ID :
19995
Wed, 09/17/2008 - 14:58
Auther :
Shortlink :
http://m.oananews.org//node/19995
The shortlink copeid
NEW THAI PM WANTS TO TACKLE FLOOD, ECONOMY ISSUES By D.Arul Rajoo
BANGKOK, Sept 17 (Bernama) -- Newly-elected Thai Prime Minister Somchai Wongsawat said today that his immediate priorities would be to address the flood problem affecting the nation, as well as the impact on the country's economy following the crash of US investment bank Lehman Brothers Holdings and the crisis in the American Insurance Group (AIG).
Speaking at a news conference after being voted in as the 26th premier by
the Parliament, Somchai said he had directed officials to assist people affected
by the floods in 29 provinces in the country's northern, northeast and central
regions.
"I cannot say much about police matters or what I am going to do now as my
appointment needs to get the royal endorsement. But the flood problem is
certainly my top priority," he said.
The former judge and the brother-in-law of ousted premier Thaksin
Shinawatra
succeeded Samak Sundaravej, who warmed the seat for merely seven months when he
was disqualified by the Constitution Court for violating the Constitution by
hosting the "Tasting and Grumbling" and "All Set at 6am" cooking programmes
while still in office.
Somchai said he was concerned with the risk to the country's economy
following the collapse of Lehman, the largest bankruptcy case in the history of
the United States, while AIG, the world's largest insurer, needed up to US$70
billion to remain in business.
"I will discuss the matter with the Finance Minister and Bank of Thailand.
We will see what the effect will be on the Thai economy and the stock market,"
said Somchai.
Nattapol Chavalitcheevin, president of the Thai Bond Market Association
said
on Tuesday that Thai commercial banks were expected to suffer an estimated loss
of Bt3 billion from total exposures of Bt4.3 billion in their investments with
Lehman Brothers.
The AIA office in Thailand said its liquidity was still sufficient, citing
its total assets during the first seven months of this year which totalled Bt380
billion while accumulative profits stood at over Bt70 billion.
On the domestic political crisis and the continued seizure of the
Prime
Minister's Office at the Government House by the People's Alliance for Democracy
(PAD), Somchai said he would opt for peaceful means to end the confrontation,
adding that he was willing to talk with all parties involved to end the
deadlock.
But while the floods, economy and conflict with PAD need to be tackled,
Somchai also faces another hurdle of keeping the ruling People Power Party (PPP)
alive as it faces dissolution for election fraud.
His ties with Thaksin also remain a hurdle, with PAD stating its intention
to continue protesting as Somchai is seen as another Thaksin proxy.
The Supreme Court's Criminal Division for Political Office Holders today
postponed its decision on the Bt772-million Ratchadaphisek land case involving
Thaksin and his wife Pojaman
Speaking at a news conference after being voted in as the 26th premier by
the Parliament, Somchai said he had directed officials to assist people affected
by the floods in 29 provinces in the country's northern, northeast and central
regions.
"I cannot say much about police matters or what I am going to do now as my
appointment needs to get the royal endorsement. But the flood problem is
certainly my top priority," he said.
The former judge and the brother-in-law of ousted premier Thaksin
Shinawatra
succeeded Samak Sundaravej, who warmed the seat for merely seven months when he
was disqualified by the Constitution Court for violating the Constitution by
hosting the "Tasting and Grumbling" and "All Set at 6am" cooking programmes
while still in office.
Somchai said he was concerned with the risk to the country's economy
following the collapse of Lehman, the largest bankruptcy case in the history of
the United States, while AIG, the world's largest insurer, needed up to US$70
billion to remain in business.
"I will discuss the matter with the Finance Minister and Bank of Thailand.
We will see what the effect will be on the Thai economy and the stock market,"
said Somchai.
Nattapol Chavalitcheevin, president of the Thai Bond Market Association
said
on Tuesday that Thai commercial banks were expected to suffer an estimated loss
of Bt3 billion from total exposures of Bt4.3 billion in their investments with
Lehman Brothers.
The AIA office in Thailand said its liquidity was still sufficient, citing
its total assets during the first seven months of this year which totalled Bt380
billion while accumulative profits stood at over Bt70 billion.
On the domestic political crisis and the continued seizure of the
Prime
Minister's Office at the Government House by the People's Alliance for Democracy
(PAD), Somchai said he would opt for peaceful means to end the confrontation,
adding that he was willing to talk with all parties involved to end the
deadlock.
But while the floods, economy and conflict with PAD need to be tackled,
Somchai also faces another hurdle of keeping the ruling People Power Party (PPP)
alive as it faces dissolution for election fraud.
His ties with Thaksin also remain a hurdle, with PAD stating its intention
to continue protesting as Somchai is seen as another Thaksin proxy.
The Supreme Court's Criminal Division for Political Office Holders today
postponed its decision on the Bt772-million Ratchadaphisek land case involving
Thaksin and his wife Pojaman
