Thailand to sign Myanmar natural gas purchase deal

July 29 (Reuters) – Thailand will sign on Friday an agreement to buy natural gas from the Zawtika field at the offshore Block M9 in the Gulf of Martaban in Myanmar from late 2013, Energy Minister Wannarat Charnnukul said.

State-controlled PTT PCL (PTT.BK), as a buyer, will sign the gas deal with sellers, which include state-owned Myanmar Oil and Gas Enterprise and PTTEP International, a unit of PTT Exploration and Production (PTTEP) (PTTE.BK), he told a news conference.

PTTEP’s subsidiary owns 100 percent of Block M9, located about 300 km (185 miles) south of Yangon.

PTTEP is expected to supply an initial 300 million cubic feet per day (mmcfd) from M9, of which 240 mmcfd would be delivered to Thailand and the rest to Myanmar. It is expected to have petroleum reserves of 1.4 trillion cubic feet per day.

Myanmar natural gas accounts for about 30 percent of Thailand’s consumption, mostly in power generation.

About 965 mmcfd of gas from the nearby Yetagun and Yadana fields is exported to Thailand.

The output from the Zawtika field will raise Thailand’s natural gas import from Myanmar to 1.2 billion cubic feet per day, sufficient to meet rising power demand in Thailand, Wannarat said. (Reporting by Khettiya Jittapong; Editing by Jason Szep)

Central Bangkok explosion wounds 4 people-officials

July 25 (Reuters) – An explosion wounded four people in central Bangkok on Sunday, emergency officials said, but it was unclear what caused the blast and if it was related to a closely watched special election in the Thai capital.

The explosion occurred near a busy intersection at the heart of Bangkok’s commercial district, the same area occupied by thousands of “red shirt” anti-government protesters for several weeks until an army crackdown on May 19.

“We were told by the police that there are four wounded from the incident,” said a spokesman for the Erawan Emergency Centre, adding the blast took place opposition Central World, a shopping area that was set on fire by protesters in May.

It coincided with a Bangkok by-election that is being seen as a referendum on Thailand’s recent political unrest. (Reporting by Ploy Ten Kate; Writing by Jason Szep; Editing by Mark Heinrich)

N.Korea says U.S. military drills pose ‘danger’ to region

July 22 (Reuters) – U.S. and South Korean plans to start large-scale joint military drills this month pose a major danger to the region, a North Korean diplomat said on Thursday.

“The decision to hold military drills is a major danger for the security of the region,” North Korean official Ri Tong-il, a member of Pyongyang’s delegation at a regional security forum in Hanoi, told reporters.

South Korea and the United States say the exercises scheduled from July 25 aim to deter North Korea from any future attack, after Seoul blamed Pyongyang for the sinking of a South Korean warship in March.

(Reporting by John Ruwitch; Editing by Jason Szep)

BRIEF-Thai Airways shares up on Q3 profit hopes

July 12 (Reuters) – Thai Airways International THAI.BK:

* Shares up nearly 6.0 percent to its highest since March 2008 after Kim Eng Securities said in a research note it expected the company’s earnings in the thrid quarter should pick up after a recovery of tourism.

* The company has said its second-quarter revenue should be hit by recent political unrest and the low tourist season.

* At 0530 GMT, Thai Air shares were up 5.0 percent at 31.50 baht, while the main Thai index .SETI was up 0.51 ($1=32.36 Baht) (Reporting by Arada Kultawanich; Editing by Jason Szep)

PepsiCo group buys 50 percent of Thai bottler Serm Suk

(Reuters) – PepsiCo Inc (PEP.N) and a Thai affiliate have taken control of Thai bottler Serm Suk Pcl SSC.BK in an expansion drive in Asia’s third-largest bottled beverage market after China and India.

Deals | China

The maker of Diet Pepsi, Sierra Mist and Tropicana juice, and its partner Strategic Beverages (Thailand) Co Ltd, now own 50.1 percent of Serm Suk after buying 658 million baht ($20 million) in a tender offer launched April 30.

They bought 22.7 million shares, or 8.54 percent, at 29 baht ($0.89) each, Strategic Beverages said in a statement.

PepsiCo and its partner had already owned 41.54 percent of Serm Suk with the rest held by Thai investors. The tender offer period ends on June 10.

Strategic Beverages said its 29 baht offer was near a 10-year high in the stock, but the price was 26-30 percent below the 39.3-41.9 baht fair value estimated by an independent financial adviser, according to a filing by Serm Suk to the stock exchange.

Strategic Beverages, a joint venture between PepsiCo and senior Thai management of Pepsi-Cola (Thai) Trading, has offered to buy all of remaining 155.44 million shares, or 58.46 percent of Serm Suk in a deal that could shake up and intensify the local beverage market.

The value of the Thai beverage market is estimated at 35 billion baht ($1.1 billion), Asia’s third largest, industry data showed.

Serm Suk stock, valued at $284 million on the Thai bourse, surged 123 percent in the last three months on expectation that PepsiCo might raise the offer price after the adviser estimated Serm Suk’s fair value of 39 baht.

On Monday, Serm Suk shares plunged 9.35 percent to 31.50 baht, while the overall Thai stock market .SETI was 1.5 percent lower.

($1=32.57 Baht)

(Reporting by Khettiya Jittapong; Editing by Jason Szep)

PepsiCo group buys 50% of Thai bottler Serm Suk

June 7 (Reuters) – PepsiCo Inc (PEP.N) and a Thai affiliate have taken control of Thai bottler Serm Suk Pcl SSC.BK in an expansion drive in Asia’s third-largest bottled beverage market after China and India.

The maker of Diet Pepsi, Sierra Mist and Tropicana juice, and its partner Strategic Beverages (Thailand) Co Ltd, now own 50.1 percent of Serm Suk after buying 658 million baht ($20 million) in a tender offer launched April 30.

They bought 22.7 million shares, or 8.54 percent, at 29 baht ($0.89) each, Strategic Beverages said in a statement.

PepsiCo and its partner had already owned 41.54 percent of Serm Suk with the rest held by Thai investors. The tender offer period ends on June 10.

Strategic Beverages said its 29 baht offer was near a 10-year high in the stock, but the price was 26-30 percent below the 39.3-41.9 baht fair value estimated by an independent financial adviser, according to a filing by Serm Suk to the stock exchange.

Strategic Beverages, a joint venture between PepsiCo and senior Thai management of Pepsi-Cola (Thai) Trading, has offered to buy all of remaining 155.44 million shares, or 58.46 percent of Serm Suk in a deal that could shake up and intensify the local beverage market.

The value of the Thai beverage market is estimated at 35 billion baht ($1.1 billion), Asia’s third largest, industry data showed.

Serm Suk stock, valued at $284 million on the Thai bourse, surged 123 percent in the last three months on expectation that PepsiCo might raise the offer price after the adviser estimated Serm Suk’s fair value of 39 baht.

On Monday, Serm Suk shares plunged 9.35 percent to 31.50 baht, while the overall Thai stock market .SETI was 1.5 percent lower. ($1=32.57 Baht) (Reporting by Khettiya Jittapong; Editing by Jason Szep)

Thai minister says no talks until anti-govt rally ends

Thailand’s government will only enter into talks brokered by the country’s Senate if anti-government protesters end their rally, a cabinet minister said on Tuesday.

“The situation has escalated and become violent with armed groups and terrorists attacking the government, officers in the field and civilians,” Satit Wongnongtoey said in a televised address.

“The government says we can only negotiate when the protest ends,” he said.

(Reporting by Ambika Ahuja; Writing by Nopporn Wong-Anan. Editing by Jason Szep)

Thai government says has no position on peace talks

The Thai government is aware of an offer on Tuesday by a group of senators to broker talks with thousands of protesters but has no official position on whether to accept it, a government spokesman said.

“We have no position on that yet. The prime minister has been informed but does not have an immediate position on it,” said government spokesman Panitan Wattanayagorn.

“Our top priority right now is to end the rioting that traps civilians in the area. But we are not rejecting or accepting the senators’ offer yet.”

A leader of “red shirt” anti-government protesters said on Tuesday they had agreed to participate in talks brokered by the speaker of the Senate in order to prevent further casualties.

At least 38 people have died in the latest flare-up in violence in Bangkok since May 13.

(Reporting by Ambika Ahuja; Editing by Jason Szep)

Bangkok blasts kill one, injure 75 – Thai media

A series of grenade blasts that rocked Bangkok’s business district on Friday killed at least one person and wounded 75, hospitals and the Thai media said.

Five M-79 grenades hit an area packed with heavily armed troops and studded with banks, office towers and hotels. Four of the wounded had serious injuries, including two foreigners, according to witnesses, hospital officials and an army spokesman.

(Additional reporting by Nopporn Wong-Anan; Writing by Jason Szep; Editing by Bill Tarrant)

Thai PM cancels trip to regional summit amid protests

BANGKOK, April 8 (Reuters) – Thai Prime Minister Abhisit Vejjajiva has cancelled a scheduled visit to Vietnam on Thursday for a Southeast Asian leaders summit, a day after declaring a state of emergency in Bangkok to control mass protests.

Financials

Tens of thousands of red-shirted, anti-government protesters have mounted a nearly four-week street rally in Bangkok demanding new elections.

“He will definitely not go today. Given the current situation, he believes it is better to stay here,” Issara Sunthornwat, the prime minister’s deputy secretary-general, told Reuters. (Reporting by Panarat Thepgumpanat. Writing by Jason Szep; Editing by Alan Raybould)

Six killed in Thailand’s insurgency-plagued south

Thu, Apr 1 09:30 PM

Suspected Islamic insurgents shot dead six Buddhist villagers in Thailand’s restive south on Thursday, police said, the latest attack in the troubled region bordering Malaysia.

The villagers in Narathiwat province were believed to have been ambushed, said police Colonel Sanit Suwanno. Two bodies were found in a pick-up truck and four were discovered in a hilly forest nearby, he added.

Ten policemen and soldiers were also wounded when a roadside bomb exploded as they were travelling to the scene of the shootings, police said.

More than 3,900 people have been killed in six years of unrest as ethnic Malay Muslims fight for autonomy from Thailand’s Buddhist majority in the region just a few hours by car from some of Thailand’s best-known tourist beaches.

Local Muslims largely oppose the presence of tens of thousands of police, soldiers and state-armed Buddhist guards in rubber-rich region, which was part of a Malay Muslim sultanate until annexed by Thailand a century ago.

About 80 percent of Thailand’s three southern provinces of Pattani, Yala and Narathiwat are Muslim.

The violence has ranged from drive-by shootings to bombings and beheadings. It often targets Buddhists and Muslims associated with the Thai state, such as police, soldiers, government officials and teachers.

(Reporting by Surapan Boonthanom. Writing by Jason Szep)

Top Fidelity executive joins rival Putnam

* Fidelity’s head of equities division leaves for Putnam

* Walter Donovan is latest Fidelity exec to join rival

By Jason Szep

BOSTON, April 10 (Reuters) – A top Fidelity Investments executive is leaving to join rival Putnam Investments, Fidelity said on Friday, the latest in a wave of talent to leave the world’s biggest mutual fund company for its cross-town rival.

Walter Donovan, president of the equities division in Fidelity’s core money-management arm, has left effective immediately, spokeswoman Anne Crowley said. A replacement would be made soon drawn from internal staff, she added.

The recruitment of Donovan is the latest effort designed to reinvigorate Boston-based Putnam, whose assets have shrunk about 60 percent to about $100 billion since 2003 when the firm was caught in an industrywide trading scandal.

Donovan joined Boston-based Fidelity in 1995 in a shake-up to revive its fixed-income division after its bond mutual funds were stung by rising interest rates and risky investments.

He was named director of corporate bond trading that year, transferring from Merrill Lynch Capital Markets, where he was director of corporate bond trading.

Together with Dwight Churchill, who retired in January as senior vice president and leader of Fidelity’s New Hampshire-based bond group, Donovan helped to turn around Fidelity’s bond group.

He is at least the 10th former Fidelity executive brought over since Putnam hired Fidelity’s former chief operating officer, Robert Reynolds, as chief executive last year.

Reynolds, once seen as a candidate to run Fidelity, also recently hired former star Fidelity fund manager, David Glancy, who left Fidelity in 2003 to set up a hedge fund before joining Putnam in February.

That came two months after it beefed up its finance team with two senior executives who once worked for Fidelity — Clare Richer as senior managing director and chief financial officer and Andra Bolotin as managing director and controller.

In October, he named Robert Ewing to run the $7.2 billion Putnam Fund for Growth and Income, Putnam’s largest portfolio, while Nick Thakore took over the $4 billion Putnam Voyager fund, a once high-flying growth offering. Each helped run Fidelity’s flagship Magellan Fund for a time.

Putnam, Fidelity and other asset managers have cut jobs and made other big changes as investors pull record amounts of money from stock mutual funds during the financial crisis. The industry generates the bulk of its revenue from fees based on a percentage of assets under management.

Putnam, a unit of Canadian insurer Great West Lifeco Inc (GWO.TO), has been squeezed especially hard as its top stock funds underperform the market. (Editing by Jan Paschal)