Anti-monopoly probe launched against Alibaba #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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Anti-monopoly probe launched against Alibaba

Dec 25. 2020Logos of Ant Group and Alibaba are pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, Oct 29, 2020. [Photo/Agencies]

By He Wei
China Daily/ANN

Authorities aim to better regulate online economy, guide its healthy development

Chinese authorities have officially opened an anti-monopoly probe into e-commerce giant Alibaba Group and will summon its affiliate Ant Group for a meeting about financial regulations, the latest moves to strengthen antitrust practices and prevention of the “disorderly expansion of capital”.

The State Administration for Market Regulation has launched an investigation into Alibaba for alleged monopolistic conduct, including implementing an “exclusive dealing agreement”, Xinhua News Agency reported on Thursday.

The issue largely refers to the company’s practice of forcing merchants to choose either Alibaba’s platform or its rival site to sell their products instead of being eligible to work with both, potentially crowding out competitors.

In a statement on Thursday, Alibaba said it will actively cooperate with the investigation, and the operation of the company’s businesses currently remain normal.

Meanwhile, financial regulators, including the central bank and the banking and securities watchdogs, will summon Alibaba’s financial technology arm Ant to a meeting to regulate the operation and development of its financial business, the People’s Bank of China said on Thursday.

Ant said it had received the notice of the meeting and pledged to “seriously study and strictly comply with all regulatory requirements and make full efforts to fulfill all related work”.

Alibaba’s Hong Kong-listed stocks plunged 8.13 percent on Thursday.

Overshadowed by the Alibaba investigation, other internet majors such as Tencent, JD and Meituan all saw their shares tumble on the same day.

With market resources concentrating on leading companies, certain “risks and hidden dangers” have surfaced in the development of the online economy, according to a commentary in People’s Daily on Thursday.

“Anti-monopolism is an international practice, which is conducive to protecting fair competition and innovation in the market and safeguarding consumer rights,” the newspaper said, adding that the investigation does not imply a change of attitude toward encouraging and supporting the online economy.

“Rather, it’s precisely for the purpose of better regulating and developing the online economy, and guiding and promoting its healthy development with the hope that it stands to make a bigger contribution to China’s high-quality economic development.”

The overriding goal of anti-monopolism is not aimed at “clamping down on one internet giant and fostering the other”, but rather safeguarding the interests of small and medium-sized businesses that bank on these internet platforms, said Xue Jun, a professor of law at Peking University and director of the university’s E-Commerce Law Research Center.

“Through the series of actions, we really need to hear the voices of smaller merchants, who essentially form the backbone of the stability of the economy and people’s livelihoods,” he said.

Ant’s massive initial public offering was suspended in early November just days before its widely anticipated dual listing in Hong Kong and Shanghai.

Regulators have tightened their supervision of internet companies and meanwhile curbed their allegedly monopolistic behavior by regulating online financial services to rein in potential risks.

Chinese authorities vowed at last week’s Central Economic Work Conference to intensify anti-monopoly supervision and prevent “disorderly capital expansion”.

In the latest development, digital lenders including Ant-operated Huabei and Tencent-backed WeBank announced a reduction of their maximum quota for loans extended via online channels, in response to heavier scrutiny from financial regulators and new provisions unveiled earlier.

“By and large, Chinese regulators are pro-innovation,” said Chen Guoli, a professor of strategy at the INSEAD business school in Singapore.

“But the government is also striking a delicate balance between innovation and risk. When it comes to the financial system, it is extremely careful about systemic risk.”

Chen said there has been debate whether Ant is a financial firm or a high-tech firm. If Ant Group belongs to the financial industry, the compliance and disclosure requirements are different.

Given its main sources of revenue, “the government is currently inclined to think Ant is a financial company”, Chen added.

More Koreans giving up looking for jobs #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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More Koreans giving up looking for jobs

Dec 25. 2020Organizers of a job fair in Iksan, North Jeolla Province, pose on Oct. 22. (Iksan City)

By Kim Yon-se
The Korea Herald/ANN

Tally for female discouraged workers hits record-high

SEJONG — A growing number of South Koreans have abandoned looking for jobs as the pandemic worsens a hiring market that was already tightening for several years.

According to a survey on the working age population — those aged 15 or over — by Statistics Korea, the number of discouraged workers stood at 534,000 in December 2019, the month before the novel coronavirus first arrived in Korea.

The tally counts people who had looked unsuccessfully for a job in the previous year but not in the month immediately preceding the survey.

Since the first case was reported here on Jan. 20, the tally of discouraged workers has showed a general increase, though there were some ups and downs from month to month.

Compared to December 2019, the tally for November 2020 grew 97,000 to reach 631,000.

(Graphic by Kim Sun-young/The Korea Herald)

Further, the number of women who gave up looking for jobs hit an all-time high of 284,000 (tied with the figure for September 2020) last month, up 54,000 compared to December 2019.

Male discouraged workers increased by 43,000 (14.1 percent) to 347,000 over the same period.

Some research analysts say that the climbing number of discouraged workers cannot wholly be attributed to the COVID-19 pandemic. An analyst compared the latest data with the figure for April 2017, a month before the Moon Jae-in administration took office.

Compared to April 2017, the tally of people giving up job-seeking activities surged 51.4 percent (214,000) — 47.6 percent for men and 56 percent for women.

According the Supplementary Index III for Employment, held by Statistics Korea, the tally for de facto unemployed reached 3.9 million as of November 2020. This indicates that 13 percent of the economically active population, 30 million, were unemployed or underemployed.

Index III counts underemployed people among the de facto unemployed. This category includes those who work fewer than 36 hours a week and want to work more, as well as seasonal workers who are out of work for part of the year.

Given 3.29 million for the category in April 2017, the number of de facto unemployment has increased by 610,000 during President Moon’s term.

The government is still promoting and publicizing jobless figures – but uses a more conservative method to calculate them.

Under this approach, the nation’s “official” unemployment was 3.4 percent in November, with only 967,000 unemployed.

For those aged between 15-29, the jobless rate stood at 8.1 percent last month when calculated by the government’s preferred method, with the number of unemployed at 331,000.

In contrast, the Index III figure came to 1.16 million for that age group, with a de facto jobless rate of 24.4 percent.

In April 2017 unemployment benefit payments totaled 444.9 billion won ($401.7 million), according to the Korea Employment Information Service. But the figure had shot up to 1.01 trillion won by October 2020.

THAI to request more time to finalise rehab plan #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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THAI to request more time to finalise rehab plan

CorporateDec 25. 2020

By The Nation

Thai Airways International (THAI) will next week ask the central bankruptcy court to extend the deadline for submission of its business rehabilitation plan by a month, from January 2 to February 2, said acting president Chansin Treenuchagron.

Chansin said he was confident the carrier could carry out the plan successfully. According to law, the rehabilitation plan must be fully implemented in five years, after which the rehab process can be extended twice for one year each time.

The carrier has continued to see revenue from both its aviation and non-aviation businesses, said the acting president.

He said THAI planned to trim costs by another 30 per cent next year.

CP Foods promises migrant workers kept safe amid new wave of Covid infections #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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CP Foods promises migrant workers kept safe amid new wave of Covid infections

CorporateDec 24. 2020

By The Nation

Charoen Pokphand Foods (CP Foods) announced on Thursday that it will ensure the safety of all its staff, especially migrant workers, who it says are being treated in line with international standards.

Pimonrat Reephattanavijitkul, CP Foods’ executive vice-president, said the company has been maintaining high health and safety measures in its operations since the arrival of the Covid-19 virus early this year.

She said CP Foods has pledged to keep all its staff safe, regardless of their role or nationalities, with extra focus on migrant workers who are more vulnerable.

For instance, she said, workers are provided with accommodation and transportation between work and home. Stringent Covid-19 prevention measures such as temperature scanning and social distancing have also been put in place.

Besides, the company has hired translators to help migrant workers understand their rights.

“CP Foods is a workplace of diversity and we are building mutual understanding among our employees of all nationalities equally. Our goal is to ensure they are secured from this new wave of infections,” Pimonrat said, adding that CP Foods is also providing free food to workers in Samut Sakhon, which has been placed under lockdown.

Migrant workers can also voice their concerns and seek advice via a hotline service operated by the Labour Protection Network (LPN). The hotline service is available in Khmer, Burmese, English and Thai.

During the outbreak, LPN arranged a training programme via video conferencing to encourage workers to follow Covid-19 prevention measures as well as have a basic understanding of their rights.

CP Foods currently has some 9,000 migrant workers in Thailand who have been recruited under a government-to-government deal. These workers are entitled to benefits and social welfare in line with Thai labour laws.

Decline in year-end funds flow could check SET surge after Brexit deal #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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Decline in year-end funds flow could check SET surge after Brexit deal

EconDec 25. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index surged by 30.20 points, or 2.08 per cent, to 1,481.72 in the morning session on Friday.

However, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,440 and 1,465 points amid positive news that the European Union and Britain had reached an agreement on Brexit, while the Thai government had not imposed a nationwide lockdown in response to the latest virus outbreak.

“The index would be under pressure due to the decline in funds flow during the Christmas and New Year festivals,” he said.

He recommended that investors buy:

▪︎ TQM, BLA, STGT, AJ, PTL, SYNEX and COM7, which benefit from the Covid-19 outbreak.

▪︎ PTTEP, PTTGC, TOP and IVL which benefit from rising oil price, while their fourth-quarter performance is expected to improve.

The SET Index closed at 1,451.52 on Thursday, up 35.50 points or 2.51 per cent. Total transactions amounted to Bt103.03 billion with an index high of 1,453.87 and a low of 1,409.75, boosted by mass buy-ups of energy, bank, financial and electronic shares in response to the Brexit and lockdown news.

Delay in rollout of US economic package could pressure gold price #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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Delay in rollout of US economic package could pressure gold price

EconDec 25. 2020

By The Nation

The price of gold was unchanged in morning trade on Friday, the Gold Traders Association reported.

As of 9.17am, the buying price of a gold bar was Bt26,650 per baht weight and selling price Bt26,750, while gold ornaments cost Bt26,166.16 and Bt27,250, respectively.

Spot gold price moved to US$1,879 (Bt56,541) per ounce in the morning, while Comex (Commodity Exchange) gold price to be delivered in February next year rose by $5.1 to $1,883.2 per ounce on Thursday.

However, gold is expected to move in a narrow range on Friday as many important gold markets worldwide were closed for Christmas Day.

Meanwhile, gold price was pressured by uncertainty over a delay in the rollout of US economic stimulus package after President Donald Trump said he would not sign the measures.

U.S. stocks rise; pound gains on Brexit deal #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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U.S. stocks rise; pound gains on Brexit deal

EconDec 25. 2020

By Syndication Washington Post, Bloomberg · Kamaron Leach

U.S. stocks rose for a second day in holiday-shortened trading as investors monitored the latest developments on the Congressional aid package, while the pound strengthened after a post-Brexit trade accord agreement was reached.

Technology and real estate shares led the S&P 500 led higher, with energy the only one of the benchmark index’s 11 sector groups to finish in the red. A scuffle over pandemic relief is set to run up against a federal funding deadline next week as Democrats side with President Donald Trump in his demand for $2,000 payments to most Americans. The dollar weakened and Treasury yields were little changed.

The pound strengthened for a second day and the Stoxx 600 Index edged higher after the U.K. clinched a historic trade deal with the European Union, averting the threat of an acrimonious breakup and laying the foundations for a new relationship with its biggest and nearest commercial partner.

Alibaba Group Holding’s U.S.-listed shares tumbled the most ever in intraday trading on concern over China’s inquiry into alleged monopolistic practices at the e-commerce company. Volumes were subdued in many countries on Thursday. Most financial markets will be closed Friday for Christmas Day.

“The market is in autopilot mode at least until the end of year, which has positive indications for a Santa Claus rally,” said Sam Stovall, Chief Investment Strategy at CFRA Research.

“Right now we have a lot of animal spirits surging into year end,” Michael Purves, founder and CEO at Tallbacken Capital Advisors, said on Bloomberg TV. “As constructive as I am on markets in the broader term, I do expect there will be a hangover of sorts to process this overextension some time later this winter.”

These are the main moves in markets:

Stocks

The S&P 500 Index rose 0.2% to 3,690.01 as of 1:07 p.m. EST, the largest advance in a week.

The Dow Jones industrial average increased 0.2% to 30,129.83.

The Nasdaq Composite Index rose 0.2% to 12,771.11.

The Stoxx Europe 600 Index climbed 0.1% to 395.98, the highest in a week.

Currencies

The Bloomberg Dollar Spot Index dipped 0.1% to 1,126.21.

The euro was little changed at $1.2183.

The British pound rose 0.3% to $1.3538, the strongest in a week.

The Japanese yen depreciated 0.1% to 103.68 per dollar, the weakest in more than a week.

Bonds

The yield on 10-year Treasuries fell two basis points to 0.92%, the largest drop in two weeks.

Germany’s 10-year yield gained five basis points to -0.55%, reaching the highest in more than three weeks on the first advance in a week and the biggest climb in more than six weeks.

Britain’s 10-year yield dipped three basis points to 0.257%.

Commodities

West Texas Intermediate crude climbed 0.2% to $48.22 a barrel.

Gold strengthened 0.4% to $1,879.96 an ounce.

New company registrations to rise next year: Business Development Dept #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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New company registrations to rise next year: Business Development Dept

EconDec 25. 2020

By The Nation

The Business Development Department expects to see 64,000-66,000 newly registered companies next year, said deputy director-general Sorada Lertarpachit.

The estimate assumes that no significant unforeseen factors will arise.

The rate at which new companies are forming is on the rise as the economy moves into recovery, she confirmed.

However, the department is evaluating the impact of the latest Covid-19 outbreak on the rate of company formation, she added.

The number of new companies this year is expected to be between 63,000 and 64,000, down from 71,485 last year due to the impact of Covid-19.

The first 11 months saw 60,053 new companies registered, down 12 per cent. Their capital was Bt207.688 billion, down 32 per cent. The number of dissolved companies in the same period was 14,907, down 9 per cent, with capital of Bt75.133 billion, down 17 per cent.

A total of 4,479 business operators applied to set up companies in November, down 17 per cent from October, and with total registered capital of Bt15.599 billion. It was usual to see a relatively small number of applications for new businesses at the end of the year, Sorada said.

Govt to revise immigration, business laws to lure foreign investors #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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Govt to revise immigration, business laws to lure foreign investors

EconDec 25. 2020

By The Nation

The government plans to revise key laws and regulations covering immigration, foreign business and other sectors next year in order to draw more foreign direct investment.

The revisions will also cover foreign workers, excise tax, city planning, biodiversity, the movie and video business, and energy sector including infrastructure and alternative energy.

The government aims to achieve at least 85 per cent of the revisions targeted under its “regulatory guillotine” scheme next year, according to a government source.

The Public Sector Development Commission has led the mission to make doing business in Thailand much easier than it is today.

Businesses and consumers are currently burdened with high costs from complying with these laws and related regulations, estimated to total Bt142 billion annually.

The Thailand Development Research Institute projects that the revisions of laws and regulations would lower annual costs by 55.2 per cent or Bt133 billion for consumers and 22.4 per cent or Bt9 billion for businesses.

The government is hoping the revisions will help lift Thailand in the World Bank’s “Ease of Doing Business” rankings from its current 21st place into the top 10.

Foreign and local businesses have long complained about cost burdens stemming from complying with Thai bureaucracy, but the government has been slow to deregulate. Foreign investors have pressed for “friendlier” laws on immigration, foreign business and tax.

AOT will rise back into profit in 2022/2023, say stock gurus #SootinClaimon.Com

Posted on December 25, 2020 by SoClaimon

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AOT will rise back into profit in 2022/2023, say stock gurus

EconDec 25. 2020

By The Nation

Brokerage firms expect Airports of Thailand (AOT) to rise back into profit next year or the year after, despite its move to cut airports’ fixed monthly concession charges to soften the impact of Covid-19.

AOT informed the Stock Exchange of Thailand on Wednesday that it will cut six airports’ fixed monthly concession charges by 15-20 per cent from February 1, 2021 to January 31, 2022.

Suwat Wattanapornprom, an analyst at Asia Plus Securities, said the move would affect AOT’s performance in the short term.

He expects AOT to suffers losses of Bt2.7 billion with revenue of approximately Bt20 billion in fiscal year 2020-2021, before turning a profit of Bt1.7 billion on revenue of approximately Bt45 billion in 2021-2022.

“However, the Covid-19 outbreak is still pressuring AOT. If its share price drops, it would be an opportunity for long-term investment, since the company will benefit from distribution of Covid-19 vaccine in the middle of next year,” he said, adding that Asia Plus Securities had maintained its target price for AOT shares at Bt61.

Kitichan Sirisukarcha, senior vice president for research at CGS CIMB Securities, said AOT’s move and the declining number of domestic flights would have a limited impact on the company’s performance.

“The market has not factored in progress on Covid-19 vaccine, which is expected to be made widely available in the middle of next year. Hence, we expect the number of passengers to increase in the second half of next year,” he said.

“However, we expect AOT to turn from loss to profit in fiscal year 2022-2023, as foreign arrivals are not expected to rebound to pre-crisis levels until 2023.”

He added that CGS CIMB Securities had maintained its target price for AOT shares at Bt60, advising investors to buy when the price drops to Bt54-Bt55.

The 20 per cent concession reduction applies to Suvarnabhumi, Don Mueang, Phuket and Chiang Mai airports. The 15 per cent reduction applies at Hat Yai and Mae Fah Luang-Chiang Rai airports.