Briefs

The Excise Department is monitoring cheap imported cigarettes, which have built up their market share to 4 per cent from 1 per cent since the Asean Free Trade Agreement cut the import duty to zero per cent.

 Director-General Areepong Bhoocha-oom said tax revenue was a concern as cheap products from the Philippines and Malaysia are taxed at Bt2-Bt3 per pack compared to Bt7 for premium products. If this influx erodes the revenue base, a special measure would be used to handle the cheap items.

 The department is now revising the cigarette excise tax structure, which Areepong insists would not lead to an increase or decrease in retail prices. - The Nation

Rise in North projects

Altogether 37 investment projects were submitted for tax benefits to the Board of Investment's northern office in the first half, up 85 per cent on year. Their combined value, at Bt2.7 billion, increased 113.58 per cent.

Chiang Mai was the most popular location with 14 projects. The projects were mostly of small size, less than Bt200 million each. Of the total, 10 were proposed by foreign investors and six by Thai-overseas ventures.

 In the South, the BOI approved incentives for 50 projects with combined investment of Bt13.7 billion, up 56.25 per cent and 199 per cent respectively. The projects will create 8,455 jobs. Of the total, 15 projects are slated for Surat Thani. - The Nation

Bank gets new chief

Lyn Kok stepped in on July 20 as the new president and CEO of Standard Chartered Bank (Thai).

Kok replaced Mark Devadason, who after two years in the position moved to his new role of group head of regions for corporate affairs in Hong Kong.

Kok had been managing director, country head of strategy and corporate development and general manager in Beijing for Chartered Bank (China) Ltd since 2006. - The Nation

More mortgage loans

The Government Housing Bank plans to extend Bt5 billion in mortgage loans per month for the rest of this year.

President Khan Prachuabmoh said yesterday that the new loans would help the bank achieve its target of Bt90 billion for the whole year.

The bank would try to maintain its loan interest rates as long as possible, but they may be jacked up if the bank has to hike its deposit rates. The bank's spread is now only 3 per cent.

GH Bank's first-half net profit was Bt3.12 billion, up 49.74 per cent over the same half last year, he added. - The Nation

Grand Sale kicks off

The Amazing Thailand Grand Sale Fair kicked off yesterday and is expected to draw 1.5 million visitors and generate transactions of Bt150 million by the time it ends on Sunday.

 Hotels, tour companies and consumer product distributors will exhibit their offerings in 800 booths, with discounts up to 80 per cent available. - The Nation