Hawaii's 'AA' general obligation (GO) bond rating reflects our view of management's well-established budget monitoring practices and strong reserve levels, according to a report published today by Standard & Poor's Ratings Services.
"We believe that Hawaii's proactive budget management techniques will result in manageable out-year gaps that state officials will successfully resolve without a significant impact to reserve designations," said Standard & Poor's credit analyst Paul Dyson. "Moreover, in our opinion, the state's level of reserves provides us with credit comfort at the current rating level."
Fiscal 2008 combined reserves, including carry-over and various funds, totaled $590 million, or 11% of expenditures; according to state estimates, combined reserves will decline to $208 million, or 3.9% of expenditures, in fiscal 2009, below the $253 million, or 4.9% of expenditures, forecasted in May 2009. Officials believe various corrective actions including expenditure cuts and revenue enhancements for fiscals 2010 and 2011 should produce ending combined reserve balances closer to 5%-6% of expenditures; however, without such measures, combined reserves could fall to 2%-3% during fiscals 2010 and 2011, and negative by fiscal 2012.
The state constitution requires that the governor and legislature begin to provide tax refunds or credits if the general fund balance exceeds 5% of expenditures for two consecutive years; however, it does not require that refunds or credits immediately lower fund balances to the 5% target, permitting the legislature to retain balances above these levels in recent years. The legislature has faced the situation in the past several fiscal years, which has led to increased appropriation of existing carry-over fund balances for one-time and recurring use. We believe the likely result will be a decrease in the current budgeted and GAAP general fund balance relative to fiscals 2006 through 2008, with an increase most likely dependent on a faster or more robust economic recovery. In our opinion, further significant expenditure reductions will be difficult, but we also recognize that the state and governor have been willing to make them in the past.
After sustained economic expansion between 2003 and 2007, when many sectors performed at record levels, Hawaii's (population 1.3 million) economic trends decelerated and, in many cases, turned negative in 2008 and 2009. However, unlike many markets, the Hawaii housing market experienced only a moderate housing decline: Median home prices as of July 2009 were down just 10% from 2006 levels and only 2.3% of loans went into foreclosure over the last 18 months, ranking it eighth best in the nation. Hawaii's nominal personal income is more stable, and actually increased more than the U.S.' in both 2008 and the first quarter of 2009. The state's median household income was what we consider a strong 121% of the national average as of 2008.
The report is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Wednesday, December 16, 2009
Tuesday, December 15, 2009
Six Asian Economies Announce Tariff Reductions and Broader Cooperation
Six Asian Economies Announce Tariff Reductions and Broader Cooperation
Agreement comes at Asia-Pacific Trade Ministers Meeting in Seoul
Trade ministers of six Asian countries – including China, India and the Republic of Korea, three of the region’s largest economies – today announced further tariff reductions at the conclusion of the third Asia-Pacific Trade Agreement (APTA) ministerial council in Seoul
During the meeting, the accession process for Mongolia to become an APTA member was also formally initiated. Besides China, India and the Republic of Korea, the other current members of APTA are Bangladesh, Lao PDR and Sri Lanka.
APTA is the only regional trade agreement which links East, Southeast and South Asia. It was negotiated under the auspices of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
“The total trade volume of APTA members skyrocketed from a mere 140 million Dollars in 1976 to 3.1 trillion Dollars in 2008” underlined Mr. Hur Kyung-Wook, First Vice Minister of Strategy and Finance of the Government of the Republic of Korea. “The conclusion of the Fourth Round negotiations will help evolve APTA as a truly significant trade agreement in the Asia-Pacific region” he added.
“I am delighted that APTA members have made significant progress in deepening their agreement and are committed to continuing the process of liberalization” said Mr. Shigeru Mochida, Deputy Executive Secretary of ESCAP.
The six APTA members furthermore committed to expanding their cooperation into investment and trade facilitation by signing formal framework agreements in those two areas. A framework agreement on trade in services was also finalized and will be signed in early 2010.
In their declaration, the ministers called for further tariff
liberalization and negotiations into additional areas of cooperation. They also reaffirmed their commitment to expanding membership into “a truly pan-Asia-Pacific Trade Agreement.”
The Seoul meeting was hosted by the First Vice Minister of Strategy and Finance of the Republic of Korea, Hur Kyung-Wook, and was attended by ministers or vice ministers from the six APTA members, as well as by ESCAP Deputy Executive Secretary Shigeru Mochida.
Agreement comes at Asia-Pacific Trade Ministers Meeting in Seoul
Trade ministers of six Asian countries – including China, India and the Republic of Korea, three of the region’s largest economies – today announced further tariff reductions at the conclusion of the third Asia-Pacific Trade Agreement (APTA) ministerial council in Seoul
During the meeting, the accession process for Mongolia to become an APTA member was also formally initiated. Besides China, India and the Republic of Korea, the other current members of APTA are Bangladesh, Lao PDR and Sri Lanka.
APTA is the only regional trade agreement which links East, Southeast and South Asia. It was negotiated under the auspices of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
“The total trade volume of APTA members skyrocketed from a mere 140 million Dollars in 1976 to 3.1 trillion Dollars in 2008” underlined Mr. Hur Kyung-Wook, First Vice Minister of Strategy and Finance of the Government of the Republic of Korea. “The conclusion of the Fourth Round negotiations will help evolve APTA as a truly significant trade agreement in the Asia-Pacific region” he added.
“I am delighted that APTA members have made significant progress in deepening their agreement and are committed to continuing the process of liberalization” said Mr. Shigeru Mochida, Deputy Executive Secretary of ESCAP.
The six APTA members furthermore committed to expanding their cooperation into investment and trade facilitation by signing formal framework agreements in those two areas. A framework agreement on trade in services was also finalized and will be signed in early 2010.
In their declaration, the ministers called for further tariff
liberalization and negotiations into additional areas of cooperation. They also reaffirmed their commitment to expanding membership into “a truly pan-Asia-Pacific Trade Agreement.”
The Seoul meeting was hosted by the First Vice Minister of Strategy and Finance of the Republic of Korea, Hur Kyung-Wook, and was attended by ministers or vice ministers from the six APTA members, as well as by ESCAP Deputy Executive Secretary Shigeru Mochida.
Thursday, December 3, 2009
Father’s Day Lunch + Dinner Buffet Le Meridien Bangkok
Show dad just how special he is by spending Father’s Day on Saturday 5 December 2009 at the hottest new hotel, Le Meridien Bangkok. With something for everyone, choose between the World cuisine Latest Recipe for lunch or the ultra chic Bamboo Chic for dinner.
Latest Recipe Father’s Day on Stage
World Cuisine buffet
12.00 – 2.30 pm
Price 980 THB
Remind your dad to bring his appetite to the Father’s Day on Stage as the variety of dishes is extensive representing the greatest recipes from Le Meridien around the world. On stage will be presented Parma ham slice-to-order, Alder wood Smoked salmon, NZ mussel, Prime Beef Carving, Crisp salads, cured meats and cheeses, curries, sushi and more. Chef s will be in action at their a la minute food stations where dishes like noodles, pizza, and pasta are expertly made-to-order.
Bamboo Tune Father Forever Day
Japanese Chinese Thai temptations
18.00 pm – 01.00 am
Price 1500 THB
Invite your dad to Bamboo Chic and be enthralled by the charm of its modern, exotic atmosphere. Let his taste buds travel to distant lands from sampling Wagyu beef roll with bamboo leaves, wok fried Japanese black pork with pepper sauce, shark fin soup with crab meat, sliced Yellow tail fish with citrus vinaigrette and more. Also available is the Live style ASIATIC BBQ that include for instance foie gras, import oyster, rock lobster, tiger prawn, Unagi and other Asian delicacies
Choose the perfect match for the man you admire the most. Half price for children age from 5 to 12 and with no charge for children under the age of 5. For more information or reservations, please call Tel: 02 232 8888 or e-mail: fbadmin.LMBKK@lemeridien.com (Price subjects to service charge and government tax)
Latest Recipe Father’s Day on Stage
World Cuisine buffet
12.00 – 2.30 pm
Price 980 THB
Remind your dad to bring his appetite to the Father’s Day on Stage as the variety of dishes is extensive representing the greatest recipes from Le Meridien around the world. On stage will be presented Parma ham slice-to-order, Alder wood Smoked salmon, NZ mussel, Prime Beef Carving, Crisp salads, cured meats and cheeses, curries, sushi and more. Chef s will be in action at their a la minute food stations where dishes like noodles, pizza, and pasta are expertly made-to-order.
Bamboo Tune Father Forever Day
Japanese Chinese Thai temptations
18.00 pm – 01.00 am
Price 1500 THB
Invite your dad to Bamboo Chic and be enthralled by the charm of its modern, exotic atmosphere. Let his taste buds travel to distant lands from sampling Wagyu beef roll with bamboo leaves, wok fried Japanese black pork with pepper sauce, shark fin soup with crab meat, sliced Yellow tail fish with citrus vinaigrette and more. Also available is the Live style ASIATIC BBQ that include for instance foie gras, import oyster, rock lobster, tiger prawn, Unagi and other Asian delicacies
Choose the perfect match for the man you admire the most. Half price for children age from 5 to 12 and with no charge for children under the age of 5. For more information or reservations, please call Tel: 02 232 8888 or e-mail: fbadmin.LMBKK@lemeridien.com (Price subjects to service charge and government tax)
THAI’s Board Ready to Move Forward with Management’s 5 Year Strategic Plan
Thai Airways International Public Company Limited’s Board of Directors and Management led by Mr. Ampon Kittiampon, THAI Chairman of the Board of Directors, and Mr. Piyasvasti Amranand, THAI President, held a workshop on 28 November 2009 to formulate plans to re-establish THAI as a top three airline in Asia and among the five best airlines in the world within two years.
Mr. Piyasvasti Amranand, THAI President, said that the Company’s Management presented a 5 Year Strategic Plan (2010-2014) and the annual budget (2010-2011) to the Board of Directors for which both the Board of Directors and the Management undertook a joint review of the 5 Year Strategic Plan. The Board of Directors agreed in principle to the Strategic Plan, but also made some observations for improvement before submitting the 5 Year Strategic Plan for final Board approval on 18 December 2009. Upon approval of the strategic plan, implementation will commence immediately on its 50th Anniversary (2010) to achieve its goal of TG 100 where THAI will remain a strong and viable airline in its centennial anniversary.
The Strategic Plan emphasizes 3 dimensions: the need to be highly customer oriented, create higher value for customers, and ensuring dynamism. The Strategic Transformation Roadmap to propel the Strategic Plan includes: 1. Strategic Positioning, 2. Building Customer Value, 3. Route Network and Strategy Development, 4. Product Strategy, 5. Pricing, Revenue Management and Distribution Channels, 6. Business Strategy for THAI Business Units, 7. Cost Efficiency and Productivity, 8. Organizational Effectiveness, 9. Financial Strength.
Focus is placed on achieving the highest level of customer satisfaction within 2 years with the plan to refurbish seats and entertainment systems within existing aircraft along with providing improved customer experience at every touchpoint from ticketing, ground services, inflight services until the customer leaves the airport.
To achieve the above goal, the Company’s Board of Directors approved the refurbishment of 12 Boeing 747 aircraft that are utilized primarily on flights to Europe that are high revenue-making routes. Refurbishment will take two years for completion for all 12 aircraft. In the meantime, other service enhancement strategies will need to be immediately put in place, such as improvement to inflight menus, ensuring service standard and consistency at all customer touchpoints.
For 2010, the established targets include achieving revenues of 193,000 million THB, a 20.7 percent increase over 2009. Profit before interest, tax and foreign currency exchange (EBIT) gain/loss is expected to be approximately 4,300 million THB, EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is targeted at approximately 32,000 million THB. Available seat kilometer (ASK) is set for a 10.7 percent increase to 80,000 million for production, revenue passenger kilometer (RPK) is set at 59,000 million, a 13.2 percent increase over 2009. Target average cabin factor for 2010 is 74 percent along with a 11.4 percent increase in freight production (ADTK) and a 14 percent increase in freight revenue over 2009 to 4,400 million ton kilometers (ADTK) and 2,200 million ton kilometers (RFTK), respectively.
Changes will be implemented in 2010 and beyond to strengthen its internal operations and enhancing its competitiveness in 2011. For 2012 and beyond, the solid operating and financial base will enable THAI to again grow and expand with sustainability towards achieving TG 100.
Mr. Piyasvasti Amranand, THAI President, said that the Company’s Management presented a 5 Year Strategic Plan (2010-2014) and the annual budget (2010-2011) to the Board of Directors for which both the Board of Directors and the Management undertook a joint review of the 5 Year Strategic Plan. The Board of Directors agreed in principle to the Strategic Plan, but also made some observations for improvement before submitting the 5 Year Strategic Plan for final Board approval on 18 December 2009. Upon approval of the strategic plan, implementation will commence immediately on its 50th Anniversary (2010) to achieve its goal of TG 100 where THAI will remain a strong and viable airline in its centennial anniversary.
The Strategic Plan emphasizes 3 dimensions: the need to be highly customer oriented, create higher value for customers, and ensuring dynamism. The Strategic Transformation Roadmap to propel the Strategic Plan includes: 1. Strategic Positioning, 2. Building Customer Value, 3. Route Network and Strategy Development, 4. Product Strategy, 5. Pricing, Revenue Management and Distribution Channels, 6. Business Strategy for THAI Business Units, 7. Cost Efficiency and Productivity, 8. Organizational Effectiveness, 9. Financial Strength.
Focus is placed on achieving the highest level of customer satisfaction within 2 years with the plan to refurbish seats and entertainment systems within existing aircraft along with providing improved customer experience at every touchpoint from ticketing, ground services, inflight services until the customer leaves the airport.
To achieve the above goal, the Company’s Board of Directors approved the refurbishment of 12 Boeing 747 aircraft that are utilized primarily on flights to Europe that are high revenue-making routes. Refurbishment will take two years for completion for all 12 aircraft. In the meantime, other service enhancement strategies will need to be immediately put in place, such as improvement to inflight menus, ensuring service standard and consistency at all customer touchpoints.
For 2010, the established targets include achieving revenues of 193,000 million THB, a 20.7 percent increase over 2009. Profit before interest, tax and foreign currency exchange (EBIT) gain/loss is expected to be approximately 4,300 million THB, EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is targeted at approximately 32,000 million THB. Available seat kilometer (ASK) is set for a 10.7 percent increase to 80,000 million for production, revenue passenger kilometer (RPK) is set at 59,000 million, a 13.2 percent increase over 2009. Target average cabin factor for 2010 is 74 percent along with a 11.4 percent increase in freight production (ADTK) and a 14 percent increase in freight revenue over 2009 to 4,400 million ton kilometers (ADTK) and 2,200 million ton kilometers (RFTK), respectively.
Changes will be implemented in 2010 and beyond to strengthen its internal operations and enhancing its competitiveness in 2011. For 2012 and beyond, the solid operating and financial base will enable THAI to again grow and expand with sustainability towards achieving TG 100.
KTC and Land & House present nifty credit card campaign with KTC Forever Rewards points for L&H house plus 150 times of point value.
KTC and Land & House jointly launch the new campaign, “KTC Forever Rewards points for L&H house”. For the first time in the Thai credit card industry, members can use their points as discount toward the purchase of a house in over 40 Land & House development projects, with 150 times of point value from now until December 31st, 2009.
Woravut Nisapakulthorn, Executive Vice President - Credit Card Business, “KTC” or Krungthai Card Public Company Limited, said “KTC is launching a special promotion with the collaboration of Land & House Public Company Limited. “KTC Forever Rewards points for L&H house” embodies the unique qualities of KTC Forever Rewards points: value, convenience and practicality. The campaign will allow KTC members to use their points as discount toward the purchase of a house in over 40 Land & House projects including detached house, town home and condominium from now until December 31st, 2009.”
“KTC members can simply use 2,500 points or more to redeem for the discount to purchase any Land & House project, provided that it costs 3 Million Baht or less. The value of KTC Forever Rewards points has also gone up 150 times for all members. With 2,500 points, members will be entitled to 25,000 Baht discount or 100 times of the regular point value of only 250 Baht. More importantly, members will earn 50 times of the points used to purchase the house. If members use 2,500 points in the purchase, KTC will grant 125,000 extra points in return. Normally members would have to spend 3,125,000 Baht in order to get this many points.”
Woravut Nisapakulthorn, Executive Vice President - Credit Card Business, “KTC” or Krungthai Card Public Company Limited, said “KTC is launching a special promotion with the collaboration of Land & House Public Company Limited. “KTC Forever Rewards points for L&H house” embodies the unique qualities of KTC Forever Rewards points: value, convenience and practicality. The campaign will allow KTC members to use their points as discount toward the purchase of a house in over 40 Land & House projects including detached house, town home and condominium from now until December 31st, 2009.”
“KTC members can simply use 2,500 points or more to redeem for the discount to purchase any Land & House project, provided that it costs 3 Million Baht or less. The value of KTC Forever Rewards points has also gone up 150 times for all members. With 2,500 points, members will be entitled to 25,000 Baht discount or 100 times of the regular point value of only 250 Baht. More importantly, members will earn 50 times of the points used to purchase the house. If members use 2,500 points in the purchase, KTC will grant 125,000 extra points in return. Normally members would have to spend 3,125,000 Baht in order to get this many points.”
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