Double event for Muang Thai Life Assurance

The Royal Cliff Hotels Group’s General Manager, Joachim Grill (left) presents the ‘Green Certificate’ to Muang Thai Life Assurance Senior Vice President, Agency Marketing Department, Naris Achalanan (right).

Muang Thai Life Assurance of Thailand held a double event at Pattaya Exhibition And Convention Centre (PEACH) recently. More than 1,600 delegates from the 4 regions of Thailand and comprising of top executives and employees of Muang Thai Life Assurance gathered to celebrate the establishment’s 60th Anniversary as well as to award the company’s highest achieving employees, with a proven record of high sales.

The company’s chairman, Photipong Lamsam, together with the director - president and chief executive officer, Sara Lamsam were present during this event.

Muang Thai Life Assurance Co. Ltd, was the first life insurance company to be appointed under the Royal Patronage of H.M. the King, which entitled the company to bear the Royal Garuda emblem on all the company’s documents. It was also the first life insurance company that attained the International Standard Certification ISO 9001:2000.

The company has a countrywide network of more than 250 branches, including agency offices.

Apart from recognizing its 60 years in existence and acknowledging its employees, Muang Thai Life 2010 Convention also was a meeting arena for the company to motivate its many sales representatives.

The property’s general manager, Joachim Grill was also at hand to present the ‘Green Certificate’ to Naris Achalanan, senior vice president, Agency Marketing Department of Muang Thai Life Assurance. The ‘Green Certificate’ is awarded to selected organizations for having taken great steps in helping to safeguard the environment, and help reduce global warming by opting to have their event at PEACH.

ATM usage fee reduction enforced on grand scale this month

All commercial banks were allowed to adjust their ATM related service fees down by the end of March, as they agreed in their meeting late last year, according to the Bank of Thailand (BoT).

BoT Deputy Governor for Financial Institutions Stability Krirk Vanikkul stated that the state-owned Krung Thai Bank has taken the lead in reducing the fees, and other commercial banks were expected to follow suit by the end of March 2011.

Under the recently agreed conditions, customers making same-bank, cross-city money transfers for the first time in each month can do so free of charge. For other transfers in the same month, ATM cardholders will be charged a flat rate of 15 baht for each transfer. Customers making same-bank, cross-city cash withdrawals will be charged a flat rate of 20 baht for each transaction.

Customers will be given free service for cross-bank, same-city cash withdrawals and balance enquiries for the first four times of each month. A 10-baht fee will be charged on the fifth time, both in Bangkok and other provinces.

Krirk admitted that commercial banks might lose at least 100 million baht in income because of the fee adjustment; however, he believed they will be able to find other sources of income to compensate the loss. (NNT)

Kim Eng Securities maintains SET index target despite market volatility

The Stock Exchange of Thailand’s (SET) composite index target will remain at 1,234 points late this year as expected earlier, though the market is set to fluctuate more heavily than last year, according to a prominent securities executive.

Speaking at a seminar on “Prospective of Economy, Investment Direction, and Foreign Capital Flows,” held by the Securities Analysts Association, Montri Sornpaisarn, chief executive officer of Kim Eng Securities (Thailand) PCL, said the company maintained its forecast of the SET index given market volatility and the price/earnings ratio (P/E).

He said the P/E ratio of the Thai stock market at present is 12-13 times while those of neighboring countries are around 13-15 times.
Because of this, investors must buy into the stock market with greater caution and attempt to take profits periodically.

Kongkiat Opaswongkarn, president of Asset Plus Securities PCL, said the Thai economy is expected to be hit with higher inflation rates, rising interest rates, and oil price hikes, which are negative factors to the stock market.

Profits earned by listed companies are expected to grow 14-15 percent this year, lower than those of the previous year, which surged 20 percent. Also, stock prices in the Thai bourse are relatively high.

With these factors, the Thai stock market has not drawn keen interest from foreign investors.

He projected the SET index would move in a narrow range around 1,000 points. Since early this year, foreign investors had sold off shares in an amount of 18 billion baht.

However, foreign investors remain interested in investing in the bond market since interest rates in Thailand are high while the baht is stronger and more stable than the US dollar.

He added investors should keep a watch on the upcoming general election this year. Should it be held smoothly, it would help restore confidence and boost the economy. But if there is the political unrest, the economy could slow down, though not likely experience a recession. (MCOT)

Korn: Balance needed in driving econ forward

Finance Minister Korn Chatikavanij has stressed that balance is needed in driving the economy forward in order to achieve a sustainable growth, as development must be implemented in all aspects simultaneously.

Finance Minister Korn Chatikavanij

Speaking in an economic seminar, Korn elaborated that all countries wanting sustainable economic expansion must promote education at the same time as developing infrastructural systems such as roads, irrigation and logistics.

The minister added that they must raise their competitiveness in trade and investment in the global market while domestic competition must also be transparent.

Apart from the four basic factors, Korn suggested that domestic balance is also necessary by providing people with equal and fair access to natural resources, and enhancing the cultural balance in society whilst maintaining national identity.

The minister pointed out that at present there still are discrepancies in Thai people’s income, as only 2.5 million people out of the 9 million eligible tax payers are paying tax. Only 18,000 people in the former group are paying more than four million baht in personal income tax. Their tax figures combined is higher than the combined amount of tax paid by half of the population. This reflected income discrepancies that must be tackled, he said. (NNT)

Japan and Middle East worries push Thailand to refocus

Sirima Eamtako, TTG Asia

The Association of Thai Travel Agents (ATTA) plans to step up marketing efforts in other potential Asian countries as Thailand steels itself for a decline of some 300,000 visitors from Japan and the Middle East this year.

Newly-elected ATTA president Sisdivachr Cheewarattanaporn said that once his appointment becomes official this month, a series of strategies to drive tourism from Indonesia, India, China, Russia and other ASEAN countries would be launched.

Marketing activities such as road shows and fam trips would be introduced in partnership with the Tourism Authority of Thailand and related Thai tourism associations, especially those under the umbrella of the Federation of Thai Tourism Associations, he added.

Both Sisdivachr and outgoing ATTA president Surapol Sritrakul shared concerns that the situation in Japan and the Middle East would cause a slowdown in visitor arrivals from both markets.

“I am also concerned about the inbound European market, where the economic situation remains weak,” said Sisdivachr.

Thailand expects to welcome around 16.5 to 16.7 million foreign visitors this year, up from 15.8 million last year.