Soft loans sought in aid of stranded

The Tourism Ministry plans to ask Cabinet to approve a soft-loan package for tourism recovery in the long term.

Permanent-secretary Sasithara Pichaichannarong said yesterday that in the beginning, at least Bt2 billion was needed to provide accommodation, food and transportation for stranded tourists.

The budget will go towards helping both foreigners stuck here and Thai tourists abroad. - The Nation

Moody's downgrades Thai outlook

Thailand's rating outlook was downgraded to negative by Moody's Investors Service after months of political protests culminated in an airport siege and the ouster of Prime Minister Somchai Wongsawat in the past week.

The rating action has been prompted by the adverse effects the current heightened political uncertainty are having on the economy, which could undermine the government's creditworthiness if not checked, Moodys said in a statement yesterday.

Moodys, which joined Fitch Ratings and Standard and Poor's Ratings Services in cutting the outlook this week, rates Thailand's foreign and local currency government ratings "Baa1", three levels above non-investment grade.

Both Fitch and S&P have "BBB+" ratings for the country's debt, a level similar to Moodys. - Bloomberg

Eisai halts travel to India, Thailand

Eisai, maker of the world's best-selling drug for Alzheimer's disease, suspended all travel to India after last week's terrorist attacks, and halted trips to Thailand after Bangkok's main airports were blocked by protesters.

"We are suspending all trips to India and Thailand until safety is assured," said Shinichi Sakai, a spokesman at Tokyo-based Eisai. "We haven't seen any impact on business so far."

Eisai has about 80 locally hired staff in Mumbai and doesn't have any Japanese or foreign employees there, Sakai said.

"There's no change in our business plans in India," Sakai said. The company is building a research site in Vizag, on the country's east coast. - Bloomberg

Mitsubishi cuts Thai output for Europe

Mitsubishi Electric Corp cut Thai production for the European market by as much as 30 per cent compared with the company's previous plan, the Nikkei newspaper was reported as saying by Bloomberg.

Daikin Industries, Japan's biggest air-conditioner maker, also cut production for the European market, Nikkei said.

Daikin shares have dropped 65 per cent this year.

Daikin last summer reduced output of air conditioners by 30 per cent at a Czech factory because of declining demand, especially in Italy and Spain, the Nikkei reported. - The Nation