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Ministry cuts export target The Commerce Ministry has cut its export growth target for this year to 9.46% from an earlier projection of 11.3% after two months of declining exports. The ministry`s target is still higher than that of the National Economic and Social Development Board, which is forecasting growth of 7-9%. Commerce Minister Adisai Bodharamik said the ministry believed the economic slowdown in Japan and the United States would not last long. In addition, he said, exports from local-foreign joint ventures to the two markets would not drop. The ministry expects exports to be worth US$76.48 billion this year, with industrial products worth $50.94 billion, agro-industrial products $12.59 billion and other products $12.94 billion. Cash-management business growing Standard Chartered Bank expects its cash-management operations to double this year, according to Tim Hinton, Asia-Pacific head of wholesale product management. At the end of 2000, the bank had around 200 active cash management users. Further growth is expected to come from Straight Through Services, a new e-payment service for corporate customers. Mr Hinton said the "second generation" service focused more on regional rather than local payment services, saving time through a "single pipe", same-day process across the region. "Thailand is one of our largest and fastest-growing markets for payment outsourcing in the region."Target customers for the new service are large corporations, multinational companies and users needing to process upwards of 200-300 cheques per month. TAMC approach copies Krung Thai The Thai Asset Management Corporation (TAMC) would use a similar approach to the one adopted by Krung Thai Bank in transferring its non-performing loans to its Sukhumvit Asset Management subsidiary, according to Chakthip Nithibon, manager of Financial Institutions Development Fund. "TAMC would focus on transfers of NPLs that represented real problems and were difficult to restructure," he said. "It would not accept transfers of NPLs that had already reached agreements with their creditors, or transfers of small borrowers with few creditors, which were expected to reach agreements with their creditors soon."TAMC would not accept transfers of debtors that had already signed restructuring agreements and were in the rehabilitation process, even if these debtors were dissatisfied with the terms. Mr Chakthip cited Thai Petrochemical Industry Plc as an example, saying it was ineligible for the TAMC process because its restructuring plan had already been signed and approved by the court. Reserves off $100m International reserves totalled $32.5 billion as of March 16, a decline of $400 million from the week before, the Bank of Thailand said yesterday. The decline in official reserves was due mainly to a $400-million repayment to the International Monetary Fund, said central bank spokesman Bandid Nijathaworn. The central bank is obligated to repay $700 million of IMF debt each quarter. It would be able to repay the remaining debt due in the current quarter without having to buy dollars from the foreign-exchange market as reserves were now high, he said. The Post - 24.3.01 - |
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| aus der Diskussion: | Waste or make money in Thailand |
| Autor (Datum des Eintrages): | BodyG (24.03.01 10:28:33) |
| Beitrag: | 601 von 611 (ID:3166255) |
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