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The Commerce Ministry yesterday agreed to bring down the retail price of cooking palm oil from Bt47.50 per litre bottle to Bt38 early next month.

Vatchari Vimooktayon, deputy-director general of the Internal Trade Department, said a panel had also set the price for oil palm fruit at Bt3.50 per kilogram, higher than the current price of Bt3.20, in order to assist farmers suffering from falling prices.

Palm oil refineries will also have to pay crushing mills Bt22-Bt23 per kilo for crude oil, higher than the market price of Bt17-Bt18. - The Nation

Extra incentives

The Board of Investment will consider opening a "special period" with extra incentives to stimulate foreign investment during the economic crisis.

"We need to do something to boost investment in the country among negative factors both here and abroad. However, this will be a temporary measure," Damri Sukhotanang, permanent secretary of the Industry Ministry, said yesterday.

At its meeting today, the board is expected to form a committee to approve investment applications in the pipeline worth Bt600 billion in project value. - The Nation

Index Event upbeat

Although the political and economic uncertainties are giving the meeting, incentive, convention and exhibition industry a licking, Index Event Agency is optimistic on hitting its revenue target of Bt1.2 billion this year.

The MICE organiser has already posted Bt1 billion in revenue for the first nine months, up 10 per cent from last year, co-CEO Kriengkrai Kanchanapokin said yesterday.

The company forecasts that next year's economic environment will remain inhospitable, so it has to improve administration and strategy by creating work in response to the needs of customers and offering service packages, he said. - The Nation

A taste of the US

The US Embassy, in cooperation with the American Chamber of Commerce in Thailand, is putting on a three-day consumer festival, called USA Fair 2008, from October 31-November 2.

The event, which will be held at Royal Paragon Hall 3 in Siam Paragon, will offer an opportunity for Thais and expatriates to get a glimpse of the American lifestyle. - The Nation

Axle production

American Axle & Manufacturing (Thailand) expects to start commercial operations of its Bt1.3 billion plant in 2010. The Rayong facility will produce vehicle axles for General Motors. The company aims to generate Bt2.7 billion of business in the first year of operation. - The Nation