Economy June 04, 2014 00:00

By The Nation

6,500 firms told to confirm locations of operation

The Business Development Department has warned more than 6,500 companies in Bangkok to clarify their location after the department lost contact with them and could not identify their address.

Director-general Pongpun Gearaviriyapun said yesterday that the 6,500 companies need to provide their address within 15 days after being contacted by the department.

The department cannot make contact with them. It can only send a letter to them.

Under corporate law, any company that |does not maintain an office or moves without informing the department could face a Bt20,000 fine, while a shareholder could be fined Bt50,000.

Record bonuses at PTT

PTT Plc’s board set a record for bonuses with up to Bt3 million per director last year, according to a survey conducted by the State Enterprise Board.

PTT is listed on the Stock Exchange of Thailand.

PTT is followed by AOT Plc, whose directors were awarded bonuses of up to Bt1 million.


Gold loses lustre in UK trade

Gold traded near a four-month low in London as investors weighed gains in equities and the dollar against speculation the drop may spur more buying.

Bullion declined for a fifth day on Monday as the Standard and Poor’s 500 Index of stocks reached a record and the dollar rose to an almost two-month high against 10 major currencies.

The metal’s drop took it below a technical level that suggests to some that prices may be poised to rebound.

Gold slumped 28 per cent last year on expectations that the US Federal Reserve will reduce asset purchases as the economy recovers.

The euro has weakened against the dollar since last month on speculation that the European Central Bank will add stimulus when policymakers meet tomorrow.

Bullion for immediate delivery added 0.2 per cent to $1,246.48 an ounce by 9:23am in London, according to Bloomberg generic pricing. |– Bloomberg

Mcarthurglen hot with Asians


Stylish travellers from China and across Asia are spending big at McArthurGlen’s 20 Designer Outlet centres located across Europe, according to the company’s survey.

McArthurGlen Group is Europe’s leading owner, developer and manager of designer outlets that was founded in Europe by Kaempfer Partners in 1993.

Total tax-free sales by Chinese shoppers rose 270 per cent in the past two years. Chinese visitors now account for more than 20 per cent of all tax-free sales at McArthurGlen Designer Outlets, and they spend eight times more than the average shopper – a figure that rises to a factor of 10 at the flagship Italian centres.

Shoppers from Southeast Asia and South Korea also recorded impressive sales growth last year.