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PM Thaksin’s daughter is Thailand’s richest stockholder for 2nd year at US$0.5 billion
Pinthongtha Shinawatra, daughter of Prime Minister
Thaksin, has retained the title of Thailand’s richest stockholder for two
consecutive years, with an estimated Bt19 billion (US$475 million) worth of
corporate stock in her portfolio.
According to Money and Banking Magazine and lecturers at
Chulalongkorn University’s Faculty of Commerce and Accounting, Pinthongtha
currently owns 14.6 percent of the telecommunication giant Shin Corp’s
stock, worth Bt18 billion, and 28.9 percent of SC Asset Corp’s stock (the
property development unit of the family businesses), worth Bt1 billion.
The country’s second richest stockholder is Bannapot
Damapong, brother of Thaksin’s wife, Khunying Pojaman Shinawatra. Bannapot
owns 13.4 percent of Shin Corp. stocks, worth Bt16 billion.
Land & House Co. President Anant Asavapokhin, who
topped the list of the country’s 500 richest stockholders in 2002 and
2003, has become the third richest with Bt15 billion in stock in his
portfolio.
Panthongthae Shinawatra, only son of the prime minister,
ranks fourth on the list with 9.8 percent of Shin Corp stock, worth Bt12
billion, while Premchai Kannasutra, CEO of ItalianThai Development Corp,
ranks fifth with eight billion baht in stocks.
Paethongtharn Shinawatra, remaining daughter of the prime
minister, ranks 45th, holding about Bt1billion baht in stock, compared to
Khunying Pojaman, Thaksin’s wife, who ranks 397th with only Bt116 million
worth of stock. Yinglak Shinawatra, the prime minister’s sister, ranks
62nd with Bt820 million in stock.
The Shinawatra Family has become the country’s richest
with a combined Bt33 billion in stocks. The Asavapokhin Family ranks second
with Bt17 billion in stocks, the Maleenont Family ranks third with Bt16
billion, the Damapong Family is fourth with Bt16 billion and the Chirathiwat
Family ranks fifth with Bt15 billion. (TNA)
Consumers warned of looming higher electricity, gas prices
Thailand’s biggest energy conglomerate PTT has warned
consumers that they face higher electricity and natural gas prices next
year, after the company’s decision to charge electricity producers market
rates for its gas.
PTT President Prasert Bunsumpan said its current subsidy
cost the company six billion baht. He warned that as natural gas prices
climbed along with the price of oil, the cost of electricity would
inevitably rise in 2006 when PTT pulled the plug on its supply of discount
natural gas.
“I believe that electricity tariffs should more
accurately reflect actual costs. In this respect, electricity tariffs are
expected to rise during the first half of 2006 due to peak demand in
summer,” he said.
The state power utility EGAT relies mainly on oil for its
generating needs, but is attempting to use more natural gas to help lower
production costs.
Prasert said the use of natural gas was likely to
skyrocket in the future, outpacing the use of oil and coal. The current
consumption rate of three billion cubic feet per day is projected to rise to
five billion per day in five years time and to eight billion over the next
15 years.
PTT is currently working on plans to build gas
distribution pipelines and to secure new natural gas supplies, he said.
(TNA)
2006 set as year of Thailand’s financial and fiscal restructuring
Finance Minister Thanong Bidaya has set 2006 as the year
for Thailand’s financial and fiscal restructuring, particularly in the
local tax systems, to boost competitiveness of the private sector.
Delivering the 4-month performance of the ministry on
Wednesday, he said he placed an emphasis on maintaining the country’s
economic stability since assuming the position on August 2.
He conceded that the Thai economy has been adversely
affected by external factors in the first half of this year such as drought,
the tsunami disaster, hefty oil prices and higher inflation rates.
As well, trade and current account balances had begun to
experience deficits as a result of a sharp increase in imports, while
tourism continued to be sluggish, he said.
To cope with the situation, the ministry has given
importance to strictly maintaining the fiscal discipline, enabling it to
adopt a balanced budget for the first year when the 2005 fiscal year ended
on September 30, 2005.
On its move to keep the of local economy stable, the
ministry focused on slowing the inflation rate rise by maintaining the
value-added tax at 7 percent for another two years.
The ministry has also attempted to ease impacts of higher
inflation rates on low-income people by increasing monthly salaries and
pensions of government officials by 5 percent, restructuring debts incurred
by tsunami-affected people, and easing tax burdens of people in the
violence-plagued southern region.
In an effort to ease impacts from external factors, the
ministry has worked closely with the Commerce Ministry on the supervision of
imports of crude oil, steel, and gold to reduce trade and current account
deficits.
The ministry has also come up with measures to boost
production of alternative fuel, restructure import tariffs to promote the
country as a regional hub of electrical appliance and electronics industry,
and push for the establishment of the Asia Bond market.
As well, it has cooperated with 25 financial institutions
in restructuring personal debts by reducing 50 percent of principals,
waiving personal income taxes for people aged 65 and up, and increasing
excise taxes on cigarettes and alcohol to control distribution.
He said the Thai economy was expected to grow 5.5 percent
in the second half of this year, compared with 3.9 percent in the first
half, making it possible for the Thai economy to expand 4.5 percent for the
whole year.
The budget balance in the 2005 fiscal year was in surplus
of 11.86 billion baht - the first time since the economic crisis, and the
current account balance turned to be in surplus of US$1.2 billion in the
third quarter of this year.
Still, it is expected that the current account would be
in deficit of US$3.2 billion for the whole year, or 1.8% of the country’s
gross domestic product (GDP). (TNA)
EU bans instant noodles from Thailand
The European Union (EU) has temporarily banned imports of
instant noodles from Thailand after radiated seasoning packs were found,
according to a senior Agriculture and Cooperatives Ministry official.
Thai instant noodle products shipped to the EU were
recently quarantined for a thorough re-inspection after an initial product
check-up found that seasoning packs enclosed were radiated without prior
notifications to importers, Deputy Director of the Office of Agricultural
Product Standard and National Food Somchai Charnnarongkul told journalists.
“The European authorities say that these Thai products
need to be re-inspected to find out whether the radiation exceeds an
accepted level of the international food safety standards. If so, they must
be totally destroyed or returned to Thailand”, he noted.
EU officials had also traveled to Thailand to inspect the
safety of Thai instant noodle plants and food radiation processes.
“I’ve been informed that the European authorities
were initially dissatisfied with the office’s food radiation processes,
claiming that it was considered sub-standard in hygienic criteria and at
risk of contaminations,” said Somchai.
“The European experts also suggested that the office
rely on computerized systems, rather than manual records of the radiation
processes,” he added.
Thailand will improve the processes as required and
report it to the EU authorities as soon as possible, according to the senior
official.
In the meantime, the EU has temporarily imposed an import
ban on the Thai instant noodle products. (TNA)
La Royale Beach ready to rise as foundation work finishes
Ariyawat Nuamsawat
Jomtien’s landmark La Royale Beach project has
completed piling and the contractors are now pouring the concrete for the
foundations, a process that will require about 2,500 cubic tons of concrete.
(From
left to right) Surath Roajtananont, site manager, Pisit Rasameeaporn, chief
engineer, Colin J. Bolton, operations manager K-Tech Construction Public
Company Limited, Suvit Veruwan, managing director of Wise Power Tech
Architecture & Engineering, and Charoenchai Veeranondr, site manager
Wise Power Group inspect the progress of Jomtien’s landmark La Royale
Beach project.
Suvit Veruwan, managing director of Wise Power Tech
Architecture & Engineering, Colin J Bolton, operations manager of K-Tech
Construction Pcl and project administrators undertook a site inspection on
December 8 and said that the construction is proceeding to schedule.
La Royale Beach is a luxury condominium development being
built on 10 rai of land under a one billion baht investment. The 34-story
tower will have 124 apartments and there will also be three large duplex
units, eight houses in a garden setting and six beachfront houses with
private swimming pools.
There will be a harbor for small boats, a two-story fitness center, and
ample parking space.
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