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  • April 12, 2014

    Thai Airways contracts Singapore's 2C2P to process online sales

    THAI's customers now have more payment options, including credit cards, debit cards, payment counters and bank channels, such as ATM and Internet banking. The payment-processing services of 2C2P work with major card companies including Visa, MasterCard, American Express, JCB and China UnionPay. The company's payment solutions run on Payment Card Industry Data Security Standard Level 1, the most efficient...

    Business
  • April 12, 2014

    Krungsri to be turned into major first-tier bank

    Noriaki Goto, chief executive officer of Bank of Ayudhya, has set turning the institution into a large bank as a medium-term target while retaining double-digit return on equity (ROE). The country's fifth-largest bank by assets is considered medium-sized, but now that it has become a subsidiary of the Bank of Tokyo-Mitsubishi UFJ (BTMU), a wholly owned subsidiary of MUFG, Japan's largest financial group, Krungsri will have...

    Business
  • April 12, 2014

    Major retailers geared up for Songkran

    According to a survey by the University of the Thai Chamber of Commerce, consumer spending during the Songkran holidays is forecast to rise by just 2.36 per cent this year, the lowest increase in four years, because of the impact of the prolonged political turbulence. Chamnarn Maytaprechakul, executive vice president of The Mall Group, said Songkran was traditionally one of the major spending periods of the...

    Business
  • April 11, 2014

    Newsfeed

    ATM "skimming" is on the rise but commercial banks are taking care of customers, said the Bank of Thailand (BOT). The technique works by attaching a device to ATMs in a bid to steal personal information on the card, such as the four-digit password, and apply it to a fake card in order to steal cash. "Since it is an act of theft, the commercial banks usually take care of their own customers," BOT spokeswoman Dr Roong Mallikamas...

    Business
  • April 11, 2014

    BOT won't intervene in strengthening baht

    ... recent strengthening was caused by the eaker US dollar. She said the US market had expected that country's Federal Reserve to raise the benchmark interest rate in its last meeting but because of lower-than-expected indicators in many sectors, Fed chairwoman Janet Yellen said short-term rates would remain low indefinitely. Roong said the lower-than-expected recovery in various US economic indicators...

    Business
  • April 11, 2014

    JPMorgan sees 2 per cent drop in Thai banks' profits

    According to JPMorgan's report, the nine banks are expected to see a year-on-year reduction in profits to Bt50 billion for the first quarter. Their profit is expected to rise 5 per cent, however, from the final quarter of last year. Return on equities for the banking sector is estimated at 16 per cent. Higher financing costs are seen in Thai banks with a decline in the assets of small and medium-sized enterprises...

    Business
  • April 11, 2014

    Five wrong ideas about country competitiveness

    Competitiveness is best understood as a country's ability to generate prosperity by maximising the resources and competencies of its economy. There is no single way for a country to climb the competitiveness rankings, and that is fine. The problem is that country competitiveness itself is frequently misinterpreted, as often happens with such popular concepts. With this in mind, it seems timely to correct...

    Opinion
  • April 10, 2014

    When children kill their parents

    In the last few weeks Thailand has witnessed two murder cases in which young men have apparently slain their parents and siblings. On March 8 a couple in Pathum Thani and their son were shot dead in their home by the eldest son, aged 19. On April 3 in Bangkok, a husband and wife and their elder son were killed in their home by two gunmen who the police say were hired by the couple's younger son, 22. ...

    Opinion
  • April 10, 2014

    US among countries eyeing 1.6m tonnes of G2G rice deals

    ... that eight local rice traders had joined the ministry's general auction in Suphan Buri province for 169,000 tonnes, while 15 traders also joined bidding through the Agricultural Futures Exchange of Thailand (Afet). Surasak Riangkrul, director-general of the ministry's Foreign Trade Department, said it was negotiating with the US on a G2G rice contract. "If the negotiations succeed, Thailand may be able to sell...

    Business
  • April 10, 2014

    TDRI voices need for parliamentary budget office

    The lack of clarity in how the government spends its budget, the difference in ideas on how projects should be funded and the increasing in off-budget spending are among the reasons for the current political conflict, the TDRI claims. Somchai Jitsuchon, director of research into inclusive development at TDRI, said yesterday that the current call for financial reform by parts of society provided a perfect...

    Business