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Worldwide recall doesn’t
affect Thai-built Hondas
Following an expanded driver’s airbag inflator recall in North America and
Japan for some 2001-2002 model-year cars, Honda Automobile (Thailand)
announced that no Honda vehicles sold in Thailand face this problem.
Honda Automobile (Thailand) said in a statement that locally-produced
vehicles in Thailand have not experienced any of the airbag problems
affecting vehicles sold elsewhere, as they were installed with a different
airbag inflator system. Honda said the inflator in some 2001-2002 models
sold abroad may have used too much pressure causing the inflator casing to
break and bring about injury or death.
According to a statement from American Honda Motors, Honda extended its
recall to over 370,000 vehicles in the United States to exchange airbag
inflator.
The original recall was in November 2008, while the company said it was
aware of 12 incidents linked to the problem but not of any events occurring
after July 2009.
Last month, Honda also recalled 646,000 of its 2007-2008 models worldwide
due to a malfunction which could cause water to penetrate the power window
mechanism causing components to overheat. (TNA)
Swedish company eyes solar cell production investment in Thailand
Swedish company M2 Engineering plans to invest in solar cell
production in Thailand, according to the Ministry of Industry.
Industry Minister Chanchai Chairungruang told the media after meeting with an M2
Engineering representative that the company is confident in Thailand and is
ready to invest in solar cell production here.
Charnchai said the Swedish firm was to invest about Bt4 billion in the first
phase, with additional investment likely in future.
M2 Engineering attributed its keen interest in Thailand’s potential and
readiness in all aspects, including existing policy to promote investments in
alternative energy.
The company is one of the world’s leading manufacturers of optical disc
manufacturing systems and equipment for CD, CD-ROM, CDR, DVD and DVDR.
In 2006, it opened a manufacturing facility in Chonburi’s Amata Nakorn
Industrial Estate, 40km from Laem Chabang Port. (TNA)
Court ruling on Thaksin’s frozen assets to have little impact on stock exchange
The ruling by the Thai Supreme Court’s Criminal Division
for Holders of Political Position on fugitive ex-premier Thaksin
Shinawatra’s Bt76 billion frozen assets scheduled for February 26 will
affect investment sentiment in the stock market only slightly and then only
for the short term, according to a top securities executive.
SCB Securities Chief Executive Officer Thongmakut Thongyai said he believed
there will be no violence no matter what verdict is delivered.
He said the Stock Exchange of Thailand (SET) remains attractive for
investment.
However, he allowed that the bourse had borne the brunt of persistent
political conflicts and unclear rules and regulations governing investment
projects in the Maptaphut Industrial Estate and third generation cell-phone
technology and transmission causing uneasiness and inconvenience in
investment by local and foreign investors.
He attributed the recent sell-off of stocks by foreign investors to mounting
concerns over the stability of financial institutions in Europe and cash
holding by some investors on the eve of the Lunar New Year festival. (TNA)
Money Expo 2010 does big business
Finance Minister Korn Chatikavanij
opens Money Expo Pattaya 2010.
Ariyawat Nuamsawat
No-interest loans, high-interest savings accounts, mortgage refinancing,
mutual funds and teddy bears were all on offer as 42 financial services
companies set up shop at the Royal Cliff Beach Resort for Money Expo Pattaya
2010.
The second Money Expo held at the Peach Convention Center Feb. 5-7 attracted
more than 1.5 times as many vendors as last year and drew crowds estimated at
45,000 people over the three days. Among those exhibiting were banks, insurance
companies, asset managers, government agencies and the Stock Exchange of
Thailand.
“Everyone here is important to working together for the progress of Thailand’s
financial sector,” Finance Minister Korn Chatikavanij said at the fair’s Feb. 5
opening ceremony. “The Money Expo is for small-business people, investors and
entrepreneurs to have the opportunity to access sources for funds and capital
resources. This directly leads to creation of professions and income security,
which will result in all Thai people having better lives.”
“This expo is very beneficial for residents of Pattaya, Chonburi and neighboring
areas,” said Chonburi Governor Senee Jittakasem. “People can access banks and
other financial services in one place and then support economic growth in the
east.”
There were certainly many offers, promotions and contests on offer.
Krung Thai, Kasikorn and Ayudhya banks were offering loans with 0 percent
interest rates for the first six months. Siam Commercial Bank had house
refinancing loans starting at 0 percent interest while Bualuang was offering
immediate decisions on home loans.
The Thai Bank Credit financial services firm was advertising a “gold exchange”
and free shopping bags for deposits over 10,000 baht and teddy bears for
deposits over 50,000 baht.
Thai Military Bank was touting its credit card, which is offering a 2 percent
rebate for the first three months. SCB’s “Speedy Cash” card was giving out
no-interest credit for two months while Islamic Bank was hyping its 100 percent
housing credit program.
Even the SET got into act, promoting mutual funds and gold funds that started
with investments of just 1,000 baht.
There was more to do than just spend money, however. Financial advisors and
educators were on hand to teach people about investment instruments, insurance
and other business matters.
Pretty girls at the Siam
Commercial Bank Booth.
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