Value of Dogecoin ‘electrified’ after Tesla accepts it as payment

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011134


The value of Dogecoin jumped 18 per cent on Friday after Tesla CEO Elon Musk tweeted the electric car maker will accept the cryptocurrency for payment.

Value of Dogecoin ‘electrified’ after Tesla accepts it as payment

Musk had previously teased the offer on December 14, saying: “Tesla will make some merch buyable with Doge & see how it goes”.

He confirmed the move via Twitter on Friday: “Tesla merch buyable with Dogecoin”.

The value of the digital coin rose 18 per cent to US$0.20 after the reveal on Friday but had slid back to $0.19 at 1pm on Saturday.

Dogecoin was launched in 2013 as a joke to parody the cryptocurrency craze. However, its value rocketed 4,000 per cent last year after Musk promoted it as the “people’s crypto” and said his space exploration company, SpaceX, would accept it as payment.

Dogecoin is currently the only cryptocurrency accepted by Tesla.

Related News

Forbes: Chearavanont Brothers richest in Thailand, Elon Musk in world

2021 was a huge year for space exploration. 2022 could be even bigger.

Finance Ministry determined to go ahead with crypto, share trading taxes


Last year, Musk also spurred a jump in the value of bitcoin after revealing to his huge online following that he had invested in the cryptocurrency.

Published : January 15, 2022

By : THE NATION

High construction costs, shortage of labour to push property prices up by 3-5%

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011127


Property developers expect to hike their prices by 3 to 5 per cent this year due to rising construction costs and a restoration of balance in the property market.

High construction costs, shortage of labour to push property prices up by 3-5%

Apa Ataboonwongse, chief executive officer at Richy Place, said on Friday that now that some of the properties in stock since 2020 have moved, developers will need to adjust their prices to reflect the cost of construction, which has been rising since last year.

“In 2022, we expect to see property prices go up by 3-5 per cent,” she said. “Developers cannot maintain the same prices despite management cost having reduced over the past year.

“Also, due to Covid-19, most migrant workers have returned to their countries, causing labour shortage. This, in turn, has spiked the manpower cost and delayed most projects by 10 to 20 per cent from their previous schedules,” she added.

Uthai Uthaisangsuk, chief operating officer at property developer Sansiri, said that currently demand and supply in the property market are in a balanced position.

“Sansiri has less than 10 billion baht worth of unsold condominiums and some 2 billion baht worth of unsold houses, which means there is no need for developers to engage in price wars to get rid of stock,” he said. “Instead, this year we will focus on improving after-sales service and improve the quality of the product to attract more customers.”

Meanwhile, Wichai Wiratkaphan, acting director of Government Housing Bank’s Real Estate Information Centre, said the centre estimates that property prices in 2022 will surge due to an increase in the cost of construction materials, though the price of land will likely stay the same.

“This year we also expect to see developers rolling out fewer discounts and promotional campaigns as the demand in the property sector is starting to rise and is matching the supply,” he said.

Related News

Chinese nationals biggest property buyers in Thailand

Housing market in six provinces to start flourishing from next year, study shows

It’s truly a buyer’s market, new study on Bangkok condos shows

Published : January 15, 2022

By : THE NATION

4th phase of shopping subsidy can be expected on Valentine’s Day

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011126


The fourth phase of the government co-shopping subsidy “Khon La Khrueng” (Let’s Go Halves) may arrive sooner than scheduled, Finance Minister Arkhom Termpittayapaisith said on Friday.

4th phase of shopping subsidy can be expected on Valentine’s Day

“The ministry is considering moving the registration date for the new round of Let’s Go Halves to mid-February, probably on the 14th as a Valentine’s gift to Thai people,” he said. “After registration, the system will take about a week to verify the information and registrants can start spending by the end of February or early March.”

The fourth phase was initially scheduled to kick off in March.

Under the scheme, the government will cover 50 per cent of the bills for food, drinks and basic necessities capped at up to 150 baht per day when payments are made via the Pao Tang application at participating shops.

A source from the Finance Ministry said that unlike the previous phases, which capped the total subsidy at 3,000 baht per person, this phase will only provide a total of 1,500 per person but will not limit the number of registrants.

Those who were approved for the third phase will have to re-apply for the fourth one, while all approved registrants are required to spend their subsidy within three months.

Arkhom added that the ministry planned to use the 10 billion baht or so leftover from the third phase of the scheme and what’s left of the loan taken to stimulate the economy to fund the fourth phase.

“The proposed budget and registration date will first be approved by the Office of the National Economic and Social Development and then by the Cabinet before the fourth phase can be officially announced,” said Arkhom.

Related News

New co-shopping scheme coming, travel subsidy programme extended

‘Let’s Go Halves’ phase 3 spending exceeds THB100 billion

Co-payment scheme participants urged to spend credit by Mar 31 expiry date

Published : January 15, 2022

By : THE NATION

UOB Group to take over Citi’s consumer banking sector in Thailand, 3 other nations

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011091


The UOB Group has reached an agreement to buy Citigroup’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam, Citi announced on Friday.

UOB Group to take over Citi’s consumer banking sector in Thailand, 3 other nations

“The deal includes retail banking and credit-card businesses, but excludes the bank’s institutional businesses in the four countries,” Citi said.

All 5,000 Citi staff members are expected to be shifted to UOB once the deal is completed.

UOB will pay Citi a cash consideration for the net assets it is acquiring subject to customary closing adjustments, plus a premium of 915 million Singapore dollars, Citi said, adding that UOB was selected after an extensive and competitive auction process.

Upon closing, Citi expects the transaction to result in the release of some US$1.2 billion of allocated tangible common equity, as well as an increase to tangible common equity of over $200 million.

UOB Group to take over Citi’s consumer banking sector in Thailand, 3 other nationsPeter Babej, Citi Asia-Pacific CEO, said Citi is confident that UOB, with its strong culture and broad regional ambitions, will provide excellent opportunities and become a long-term home for its consumer banking colleagues in Indonesia, Malaysia, Thailand and Vietnam.

Tibor Pandi, country head of Citi Thailand, said the Kingdom remains a key market for Citi globally.

“We remain committed and focused on serving institutional clients locally, regionally, and globally as we have for over half a century,” he added.

UOB Group to take over Citi’s consumer banking sector in Thailand, 3 other nationsMark Mason, Citi CFO, said the sale of the four consumer markets demonstrated Citi’s sense of urgency to execute its strategic refresh.

“We are committed to working in the best interests of our shareholders by focusing our resources on businesses that can deliver growth, as well as increasing the capital we return to shareholders over time,” Mason added.

Published : January 14, 2022

By : THE NATION

Baht likely to swing sideways unless new factors surface

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011079


The Thai baht opened at 33.23 to the US dollar on Friday, strengthening from Thursday’s closing rate of 33.25.

Baht likely to swing sideways unless new factors surface

The currency is likely to move between 33.20 and 33.35 to the greenback during the day and even swing sideways unless there is a new factor, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht was supported by the dollar and the sale of gold, though the Omicron situation is pulling it down.

Foreign investors must devote large sums to the baht for it to go beyond the level of 33 to the dollar, he said. Over the past few days, foreign investors sold 6.3 billion baht of short-term bonds as they were not in a hurry to invest in the baht and were ready to sell it when it reached their target.

Poon said the baht may not strengthen much as importers may only buy the dollar when the baht is between 33.10 and 33.20 to the greenback.

He added that the currency market is volatile because investors are selling technology and growth stocks after the US Federal Reserve’s vice chair Lael Brainard sent out signals that an increase in the interest rate and tighter monetary policy to solve inflation is imminent.

Related News

Baht strengthens after US inflation rate jumps 7%

Baht hits lowest point in a week after Fed statement

Baht volatile over stronger dollar, worsening Covid-19 situation

Published : January 14, 2022

By : THE NATION

Interest rate hike concerns expected to pressure SET

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011074


Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Friday (January 14) would fall to between 1,670-1,675 points as other Asian indices have fallen due to uncertainty over the US Federal Reserves move to raise the interest rate during the meeting on March 15-16.

Interest rate hike concerns expected to pressure SET

However, it predicted that the index would rebound from mass buy-ups of stocks to gain high returns, especially shares that gained specific positive sentiment.

It also recommended buying of the following companies’ shares as an investment strategy:

  • PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
  • BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.
  • RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.

The SET Index closed at 1,680.02 on Wednesday, up 1.52 points or 0.09 per cent. Transactions were totalled 82.46 billion baht with an index high of 1,682.71 and a low of 1,675.74.

Top five stocks with the highest trade value were KBANK, SCB, SAWAD, GULF and PTT.

Published : January 14, 2022

By : THE NATION

Consumer confidence in Dec highest in 9 months

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011053


The Consumer Confidence Index in December rose to 46.2, up from 44.9 in November, the University of the Thai Chamber of Commerce president, Thanawat Phonwichai, reported on Thursday.

Consumer confidence in Dec highest in 9 months

This was the fourth consecutive month of improvement and the highest level in nine months since April 2021, as consumers tended to worry less about the Covid-19 situation in Thailand, he said.

However, the number of daily infections is likely to increase due to the Omicron strain after the New Year holidays, but the daily death toll in the country has begun to decline, Thanawat said.

The agency will monitor how the number of coronavirus cases in the first quarter of 2022 will affect consumer confidence and economic recovery, he said.

The Overall Economic Confidence Index was 40.1, the Confidence Index for Job Opportunities 42.7 and the Confidence Index on Future Income 55.7, he said.

There were positive factors that affected the confidence index, such as a Cabinet meeting which approved seven economic stimulus measures, the Monetary Policy Committee’s (MPC) move to keep the policy rate at 0.50 per cent, the MPC revising its GDP 2021 forecast to 0.9 from 0.7 per cent previously, and expecting GDP in 2022 and 2023 to expand.

Other positive factors were the global Covid-19 situation, which improved due to vaccinations while the number of cases in Thailand declined, November 2021 exports expanding 24.7 per cent and the price of many agricultural crops improving.

The negative factors included new concerns over the pandemic, including the novel Omicron variant which caused the Test & Go scheme to be suspended, consumer worries over a slowing economy, a higher cost of living, rising domestic oil prices and political instability.

The Thai Chamber of Commerce estimates that in 2022 the economy will grow around 4 per cent, with 2.5-3 per cent growth in the first half and 5-5.5 per cent in the second half.

Full-year inflation is expected to be 1.5 per cent, with 2-2.5 per cent in the first half and 1-1.5 per cent in the second half.

Published : January 13, 2022

By : THE NATION

Online seminar educates Thais on investing in China

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011036


The Thai Chamber of Commerce held an online seminar on Wednesday to enlighten Thai businesses and entrepreneurs about investing in China this year in the current Covid-19 situation.

Online seminar educates Thais on investing in China

The seminar discussed the Chinese economy, investment and expected trade between the Asian giant and Thailand in 2022.

Chairman Soopakij Chearavanont said Covid-19 has not stopped the Chinese economy from growing. All the virus has done is to pose a challenge.

Thai Ambassador to China Atthayut Srisamut said Chinese customer demands have changed due to the coronavirus. They need better and healthier products, he said, adding that the percentage of trade between Thailand and China increased by 3-4 per cent, while trade with other countries also saw an increase.

Chinese Ambassador to Thailand Han Zhiqiang noted that trade between Thailand and China has been on the increase for eight years, with the first ten months of 2021 alone seeing trade worth US$100 billion (Bt3.32 trillion).

The founder of Namu Life (Beijing) Trading and Thira Venture Boonchai Limatibul said the products that Thailand exports to China must be unique because Chinese people cannot travel to other countries right now. The Chinese, he added, can produce ordinary products themselves at low cost, so Thai products cannot compete against them.

Related News

Marine Department attends multilateral meeting on Lancang-Mekong River

Jurin hopes to add fruit to Thai-Laos high-speed railway cargo

Latest donation of Covid-19 jabs from China lands on Thai soil


Dok Bua Ku director Kamthon Leelertphan said China’s lower class is seeing increasing revenue and consuming products like people in the city. However, they might not like these products so Thai businesses must create a variety of special items to attract these people.

Trends develop quickly in China, while the government there is also easing a lot of restrictions. So Thai business operators must adapt and follow the trends, he said.

Kudun and Partners lawyer Mayuree Sapsuttiporn said Chinese laws are easing and the investment process has been reduced so Thai businesses can benefit from this. Meanwhile, Thai law also grants privileges for Chinese investors, which includes allowing them to purchase real estate at prices lower than the market.

Published : January 13, 2022

By : THE NATION

Baht strengthens after US inflation rate jumps 7%

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011032


The baht opened at 33.26 to the US dollar on Thursday, strengthening from Wednesday’s closing rate of 33.37.

Baht strengthens after US inflation rate jumps 7%

The Thai currency is likely to move between 33.20 and 33.40 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht might strengthen slightly. He said the baht was supported by the dollar and the gold-selling but the Omicron situation pressured the baht. Foreign investors must heavily invest in the baht for it to strengthen past level 33 to the dollar.

He said that foreign investors were buying short term bonds less in the past two days as they speculated the baht might not strengthen or they are waiting for the baht to weaken.

Poon said that the baht might not strengthen much because importers might buy the dollar when the baht reaches between 33.10 to 33.20 to the dollar.

He added that investors are in a risk-on state after the US inflation rate jumped up to 7 per cent which support the US Federal Reserve to increase the interest rate.

Related News

Baht hits lowest point in a week after Fed statement

Baht volatile over stronger dollar, worsening Covid-19 situation

Baht strengthens as foreign investors shrug off Omicron concerns

Published : January 13, 2022

By : THE NATION

Finance Ministry determined to go ahead with crypto, share trading taxes

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011031


Finance Minister Arkhom Termpittayapaisith made it clear on Wednesday that the government will proceed with the plan to impose capital gains taxes on profits from crypto and share trading despite opposition from many parties.

Finance Ministry determined to go ahead with crypto, share trading taxes

“The collection of crypto and share trading taxes will help maintain fairness in the taxation system and expand Thailand’s tax collection base to bring in capital required for the country’s development,” he argued.

“Our tax collection base has remained the same for a long time despite a growing economy. This is because we have several tax exemptions designed to help certain sectors. Once those sectors are able to get back on their feet, it will be time to reduce the exemptions.”

Arkhom said Thailand had issued a tax on cryptocurrency in 2018 but this had received an exemption due to being a new sector, while the financial transaction tax collected from profits earned by share trading had also been exempted by the Revenue Department for 30 years in a bid to reduce the cost of share trading and promote investment.

“The government has no plan to control the growth of digital currency as many have feared,” Arkhom assured. “The Revenue Department is working with the Thai Digital Asset Association in setting criteria for calculating taxes on crypto trading profits and expect clear regulations to be finalised by this month.”

As for the share trading tax, the Revenue Department is considering one of two calculation methods: per time trading or capital gains. The latter could affect bigger investors who go in for high trading volumes.

Related News

Crypto trading profits in Thailand will be subjected to 15% tax | Voice of The Nation

Thai crypto tax criteria ready by end of month

Thai crypto traders want details on taxes

Published : January 13, 2022

By : THE NATION