Centara appoints GM

Centara Hotels & Resorts has appointed Andre Brulhart as general manager of the Centara Grand Mirage Beach Resort Pattaya.

Andre Brulhart.

Brulhart is a Swiss national and a graduate of the Lausanne Hotel Management School in Switzerland. He has over 20 years hotel experience in Europe, USA and mainly in Asia. Beginning at the Hong Kong Hilton, Kahala Hilton, Regent Bangkok, Sofitel Metropole Hanoi, Plaza Athenee Bangkok and Sofitel Centara Grand Bangkok.

Prior to joining Centara Grand Mirage Beach Resort Pattaya, Brulhart had been the general manager of Centara Karon Resort Phuket for 3 years.

The Centara Grand Mirage Beach Resort Pattaya is the first truly themed hotel in Thailand. Located on Wong Amat Beach in North Pattaya, the 5-star resort hotel is designed to a Lost World concept and as a destination hotel located directly on the beach with its own jungle, water park and diverse attractions representing an exciting new opportunity for Thailand’s tourism and MICE industries.

BoT expects banks to raise deposit and lending rates

Commercial banks are quite likely to raise both their deposit and lending rates following the Bank of Thailand (BoT) decision to raise the policy interest rate by 25 basis points on Dec 1, according to the central bank’s Deputy Governor Krirk Vanikkul.

He also believed the interest rate adjustment would be made in a proper and acceptable manner.

Asked whether the interest hike would lead to a fierce competition for deposit mobilization, he said it depended on how much a particular bank raises interest rates.

Krirk said some banks expected the Thai economy would continue improving for a while.

“So, should the deposit rate edge up, it shows the banks need a cash flow to prepare lending,” he said. (MCOT online news)

Thailand works on mega transport projects

Sirima Eamtako, TTG Asia

Thailand is working on a string of mega transportation projects which will improve domestic and international connectivity.

Five high-speed train projects, under collaborations with China, are being studied. Ministry of Transport permanent secretary Supoj Suplom said the 250kmph high-speed train ride from Kunming has the potential to “reach Bangkok within 10 hours over a 1,400km distance.”

He added that by end-2012, domestic rail links would also serve at a speed of 100kmph, up from the current 60kmph, as more bridges over rail crossings were completed.

Scheduled to be completed during the same period are two new bridges over the Mekong River connecting Laos and a second port in Chiang Rai linking China, Myanmar, Laos and Cambodia.

The Thai government has also recently approved a 60 billion baht (US$1.99 billion) phase II development of Bangkok’s Suvarnabhumi Airport to expand its annual capacity from 45 million to 60 million passengers. This is slated for completion in 2016.

Finance Ministry reducing equity holding in THAI

Thailand’s Ministry of Finance will reduce its equity holding in Thai Airways International (THAI) to less than 50 percent next year to relieve the national flag carrier of state enterprise status and achieve more efficient management.

Permanent Secretary for Finance Areepong Bhoocha-oom said it is likely the ministry will reduce its stake in THAI to less than 50 percent from its current holding of 51.03 percent so that the company is able to conduct its business more efficiently.

At present, the national flag carrier is negotiating with its creditors to revise loan conditions requiring the ministry to hold a more than 50 percent stake in THAI.

“THAI wants to streamline its management to operate like a private company. We think it is not difficult if we need to reduce our equity holding in the company by 1 to 2 percent.

“Still, we have not yet discussed how much stake will be reduced. We must wait until the company finishes negotiating with its creditors,” said Areepong. (MCOT online news)

PM Abhisit warns of impact of policy interest rate hike

Prime Minister Abhisit Vejjajiva on Thursday warned of impacts from the central bank’s policy interest rate hike, saying it could dampen the country’s economic expansion.

Commenting on the decision by the Bank of Thailand (BoT) Monetary Policy Committee to raise the short-term repurchase rate by 25 basis points at its meeting Wednesday, he said it was at the bank’s discretion to do that.

However, he revealed that the issue was raised for discussion at the meeting of economic ministers in which he suggested the interest rate policy be implemented with caution since the economy seemed to be growing at a slower pace.

Under the current circumstances, he thought all parties concerned must help to maintain the country’s economic recovery.

“I want state agencies concerned to monitor impacts, particularly of currency exchange rate volatilities and capital inflows, on the economic growth rate” he said.

The issue is widely discussed because the central bank always affirmed the policy interest movement won’t encourage the capital inflows, but the government previously commented that the bank must implement the policy with caution to ensure it will not affect the economic recovery.

“It depends on the bank’s discretion as it has full authority in this matter,” said the premier. (MCOT online news)