Forging economic partnership seen as first step in work towards an FTA. Asean ministers plan to discuss how to get free-trade talks with the United States rolling at a sideline meeting today at the Asia Pacific Economic Cooperation (Apec) summit. Although such a trade pact may take some time to realise, Asean and US officials will launch a joint partnership statement today, seen as the first step towards increasing cooperation in political, security, economic, trade, investment and development matters, said Foreign Minister Kantathi Suphamongkhon.

Sales drop expected at motor expo

The Thailand International Motor Expo next month is likely to see sales drop by 3,000 units, because of the economic situation and consumers’ changing preferences. The organisers nonetheless expect Bt18 billion worth of business transactions during the event. The 22nd Thailand International Motor Expo will run from December 2 to 12 at Muang Thong Thani’s Impact Exhibition Centre.

BILLS OF EXCHANGE: SEC to rethink B/E restrictions

Watchdog discussing ways to bring liquidity back to market. The low liquidity in locally issued bills of exchange should turn around in the near future following talks between the Securities and Exchange Commission and mutual fund managers and the expected relaxation of restrictive trading rules planned for next year.

Thanong targets retail investors

Finance Minister Thanong Bidaya has told parties related to the bourse to seek a way to lower the proportion of retail investors who are trading, to reduce stock manipulation. “Retail investors account for 63 per cent of the overall stock market and their turnover ratio is four times. All related parties have to consider whether keeping these ratios unchanged will maintain stability in the market. Stock manipulation can be eliminated,” he said yesterday at SET in the City 2005.

SET in the City fair gets poor response on first day

SET in the City’s last event got off to a slow start yesterday when only students on assignment and a small group of visitors showed up.

SUB SRI THAI WAREHOUSE: SCB sells its 78% holding

Siam Commercial Bank has sold its 78.29-per-cent stake in Sub Sri Thai Warehouse Plc to Kamol Ieosivikul and the Sukhanindr family for Bt485.49 million. The selling price for the stake in the logistics and warehousing firm was Bt51.25 per share, Udomsak Chakreyavanich, president of Asia Plus Securities – the Sukhanindrs’ financial adviser – said yesterday.

FRIDAY BUG: Virabongsa helps ‘nephew’

Finansa Plc’s management team rarely makes comments to the media, especially about issues that relate to its clients, but company chieftains were forced onto the news when the Bank of Thailand refused a banking license to its wholly-owned subsidiary Finansa Credit. Interestingly it was the only one of four financial-institution groups that had applied for a universal banking licence, only to be refused. Neither Vorasit Pokachaiyapat, managing director of the company, nor Varah Suchartitakul, managing director of Finansa Securities, could be reached at the time, and the company’s management has continued to keep a low profile.

Home-buyers ‘needn’t panic’

Home-buyers should not panic about interest rate rises next year as the burden of their housing-loan repayments will not increase much, Charlotte Donavani, first executive vice president of Bank of Ayudhya, said yesterday.

Vijit hopeful over final Egat verdict

Chairman of the Stock Exchange of Thailand, Vijit Supinit, said it was “possible” that state-run Egat Plc could list on the stock market next year after the Supreme Administrative Court announced yesterday that it would make a final ruling on the privatisation of the Kingdom’s largest power producer in January.

SET names companies

International Engineering Co Plc (IEC) has been named by the Stock Exchange of Thailand as a company whose stock is suspected of involvement in “price manipulation”. SET president Kittiratt Na Ranong said yesterday the SET had found that trading of the stock was usually conducted by the same group of investors through several brokerage companies.