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Six projects planned to ease Bangkok’s traffic woes
The Office of Transport and Traffic Policy and Planning
is pouring a massive 100 billion baht to ease traffic problems in the
capital on what is hoped will be a sustainable basis, according to the
Office’s Director-General Kumropluk Suraswadi.
Kumropluk explained that over the next six years,
starting from 2004, the office would use 100 billion baht on constructing
new expressways, with around 50 percent of the money spent on land title
fees. The government will take on around 20 billion baht of the total, and
would also support 20 percent of construction costs.
The money will be spent on six projects, including a
third tier of southern expressway, the Ram Indra-Outer Ring Road expressway,
and the Rattanathibet-Viphawadee Rangsit-eastern Outer Ring Road flyover.
The Office of Transport and Traffic Policy and Planning expects clearer
details to emerge on the projects by the beginning of next year.
Kumropluk said that the office would also use 12 billion
baht to increase the number of traffic intersections over the next couple of
years, while also constructing four new bridges over the Chao Phraya River
at the Kiak Kai intersection, from Chan Road to Charoen Krung Road, from Lat
Ta to Mahapritaram and from Tha Din Daeng to Ratchawong.
In the second phase of operations, subways and flyovers
will be constructed near the Rachadaphisek roundabout, using government
funding of around 50 billion baht. (TNA)
SET ready to support listed good governance firms
The Stock Exchange of Thailand (SET) has allocated a
budget of 30 million baht to support the development of good governance for
listed companies.
Phatriya Benjapalachai, the SET’s vice president, said
that the support would be through the SET’s 50% reduction of annual fees
for two consecutive years to listed firms joining in the good governance
promotion project.
“The project was launched early this year, and was
initially set to end on 31 December, 2003. But the SET has decided to extend
the project for another year and will instead end on 31 December,
2004.”(TNA)
One-time royalty fees suggested for karaoke venues
The Thai government is trying to give the county’s
karaoke venues a break. GMM Grammy Plc, Thailand’s biggest music-recording
company, RS Promotion Plc and their rivals have been asked to stop charging
monthly fees for playing their songs.
Commerce Minister Wattana Muangsook has suggested that in
place of the monthly fee, recording companies levy a one-time royalty fee on
compact discs bought for commercial use. “The companies should separate
CDs for sale to individuals from those sold to establishments,” he
recommended.
Pineapple leaf paper proves hit in US
It sounds almost good enough to eat - paper made out of
pineapple leaves, and in the United States, the One Tambon One Product (OTOP)
paper made in a small village in Prachuap Khiri Khan Province is proving an
instant success.
Siriwann Phothiphiphat, Tambon Nong Ta Taem’s resident
who has developed the pineapple leaf paper products, attributed the
popularity of the paper to the fact that it was showcased at the Asia
Pacific Economic Cooperation Meetings 2003 (APEC 2003) in Bangkok in
October. Foreign sales are growing, particularly in the US, with a large
number of purchases made over the Internet.
Siriwann notes that the raw materials for the paper are
easily obtainable locally. While the pineapple leaf paper was originally
produced in the northern region, a relative lack of pineapple plants and the
abundance of pineapple cultivation in this upper-southern province of
Prachuap Khiri Khan soon saw production shifted southward. A group of 30
farmers, operating under the name ‘Native Village Goods’ are now working
together to produce the paper, which is notable for its natural appearance.
(TNA)
Consumerism expected to soar in 2004
Figures show that Thai consumers are feeling their oats -
and 2004 is expected to be a bumper year for domestic spending. A recent
survey taken by the University of the Thai Chamber of Commerce, revealed
that end-of-the year holiday shoppers were expected spend to spend 56
billion baht, up from 36 billion baht last year.
The report said increased job creation, more disposable
income and rising consumer confidence all signal a sustainable consumer
recovery. Strong commodity prices, plus expansion of consumer credit have
boosted disposable income for Thailand’s rural population. This is good
news for retailers.
Higher prices combined with increasingly negative real
returns on bank deposits is expected to continue to encourage consumers to
spend even more in 2004. (TNA)
Brunei considers partnership with Thai Islamic banks
Interior Minister Wan Muhamad Noor Matha recently
revealed that Brunei may be the first foreign country to invest in
Thailand’s burgeoning Islamic banking sector, with several Middle Eastern
countries setting to follow suit.
The interior minister disclosed that the Sultan of Brunei
had already expressed an interest in investing in the bank, and had sent
experts in Islamic banking to train personnel at the Islamic Bank of
Thailand.
Opening the country’s third Islamic bank in the
southern border province of Yala, Wan Noor said, “The launch of Islamic
banking in the southern border region came in response to favorable economic
conditions, with an influx of tourists into the region, and increased rubber
prices boosting the local economy. Most importantly, the Islamic banks
enable Thai Muslims to bank according to the principles of their religion
for the first time.”
Countries in the Middle East, including Bahrain, the
United Arab Emirates, and Saudi Arabia are also considering investment in
the bank, but intend to wait until the Islamic Bank of Thailand has been
operating for some time before making any commitments on a large scale. (TNA)
Government won’t intervene in domestic oil market
The government has no current policy to intervene in the
domestic oil market, but will allow oil prices to be in line with the market
mechanism, according to Energy Minister Prommin Lertsuridej.
Prommin said he considered it unnecessary for the
government to implement any measures to curb domestic oil prices at the
moment, although prices were on an upward trend due to decreased supply.
“Although domestic oil prices are on a rising trend due
to decreased supply from China, South Korea and Australia, the government
anticipates it will be a short-run incident. The decreased supply was due to
higher domestic demand for oil in the oil exporting countries, and due to
production cuts of local oil companies caused by reduced supply of some
substances used as raw materials,” he stated.
The ministry is closely monitoring the domestic oil
situation, and its impact on prices of consumers’ products, but says that
the rising oil prices has not yet affected the public’s cost of living. (TNA)
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