IN BRIEF

Contract defaults

Department blacklists four Indonesian trading companies The Export Promotion Department yesterday blacklisted four Indonesian trading companies after they were found to have intentionally defaulted on payments to Thai companies and to have refused to deliver goods for Thai customers.

Two of the four are e-trading companies - PT Hilman Jaya and PT Johanes Setla - that export MP3 and computer equipment. They have not shipped goods that were already paid for by Thai customers.

Two other companies - fruit importers Pt Putrabima Internusa and PT Hinosjaya Mandiri Indonesia, which recently changed company name to PT Elkana International - have defaulted with Thai companies.

The four firms have been proved to have cheated Thai exporters and customers, according to Supawadee Yamgamol, director of Thai Trade Centre in Indonesia.

"Those companies will be banned from trading with Thai firms. The department will also record their history for further consideration by Thai trade representatives in Indonesia." - The Nation.

Gold shops: More accurate weighing soon

The Internal Trade Department has ordered all gold shops nationwide to use a two-digit weight measure instead of the current one-digit system by March 14.

Siripol Yodmuangcharoen, director-general of the department, said that it wanted to install a unified system out of concern for consumers.

"Gold has high value. The more precise the weight machine, the more benefit to consumers," said Siripol.

Gold traders found to be disobeying the order will be subject to imprisonment of up to six months or a Bt20,000 fine, or both.

The department also urged the approximately 7,000 gold traders nationwide to provide scales and weighing machines that consumers can easily see and monitor. This will create fair practice for both traders and consumers, it said. - The Nation.

Standard and poor's: Asia-Pacific sovereign debt to grow

Standard and Poor's Ratings Services predicts that sovereign debt markets will continue to deepen in the Asia-Pacific region during 2007, albeit at a slower pace than in recent years, according to a report published today titled "Asia-Pacific Sovereign Debt Will Exceed US$10 Trillion in 2007".

"The Asia-Pacific region accounts for almost 40 per cent of global sovereign debt outstanding, and Japan will maintain its position as the dominant borrower in the Asia-Pacific, with over 80 per cent of expected debt stock in 2007," said Standard and Poor's credit analyst Brendan Flynn.

"Similarly, sovereign commercial borrowing globally is projected to be just over $4 trillion [Bt143 trillion] in 2007, of which Asia-Pacific will account for 37 per cent. Domestic borrowing will remain the preferred funding source in the region, with an ever decreasing reliance on external debt."

Sovereign commercial debt outstanding in the region is likely to increase and breach the $10-trillion mark for the first time. Of the 21 sovereigns in the region rated by Standard and Poor's, 13 are projected to record increases in debt in US dollar terms, while five are projected to reduce sovereign commercial debt and three are forecast to remain at zero commercial debt outstanding. - The Nation.

The Nation Thailand
Sunday January 28, 2007