Economy June 28, 2014 00:00

By The Nation

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KTB board appoints new chairman

Krungthai Bank’s board of directors has appointed Areepong Bhoocha-oom chairman, replacing Voravidh Champeeratana, who resigned. 
The appointment was quickly approved by the Bank of Thailand.
The board appointed Prasert Bunsumpun its chairman of the board of executive directors, replacing Payungsak Chartsutipol, who also resigned.
TFEX removes silver futures
Thailand Futures Exchange, under the Stock Exchange of Thailand group, is planning to remove silver futures from its trading board because of an absence of the London Silver Fixing benchmark. Approval for this is being sought from the Securities and Exchange Commission.
Because of an absence of the benchmark, TFEX, together with its members and market participants, has decided to terminate silver-futures operations in August. The decision has been approved by TFEX’s board of directors. 
The termination request needs SEC approval and it should be finalised in early August.
Investors will not be affected by the move as there is no trading of derivatives or open interest left at the moment. In the meantime, trading of silver futures will still occur.
SCB debentures rated
Fitch Ratings has assigned a national short-term rating of “F1+(tha)” to Siam Commercial Bank’s unsubordinated unsecured short-term debenture programme of up to Bt50 billion. 
This programme will replace SCB’s existing Bt50-billion short-term debenture programme, which expires on July 15. 
Debentures issued under the programme will have a maturity of no more than 270 days, and can be issued in several tranches within the year. Proceeds from the issuance would be used for the bank’s general corporate purposes. 
Aberdeen names CEO
Aberdeen Asset Management has appointed Korawut Leenabanchong chief executive for its Thailand operations.
Korawut, who will join the company on July 1, was previously chief investment officer of UOB Asset Management in Thailand.
TAT chairman steps down 
Rear Admiral Noppadon Ruengsamai, deputy leader of the National Council for Peace and Order, revealed that Pensuda Prai-aram has resigned as Tourism Authority of Thailand chairman, effective June 27. 
NCPO chief General Prayuth Chan-Ocha will be consulted before Pensuda’s replacement is appoited, Noppadon said.
Under normal circumstances, the appointment of the TAT chairman would be the responsibility of the Minister of Tourism and Sports.
Ministry of Tourism and Sports permanent secretary Suwat Sithilor said he received Pensuda’s resignation letter on Thursday morning, and no successor was in place at the moment.
Special Issue of scripless saving bonds 
The Ministry of Finance will issue two lots of special scripless savings bonds worth Bt30 billion for the 2014 fiscal year to promote savings and provide general investors with access to quality investment products so they save more. 
One issue lot will have a seven-year maturity fixed interest rate of 4.25 per cent, while the other lot will have a 10-year maturity fixed interest rate of 4.75 per cent. 
The bonds will be available to investors at four banks (counters and ATM machines) – Krung Thai Bank, Bangkok Bank, Kasikorn Bank and Siam Commercial Bank between July 15-25.   
Investors who have never registered and have not opened a bank account for the Finance Ministry’s scripless savings bonds may do so at the four participating banks.  
BAAC proposes rice-field insurance scheme 
The Bank for Agriculture and Agricultural Cooperatives has proposed a rice-field insurance scheme for 1.5 million rai of rice fields in a bid to dramatically reduce the risk caused by natural disasters, according to the bank’s manager Lak Wajananawatch.
He said the scheme would help build up immunity to farmers more proactively, with the goal to almost halve the risk. 
BAAC aims to launch the scheme in the upcoming harvesting season.
The 1.5 million rai accounts for 3 per cent of the country’s total rice-growing area, which is more than 64 million rais.
“Damages from natural disasters have increased significantly from the past,” Lak said. 
“In 2011 with the massive flood, the government needed to spend up to Bt31 billion to help farmers. They [farmers] spoke about wanting to seek measures to reduce the impact of such a natural disaster.”


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