Thailand and Cambodia finally end their dispute

It has been eight long months since the dispute started between Cambodia and Thailand surrounding Preah Vihear temple. The temple sits on an escarpment that forms a natural border between the two countries, and has been a source of tension for generations.

Now, the Cambodian Prime Minister, Hun Sen, says that finally both the countries have solved all their main differences. The two sides have agreed to withdraw their remaining troops and replace them with joint observers at the disputed pagoda situated near the 900-year-old temple. These joint observers will look at de-mining and border demarcation. The two countries will also work together to develop the area for tourism.

Hun Sen, said, “I think we can accept the agreement that there are no troops in the area around Preah Vihear (PREH VEE-HEAR) pagoda and temple. We also agree to create a temporary task force to de-mine together in that area and also create a border committee to determine the border demarcation. So I think that area is no longer an area where there is confrontation by the two armies.”

Nippon and JFE Steel interested in investing in steel in Thailand

In spite of the fact that the global recession has hit the steel industry hard, Japan based Nippon Steel and JFE Steel seem interested in investing in upstream steel facilities in Thailand. It may be mentioned here that late last year, the company had announced production capacity cuts owing to the fall in world demand.

A company executive said that both firms are still eager to expand blast furnace production in Thailand. The executive said that “This investment is a long-term commitment which would take time to develop and set up. By the time the project is complete, the global economy will have picked up.”

Besides Nippon Steel and JFE Steel, ArcelorMittal from Luxembourg and Baosteel from China have also expressed keen interest in developing high-quality steel blast furnaces in Thailand.

The source said that “Thailand remains a prime location for such investment based on domestic market demand to support the automotive and electronics industries. Its strategic location for iron ore imports also helps. However, their decision would also depend on support provided by the local government.”

AIG Group Inc. to sell 2 companies to Bank of Ayudhya

American International Group Inc. is planning to sell two Bangkok, Thailand-based companies to Bank of Ayudhya a Public Co. Ltd. These companies are AIG Retail Bank Public Co. Ltd. and AIG Card (Thailand) Co. and the deal will be approx. for $58.7 million.

Under the terms of the deal, which is expected to be completed in April, BAY will acquire 99.5% of AIG Retail Bank’s shares and 100% of AIG Card (Thailand). In addition to the $58.7 million sale price, $477 million in inter-company loans will be repaid at closing, according to the companies.

AIG Retail Bank, which has 10 branches, has been operating as a retail bank in Thailand since 2007. AIG Card (Thailand), which was established in 2000, offers credit card loans and personal loan products to Thai consumers. BAY is Thailand’s fifth-largest commercial bank in terms of total assets.

Angelina Jolie visited refugee camp in Thailand

This Wednesday, renowned Hollywood actress Angelina Jolie visited Ban Mai Nai Soi camp in northern Thailand housing more than 18-thousand ethnic Karenni refugees.

The actress was moved when she met a 21-year-old refugee who was born in the camp, has never left, and is raising her own child in the camp. Jolie says there must be a way to help the refugees “work and become self-reliant.” Jolie also said that she hoped the Thai government will be just as generous to the Rohingya migrants as it is to other ethnic Burmese refugees.