CCR Group, a leading French reinsurer, has circulated a letter informing its partners in New Zealand, Australia and Thailand to stop writing business with the company in order to ensure its long-term profitability for the benefit of shareholders. The letter, sent on Monday by the head office in Paris, said the group had conducted a [...]
Tag Archives | Thailand Flooding 2011
SCG chief sees only short-term Impact on economy from floods
Siam Cement Group (SCG), the country’s largest industrial conglomerate, foresees disruption from the severe flooding to affect the Thai economy in the short term, however it expects the recovery to be faster than some analysts have predicted. “I read some analysis, which said that |the Thai economy will recover in the final |quarter of next [...]
Ch Karnchang gears up for billions’ of contracts
Ch Karnchang, the country’s second-largest construction company, is ready to take on Bt50 billion to Bt60 billion worth of post-flood work. Chief executive officer Plew Trivisvavet said yesterday that after all flood waters have been mopped up, old infrastructure such as roads would need to be repaired while new infrastructure, such as roads, buildings and [...]
Room rates poised to spike 20%
Thai hotels could raise their room rates by up to 20% next year as current prices are lower than their competitors in neighboring countries, says the US-based Starwood Hotels and Resorts. Many in the country have plan a 5-10% increase, as rates have been frozen since late 2008 due first to domestic political instability and [...]
Restaurants take a soaking
The country’s restaurant business is expected to lose about 15 billion baht because of the heavy floods, according to the Thai Restaurant Association (TRA). President Pavornwan Kulmongkul said thousands of restaurants had been submerged. Of the total, 500 are in Pathum Thani, 200 in Ayutthaya and 300 to 500 in Bangkok, mainly in Thawi Watthana [...]
Leaders bullish on post-flood prospects
Captains of industry are upbeat about the economic outlook for next year, given that the private and state sectors will spend massively on restoring infrastructure hit by the flooding, which will in turn create jobs and boost growth. Thapana Sirivadhanabhakdi, president and chief executive officer of Thai Beverage, yesterday said he agreed with remarks made [...]
Prices in flood zones to be hit
Land prices in flooded areas show signs of slumping 20-30 per cent and staying there for two or three years before returning to normal, according to Colliers International (Thailand) Co. Patima Jirapate, managing director of the real-estate agency, said in a group interview yesterday that the new metropolitan master plan would not be amended to [...]
Manufacturer to resume normal ops next month
The flood disaster has had a heavy impact on Kasisuri Co, a leading producer and exporter of rice-bran oil, which is facing business losses of Bt40 million to Bt50 million. It hopes to resume normal operations by next month. The company plans to build up a stockpile of least one month’s worth both of finished [...]
UTCC presents dismal growth, confidence figures
Gross domestic product might grow only 0.5-1 per cent this year if flood waters expand to every district in Bangkok and hit industrial estates in the eastern part of the capital, according to the University of the Thai Chamber of Commerce. The UTCC also showed that consumer confidence last month plunged to its lowest point [...]
Pruksa slashes targets for 2011
Leading property firm Pruksa has lowered its revenue target for this year by Bt7-Bt8 billion from Bt30 billion, taking into account the negative impact of the floods in the current fourth quarter. The company’s presales target has also been dropped to Bt30 billion from Bt42 billion, Pruksa president and chief executive officer Thongma Vijitpongpun told [...]
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