nielsen survey shows that consumers in the past six months have become more optimistic about their country emerging from recession with better job prospects and personal finances. This is another sign that global recovery is heading in the right direction.
In Thailand, Nielsen found consumers became more optimistic about the economy in the fourth quarter of 2009. The percentage of Thais who said they believe the country is currently in a recession dropped for the fourth consecutive quarter– down from 91 percent in Q1 to 70 percent in Q4 of 2009.
Aaron Cross, Managing Director of The Nielsen Company, Thailand said “A year ago the world was in free-fall and consumer confidence hit an all time low in Nielsen’s global index. Thai consumer confidence also plummeted to it lowest record in Q1 2009. Since the Thai government reacted quickly to implement a significant stimulus program we have seen the consumer confidence index continue to rise throughout the year of 2009 showing an increase from 81 in Q1 to 86 in Q2 and 94 in Q3”.
Thai Consumers More Optimistic About Personal Finances
More than half (55%) of Thai consumers surveyed said their personal financial outlook for 2010 will be excellent or good compared to 45 percent last June.
Asia is also leading the way in increased discretionary spending. Chinese consumers topped global rankings (in discretionary spending) for investing in stocks and mutual funds and new technology products, and are ranked second globally for spending on new clothes and holidays. Thai consumers, however are not ready to start spending yet with 64 percent saying now is not a good time to spend - up from 60 percent in Q3.
Job Prospects Looking Up
The economy remains the top concern of Thai consumers however the concern for job security continued to decline in Q4 2009. In December 2009, 40 percent of Thai consumers described job prospects for 2010 as excellent or good compared with only 15 percent in Q1 2009, 27 percent in Q2 2009 and 38 percent in Q3 2009.
How do Thais utilize spare cash?
Thai consumers are cautious about discretionary spending. After covering necessary living expenses, Thais continue to put their spare cash into savings (59%). This has been the favorite mode of spare cash utilization for Thais since the year of 2006. After savings, holidays/vacations (47%) investing in retirement funds (30%), and home improvement and decoration (28%) were the three most popular spending options.
Discretionary spending
According to Nielsen’s survey on consumer behavior, Thai consumers will cut back on the following expenses
Spend less on new clothes (64%)Cut down on out of home entertainment (58%)Try to save on gas and electricity (55%)Delay upgrading technology, e.g. PC, mobile phone (44%)Cut down on holidays/ short breaks (42%)
About the Nielsen Global Consumer Confidence Survey
The Nielsen Global Consumer Confidence Survey was conducted between December 4 -18, 2009 and polled over 17,500 consumers in Asia Pacific, Europe, Latin America, the Middle East and North America about their confidence levels and economic outlook. The Nielsen Consumer Confidence Index is developed based on consumers’ confidence in the job market, status of their personal finances and readiness to spend. The sample has quotas based on age and sex for each country based on their Internet users, and is weighted to be representative of Internet consumers and has a maximum margin of error of ±0.6%.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and business publications. The privately held company is active in more than 100 countries, with headquarters in New York, USA.
Momentum likely to fade in second half of 2010, making stock picking increasingly important
Asian markets rallied strongly last year, spurred by government stimulus measures and liquidity-driven buying. While this trend is likely to carry through into the first half of 2010, Aberdeen Asset Management believes that the second half of 2010 will be altogether more challenging.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
Friday, February 5, 2010
THAI and Thai Government Hold Thai Rice Donation Ceremony to Haitian People
Thai Government and Thai Airways International Public Company Limited, as well as the government and private sector cooperated together in transporting 100 tons of Thai rice on a THAI freighter aircraft. The humanitarian donation of Thai rice will benefit the people of Haiti who have been affected by severe earthquake. Mr. Abhisit Vejjajiva, Prime Minister of Thailand, presided over the donation ceremony witnessed by representatives from the government and various organization in the Ramp Area of THAI Air Cargo, Suvarnabhumi Airport.
Mr. Piyasvasti Amranand, THAI President, said that transporting 100 tons of Thai jasmine rice from the Government of Thailand to the Republic of Haiti was possible due to cooperation from the government and various organizations, in order to provide assistance as quickly as possible. THAI provided relief aid by conducting a humanitarian freighter flight to transport 100 tons of Thai rice that was donated from the Government of Thailand to the Republic of Haiti, on board THAI freighter flight 9S888 at a flight time of 36 hours on the route Bangkok to the Republic of Haiti. Transport by ship takes approximately 5 to 6 weeks, therefore through cooperation between the Thai Government, THAI, and various organizations, this humanitarian relief effort was possible. In particular, the donation of Thai rice reflects on Thailand’s national identity as a country that is known as a “world kitchen” and one the world’s largest sources of rice production.
The aircraft utilized in transporting 100 tons of Thai rice from the Government of Thailand to the Republic of Haiti is a THAI cargo freighter Boeing 747-300F, which the Company obtained for cargo freight transport. THAI’s cargo freighter flight departed from Bangkok’s Suvarnabhumi Airport on Monday, 1 February 2010 at 14.00 hours, with refueling at Incheon Airport in Korea, Anchorage, Alaska and Miami, Florida in the United States of America, and arrival at Port au Prince Airport in the Republic of Haiti on Tuesday, 2 February 2010 at 08.00 hours (local time), at a total flight time of 36 hours.
Mr. Piyasvasti Amranand, THAI President, said that transporting 100 tons of Thai jasmine rice from the Government of Thailand to the Republic of Haiti was possible due to cooperation from the government and various organizations, in order to provide assistance as quickly as possible. THAI provided relief aid by conducting a humanitarian freighter flight to transport 100 tons of Thai rice that was donated from the Government of Thailand to the Republic of Haiti, on board THAI freighter flight 9S888 at a flight time of 36 hours on the route Bangkok to the Republic of Haiti. Transport by ship takes approximately 5 to 6 weeks, therefore through cooperation between the Thai Government, THAI, and various organizations, this humanitarian relief effort was possible. In particular, the donation of Thai rice reflects on Thailand’s national identity as a country that is known as a “world kitchen” and one the world’s largest sources of rice production.
The aircraft utilized in transporting 100 tons of Thai rice from the Government of Thailand to the Republic of Haiti is a THAI cargo freighter Boeing 747-300F, which the Company obtained for cargo freight transport. THAI’s cargo freighter flight departed from Bangkok’s Suvarnabhumi Airport on Monday, 1 February 2010 at 14.00 hours, with refueling at Incheon Airport in Korea, Anchorage, Alaska and Miami, Florida in the United States of America, and arrival at Port au Prince Airport in the Republic of Haiti on Tuesday, 2 February 2010 at 08.00 hours (local time), at a total flight time of 36 hours.
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