The company also reported a net first-quarter loss of Bt113.4 million.

CEO Steven Campbell said that in terms of volume the company had shipped 91.8 million suspension assemblies or over 8 per cent more than in the same period last year, though in terms of value its sales had slightly dropped as a result of an extremely competitive pricing environment and an unfavourable impact on revenues when translating US dollar-denominated sales against a strengthening baht.

Mortgage cover slows

The mortgage insurance growth rate this year is expected to slow to 3.5-4.5 per cent or Bt6.87 billion-Bt6.93 billion, compared to 4.8-per-cent growth last year, in response to a decline in the property market, says Kasikornbank Research Centre (KRC).

The number of new mortgages this year is expected to fall by 8.8 per cent to Bt239.45 billion, due mainly to a slowdown of property sales in the residential market.

KRC reported that the economic slowdown would affect the spending power of prospective home-buyers, most of whom normally use a part of their savings for a home down payment. The rest will be financed from financial institutions.

However, a continual decline of interest rates may affect the delay in buying decisions by customers. Many financial firms now offer mortgages with special conditions and low interest rates.

GE in Phnom Penh

US multinational General Electric (GE) plans to open an office in Phnom Penh this year, the Cambodia Daily reported last week.

GE's interest in Cambodia is mostly focused on health-sector equipment and machinery, the Cambodia Daily quoted Joseph Mussomeli, US ambassador to Cambodia, as saying.

Representatives of the US technology and services conglomerate were part of a delegation of US executives that met senior Cambodian officials on Wednesday, Mussomeli said.

The GE executives discussed the possibility of bringing diagnostic machinery and materials to Cambodia, where health facilities are still lacking in such equipment, said Cambodian Health Minister Nuth Sokhom, who has met the delegation.

Hawaii tourism push

The Hawaii Tourism Authority (HTA) is promoting Hawaii festivals and events as part of a campaign to improve visitor and resident satisfaction scores and boost tourism beyond the lures of sun, sand and surf, the Star Bulletin reports.

As part of the push, the HTA is bringing in experts from Thailand and Canada this month to host a series of seminars to help tourism officials and organisations spotlight Hawaii's culture through events.

Coinciding with the seminars is HTA's Festivals of Hawaii campaign.

Thailand, long popular with the North American and Japanese markets in part because of its cultural festivals, is lending its expertise to help Hawaii's industry put its own festivals and events market on the map.

Suraphon Svetasreni, deputy governor for marketing communications at the Tourism Authority of Thailand, will visit Hawaii in a few weeks to help lead a series of statewide seminars designed to assist Hawaiian groups in planning festivals and events and building partnerships and alliances.

Thainox award

Thainox Stainless is hosting the "Thainox Metallurgy Award 2007", a competition for new research and development aimed at innovative materials and products.

Metallurgy director Dr Chatchai Somsiri said the award would encourage not only researchers but also university students to create more innovative metals, which would upgrade the country's manufacturing. "This project aims to develop Thailand's manufacturing to achieve high-quality raw materials and manufacturing standards relevant to international requirements," he said.