Briefs

StanChart to reopen rep office in Yangon

Standard Chartered Bank will reopen a representative office in Yangon next month after receiving a licence from the Central Bank of Myanmar.

"We look forward to supporting our global network of clients in their efforts to tap into emerging opportunities in Myanmar, which |in turn will help spur further |economic growth for the country," CEO Jaspal Bindra said yesterday.

StanChart's re-entry to Myanmar makes it the only major international bank with a presence in all 10 Asean markets.

StanChart has a history of |more than 150 years in Yangon. In 1862 it opened a branch in what was then known as Rangoon. |That operation was nationalised |in 1963. It had a representative office in Myanmar from 1995 to 2004.

The office will focus on wholesale banking activities. - The Nation

Fifth Dubai-BKK flight

Emirates has announced a fifth daily non-stop service between Dubai and Bangkok, weeks after it launched a daily service between Dubai and Phuket.

From March 31, Emirates will operate 35 flights a week between Dubai and Bangkok, plus a daily Airbus A380 service between Bangkok and Hong Kong, and a daily flight between Bangkok and Sydney, which connects on to Christchurch. These services, |along with the Phuket flights, take the number of weekly Emirates departures from Thailand to 56.



Emergency service

Bangkok Hospital Network, covering Bangkok Hospital, Samitivej, BNH, Phya Thai and Paolo Memorial, has launched a new emergency service.

At Bt1,000 per use until April 30, Bangkok Emergency Services (BES) is designed to be a mobile hospital, equipped with all medical equipment and medical staff. The service coverage area is Bangkok, Samut Prakan, Nonthaburi and Pathum Thani.

AP bonds rated 'A-'

TRIS Rating has assigned a rating of "A-" to the proposed issue of up to Bt1.25 billion in senior debentures of Asian Property Development. At the same time, TRIS Rating has affirmed the company and current issue ratings of AP at "A-". The outlook remains "stable".

The company will use the proceeds from the new debentures for working capital. The ratings reflect AP's proven track record in the residential property development industry, strong business profile, product diversification, and secured revenues from high backlog, the agency said.

The strengths are partially offset by the cyclical nature of the property development industry, pressure from higher construction costs and labour shortage, and expected high leverage in the medium term.

The "stable" outlook reflects an expectation that AP will remain competitive in its core business franchise and will consistently be able to rebalance its product |portfolio alongside market dynamic. The outlook is also based on the expectation that AP will continue to follow a prudent financial policy and keep its debt to capitalisation ratio around 50 per cent in the medium term. - The Nation