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Economy July 11, 2014 00:00

By The Nation

Govt initiates hotline for graft complaints

The Business Development Department has activated a hotline, 1570, for consumer complaints about corruption.
Pongpun Gearaviriyapun, director-general of the department, said the hotline was established to bow to the National Council for Peace and Order’s objective to prevent and suppress corruption. She said any complaints to the department would immediately be investigated.
Thailand number 2  investor in Myanmar
Thailand’s investment into Myanmar reached US$114 million (Bt3.67 billion) in the first five months of this year, according to the neighbouring country’s Directorate of Investment and Companies Administration.
Thai investment was exceeded only by Singapore’s $1.9 billion. 
Investment from mainland China was $51 million, while Hong Kong poured in $42 million. Japan, Malaysia and South Korea followed, with $26 million, $24 million and $22 million respectively. 
Investment from the United Kingdom was $14 million, and from Sweden $14 million. Investment from Brunei and Samoa was $3 million each, while India invested $900,000.
The commodity-production sector received the most investment while the tourism and communications sectors came second and third. 
Cumulative foreign investment as of the end of last year was $44 billion. 
PTT still in Fortune 500 despite dip in ranking 
PTT’s ranking in the 2014 Fortune 500 list dropped from 81st last year to 84th, though it remained the only Thai company on the list of the top 500 global companies. 
The national oil and gas company was first listed in 2011, at 128th among the top companies. In 2012, the ranking advanced to 95th. 
The ranking is determined largely by revenue in the past year, denominated in US dollars. PTT last year experienced a drop in revenue while the baht also weakened against dollar.
In the 2014, it ended up at 84th with revenue of $92.56 billion (Bt2.978 trillion). Pailin Chuchottaworn, the company’s president and CEO, thanked all executives and employees for their hard work in sailing the company through hardships.
“The inclusion of a Thai company reflects the country’s ability to secure the confidence of local and foreign investors,” he said.
New Copenhagen route
Norwegian Air Shuttle has launched a new route between Copenhagen and Bangkok. 
Starting on October 30, the new non-stop route will operate twice a week, and tickets are already available. Norwegian already offers direct routes between Bangkok and Oslo and Stockholm. 
The new long-haul route is part of Norwegian’s global strategy.
“For too long, the long-haul market has been dominated by high fares and restricted flexibility. We believe that everyone should [be able to] afford to fly, [including] long-haul,” said Norwegian’s CEO Bjorn Kjos.