Sunday, August 19, 2007

Commerce Minister invites European investors

Europeans wooed

TRADE :Commerce Minister Krirk-krai Jirapaet plans to invite European investors to form ventures with Thai partners in logistic and laboratory services during the first meeting of the Thai-European Business Forum next month.

The forum, to be held from Sept 11-14 in Belgium, is aimed at tightening co-operation in trade and investment, according to Krisda Piampongsant, a ministry spokesman.

Thai participants will be seeking more advanced technology for food laboratories to inspect for chemical residue. Joint investments in the field would help make Thailand a key provider of lab services in Southeast Asia.

As well, Mr Krirk-krai will encourage European businessmen to invest in logistics services to improve the competitiveness of Thai traders.

Carmaker upgraded

FINANCE :Fitch Ratings has upgraded the national long-term ratings of two billion baht worth of guaranteed debentures due in 2007 and 2.5 billion baht due in 2009 from DaimlerChrysler (Thailand) To AA+(tha) from AA(tha).

The move follows the upgrade for DaimlerChrysler AG's long-term issuer default rating to A- from BBB+. The rating outlook for both debentures is stable. DaimlerChrysler (Thailand)'s national rating is based entirely on the full, irrevocable and unconditional guarantee by DaimlerChrysler

AG. 14-day bonds yield 3.1%

DEBT MARKET :The Bank of Thailand yesterday auctioned 40 billion baht worth of 14-day bonds for a weighted average accepted yield of 3.09986%. Accepted bid yields ranged from 3.08% to 3.11%, with the bid coverage ratio 1.44 times.

Reserves off $100m

FINANCIAL DATA :International reserves totalled $73.4 billion as of Aug 10, compared with $73.5 billion the week before. The net forward position was unchanged at $13.2 billion. Net claims on government were 125.1 billion baht, compared with 139.1 billion. Net policy credits were -1,231.8 billion baht, compared with -1,228.3 billion. Reserve money was 795.1 billion baht, compared with 803.7 billion the week before.

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