Thailand Financial News

Banpu Public Company Limited (BANPU) announced its financial performance for the 2007 fiscal year, recording a net profit of THB 6,654 million, an increase of THB 3,044 million or 84 percent from the previous year thanks to an increase of equity income from the BLCP power plant and a rise of profits from its coal business which witnessed price increases from a year before by 17 percent.
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VALE COMPLETES…

RIO DE JANEIRO - Companhia Vale do Rio Doce (Vale) completed
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The Stock Exchange of Thailand (SET) cordially invites you to the presentation sessions of listed companies about their 2007 operational performance. The sessions will be through March 2008. Please find below the presentation schedule during 1st week of March (Mar.
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The Stock Exchange of Thailand (SET)’s Board of Governors (BoG) resolved yesterday (Feb. 27) to lift front-end pledging for cash accounts to 15% of the credit line, up from 10%. (This refers to cash accounts for investors who wish to make full cash payment for securities purchased.) The new pledging requirement will come into effect on June 1, 2008 and apply to cash accounts of both local and foreign individuals.
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Fitch Ratings stated today that its overall outlook for the Asia-Pacific telecommunications sector in 2008 is stable, with 24 out of its total 28 rated telecommunications issuers bearing a Stable Outlook. Highlighting its newly published “Asia-Pacific Telecoms Credit Outlook 2008″ 20 page report, the agency outlines its expectations on how key financial metrics will move for 26 operators across Asia-Pacific in 2008, concluding that while revenue growth is likely to slow, cash flow from operations (CFO) and free cash flow (FCF) after dividends are likely to rise on aggregate.
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Plans to retain existing 42% stake

Appoints experienced Senior Advisor and executives to drive operational improvements
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The U.S. distress ratio accelerated by five percentage points to 16.9% in February, from 11.1% last month, according to an article published yesterday by Standard & Poor’s. The report, titled “U.S. Distressed Debt Monitor: Largest Monthly Gain In Nearly A Decade (Premium),” says that the ratio is at its highest level since June 2003, and significantly above its 1.0% level one year ago.

“The increase in distress accompanies the continued widening in speculative-grade bond spreads, which rose nearly 80 basis points in a month’s time to 714 basis points on Feb.
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StellarOne Corporation has announced it has completed the merger of equals between Virginia Financial Group, Inc. (VFG) and FNB Corporation (FNB). Along with completing the merger of equals, the combined companies have adopted the StellarOne Corporation name, and the new company will begin trading today on the NASDAQ Global Select Market under its new symbol STEL.
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Sun Life Hong Kong has announced the appointment of Mr. Andy MP Wong as Senior Vice President, Agency and Retail Distribution. In his new role, Mr. Wong is responsible for supervising a growing agency force, recruitment and professional training and development, as well as support for the sales force.

Mr.
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In its continuous efforts to provide comprehensive Islamic financial services to the alaysian market, HSBC Bank Malaysia Berhad announces the incorporation of its Islamic banking subsidiary, HSBC Amanah Malaysia Berhad.

The new entity, a full-fledged Islamic bank, is now formally incorporated.
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