TCC Group signs Bt123 bn deal for Big C stake — Charoen Sirivadhanabhakdi, one of top Thai richest, has stepped into the Thai retail market through the acquisition of Big C Supercentre. France’s retailer, Casino Group, has announced the signing of a contract to sell its stake in Big C Supercentre for 3.1 billion euro (approximately Bt123 billion) to Charoen’s TCC Group. Big C operates a large network of more than 700 stores, including 125 hypermarkets, with a turnover of 3.4 billion euro in 2015. The transaction values Big C at Bt252.88 per share, a 28 per cent premium to the share price on January 14, 20161. (The Nation, 7/2/16)
Thai-Chinese railway plan facing more financial woes — THE CONTROVERSIAL Thai-Chinese medium-speed railway project requiring an estimated investment of over Bt500 billion is facing increased uncertainties after the Thai government insisted that China should take more financial responsibility for the 800km-plus rail route from Bangkok to Nong Khai province in the Northeast. (The Nation, 6/2/16)
Contracts signed to extend Bangkok-Chon Buri motorway — The Highways Department has signed contracts to extend the Bangkok-Chon Buri motorway to reach the Map Ta Phut industrial estates of Rayong within four years. Department representatives signed five of 13 contracts for the 31.2-kilometre-long extension project for Highway No.7 on Monday. (Bangkok Post, 8/2/16)
Consumers’ bad loans still rising — Non-performing loans (NPLs) in the credit-card and personal loan segments continued to climb in last year’s fourth quarter amid the tepid economic recovery, according to Bank of Thailand data. (Bangkok Post, 11/2/16)
BOT seeks safeguards against volatility — THE BANK of Thailand has further embraced easing measures for capital-account liberalisation in an attempt to protect an economy affected by uneven growth from market volatility and fears over the global economy, said BOT Governor Veerathai Santiprabhob. He said that even though the Thai market could survive the effects of China’s financial volatility, policy divergences and the plunge in the crude-oil price, the central bank considered that capital-account liberalisation was needed to help balance inflows and outflows to reduce the negative effect on the business sector. (The Nation, 12/2/16)
Cheap oil will not lower power price — ERC commissioner Viraphol Jirapraditkul said electricity charges were expected to be lower, with natural gas prices having declined by six baht per million cubic feet per day in line with the lower global oil price. Due to multiple factors, however, the ERC estimates that the ft will remain unchanged. (Bangkok Post, 12/2/16)
US trade deficit widens as exports fall — The U.S. trade deficit widened in December as a strong dollar and weak global demand continued to weigh on exports. The Commerce Department said on Friday the trade gap rose 2.7 percent to $43.4 billion. November’s trade deficit was revised down to $42.2 billion from the previously reported $42.4 billion. (CNBC, 5/2/16)
US created 151K jobs in Jan; unemployment rate at 4.9% — The U.S. economy created just 151,000 jobs in January, the latest sign that growth is slowing, though the unemployment rate fell to 4.9 percent. (CNBC, 5/2/16)
Yellen – Fed not likely to reverse course on rates despite risks. The Federal Reserve is unlikely to reverse its plan to raise interest rates further this year, but tighter credit markets, volatile financial markets, and uncertainty over Chinese economic growth have raised risks to the U.S. economy, Fed Chair Janet Yellen told U.S. lawmakers on Wednesday. (Reuters, 10/2/16)
Deutsche considers multibillion bond buyback — After European banks suffered a second consecutive day of sharp falls, Deutsche Bank is expected to focus its emergency buyback plan on senior bonds, of which it has about €50 billion in issue, according to the bank. The move was unlikely to involve so-called contingent convertible bonds which, along with the bank’s shares, have been the butt of a brutal investor sell-off in recent days, people briefed on the plan said. (CNBC, 10/2/16)
