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Thai banks say exposure to Dubai small

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Thailand’s top lender, Bangkok Bank (BBL.BK), said on Tuesday it had lent $50 million through a syndicated loan to Dubai World Group Finance, a subsidiary of Dubai World Corporation. It said the loan represented just 0.10 percent of its total assets.

The bank had loan loss reserves of 63.7 billion baht, equivalent to 112.1 percent of its non-performing loans at the end of September, it told the stock exchange, saying this was “sufficient to cover any potential losses”.

The Bank of Thailand said on Monday that Thai firms had only $140 million in exposure to Dubai. [ID:nBKT003143]

Number three Siam Commercial Bank SCB.BK (SCB) told the stock exchange it had financially supported one hotel and one hotel-and-residence project in Thailand in which a subsidiary of Dubai World was a partner.

via Thai banks say exposure to Dubai small | Industries | Financial Services & Real Estate | Reuters.

Corporate

The environmental case for remote working

Anyone searching for a silver lining to the pandemic should look to the clear, blue skies above them. A reduction in pollution worldwide has been an unintended benefit of the lockdowns and stay-in-place orders imposed to control the spread of COVID-19.

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During the pandemic, the environmental and societal benefits of working at home quickly became apparent. How can businesses protect these benefits in the future?

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Investment

Thailand Q1 Investment Applications Soar 80% as FDI More Than Double says BOI

The top three source countries of FDI applications during the first quarter were South Korea, China, and Singapore, with similar levels of investment. Korean investment soared due to a large-scale joint venture in the medical sector, Ms Duangjai said.

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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