Vol. I No. 8 Saturday 14 December - 20 December 2002
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BUSINESS NEWS
HEADLINES [click on headline to view story]:

Amari Hotels and Resorts announce the appointment of a new executive chef

Central bank chief pledges to help cope with NPLs

PM seeks German cooperation in technological development

BOI promotes call centers

Amari Hotels and Resorts announce the appointment of a new executive chef

Blessed with Irish artistry honed by extensive travel, Dublin-born Adrian O’Herlihy has found fertile ground for his gourmet talents as the new executive chef of the Amari Rincome Hotel.

Adrian O’Herlihy

Trained at Dublin College of Catering, he has served at the Royal Lancaster Hotel and Cumberland Hotels in London, The Hof and Parkhotel in Frankfurt, and three big names in the Big Apple - The New York Hilton, the Four Seasons Hotel and the Drake Hotel-Swisssotel.

Before coming to Thailand, he worked as executive chef for Saudi Arabian Airlines in Saudi Arabia, where he also had the honor of creating dishes for the Saudi Royal Family.

A member of the “Panel of Chefs of Ireland”, he has supported the Irish Nation Chefs Team on many occasions, and is the proud recipient of eight separate awards for his culinary excellence. He also has wide experience as a judge at international competitions, and his gift for creating fine cuisine has frequently seen him cooking for international dignitaries, presidents and diplomats.

Chef O’Herlihy’s expertise comes not only from natural talent and long experience, but from something else as special as it is subtle - that touch of magic born in the green mountains and fertile valleys of his native Ireland.


Central bank chief pledges to help cope with NPLs

Bank of Thailand’s Governor M.R. Pridiyathorn Devakula has pledged to step up efforts to reduce total non-performing loans (NPLs) in Thailand’s banking system from 18% to 10% of the outstanding loans by the end of next year.

Speaking after a meeting with executives of 13 commercial banks held to discuss ways to cope with the NPLs, he said bad loans in the financial sector totaled 840 billion baht as of the end of June and dropped slightly to 788 billion in September.

To solve the bad loan problem, the executives and bank regulators agreed during the meeting to classify total NPLs left into 4 categories to make the process easier to cope with.

The first category involves 154 billion baht which had been restructured and is being repaid by borrowers. However, the amount remained classified as non-performing for technical reasons.

The BOT chief said the central bank will review existing obstacles to facilitate the reclassification for the restructured and current loans. It wants to see the loans cleared within four months.

The second involves 253 billion baht which is now under restructuring. The BOT chief wants to see these loans cleared within one year.

The third involves 159 billion baht which is in the courts now. The central bank agreed to play the role of coordinator to clear the debts, which were incurred primarily by retail borrowers. It has agreed that the borrowers will be invited to discuss their financial position and servicing ability to help accommodate a resolution.

The fourth involves 220 billion baht which is now undergoing foreclosure proceedings. (TNA)


PM seeks German cooperation in technological development

Prime Minister Thaksin Shinawatra is seeking cooperation from Germany in boosting technological development in Thailand. Thaksin told a delegation of senior German officials and private firms’ executives last month that one of his administration’s strategic targets was to raise the potential of the country’s technological development.

The premier said that he considered cooperation from Germany in technological transfer and development would help the government to meet their target. The Thai leader made the remarks during a working breakfast he had with visiting German delegates.

Thaksin said after the meeting that he also assured the German delegation of the government’s policy on freedom of investment. “I also briefed the German delegation of the government’s economic policy, and the German delegates expressed their confidence in it, saying they believe it will address economic problems in Thailand efficiently and effectively,” he said.

Premier Thaksin said he thanked the Thai-German Chamber of Commerce for organizing a seminar / exhibition on German technologies at the Sirikit National Convention Center last month.

Technologies on waste management, energy development and on small and medium-sized enterprises (SMEs) were demonstrated at the two-day event.


BOI promotes call centers

The Board of Investment (BOI), chaired by Deputy Prime Minister Prommin Lertsuridej, met last week and approved the creation of a new activity eligible for promotion: Call Centers/Contact Centers.

In order to improve economic conditions through generation of new tax revenues, increased employment for Thai workers, and to increase usage of the Thai telecommunications industry, the Board announced the promotion of call centers or contact centers.

Approved projects in this category will be eligible for a wide range of non-tax incentives, including permission to bring in foreign staff appropriate for the activity and permission to own land. Projects in this category, however, will not receive any tax privileges.

Projects in this activity may be 100 percent foreign owned, except in cases where the call center or contact center conducts business in Thai, in which case, the business must be at least 51 percent Thai owned, in order to minimize the effect on existing business operators.

The BOI sees great potential for the development of international call centers that service customers around the world from a base in Thailand.



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