SET to close Aug 11 for extended Mother's Day holiday
The Stock Exchange of Thailand will be closed on August 11, it has announced.
The National Council for Peace and Order earlier announced that Monday, August 11, would be an extra holiday ahead of Mother’s Day on the 12th in an effort to boost tourism.
The Bank of Thailand earlier also said it would allow banks to close on the day. They can opt to open branches in shopping malls, though.
Security expo set for November
“ISF 2014”, offering academic seminars and exhibitions on security systems, will be held in November in conjunction with ADRE, the Asian Disaster Risk Reduction Expo.
M Gandhi, managing director of GML Exhibition (Thailand), said that with the right understanding, businesses would be able to prevent, mitigate or at least deal efficiently with economic losses from property damage. He noted that when disasters strike, the risk of economic damage is highest in developed or high-income countries.
To date, Thailand has faced many types of natural disasters. According to the Disaster Prevention and Mitigation Department, the big floods in 2011 claimed 813 lives and caused economic damage of US$45 billion (Bt1.43 trillion). The damage amounted to about 13 per cent of gross domestic product.
Thailand is now ranked 37th in the world when it comes to risks from the medium-term impacts of climate change, he said.
The international security and safety expo and forum will be held from November 4-7 at Impact Muang Thong Thani, according to its website.
Banks warned on new standard
Thai companies, particularly banks, should find it an additional burden to comply with a new accounting standard approved on Thursday, said experts at KPMG Thailand.
“The new standard is going to have a significant impact on Thai companies, most notably banks, but also insurers and other corporates. After extensive debate on what is a complex area, it is good that we now have a final standard so planning for implementation can commence,” said Somboon Supasiripinyo, senior technical partner.
On July 24, the International Accounting Standards Board issued the fourth and final version of its new standard on financial instruments accounting – IFRS 9 Financial Instruments. This completes a project that was launched in 2008 in response to the global financial crisis.
The new standard includes revised guidance on the classification and measurement of financial assets, including impairment, and supplements the new hedge accounting principles published last year.
Christopher Saunders, a banking partner at KPMG Thailand, noted that adopting the new rules was going to cost banks a lot of time, effort and money.
Thai Airways could see rating lowered, Tris says
Santi Kiranand, head of Tris Rating, said the credit rating of Thai Airways International could be lowered from the current “A+” if the airline’s profit remains low and its debt-coverage ratio is less than 1.
The company’s credit rating will be also based on the anticipation that the airline will be able to maintain its status as the country’s leading international carrier and continue to receive good support from the government as its major shareholder, especially during times of crisis.
He said a rating adjustment would also depend on the activities of the “superboard” charged with solving the problems of state enterprises.
For the airline industry, such problem-solving may be tough, as fuel prices are still high, while intense competition is driven by low-cost carriers and foreign airlines, especially from the Middle East, which have been receiving strong support from their governments.
True Corp capital increase gets nod from shareholders
True Corp shareholders at an extraordinary general meeting yesterday approved a capital increase and the sale of shares to China Mobile International Holdings, according to its filing to the Stock Exchange of Thailand.
True will increase authorised capital from Bt145,302,152,660 to Bt246,079,281,520 by issuing 10,077,712,886 new ordinary shares with a par value of Bt10 each.
The shares will be allocated in two parts. The first portion of up to 5,648,285,818 shares will be offered to existing shareholders in proportion to their respective shareholdings (a rights offering) at the ratio of 2.5725 existing ordinary shares to 1 newly issued ordinary share.
The second portion of up to 4,429,427,068 shares will be offered under a private placement scheme to China Mobile, or any other individual or juristic person to be determined as deemed appropriate by the board of directors, at the offering price of Bt6.45 per share.
McDonald's Japan switches to Thai distributor
McDonald's said yesterday that its restaurants in Japan had stopped selling products made with chicken from China, in a marked widening of a scandal that saw expired meat sold to fast food giants.
More than 3,000 restaurants across Japan had also halted imports of chicken products from the country, the chain said, as it switched to distributors in Thailand “to address the concerns of our customers”.
A company spokeswoman told AFP that all of chicken meals are now being made from poultry from Thailand. Last fiscal year, Thai supplies accounted for 38 per cent. – Agence France-Presse