Intercultural Business News

Thailand will today receive $700m in loan financing from the World Bank and its private investment arm International Finance Corp (IFC) to help fund renewable power and energy efficiency projects.

The IFC will contribute $400m, while the World Bank will commit $300m through its $5.2bn Clean Technology Fund, which provides financing for carbon reduction initiatives in developing nations.

Green Power

An agreement is expected to be signed later today between the two institutions and Thailand’s Energy Ministry.

The average interest rate for the loans will range from 0.25 to 1.75 per cent, with repayment periods of 20 to 30 years. Terms for the financing, which will be disbursed through Thai banks, will be released to loan applicants later this month.

The IFC and World Bank have estimated that it will cost $4.6bn to develop Thailand’s renewable energy sector over the next two years, with private sector investments accounting for about 85 per cent of the total, or $3.9bn.

Read More>Business Green

FOUR European nations have signed an agreement with Turkey to construct a 2,000-mile-long, £6.9 billion gas pipeline in an attempt to diminish Europe’s dependency on Russian energy.

Inking the deal in Turkey yesterday, the countries hope that once completed the pipeline, called Nabucco, should be able to transport 31 billion cubic metres of gas a year.

Turkey Gas Pipeline

This should go some way to reducing Russia’s influence over the continent’ADVERTISEMENTs energy supplies. Moscow now provides Europe with a quarter of its gas needs, but questions marks over its reliability as a supplier have surfaced frequently.

At the start of the year a dispute between Russia and Ukraine led to pipelines closing down, and a number of European nations experiencing severe disruption to energy supplies. Russia provides more than a quarter of Europe’s gas, and 80 per cent of that moves over Ukrainian pipelines

Read More>News.Scotsman

American businessman Stan Kroenke, Arsenal’s largest shareholder, has increased his stake in the Premier League club.

The Stock Exchange has confirmed that Kroenke has acquired a further 160 shares in Arsenal taking his total holding to 28.58 per cent. The American will be obliged, under Stock Exchange rules, to make formal takeover bid should he secure a 30 per cent stake in the club.

Emirates Stadium

The Stock Exchange has confirmed that Kroenke has acquired a further 160 shares in Arsenal taking his total holding to 28.58 per cent. The American will be obliged, under Stock Exchange rules, to make formal takeover bid should he secure a 30 per cent stake in the club.
On 9th July 2009, Arsenal Holdings plc (the ‘Company’) received notification that on 9th July 2009 Stan Kroenke, a director of the Company, acquired 160 ordinary shares of £1.00 each in the Company at a price of £8,500 per share,” a statement read.

Read More> The Times Online

BASF is leading a pilot project to encourage consumers to use biodegradable bags for waste and compost in Thailand.
The pilot project, which will run from July to December in the Samut Songkhram Province, is aimed at encouraging consumers to use biodegradable bags to collect household organic waste and produce high-quality compost that will serve as organic fertilizer for the purpose of soil improvement.

Recyclable Bag

BASF has joined Thailand’s National Innovation Agency (NIA), Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ or German Technical Cooperation) and the Thai Bioplastics Industry Association (TBIA).

Read More> European Plastics News

SEOUL, South Korea — President Lee Myung-bak announced on Monday that he will donate $26 million, the bulk of his personal fortune, to create a scholarship fund to help bridge a growing gap between the rich and poor in South Korea amid a global recession.

Lee, a former executive of the Hyundai conglomerate, vowed to donate his personal wealth during his election campaign in late 2007 when he was accused of accumulating his assets through illegal means.

Mr. Lee has since been cleared of those charges. But on Monday, he followed through on his pledge, saying his dramatic journey from a destitute rural boy to the top of the corporate world and then to the presidency would not have been possible without the help he had received while struggling at menial jobs to pay for his tuition.

Read More> New York Times