Late news :Australia drops tariffs on Thai steel wire ahead of schedule
Steel-wire exporters will enjoy more sales to Australia, thanks to that country's government eliminating import tariffs two years ahead of a commitment included in the Thailand-Australia Free-Trade Agreement.
Chutima Bunyapraphasara, director-general of Thailand's Trade Negotiations Department, said ribbed or indented prestressed concrete steel-wire exports had been subject to zero import tariff since June 1. Under the bilateral agreement, Australia agreed to reduce the tariffs from 4 per cent to zero in 2009. This earlier reduction will help Thailand's export competitiveness. Last year, Australia imported US$3.25 million (Bt112 million) worth of steel wire from Thailand, making it the country's third-biggest customer. Value in the first four months of this year sky-rocketed 118.32 per cent to $1.97 million. Thailand is expected to gain $130,000 a year from the reduction.
True's debenture sale a success True sold all of its Bt4 billion worth of secured debentures to local institutional and retail investors on May 30, the first day of subscri ption. Proceeds will be used to refinance Bt3.6 billion worth of debentures falling due in July 2008 and Bt400 million owed to commercial banks. The debentures were sold in three tranches, and all were rated "BBB" by Tris Rating.
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