Economy April 17, 2014 00:00


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Dusit Fudu Hotels and Resorts has signed a contract with Panzhihua Sunshine Joyhome Tourism Investment Co to manage an all-villa resort in China.

The deluxe Dusit Thani Resort Panzhihua in Sichuan province, featuring 200 villas, will be the first internationally branded hotel in the city when it opens in 2016.

Lim Boon Kwee, president of Dusit Fudu, said yesterday that the success of this new management bid by the company had been spurred by its confidence both in the property and the potential of Panzhihua as a growing leisure destination.

“Not only will the Dusit Thani Resort Panzhihua, Sichuan with its unprecedented facilities attract local and international travellers, we believe that within a short time, it will also become the preferred premier hotel.”


Standard Chartered Bank has appointed Lim Cheng Teck as chief executive officer for Asean, effective on May 1.

He will report to Jaspal Bindra, group executive director and CEO of Asia.

To maximise opportunities in key growth regions, the bank has recently implemented a structure of eight specific regions – Asean, Greater China, Northeast Asia, Menap (Middle East, North Africa, Afghanistan and Pakistan), South Asia, Africa, Europe, and the Americas.

Lim brings 26 years of experience at Standard Chartered.

He was executive vice chairman and CEO of Standard Chartered Bank (China), where he led the team to double revenue from 2009-12, crossing US$1 billion for the first time.

Its branch footprint in China was also doubled.

Before China, he was CEO of Standard Chartered Bank in Singapore.


The Capital Market Supervisory Board has approved a revision of the rules governing capital-market personnel to standardise the rules across all types of personnel.

Vorapol Socatiyanurak, secretary-general of the Securities and Exchange Commission, said yesterday that existing rules would also be compiled into a single notification for ease of use.

The compilation elaborates all guidelines of capital-market personnel including new types of personnel required to obtain the SEC’s approval because of their vital responsibilities having a high impact on clients.

The approval will be applicable to certain types of personnel, for instance, wealth advisers who give advice on asset allocation and select suitable securities for individual clients, investment analysts and fund managers, in accordance with the specified qualifications and prohibited characteristics.

The revised rules require directors and managers of securities and derivatives businesses to pass training courses on good corporate governance to promote ethics, morals and codes of professional conduct for the utmost benefit of clients.