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Minister targets reduced production cost to shore up rubber price

Deputy Prime Minister/Agriculture Minister Yukol Lim-laemthong urged all parties to systematically deal with Thailand’s declining rubber price problems, focusing on reducing production costs as the priority.
Yukol on Friday told a seminar on reducing production costs and increasing Thailand’s rubber produce for competitive ability in the ASEAN Economic Community (AEC) that Thailand’s top exported product is rubber. However, its export value last year declined despite rubber export quantity rising to 3.2 million tonnes and current rubber prices not tending to increase, partly due to large rubber stockpiles in Thailand and China.
A committee was set up to inventory stockpiles for further planning and management.
The minister said Agriculture Ministry’s first measure to tackle rubber price problems is to find clear production costs in an effort to stabilize rubber prices in accordance with demand/supply. High market demand can carry prices as high as Bt150/kg.
Related parties are to determine actual production costs and how much farmers should earn, Yukol noted, adding that farmers are also to improve themselves by applying new technology for reducing costs and pushing for more rubber exports in order that Thailand can become the rubber centre of the Association of Southeast Asian Nations (ASEAN). (MCOT)


70 blacklisted rice mills allegedly in rice pledge scheme

Seventy-seven blacklisted rice mills were permitted to participate in the government’s rice pledging scheme, it was disclosed by a House special committee considering the 2014 budget bill.
Watchara Petchthong, committee spokesman said he was assigned to inspect two rice mills in the central province of Sukhothai, formerly blacklisted, but they were later allowed to join the government’s rice scheme.
The rice mills obstructed the inspection. It is suspected that the rice mill owners and some government officials have shared vested interests.
Watchara said the committee asked the Public Sector Anti-Corruption Commission, the Anti-Money Laundering Office, the Electricity Generating Authority of Thailand, the Revenue Department and the Provincial Electricity Authority to probe financial transactions and power bills of the two rice mills since 2007 and to check whether there was rice stored in the warehouses or not.
The two rice mills probably cost losses of 642 million baht to the state, Watchara said. (MCOT)


Government approves commodity price control measures

The Thai government approved measures to control commodity prices to help ease public burden, a government spokesman said.
Teerat Ratanasevi announced the measures following a July 12 meeting between economic ministers and concerned agencies to monitor the economic situation.
The meeting approved six measures to regulate commodity prices, the spokesman said.
The Agriculture Ministry was assigned to control production costs, particularly raw materials for food production including maize, soybeans and chemical fertilizer, as it could help reduce goods prices.
The logistic system must be efficiently managed, while more distribution centers will be set up under the supervision of the commerce and the agricultural ministries.
The government spokesman said zoning of economic crop cultivation will be introduced to farmers, adding that the three ministries - finance, commerce and agriculture - will join hands to prevent monopolies in sales of raw materials and encourage new merchants in the markets.
Regarding measures to reduce the impact on citizens following the Liquefied Petroleum Gas (LPG) price hike, Teerat said the public will be encouraged to use natural gas vehicles (NGV) instead and more gas stations will be provided.
The last measure, he said, involves the Finance Ministry, the Bank of Thailand, and the National Economic and Social Development Board which have been assigned to monitor the global economy in the second half of the year after the International Monetary Fund (IMF) cut the world economic growth from 3.2 percent to 3.1 percent and the United states announced its plan to begin cutting its use of quantitative easing later this year.
Deputy Prime Minister/Commerce Minister Niwatthamrong Boonsongpaisan said meetings will be held again in the next few weeks to conclude measures to handle the slowdown of public consumption and to control commodity prices at an appropriate level. (MCOT)


Thai central bank keeps key interest rate unchanged

The Bank of Thailand’s Monetary Policy Committee (MPC) voted unanimously last week to maintain the policy interest rate unchanged at 2.5 percent with immediate effect, reasoning it was a necessary response to slowdowns in domestic demand and exports.
“The growth of the Thai economy has been moderate due to a slowdown in domestic demand and exports. Private consumption softened, as consumers exercised more caution partly as a result of the rising debt burden, coupled with waning government consumption stimulus measures,” the MPC said in a statement.
“Exports decelerated from domestic supply constraints as well as China’s slowdown. Weak domestic and external demands in turn caused further delays in private investment. Inflationary pressures eased from softening domestic demand and lower production costs,” it said.
The MPC judged that the slowdown in domestic demand was partly an adjustment from the previous extraordinary growth induced by government stimulus measures, and thus should resume its normal growth path in the periods ahead.
Prevailing domestic environment remains supportive of a recovery of private spending, including sound underlying fundamentals such as high employment and income, and accommodative monetary and fiscal policies as reflected in continued private credit growth and fiscal deficits.
Bank of Thailand assistant governor and MPC secretary Paiboon Kittisrikangwan said the committee saw signs of economic slowdown, and had therefore cut the benchmark rate by 0.25 percent at the last meeting.
The current rate is seen as appropriate to the economic conditions, he said.
Paiboon, however, stopped short of saying whether the MPC will keep the rate unchanged until the end of the year, adding that it depends on internal and external factors. In addition, it remains to be seen how long the government’s investment project will be delayed. He advised that the government should shift its focus from domestic demand and consumption stimuli to production sector efficiency.
The MPC is scheduled to announce this year’s revised growth forecast July 19. The committee basically shares similar views with other agencies which have lowered the growth forecast below 5 percent given that Thailand faces a labor shortage that will adversely affect private investment expansion, the senior BoT official said.
He also said that the next monetary policy meeting will consider the global economy, fund flows, and the baht movement in its latest economic update. (MCOT)


Amari Residences Phuket Showcase comes to Pattaya with special pre-sale package

Two bedroom living area.

Amari Estates invites prospective property owners to visit the Amari Residences Phuket Showcase taking place in the lobby of the Amari Orchid Pattaya from now until Sunday 21 July, 2013 from 10:00 a.m. until 6:00 p.m.
Following the hugely successful property showcase held in Bangkok last month, Amari Estates has extended the pre-sale prices offer to residents of Pattaya and the Eastern Seaboard. Starting at THB 6.9 million, with a guaranteed 6% yield for three years, interested parties registering their interest with a down payment of THB 35,000 deposit will be entitled to enjoy a holiday package for two to personally view the hotel-branded residences show suites in Phuket before making their final decisions. In addition, SCB Platinum credit card holders will enjoy additional promotions such as X5 SCB reward points on the reservation and contract signing fee, as well as a 0% interest for 6 months on the contract payment.

Peninsula with private beach and private jetty along Patong Bay.

When complete at the end of next year, Amari Residences Phuket will comprise of 148 spaciously laid out one, two and three-bedroom residences and 12 pool villas situated on a prime coastal site above Patong Bay - Phuket’s most expensive location where land prices average THB 120 million per rai. Each unit will be luxuriously furnished by Chanintr Living. Architecturally designed as two and three-storey low-rises offering 270 degree panoramic sea views from every unit, the project was awarded “Best Architecture for Multiple Residence” at the Asia Pacific Property Awards in early May this year.
For any further information regarding Amari Residences Phuket, please contact Ms. Preeti Tanwani on +662 654 1111 ext 104 or [email protected]


 
HEADLINES [click on headline to view story]]

Minister targets reduced production cost to shore up rubber price ss

70 blacklisted rice mills allegedly in rice pledge scheme

Government approves commodity price control measures

Thai central bank keeps key interest rate unchanged

Amari Residences Phuket Showcase comes to Pattaya with special pre-sale package

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