DECEMBERASIA BUSINESS OUTLOOK9Thailand will review a proposal to raise the daily minimum wage by 2.37 percent but will seek a bigger increase, Thailand's labor minister said on Dec 12 after the wage board decided to offer lower prices than the government's target. His comments came after Prime Minister Sreta Taibshin announced the increase had been agreed last week with government officials, who are limited to labor and labor groups."I don't agree with the wage hike plan and want it to be reconsidered," Labour Minister Phipat Ratchakitprakarn told reporters, adding he would re-propose a different hike to cabinet later this month.A wage committee, including businesses and labor groups, agreed to raise the threshold to between 330 baht and 370 baht ($9.33 to $10.46) per day, up from 328-354 baht at present. The level varies between different parts of the country. A previous government last October raised the minimum wage by 5.02 percent.Phu Thai's ruling party ordered the main promise, raising the minimum wage to 400 baht (per day). Companies have pointed to rising prices and costs as factors that make it difficult to compete in slow economic growth.The East Asian country's second-largest economy grew more slowly than expected in the third quarter, at an annualized 1.5 percent, due to a slowdown in exports and government spending. The Federation of Thai Industries expressed concern on Dec. 12 that the modest price increase will hit businesses, which are burdened by costs and rising interest rates amid global uncertainty. NEWSROOMTHAILAND GOVERNMENT SEEKING TO RAISE MINIMUM WAGEThe Financial Services Commission announced on December 13 that foreigners can open accounts with internationally used identification documents, such as an individual's passport or a Legal Entity Identification Number (LEI) for organizations.In a statement issued after the finalization of the regulatory changes, the commission said the requirement that companies trading securities through omnibus accounts report their trade information once a month within two days of the close has also been relaxed.The changes are part of the South Korean government's efforts to improve foreign access to the country's stock market, which includes plans to apply to companies listed in last year's filing of business documents in English.However, foreign investors last month criticized Korea's sudden ban on short-selling stocks, reducing market transparency and restricting foreign flows. SOUTH KOREAN GOVERNMENT DISCARDS REGISTRATION FOR FOREIGN STOCK TRADERS
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