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IN Brief

PTT buyback

ENERGY PTT Plc plans to buy back shares in the stock market after prices have tumbled, president Prasert Bunsumpun said yesterday.

The shares of the largest company on the SET have lost 31% in value since the start of September.

''PTT has reserved the money for a share buyback,'' he said.

Many SET-listed companies are now buying back shares in bids to improve prices and trading liquidity.

Mr Prasert also said PTT would continue to invest in compressed natural gas (CNG) stations even though the price of oil has fallen dramatically in the past three months.

Even though petrol prices were now around 25 baht a litre compared with 40-45 baht in July, natural gas was still far cheaper, he said.

CNG retail prices, now subsidised at 8.50 a kilogramme, would rise to 12 baht a kg next year and 13 baht in 2010 in order to reflect the company's actual investment costs, he said.

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Over-50 accounts

BANKING Krung Thai Bank has introduced two new long-term fixed savings products offering interest rates as high as 4.75% for consumers 50 years and older.

Depositors of under 100,000 baht for 65 months will receive annual interest of 4.125%, with interest paid monthly for the first five months. From the sixth month, depositors can choose to receive both interest and principal payments each month, or only interest with the principal returned after the 65th month.

A 125-month term, with a minimum deposit of 200,000 baht, will pay interest in the first 65 months at 4.125%, with the 66th to 125th months at 4.75% per year. The two accounts are available from today16 until Dec 8.

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TMBAM share buy

BANKING TMB Bank has increased its shareholding in TMB Asset Management to 75% with the purchase of 1.875 million shares in the fund management company from DBS Bank.

TMB told the Stock Exchange of Thailand that the transaction on Oct 14 increased its holdings in TMBAM from 56.25%. The deal was aimed at restructuring TMB's subsidiaries, the bank said in a statement. No details on the value were given.

TMB has previously indicated that it could merge TMBAM, a leader in passive index funds, with ING Funds, a local unit of ING Group. ING is the largest single shareholder of TMB with a 26.41% stake.

TMB shares closed yesterday at 0.67 baht, down three satang, in trade worth 129.75 million baht.

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New AACP chief

INSURANCE Ayudhya Allianz C.P. Life Insurance Co (AACP) has appointed Stephen Appleyard, formerly of AIA Indonesia, as its new CEO.

Mr Appleyard succeeds Wilf Blackburn, who has led the Thai company for the past four years and will be moving to head the life insurance operations of Allianz in China.

Mr Appleyard has spent the past eight years with the AIG Group and has industry experience in the United States, the United Kingdom and Asia.

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Cash deficit B78bn

ECONOMY The government ran a cash deficit of 78.7 billion baht for fiscal 2008 ending last month, according to Somchai Sujjapong, the deputy director-general of the Fiscal Policy Office.

Revenues for the fiscal year totalled 1.549 trillion baht, with expenditures of 1.633 trillion, resulting in a deficit of 83.74 billion baht. Extra-budgetary accounts posted a surplus of 4.99 billion baht.

Mr Somchai said the deficit was well under the forecast of 165 billion baht for the year, due largely to better-than-expected revenues from corporate, value-added and petroleum excise taxes. Revenue from state enterprises also exceeded targets.

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Tax breaks sought

STOCKS The Stock Exchange of Thailand will ask authorities to reduce corporate tax rates for listed companies to help strengthen the competitiveness of the capital market.

SET president Patareeya Benjapoldhchai said Thailand's corporate tax rate of 30% was higher than those of other countries in the region.

Nongram Wongwanich, the SET chief operating officer, said reducing tax rates would not necessarily lead to lower revenues for the government.

Higher profits would help companies expand investment and spending, benefiting the economy and spurring tax gains in other areas.

According to KPMG, Hong Kong enjoys the lowest corporate tax rate in the region at 17% for listed companies, followed by Singapore at 18% and Taiwan at 25%.

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