The renowned monthly wine dinners at Rossini’s, award-winning restaurant of Sheraton Grande Sukhumvit, a Luxury Collection hotel, are always a highlight of the city’s culinary calendar. A divine selection of dishes prepared specially for the evening by Chef Gaetano Palumbo is paired with an equally special range of fine wines.
In February, Gaetano’s exquisite culinary creations will be complimented by a range of engaging wines from Livio Felluga.
Winery founder, Livio Felluga is a fifth generation winemaker credited with innovation, and mastering modern winemaking in Italy. He is known for creating exceptionally lush, crisp and well-balanced wines that are recognized as the finest in their categories. Livio Felluga has been called one of the seven stars in the last 100 years of Italian winemaking. The wines include single variety whites that bring out the character of their grape with style, as well as the elegant Terre Alte, a skilful blend of Tocai Friulano, Pinot Bianco and Sauvignon, and Illivio, obtained from a special selection of Pinot Bianco grapes.
Today, the Livio Felluga estate extends over more than 160 hectares of hill country in the Collio and Colli Orientali del Friuli, with 135 hectares planted as vine. The vineyards yield great wines with instantly recognisable fragrances and aromas.
A memorable evening’s dining at Rossini’s starts with Chef Gaetano’s savory bites and stuzzichini, and sparkling Prosecco.
The first dish of the evening, capesante in crosta di polenta con indivia all’arancia, polenta, Milanese style scallops with endive and orange will be served with Sha’rjs Chardonnay- Ribolla Gialla 2008 IGT, a lively wine with an excellent balance of acidity and notes of citrus and spices.
The subtle flavours of crema di asparagi al tartufo nero, green asparagus cream soup with black truffle will be paired with Sauvignon, Colli Orientali del Friuli 2008 DOC, a crisp and complex wine with hints of yellow pepper and Mediterranean herbs.
The perfect accompaniment for Chef Gaetano’s agnello con carciofi brasati e salsa di topinanbour, succulent roasted lamb loin with artichoke and topinanbour sauce is the Vertigo, Merlot-Cabernet Sauvignon 2007 IGT, a full-bodied, soft and well-structured wine matured in small oak barrels to produce aromas of cherries and a spicy aftertaste.
Other dishes of note at this exceptional fine dining experience include filetto di manzo wagyu con mostarda di zucca, grilled Wagyu beef filet with pumpkin mustard served with the outstanding Sosso’, Melot-Refoscolo dal Peduncolo Posso-Pignolo 1997 DOC, and a heavenly dessert of morbido di cioccolato fondente con gelato banana e salsa di arachidi, chocolate mousse with banana ice cream and peanut sauce.
Join us on Wednesday, February 24th for a stimulating evening of fine Italian wines and exquisite cuisine. The Livio Felluga Wine Dinner at Rossini’s is Baht 3,600++ per person. Starwood privilege Thailand members enjoy a 20% discount.
Sunday, February 7, 2010
Sunday, January 24, 2010
The Wonders of Green Tea
Bangkok on Siam Square
Maintain a youthful look longer than ever with the Green Tea Facial offered this January 2010 at Tammachart Day Spa, Novotel Bangkok on Siam Square. The special anti-oxidants have an anti-ageing effect as they delay the collagen breakdown process, allowing you to keep a healthy and bright skin for a long time. Experience true wonder with this 60-minute treatment for 1,000 Baht net only and During February – March 2010 enjoy with Traditional Thai Massage and Foot Massage for 90 minutes is priced at only 850 Baht nett.
Maintain a youthful look longer than ever with the Green Tea Facial offered this January 2010 at Tammachart Day Spa, Novotel Bangkok on Siam Square. The special anti-oxidants have an anti-ageing effect as they delay the collagen breakdown process, allowing you to keep a healthy and bright skin for a long time. Experience true wonder with this 60-minute treatment for 1,000 Baht net only and During February – March 2010 enjoy with Traditional Thai Massage and Foot Massage for 90 minutes is priced at only 850 Baht nett.
Wednesday, December 16, 2009
ESCAP, Myanmar development partnership seeks to boost agricultural sector and enhance rural livelihoods
Nobel laureate Stiglitz leads expert discussions on restoring country as rice bowl of Asia
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Government of the Union of Myanmar today held a wide-ranging dialogue aimed at boosting the countrys agricultural sector and to help it reclaim its status as the rice bowl of Asia.
At the invitation of ESCAP, Nobel Prize-winning economist Prof. Joseph Stiglitz and other eminent experts discussed strategies for Myanmar to cut poverty in light of Asias regional and subregional experiences.
It is my hope these ideas and analysis will open a new space for policy discussion and a further deepening of our development partnership, UN Under-Secretary-General and ESCAP Executive Secretary Noeleen Heyzer said at the event held in Myanmars capital, Naypyitaw.
These development objectives can only be achieved through the successful engagement of local experts and people who know what is happening on the ground. This development partnership, requested by the Government of Myanmar, provides a unique platform for eminent international scholars and local researchers to exchange experiences and ideas with government agencies and civil society, Dr. Heyzer added.
This is the second in a series of events launched by Dr. Heyzer during her visit in July to Myanmar, and was organized by ESCAP with the countrys Ministry of Agriculture and Irrigation and Ministry of National Planning and Economic Development.
In his presentation, Towards a more productive agrarian economy for Myanmar, Professor Stiglitz noted that Myanmar was well-positioned to learn from other countries in the region that have developed on the back of gains in agriculture. There are large opportunities for improvement. Myanmar should take a comprehensive approach, he said.
He urged the Government of Myanmar to: promote access to appropriate agricultural financing; take measures to boost access to seeds and fertilizers; dramatically boost spending on health and education; and create well-paid jobs in construction of rural infrastructure in order to stimulate development and raise incomes and spending.
Professor Stiglitz also noted that well-functioning institutions were critical to success, and that Myanmar could learn from the mistakes made by other resource-rich countries. Revenues from oil and gas can open up a new era, if used well. If not, then valuable opportunities will be squandered, he said.
Economics and politics can not be separated, Professor Stiglitz added. For Myanmar to take a role on the world stage and to achieve true stability and security there must be widespread participation and inclusive processes. This is the only way forward for Myanmar.
Maj. Gen. U Htay Oo, Minister of Agriculture and Irrigation of Myanmar, noted that climate change has had significant effects on the countrys agriculture and livelihood, particularly in the dry zone. To mitigate such pressure we are implementing short-term and longer term measures, such as promoting access to irrigation water to increase productivity, and developing resource-based as well as knowledge-based sustainable agriculture and livelihoods built on existing infrastructures, he said.
We are adopting a holistic approach informed by the human development perspective to address the needs of the most vulnerable, he added. We cannot afford to be complacent thus the tasks for agriculture and rural development must be implemented through mass movement.
The Minister also welcomed and supported the continued close cooperation and collaboration of ESCAP in the development partnership series. I look forward to the joint activities to come in 2010, in particular the regional development programme for sustainable agriculture towards inclusive rural economy development, he said.
Col. Thurin Zaw, Deputy Minister of National Planning and Economic Development, delivered a presentation on Myanmars National development plans and the implementation of the Millennium Development Goals (MDGs).
The meeting was organized into two segments: The morning roundtable was devoted to expert discussions and included presentations on Recent socio-economic development, by Daw Khin Ma Ma Swe of the Ministry of National Planning and Economic Development, and on Approaches for agriculture and rural development, by Daw Dolly Kyaw of the Ministry of Agriculture and Irrigation.
There were also presentations on Establishing the virtuous cycle of food security, sustainable agriculture and rural economy development, by U Tin Htut Oo and U Tin Maung Shwe of the Academy of Agriculture, Forestry, Livestock and Fisheries Sciences, and on Enhancing Myanmars rural economy, by Ikuko Okamoto of the Institute of Developing Economies-JETRO.
The afternoon high-level development forum covered, Economic policies for growth and poverty reduction: lessons from the region and beyond.
On 21 December in Singapore, Professor Stiglitz and Dr Heyzer will hold a press conference about the forum at the Singapore Foreign Correspondents Association. The press conference will take place at the Singapore Management University, Administration Building, from 9am-10am.
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Government of the Union of Myanmar today held a wide-ranging dialogue aimed at boosting the countrys agricultural sector and to help it reclaim its status as the rice bowl of Asia.
At the invitation of ESCAP, Nobel Prize-winning economist Prof. Joseph Stiglitz and other eminent experts discussed strategies for Myanmar to cut poverty in light of Asias regional and subregional experiences.
It is my hope these ideas and analysis will open a new space for policy discussion and a further deepening of our development partnership, UN Under-Secretary-General and ESCAP Executive Secretary Noeleen Heyzer said at the event held in Myanmars capital, Naypyitaw.
These development objectives can only be achieved through the successful engagement of local experts and people who know what is happening on the ground. This development partnership, requested by the Government of Myanmar, provides a unique platform for eminent international scholars and local researchers to exchange experiences and ideas with government agencies and civil society, Dr. Heyzer added.
This is the second in a series of events launched by Dr. Heyzer during her visit in July to Myanmar, and was organized by ESCAP with the countrys Ministry of Agriculture and Irrigation and Ministry of National Planning and Economic Development.
In his presentation, Towards a more productive agrarian economy for Myanmar, Professor Stiglitz noted that Myanmar was well-positioned to learn from other countries in the region that have developed on the back of gains in agriculture. There are large opportunities for improvement. Myanmar should take a comprehensive approach, he said.
He urged the Government of Myanmar to: promote access to appropriate agricultural financing; take measures to boost access to seeds and fertilizers; dramatically boost spending on health and education; and create well-paid jobs in construction of rural infrastructure in order to stimulate development and raise incomes and spending.
Professor Stiglitz also noted that well-functioning institutions were critical to success, and that Myanmar could learn from the mistakes made by other resource-rich countries. Revenues from oil and gas can open up a new era, if used well. If not, then valuable opportunities will be squandered, he said.
Economics and politics can not be separated, Professor Stiglitz added. For Myanmar to take a role on the world stage and to achieve true stability and security there must be widespread participation and inclusive processes. This is the only way forward for Myanmar.
Maj. Gen. U Htay Oo, Minister of Agriculture and Irrigation of Myanmar, noted that climate change has had significant effects on the countrys agriculture and livelihood, particularly in the dry zone. To mitigate such pressure we are implementing short-term and longer term measures, such as promoting access to irrigation water to increase productivity, and developing resource-based as well as knowledge-based sustainable agriculture and livelihoods built on existing infrastructures, he said.
We are adopting a holistic approach informed by the human development perspective to address the needs of the most vulnerable, he added. We cannot afford to be complacent thus the tasks for agriculture and rural development must be implemented through mass movement.
The Minister also welcomed and supported the continued close cooperation and collaboration of ESCAP in the development partnership series. I look forward to the joint activities to come in 2010, in particular the regional development programme for sustainable agriculture towards inclusive rural economy development, he said.
Col. Thurin Zaw, Deputy Minister of National Planning and Economic Development, delivered a presentation on Myanmars National development plans and the implementation of the Millennium Development Goals (MDGs).
The meeting was organized into two segments: The morning roundtable was devoted to expert discussions and included presentations on Recent socio-economic development, by Daw Khin Ma Ma Swe of the Ministry of National Planning and Economic Development, and on Approaches for agriculture and rural development, by Daw Dolly Kyaw of the Ministry of Agriculture and Irrigation.
There were also presentations on Establishing the virtuous cycle of food security, sustainable agriculture and rural economy development, by U Tin Htut Oo and U Tin Maung Shwe of the Academy of Agriculture, Forestry, Livestock and Fisheries Sciences, and on Enhancing Myanmars rural economy, by Ikuko Okamoto of the Institute of Developing Economies-JETRO.
The afternoon high-level development forum covered, Economic policies for growth and poverty reduction: lessons from the region and beyond.
On 21 December in Singapore, Professor Stiglitz and Dr Heyzer will hold a press conference about the forum at the Singapore Foreign Correspondents Association. The press conference will take place at the Singapore Management University, Administration Building, from 9am-10am.
Saturday, November 21, 2009
Foreign investors continued to be net buyers of Thai stocks for the eight consecutive months
Offshore interest in investing in the Thai capital market continued to expand, as foreign investors have now been net buyers for the eight consecutive months through October 2009. At the same time, daily average trading value continued to rise, reaching a 27-month high. Locally, the number of active trading accounts and trading value per account consistently rose. Nevertheless, worries over the global economic recovery as well as negative rumors in the domestic market led to a drop in The Stock Exchange of Thailand (SET) Index and market capitalization.
Meanwhile, daily average trading volume of every product in Thailand Futures Exchange PCL (TFEX) increased, particularly in gold futures, which made a new high for the second consecutive month since it started trading. This rise resulted from investors’ interest in the global gold prices, which continued to increase.
Operating performance of the Banking Sector in Q3/2009 improved, both for the year-on-year and quarter-to-quarter comparison basis. In particular, its net profits rose, while the non-performing loans (NPL) decreased.
Regarding the liberalization of commission fee for stock trading using sliding scale in 2010 and the enforcement of the full liberalization in 2012, the favorable environment and improved structure of Thai securities business today should help them be better prepared for the adjustment, compared to the previous liberalization attempted in 2000. This is due to the increased financial strength of the securities industry, the growth in trading value, the rise in number of trading accounts, the increased variety and diversification of sources of income, and new services and products to meet investors’ needs in every market environment.
1. Performance Overview: Thai vs. regional exchanges
The Stock Exchange of Thailand (SET) Index as of end-October 2009 decreased by 4.44% from end-September 2009, due to investors’ worries over the global economic recovery combined with negative rumor in the domestic market. The decrease in SET Index resulted in a drop in forward P/E ratio to 11.9 times as of October 30, 2009, which remained among the lowest in the region. Meanwhile, the market dividend yield was at 3.68%, the highest in the region.
2. Summary of Thai capital market performance
In October 2009, the Thai capital market was affected by negative rumor during October 14-15, which resulted in the month’s lowest SET Index at 670.72 on October 15, before rebounding after the news had been clarified. However, at the end of October, SET Index decreased again, in line with other regional exchanges’ indices. As of end-October 2009, SET Index closed at 685.24, down 4.44% from the previous month. On the other hand, the mai Index closed at 209.93, or 4.43% rise from the previous month.
As of October 2009, the total market capitalization of SET and mai was at THB5.5 trillion (approx. USD165.34 billion), a 4.28% drop from end-September 2009, mainly as a result of a decrease in SET Index.
As of October 2009, the number of securities having a price to book value ratio (P/BV) of less than one decreased slightly from 277 securities (as of September) to 275, equivalent to 53.29% of all 516 common stocks.
3. Trading activity
In October 2009, average daily trading value reached its highest level in 27 months. SET and Market for Alternative Investment (mai)’s combined average daily trading value reached THB27.01 billion (approx. USD810.56 million), the highest level in 27 months, or since July 2007, when the daily average trading value stood at THB32.18 billion (approx. USD965.77 million). In October 2009, the total trading value was THB567.33 billion (approx. USD17.02 billion).
Moreover, retail investors were more active than any other investor groups, accounting for 63% of total trading value. Local institutional investors and the securities companies’ proprietary trading held net sell positions, while retail and foreign investors held net buy positions. Foreign investors have had a net buy position for eight consecutive months. During January – October, 2009, foreign investors had a net buy position of THB55.72 billion (approx. USD1.67 billion), compared to a net sell position of THB162.35 billion (approx. USD4.87 billion) for the whole 2008.
Trading value by industry showed that the share of trading value in the Energy Sector stocks has decreased, while that of the Banking Sector has increased. The share of trading value in Energy Sector stocks has decreased to 27% from 32% in previous month. On the other hand, the share of trading value in Banking Sector stocks has increased to 24%, after dropping during the past two months. Stocks in the Other Industry Sectors which enjoyed an increase in trading value share were the Agribusiness Sector, up to 4.3% in October vs. a 1.3% in the previous month. Meanwhile, the share of trading value categorized by market capitalization of the stocks was close to that of the previous month. The share of trading value for securities in SET10 group slightly increased to 36%, from 34% in the previous month.
4. Active trading accounts
There were 143,108 active trading accounts as of end-September 2009, a rise of 39% over the same period of last year. The ratio of active accounts to total trading accounts in October rose to 25.8% from the 23.2% of the previous month. The average trading value of THB3.94 million per account in October was an increase of 61% over September 2008.
The number of active internet trading accounts in October 2009 rose 5% over September 2009. Meanwhile, the value of internet trading increased by 118%, compared to that of October 2008, but decreased by 4% decrease compared to that of September 2009. Internet trading value in October 2009 was at THB123.68 million (approx. USD3.71 billion), equivalent to 21.8% of total trading value, a slight decrease from 22.5% in the previous month.
5. Overview of the derivatives market
Gold futures’ trading volume has increased continually and reached a historic high since the start of trading. In October 2009, TFEX’s daily average trading volume was 16,012 contracts, a 22% increase from previous month, due to price fluctuations of the underlying product. Trading volume has increased for every derivative product. The product with the highest trading volume compared to that of the previous month was single stock futures, with an 85% increase, followed by gold futures, up 64%. Gold futures recorded the highest daily average trading volume (new high) for the second consecutive month since the start of trading in February 2009, due to heightened investors’ interest driven by rising gold prices.
6. Overview of the funds raised
In October 2009, listed companies raised total funds of THB2.85 billion (approx. USD85.54 billion) from the capital market, consisting of the funds raised via IPOs of THB248 million (approx. USD7.44 million) by Kiattana Transport PCL (KIAT) and Moong Pattana International PCL (MOONG). Meanwhile, THB2.60 billion (approx. USD78.10 million) was raised through seasonal equity offerings (SEOs). Among the key fund raising activities via SEO were Thai Vegetable Oil PCL (TVO) and PTT PCL’s group at THB845 million (approx. USD25.35 million) and THB582 million (approx. USD17.46 million), respectively.
Special Topic
1. Report on the Banking Sector’s operating performance for Q3/2009
In Q3/2009, the Banking Sector’s operating performance improved, when compared to the same period last year as well as the previous quarter. The net profits stood at THB24.99 billion (approx. USD749.74 million) in Q3/2009, an increase of 12.8% over Q2/2009, or an increase of 5.6% over the same period last year. This is due to rises in revenue from loan fees for retail customers and decreases in loan loss provision. Moreover, banks could maintain the quality of their assets, as demonstrating by the Non-performing loans of 5.7%, a decrease from 5.74% in Q2/2009 and from 6.46% in Q3/2008.
2. Liberalization of stock trading commissions
Given improved environment and industry structure, Thailand’s securities business is better prepared for the upcoming liberalization of stock trading commissions, which will be enforced on a sliding scale basis in 2010, following with the full liberalization in 2012. The industry should be better prepared to cope with challenges from the liberalization than during the previous liberalization in 2000 because of the following reasons:
1. Overall, securities firms have greater financial strength than in 2000: During 2005- Sept. 2009 (excluding the year 2008, when SET was affected by the economic crisis), the securities companies’ average net profit ratio was 20%. Moreover, total shareholder’s equity of all securities firms as of September 2009 reached THB57.13 billion (approx. USD1.71 billion), doubled that of the year 2000.
2. The number of active accounts and average trading value has soared. The number of active accounts per month (monthly average over 9M/2009) was at 102,652 accounts, more than two times of the figure in 2000, which were only 48,432 accounts. Meanwhile, daily average trading value during 2005 – October 2009 was at THB15.87 billion, roughly three times of the figure of THB4.9 billion during 1999-2000 (before the previous liberalization). Moreover, Internet trading, which provides lower commissions compared to other traditional channels, soared, accounting for 21% of total trading value (average rate of 9M/2009), compared to the very low rate in 2000 of less than 0.1% .
3. Securities companies’ variety and diversified sources of income
Income from proprietary trading For the past several years, securities companies have gradually emphasized generating income from proprietary trading, reflected in the increasing proportion of proprietary trading. As of October 2009, proprietary trading accounted for 12% of total trading value, compared only 1% of total trading value during 1999-2000.
Income generated from more financial products In 2006, TFEX launched its first derivatives products, SET50 Index Futures, followed by SET50 Index Option, Single Stock Futures and Gold Futures. Moreover, TFEX plans to launch two more products, mini-gold futures and interest rate futures in 2010. Increased variety of financial products would enable the Thai capital market to respond to investors needs in every market circumstance.
Income generated from a wider variety of services At present, securities companies can generate income form providing various new services including sales representative services for mutual funds and bonds, securities borrowing and lending (SBL), foreign stock trading as well as structured note issuance.
4. Finding alliances to strengthen business competitiveness. Over the years, regulators have relaxed the rules to enable securities companies to flexibly merge their businesses. In 2009, five securities firms merged in part as a preparation for the liberalization in 2012, namely, 1) KTB Securities Co., Ltd. and Seamico Securities Co., Ltd. joined to become KT Zimico Securities Co., Ltd., and 2) Finansa Securities Co., Ltd., Syrus Securities Co., Ltd. and ACL Securities Co., Ltd., combined to become Finansia Syrus Co., Ltd.
For above reasons, securities companies are expected to be able to adjust more efficiently to the challenges from the upcoming liberalization. This should result in greater competition and efficiency as well as high quality services that better respond to investors’ needs.
Meanwhile, daily average trading volume of every product in Thailand Futures Exchange PCL (TFEX) increased, particularly in gold futures, which made a new high for the second consecutive month since it started trading. This rise resulted from investors’ interest in the global gold prices, which continued to increase.
Operating performance of the Banking Sector in Q3/2009 improved, both for the year-on-year and quarter-to-quarter comparison basis. In particular, its net profits rose, while the non-performing loans (NPL) decreased.
Regarding the liberalization of commission fee for stock trading using sliding scale in 2010 and the enforcement of the full liberalization in 2012, the favorable environment and improved structure of Thai securities business today should help them be better prepared for the adjustment, compared to the previous liberalization attempted in 2000. This is due to the increased financial strength of the securities industry, the growth in trading value, the rise in number of trading accounts, the increased variety and diversification of sources of income, and new services and products to meet investors’ needs in every market environment.
1. Performance Overview: Thai vs. regional exchanges
The Stock Exchange of Thailand (SET) Index as of end-October 2009 decreased by 4.44% from end-September 2009, due to investors’ worries over the global economic recovery combined with negative rumor in the domestic market. The decrease in SET Index resulted in a drop in forward P/E ratio to 11.9 times as of October 30, 2009, which remained among the lowest in the region. Meanwhile, the market dividend yield was at 3.68%, the highest in the region.
2. Summary of Thai capital market performance
In October 2009, the Thai capital market was affected by negative rumor during October 14-15, which resulted in the month’s lowest SET Index at 670.72 on October 15, before rebounding after the news had been clarified. However, at the end of October, SET Index decreased again, in line with other regional exchanges’ indices. As of end-October 2009, SET Index closed at 685.24, down 4.44% from the previous month. On the other hand, the mai Index closed at 209.93, or 4.43% rise from the previous month.
As of October 2009, the total market capitalization of SET and mai was at THB5.5 trillion (approx. USD165.34 billion), a 4.28% drop from end-September 2009, mainly as a result of a decrease in SET Index.
As of October 2009, the number of securities having a price to book value ratio (P/BV) of less than one decreased slightly from 277 securities (as of September) to 275, equivalent to 53.29% of all 516 common stocks.
3. Trading activity
In October 2009, average daily trading value reached its highest level in 27 months. SET and Market for Alternative Investment (mai)’s combined average daily trading value reached THB27.01 billion (approx. USD810.56 million), the highest level in 27 months, or since July 2007, when the daily average trading value stood at THB32.18 billion (approx. USD965.77 million). In October 2009, the total trading value was THB567.33 billion (approx. USD17.02 billion).
Moreover, retail investors were more active than any other investor groups, accounting for 63% of total trading value. Local institutional investors and the securities companies’ proprietary trading held net sell positions, while retail and foreign investors held net buy positions. Foreign investors have had a net buy position for eight consecutive months. During January – October, 2009, foreign investors had a net buy position of THB55.72 billion (approx. USD1.67 billion), compared to a net sell position of THB162.35 billion (approx. USD4.87 billion) for the whole 2008.
Trading value by industry showed that the share of trading value in the Energy Sector stocks has decreased, while that of the Banking Sector has increased. The share of trading value in Energy Sector stocks has decreased to 27% from 32% in previous month. On the other hand, the share of trading value in Banking Sector stocks has increased to 24%, after dropping during the past two months. Stocks in the Other Industry Sectors which enjoyed an increase in trading value share were the Agribusiness Sector, up to 4.3% in October vs. a 1.3% in the previous month. Meanwhile, the share of trading value categorized by market capitalization of the stocks was close to that of the previous month. The share of trading value for securities in SET10 group slightly increased to 36%, from 34% in the previous month.
4. Active trading accounts
There were 143,108 active trading accounts as of end-September 2009, a rise of 39% over the same period of last year. The ratio of active accounts to total trading accounts in October rose to 25.8% from the 23.2% of the previous month. The average trading value of THB3.94 million per account in October was an increase of 61% over September 2008.
The number of active internet trading accounts in October 2009 rose 5% over September 2009. Meanwhile, the value of internet trading increased by 118%, compared to that of October 2008, but decreased by 4% decrease compared to that of September 2009. Internet trading value in October 2009 was at THB123.68 million (approx. USD3.71 billion), equivalent to 21.8% of total trading value, a slight decrease from 22.5% in the previous month.
5. Overview of the derivatives market
Gold futures’ trading volume has increased continually and reached a historic high since the start of trading. In October 2009, TFEX’s daily average trading volume was 16,012 contracts, a 22% increase from previous month, due to price fluctuations of the underlying product. Trading volume has increased for every derivative product. The product with the highest trading volume compared to that of the previous month was single stock futures, with an 85% increase, followed by gold futures, up 64%. Gold futures recorded the highest daily average trading volume (new high) for the second consecutive month since the start of trading in February 2009, due to heightened investors’ interest driven by rising gold prices.
6. Overview of the funds raised
In October 2009, listed companies raised total funds of THB2.85 billion (approx. USD85.54 billion) from the capital market, consisting of the funds raised via IPOs of THB248 million (approx. USD7.44 million) by Kiattana Transport PCL (KIAT) and Moong Pattana International PCL (MOONG). Meanwhile, THB2.60 billion (approx. USD78.10 million) was raised through seasonal equity offerings (SEOs). Among the key fund raising activities via SEO were Thai Vegetable Oil PCL (TVO) and PTT PCL’s group at THB845 million (approx. USD25.35 million) and THB582 million (approx. USD17.46 million), respectively.
Special Topic
1. Report on the Banking Sector’s operating performance for Q3/2009
In Q3/2009, the Banking Sector’s operating performance improved, when compared to the same period last year as well as the previous quarter. The net profits stood at THB24.99 billion (approx. USD749.74 million) in Q3/2009, an increase of 12.8% over Q2/2009, or an increase of 5.6% over the same period last year. This is due to rises in revenue from loan fees for retail customers and decreases in loan loss provision. Moreover, banks could maintain the quality of their assets, as demonstrating by the Non-performing loans of 5.7%, a decrease from 5.74% in Q2/2009 and from 6.46% in Q3/2008.
2. Liberalization of stock trading commissions
Given improved environment and industry structure, Thailand’s securities business is better prepared for the upcoming liberalization of stock trading commissions, which will be enforced on a sliding scale basis in 2010, following with the full liberalization in 2012. The industry should be better prepared to cope with challenges from the liberalization than during the previous liberalization in 2000 because of the following reasons:
1. Overall, securities firms have greater financial strength than in 2000: During 2005- Sept. 2009 (excluding the year 2008, when SET was affected by the economic crisis), the securities companies’ average net profit ratio was 20%. Moreover, total shareholder’s equity of all securities firms as of September 2009 reached THB57.13 billion (approx. USD1.71 billion), doubled that of the year 2000.
2. The number of active accounts and average trading value has soared. The number of active accounts per month (monthly average over 9M/2009) was at 102,652 accounts, more than two times of the figure in 2000, which were only 48,432 accounts. Meanwhile, daily average trading value during 2005 – October 2009 was at THB15.87 billion, roughly three times of the figure of THB4.9 billion during 1999-2000 (before the previous liberalization). Moreover, Internet trading, which provides lower commissions compared to other traditional channels, soared, accounting for 21% of total trading value (average rate of 9M/2009), compared to the very low rate in 2000 of less than 0.1% .
3. Securities companies’ variety and diversified sources of income
Income from proprietary trading For the past several years, securities companies have gradually emphasized generating income from proprietary trading, reflected in the increasing proportion of proprietary trading. As of October 2009, proprietary trading accounted for 12% of total trading value, compared only 1% of total trading value during 1999-2000.
Income generated from more financial products In 2006, TFEX launched its first derivatives products, SET50 Index Futures, followed by SET50 Index Option, Single Stock Futures and Gold Futures. Moreover, TFEX plans to launch two more products, mini-gold futures and interest rate futures in 2010. Increased variety of financial products would enable the Thai capital market to respond to investors needs in every market circumstance.
Income generated from a wider variety of services At present, securities companies can generate income form providing various new services including sales representative services for mutual funds and bonds, securities borrowing and lending (SBL), foreign stock trading as well as structured note issuance.
4. Finding alliances to strengthen business competitiveness. Over the years, regulators have relaxed the rules to enable securities companies to flexibly merge their businesses. In 2009, five securities firms merged in part as a preparation for the liberalization in 2012, namely, 1) KTB Securities Co., Ltd. and Seamico Securities Co., Ltd. joined to become KT Zimico Securities Co., Ltd., and 2) Finansa Securities Co., Ltd., Syrus Securities Co., Ltd. and ACL Securities Co., Ltd., combined to become Finansia Syrus Co., Ltd.
For above reasons, securities companies are expected to be able to adjust more efficiently to the challenges from the upcoming liberalization. This should result in greater competition and efficiency as well as high quality services that better respond to investors’ needs.
Wednesday, November 11, 2009
Add a little tenderness
Hidden in the elusive and winding sois of Bangkok are many architectural gems built decades ago. Typically situated on these properties are several airy and unpretentious wooden or brick Thaistyle homes facing vast manicured lawns lined with ancient trees and decorative potted plants. Surrounding the compounds are protective moats, neglected over time and invaded by untamed vines, weeds, water hyacinths,and lotus.
Modest versions of these same styles of Thai homes are found scattered throughout small and large moo baans or villages in Thailand. Some are built near the edge of the klongs (canals). In these moo baans , the older villagers' habits remain unchanged. At all times of day, one can see the old-timers paddle out in their sampans to pick edible wild shoots and greens. They forage among the thick blanket of vegetation for the young and tender shoots of a wild water spinach, or phak bung .My parents, who were Chinese, had a great love of phak bung . During World War Two,when the Japanese began bombing Bangkok,they fled from their shophouse on Siphraya Road to seek refuge with one of my mother's clients, a German doctor and his wife who lived in the Bangkapi (known today as Sukhumvit) area. They were given a makeshift shack near a klong in which to live.Day after day my mother, together with other neighbouring Thai villagers, would gather wild greens, including phak bung ,along the canal's edge to make stir-fries, to add to soups, and even as filling for Chinesestyle dumplings if and when she could get some flour. According to my Papa you could pick as much as you wanted one day and the next day, new tender shoots would grow overnight to take their place.Phak bung kept my parents from starvation during the war.
Phak bung became available in America as recently as a decade or so ago. Southeast Asian settlers, particularly the Vietnamese,Laotians and Hmong began growing it for sale. It was inexpensive and for Asians,phak bung reminded us of home. So you can imagine my surprise when I saw it one day at the most expensive vegetable stand in Rancho Santa Fe in San Diego County,California. Situated among multi-milliondollar homes, this little vegetable stand is owned and operated by a Japanese family named Chino, who sell their gourmet and organic vegetables to people who never talk about the prices.
The Chinos pride themselves as the family who introduced exotic and rare vegetables to the rich and famous. Among these was phak bung , which they called swamp spinach. With a name like that, no wonder phak bung disappeared from their stand shortly thereafter.
Nowadays, during the summer months,cleaned and beautifully wrapped bundles of phak bung can still be found in upscale farmers markets in areas with a large Asian population. Sold for at least triple the price compared to the massive bundles one can buy in Asian supermarkets,phak bung has gained a new status among American chefs as an exotic, rare and pricy green vegetable.
American shoppers are curious when they see these bundles of deep green, slender and hollow stalks with beautiful ovate leaves.They have, however, no idea what to do with it. Should one use it as decoration, eat it raw as salad greens, or perhaps steam,boil, deep-fry or stir-fry it?
In comparison, we Thai cooks have no problem knowing what to do with phak bung . During the monsoon season, it multiplies rapidly, invading ponds and klongs .Its crunchy, cool-refreshing and blandflavoured young shoots are prized as a perfect accompaniment for spicy nam prik (chili sauce). We also stir-fry it with garlic,chilies and bean paste to make phak bung fai daeng , a delicious, simple and quick side dish that we serve with a bowl of warm cooked rice. Some of us are inventive as well as mindful of waste. Long, over grown stalks are not discarded, but slivered into hair-thin strands that are stir-fried with the same seasonings as fai daeng . One of the best dishes using phak bung is a spicy,coconut soup called gaeng tae-po . This is a creation served up by cooks from northeastern and southern regions of Thailand.This rich and savoury soup blends peppery chilies with salty dried fish, creamy coconut cream, fruity tamarind and sweet palm sugar.
However, my favourite way of cooking phak bung is old-fashioned.Phak bung pad nam prik sod is an inventive recipe combining together phak bung with ingredients for nam prik kapi , or chili sauce with fermented shrimp paste, in a stir-fry.Its taste and aroma remind me of the beach and ocean after a heavy drenching of monsoon rain. The air turns cool, pristinely cleaned with just a faint scent of the wet earth, warm sand and salt water intermingled with the sweet perfume of bruised blossoms.
An intriguing bit of information about phak bung that I find fascinating is that Thai folk doctors use it as medicine. Eating phak bung is believed to be good for the eyesight. It is also a diuretic and an antidote against heat from chili overload. Older timers brew phak bung as tea to dispel poisons from overindulgence in alcohol, opium and other psychotropic drugs. An old traditional folk doctor told me that it is even used as an anti-depressant for mentally ill people.Whether you choose to believe Thai folk doctors or not,phak bung has been proven scientifically to be full of iron, beta-carotene,and vitamins A and C, whose benefits oddly coincide with some of the Thai folk doctors beliefs. In particular, iron is a vital compo-nent of our blood. Insufficient iron content in our diet can lead to anaemia which makes us weak and fatigable. Vitamin A and C are good for the eyes, skin, bones and immune system. Next time, when you have a craving for phak bung , it might just be because your body needs a booster, a cure, or some soothing relief.m
Su-Mei Yu is an author of Thai cookbooks, including the award winning, Cracking the Coconut: Classic Thai Home Cooking, Asian Grilling, and to be released in October, The Elements of Life, A Contemporary Guide to Thai Recipes and Traditions for Healthier Living.
Phak Bung Pad Nam Prik Sod Spicy Stir-Fried Water Spinach
Makes 4 servings Ingredients for chili paste 114tsp 4 to 57 to 8 1 tsp 2 tbsp 11
2tbsp 1 tsp salt garlic cloves,peeled bird chilies fermented shrimp paste fish sauce of lime juice of palm sugar Preparation
In a mortar, pound the salt and garlic with a pestle to a puree.Add the chilies and pound until they are slightly pulverised. Add the shrimp paste and pound to incorporate. Add the fish sauce,lime juice and palm sugar. Use a spoon to stir and mix. Set aside.
Ingredients 1 tbsp 12cup (160g) 8 cups 3 to 4cooking oil small shrimp, cleaned,deveined and dried thoroughly tightly packed phak bung stems and leaves (cut lengthwise into 5cm pieces), separate stems and leaves in two piles red cayenne chilies and yellow Hungarian chilies combined, slightly pounded Chili paste Preparation
Heat a wok over medium-high heat for 1 minute. Add the oil and wait for 30 seconds before adding the shrimp. Stirfry until the shrimp turn pink. Add the phak bung stems and stir-fry until the colour brightens. Add the chili paste and stir-fry to incorporate. Add the phak bung leaves and cayenne chilies. Stir-fry until the leaves turn limp. Transfer to a platter and serve hot with red organic rice.Note:For vegetarians, leave out the shrimp.
Modest versions of these same styles of Thai homes are found scattered throughout small and large moo baans or villages in Thailand. Some are built near the edge of the klongs (canals). In these moo baans , the older villagers' habits remain unchanged. At all times of day, one can see the old-timers paddle out in their sampans to pick edible wild shoots and greens. They forage among the thick blanket of vegetation for the young and tender shoots of a wild water spinach, or phak bung .My parents, who were Chinese, had a great love of phak bung . During World War Two,when the Japanese began bombing Bangkok,they fled from their shophouse on Siphraya Road to seek refuge with one of my mother's clients, a German doctor and his wife who lived in the Bangkapi (known today as Sukhumvit) area. They were given a makeshift shack near a klong in which to live.Day after day my mother, together with other neighbouring Thai villagers, would gather wild greens, including phak bung ,along the canal's edge to make stir-fries, to add to soups, and even as filling for Chinesestyle dumplings if and when she could get some flour. According to my Papa you could pick as much as you wanted one day and the next day, new tender shoots would grow overnight to take their place.Phak bung kept my parents from starvation during the war.
Phak bung became available in America as recently as a decade or so ago. Southeast Asian settlers, particularly the Vietnamese,Laotians and Hmong began growing it for sale. It was inexpensive and for Asians,phak bung reminded us of home. So you can imagine my surprise when I saw it one day at the most expensive vegetable stand in Rancho Santa Fe in San Diego County,California. Situated among multi-milliondollar homes, this little vegetable stand is owned and operated by a Japanese family named Chino, who sell their gourmet and organic vegetables to people who never talk about the prices.
The Chinos pride themselves as the family who introduced exotic and rare vegetables to the rich and famous. Among these was phak bung , which they called swamp spinach. With a name like that, no wonder phak bung disappeared from their stand shortly thereafter.
Nowadays, during the summer months,cleaned and beautifully wrapped bundles of phak bung can still be found in upscale farmers markets in areas with a large Asian population. Sold for at least triple the price compared to the massive bundles one can buy in Asian supermarkets,phak bung has gained a new status among American chefs as an exotic, rare and pricy green vegetable.
American shoppers are curious when they see these bundles of deep green, slender and hollow stalks with beautiful ovate leaves.They have, however, no idea what to do with it. Should one use it as decoration, eat it raw as salad greens, or perhaps steam,boil, deep-fry or stir-fry it?
In comparison, we Thai cooks have no problem knowing what to do with phak bung . During the monsoon season, it multiplies rapidly, invading ponds and klongs .Its crunchy, cool-refreshing and blandflavoured young shoots are prized as a perfect accompaniment for spicy nam prik (chili sauce). We also stir-fry it with garlic,chilies and bean paste to make phak bung fai daeng , a delicious, simple and quick side dish that we serve with a bowl of warm cooked rice. Some of us are inventive as well as mindful of waste. Long, over grown stalks are not discarded, but slivered into hair-thin strands that are stir-fried with the same seasonings as fai daeng . One of the best dishes using phak bung is a spicy,coconut soup called gaeng tae-po . This is a creation served up by cooks from northeastern and southern regions of Thailand.This rich and savoury soup blends peppery chilies with salty dried fish, creamy coconut cream, fruity tamarind and sweet palm sugar.
However, my favourite way of cooking phak bung is old-fashioned.Phak bung pad nam prik sod is an inventive recipe combining together phak bung with ingredients for nam prik kapi , or chili sauce with fermented shrimp paste, in a stir-fry.Its taste and aroma remind me of the beach and ocean after a heavy drenching of monsoon rain. The air turns cool, pristinely cleaned with just a faint scent of the wet earth, warm sand and salt water intermingled with the sweet perfume of bruised blossoms.
An intriguing bit of information about phak bung that I find fascinating is that Thai folk doctors use it as medicine. Eating phak bung is believed to be good for the eyesight. It is also a diuretic and an antidote against heat from chili overload. Older timers brew phak bung as tea to dispel poisons from overindulgence in alcohol, opium and other psychotropic drugs. An old traditional folk doctor told me that it is even used as an anti-depressant for mentally ill people.Whether you choose to believe Thai folk doctors or not,phak bung has been proven scientifically to be full of iron, beta-carotene,and vitamins A and C, whose benefits oddly coincide with some of the Thai folk doctors beliefs. In particular, iron is a vital compo-nent of our blood. Insufficient iron content in our diet can lead to anaemia which makes us weak and fatigable. Vitamin A and C are good for the eyes, skin, bones and immune system. Next time, when you have a craving for phak bung , it might just be because your body needs a booster, a cure, or some soothing relief.m
Su-Mei Yu is an author of Thai cookbooks, including the award winning, Cracking the Coconut: Classic Thai Home Cooking, Asian Grilling, and to be released in October, The Elements of Life, A Contemporary Guide to Thai Recipes and Traditions for Healthier Living.
Phak Bung Pad Nam Prik Sod Spicy Stir-Fried Water Spinach
Makes 4 servings Ingredients for chili paste 114tsp 4 to 57 to 8 1 tsp 2 tbsp 11
2tbsp 1 tsp salt garlic cloves,peeled bird chilies fermented shrimp paste fish sauce of lime juice of palm sugar Preparation
In a mortar, pound the salt and garlic with a pestle to a puree.Add the chilies and pound until they are slightly pulverised. Add the shrimp paste and pound to incorporate. Add the fish sauce,lime juice and palm sugar. Use a spoon to stir and mix. Set aside.
Ingredients 1 tbsp 12cup (160g) 8 cups 3 to 4cooking oil small shrimp, cleaned,deveined and dried thoroughly tightly packed phak bung stems and leaves (cut lengthwise into 5cm pieces), separate stems and leaves in two piles red cayenne chilies and yellow Hungarian chilies combined, slightly pounded Chili paste Preparation
Heat a wok over medium-high heat for 1 minute. Add the oil and wait for 30 seconds before adding the shrimp. Stirfry until the shrimp turn pink. Add the phak bung stems and stir-fry until the colour brightens. Add the chili paste and stir-fry to incorporate. Add the phak bung leaves and cayenne chilies. Stir-fry until the leaves turn limp. Transfer to a platter and serve hot with red organic rice.Note:For vegetarians, leave out the shrimp.
GOLDEN OPPORTUNITY
Pongsiri Arampong,a resident of Ban Pom, in Ayutthaya's Muang district,shows bananas he sells in front of his house on AyutthayaBang Ban Road. The fruit, priced 10 to 35 baht a bunch,comes from local growers seeking additional income.Mr Pongsiri says sales are brisk at around 8,000 to 10,000 baht over weekends.
Longan for China
Tesco Lotus aims to ship at least 200 tonnes of longan worth Bt7 million to Tesco China as part of a commitment by Tesco Group to supply over Bt1.6 billion of Thai fruit for sale through Tesco's international network this year.
This year, Tesco plans to buy over 228,000 tonnes of seasonal and year-round fruits and vegetables from local farmers worth Bt5.57 billion, up 30 per cent from last year.
It will buy 1,600 tonnes of longan worth Bt97 million. It is also increasing exports fo longgong, particularly from the four southern border provinces, and plan to sign a deal to buy 1,000 tonnes of longgong.
This year, Tesco plans to buy over 228,000 tonnes of seasonal and year-round fruits and vegetables from local farmers worth Bt5.57 billion, up 30 per cent from last year.
It will buy 1,600 tonnes of longan worth Bt97 million. It is also increasing exports fo longgong, particularly from the four southern border provinces, and plan to sign a deal to buy 1,000 tonnes of longgong.
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