Thailand Financial News

Despite political uncertainty following the coup in September 2006, Thailand’s banking system outlook remains stable with no new downgrades of Moody’s 12 rated banks, says a new report issued by Moody’s Investors Service.

This is with the exception of Siam Commercial Bank Public Company Ltd’s (SCB) D+ Bank Financial Strength Rating (BFSR) and A3 long-term local currency deposit and foreign currency senior debt ratings, which both carry positive outlooks.
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LSF5 Accredited Investments, LLC (”Lone Star”), a subsidiary of Lone Star Fund V (U.S.), L.P., announced that it has extended its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. (NASDAQ:LEND) (the “Company”) until 12:00 midnight on October 5, 2007, in accordance with the terms of the amended merger agreement with the Company and the related offer to purchase filed with the Securities and Exchange Commission (the “SEC”) on September 19, 2007 and September 21, 2007, respectively.

Lone Star may extend the tender offer for additional periods when and as required by the amended merger agreement, and if Lone Star decides to so extend, it will issue a press release announcing such extension not later than 9:00 am., New York City time, on the next business day after the day on which the tender offer is scheduled to expire.
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Standard Chartered Bank was honoured as “Best in Class” in its approach to climate change disclosure in a report released today by the Carbon Disclosure Project (CDP), a coalition of over 315 global investors withmore than $41 trillion in assets.

The CDP report, now in its 5th year, is a survey of the responses of “ Financial Times 500” corporations on the issue of climate change.
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National Australia Bank Limited (NAB) announced that it had agreed to sell its Commercial Fleet business to Super Group Australia Pty Limited, a subsidiary of Super Group Limited. Commercial Fleet specialises in the leasing and maintenance of light to heavy duty commercial vehicles, buses, forklifts, trailers and other mobile equipment.
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DLA Piper has announced the appointment of Claudio d’Agostino, a leading Italian lawyer with extensive experience in Euro-Sino transactions, as Of Counsel in Shanghai.

Mr. d’Agostino is a seasoned corporate lawyer with 10 years of experience based in Shanghai advising European companies in a wide range of deals, focusing on foreign direct investment and mergers and acquisitions.
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TRIS Rating Co., Ltd. has assigned a “A-” rating to the proposed up to Bt1,300 million senior debentures of Central Plaza Hotel PLC (CENTEL). At the same time, TRIS Rating has affirmed the company and issue ratings of CENTEL at “A-”. The rating outlook remains “stable”.
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Fitch Ratings today said economic growth in Emerging Asia is forecast to come in at 8.7% this year, from 8.6% in 2006, but cautions that the outlook is likely to deteriorate as capital flows to Asia and current account surpluses in the region decline.

James McCormack, Senior Director and Head of Asia Sovereigns, speaking at Fitch’s Sovereign Hotspots conference in Tokyo, spoke about the extent to which emerging Asian economies are exposed to either a global economic slowdown or a sharp reduction in international investors’ risk appetite.
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AIR CANADA… HONG KONG: Air Canada has introduced, for the first time outside of North America, its popular Flight Passes designed specially for residents of Hong Kong seeking great deals for frequent travel to Canada. www.aircanada.com HALAL FAIR…
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Yip In Tsoi Co., Ltd., total IT solution provider with a complete products and services portfolio for clientele across the industries, in cooperation with Network Appliance (Thailand) Ltd., a leader in data storage technology with leading edge NAS/SAN solutions, held a press meeting to announce FAS2000 Family – entry level enterprise storage systems which provides easy data management in a scale-out data environment.  FAS2000 is designed for SME segment to accommodate its growing data storage demand.  It well facilitates efficient data management to optimize the existing data utilization and to provide security in compliance with the Computer Crime Act, recently enacted in July 2007.
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From now and until the end of September 2007, travellers from Thailand heading to Australia can enjoy special airfare offers with British Airways when traveling FIRST or Club World. British Airways return tickets from Bangkok to Brisbane, Melbourne or Sydney start from just 70,000 baht in Club World/Business Class and are 110,000 baht in First.
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