News feed

Economy July 15, 2014 00:00

By The Nation

Superboard demands new ToR format



The “superboard” has assigned the State Enterprise Policy Office to draft a new format for terms of reference to be used by all 56 state enterprises when they call project tenders as part of its policy to prevent corruption or bidding collusion.
Kulit Sombatsiri, director of the office, said yesterday that it would take two months to complete the draft, which would be based on those used by the World Bank and Asian Development Bank. 
The junta recently set up the superboard to oversee all state enterprises with the stated intention of getting them all moving in the same direction towards strength and efficiency. 
 
Need for fiscal revamp 
The Bank of Thailand’s Monetary Policy Committee and Financial Institutions Policy Committee believe that the fiscal system needs restructuring to fix the imbalance between revenues and expenses. 
The MPC and FIPC met yesterday to discuss the fiscal situation of the government. They are concerned about long-term financial stability given the uncertainty of the economic recovery and the increase in off-budget activities.
The country’s financial stability has suffered from the recent economic slowdown, as the incomes of households and the private sector have declined and the quality of consumer credit has deteriorated. However, the impact is not widespread and does not pose a risk to the entire financial system, the committees agreed.
 
Japan firms eye TVD 
Japanese companies Fuji Media Holdings Inc and ITOCHU Corporation have agreed with TV Direct Public Company Limited – the largest TV shopping operator in Thailand – to acquire shares in the later. They will both have a 2.43% stake.
Fuji Media and ITOCHU already had what has been described as an “excellent” relationship with TVD through undertakings such as Asia Shopping King and a TV shopping project by FI Media Project Inc – a Tokyo-based subsidiary of the two Japanese firms.
Fuji and ITOCHU believe TV Direct has great potential.
TV Direct reportedly offers more than 2,000 items under 16 categories and has as many about 2.6 million customers.