Sugarcane farmers get Bt5bn loan

The loan was approved on con¬dition that farmers must raise yield to more than 9 tonnes per rai. The fund has borrowed Bt24.6 billion from the bank. - The Nation

Big C profit rise

Despite slowing consumption, Big C Supercentre showed a 10percent increase in secondquarter net profit at Bt598 mil¬lion. Revenue rose 9.5 per cent year on year to Bt17.28 billion.

Chief executive and president Yves Braibant said the increase in sales was a result of the opening of five new stores, and continuing sales growth at existing ones. The new stores are in Ratchaburi, Sukhothai, Chaiyaphum, Phetchabun and Krabi. -The Nation

Thitikorn on the up

Thitikorn, a motorcycle hirepurchase lender, posted a Bt88million quarterly net profit, up 31 per cent year on year thanks to rising agricultureproduct and oil prices.

Managing director Prathama Phornprapha said motorcycles were more affordable for betteroff farmers, while many provincial buyers opted for bikes rather than pickups because of cheaper fuel costs.

In the first half, the Kingdom witnessed a 7.32percent increase in yearonyear motor¬cycle sales to 867,357 units. Prathama expected annual sales to reach 1.7 million this year, as cycle makers reduced fuelconsumption rates. This will spur sales in the second half of this year and next year. - The Nation

Life insurers' boost

The Deposit Insurance Act will increase demand for lifeinsurance policies, as depositors diversify risk and look for higherreturn products, said Bangkok Life Assurance presi¬dent Chan Vathanakul.

The company is offering new products and improved service, plus expanding marketing and building new sales networks. - The Nation

Bid for tin mine

Goldandtin miner Tongkah Harbour is applying for an Industry Ministry concession to develop a 50,000rai tin mine in Phang Nga costing Bt1 billion. - The Nation

Fuji Xerox confident

Thai Fuji Xerox expects Bt4 bil¬lion in revenues this year, up 25 per cent from 2007, according to businessoperations director Sommart Bunyasunanond. - The Nation

Pledge on fuel tax

Excise tax on fuel will not be raised despite a recent drop in global prices, Finance Minister Surapong Suebwonglee said yesterday.

He said an adjustment was unnecessary because markets were volatile. The government will watch the market for at least two to three months. If crude oil plunges to US$70$80 (Bt2,366Bt2,704) a barrel in the near future, the ministry may review the tax.

"Although oil prices are falling, we must still cut con¬sumption because volatility remains," he said.

The Excise Department expects to lose Bt32 billion between August and January next year, as a result of its decision to cut diesel and gasohol excise. While gasohol taxes were cut by more than Bt3 a litre, diesel was slashed Bt2.30.

Deputy Finance Minister Phichai Nariptaphan, who oversees the department, said excise taxes should be raised because the country spent more than Bt1 trillion on energy imports every year.

"Since global prices have fallen, leading to cuts in retail fuel prices, traffic is getting jammed again," he said. The taxes can be raised incrementally, he said.

Diesel prices fall

Fuel retailers will slash diesel prices by 60 satang a litre today, following a drop in refined diesel prices to US$126.70 (Bt4,284) a barrel yesterday.

Since July, the diesel price has fallen by Bt11.40 a litre. PTT dieselB5 now costs Bt32.34 a litre.

Last week, West Texas crude for September delivery ended at $113.77 a barrel, about 20 per cent off its July peak of $147. Analysts attributed the drop to the continued appreciation of the US dollar.

This has reduced the attraction of commodity futures, particularly crude. On Friday, the greenback strengthened to 1.46 to the euro. Markets reacted to the forecast that oil consumption this year would drop 30,000 barrels a day to 1 million barrels, too. There are expectations oil demand in China will fall after the Olympics. The Nation