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Thai Business News
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Wednesday, 21 March 2007 |
Daniel Christman, senior vice president of the U.S. Chamber Commerce, said Tuesday that Thailand risks losing investments by U.S. companies after the government announced its decision to break patents for certain HIV and heart drugs. "Investors look at potential destinations and judge how well intellectual property is protected when they decide to put capital in those countries,'' Christman said at a press briefing in Bangkok. "The vast majority of companies that have been surveyed by us have expressed serious concern about the future investment climate in Thailand." The chamber released results of a survey showing that 75 percent of 234 global business executives said that the recent military coup and controversial new economic policies would be factors in their final decision on investments in Thailand over the next three years.
Bloomberg
PR Newwswire
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Thai Business News
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Thursday, 15 March 2007 |
The baht is likely to break the Bt35 barrier today due to massive selling of dollars by exporters concerned the currency will continue to surge against the greenback. The local unit reached a new nine-year high on Wednesday when it closed at Bt35.01 against the U.S. dollar. Yesterday's climb was attributed to the implementation of a central bank alternative for investors. From today, the Bank of Thailand will no longer apply the 30 percent withholding requirement on foreign inflows if they are hedged in foreign-exchange swaps.
The Nation
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Thai Business News
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Thursday, 08 March 2007 |
 Chalongphob Sussangkarn, president of a private think tank who criticized currency controls on foreign investors, was named Thailand’s new finance minister on Wednesday. Chalongphob, a former member of the World Bank, is described by local analysts as a pro-market economist. “The most important need right now is to bring back consumer and business confidence in the economy,'' Chalongphob said after the appointment. Chalongphob formerly criticized the central bank's controversial currency measures as “too harsh,'' saying some short-term funds were needed to develop capital markets and urged the Bank of Thailand to cut interest rates to curb baht gains.
Bloomberg
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Thai Business News
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Tuesday, 06 March 2007 |
Thailand's economy expanded 4.2 percent in the fourth quarter of 2006, down from 4.7 percent in the previous period, marking the lowest growth rate since a 3.5 percent rise in the first quarter of 2005. For this year, experts say the recovery of investments will be slower than expected because of politics. "Growth is expected to slow down especially due to foreign investors shying away,'' said Vishnu Varathan, an economist at Forecast Singapore. "Consumer sentiment is also down because of political instability and violence.''
Bloomberg
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Thai Business News
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Thursday, 01 March 2007 |
 The Thai central bank will scrap remaining capital controls for foreign investments in bonds, mutual funds and property funds on Thursday following the resignation of the Finance Minister Pridiyathorn Devakula yesterday. A major issue now is who will succeed Devakula, who resigned on Wednesday after citing disagreements within the government over the appointment of an economic adviser. "Pridiyathorn built up a reputation as a shrewd economic observer during his time as head of the Bank of Thailand and gave the government some much needed economic clout," said Glenn Levine, an economist at Moody's Economy.com Web site. "With him now gone there is no telling what crazy ideas the interim government will come up with."
MarketWatch
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