Thailand Consumer Confidence index rose to 77.1 in June from 75.5 points in May as consumers became more convinced the economy would improve, the University of the Thai Chamber of Commerce (UTCC) reported on Thursday.

The government’s national reconciliation plan had become more concrete and it was one of the factors causing consumers to be more positive about the economic situation, UTCC’s Economic and Business Forecasting Centre director Thanawat Polwichai said.

The Finance Ministry’s Fiscal Policy Office (FPO) had increased its economic growth projection for this year from 45 per cent to 55 per cent.

Exports in May expanded 42.5 per cent, while the money circulating in the economy had risen due to the government’s Thai Khem Kaeng (Strong Thailand) economic stimulus scheme, the report said.

PTT Plc, Thailand’s largest energy firm, plans to double its revenue to 4.5 trillion baht by 2020 in order to achieve a top-100 ranking in the global Fortune 500, says chief executive and president Prasert Bunsumpun.

To achieve the goal, the company’s sales must reach US$140 billion (4.54 trillion baht at today’s exchange rate), or grow by 8% a year on average. PTT last year ranked 118th in the Fortune 500 with revenue of $59.9 billion.

The group has planned to continue its aggressive expansion, expecting to spend $100 billion over the next 10 years. Half of the total will go mainly to exploration and production and the liquefied natural gas business, with the focus on resource-rich countries.

Mr Prasert said that thanks to the large investment overseas, the company hoped to see its sales abroad contributing more than 20% of total sales in 2015 and 50% in 2020, from lower than 5% now.

Banpu Pcl, Thailand’s biggest coal producer, is likely to win approval for its A$2 billion ($1.7 billion) bid for the rest of Centennial Coal Ltd. from Australia’s Foreign Investment Review Board, Credit Suisse Group AG said.

“This deal had a high probability of receiving FIRB approval,” Paul McTaggart, a Credit Suisse analyst, said in a report today after consulting with an unidentified industry expert. “He could see nothing that could seriously be said to be contrary to the national interest.”

Buying Centennial would give Bangkok-based Banpu control of 10 mines in Australia and power station customers in Japan and Europe. There is a 50 percent chance the regulator will extend an initial 30-day review period, McTaggart said.

Banpu agreed to pay A$6.20 in cash a share for the 80 percent of Centennial it doesn’t already own, the two companies said this week.

Shayne Heffernan www.livetradingnews.com

Posted by Shayne Heffernan on Jul 8th, 2010and filed underAsia, Equities, Latest News, Markets, News & Events.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site