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https://www.nationthailand.com/business/40010765

Forbes has named the Chearavanont Brothers the richest in Thailand and Elon Musk the richest in the world after the Tesla CEO bagged almost $30 billion (THB997.5 billion) in a single day.

Forbes named Musk the globe’s richest, with his wealth totalling $290.7 billion after he earned almost $30 billion in a single day following a record number of Tesla vehicle deliveries in the fourth quarter of 2021.

Tesla’s stock accelerated about 13.5 per cent, at $1,199.78 a share, on Monday, helping the company’s market value increase by $144 billion after the electric vehicle firm delivered 308,600 vehicles in the fourth quarter of 2021. The company’s annual vehicle deliveries also rose 87 per cent year-on-year.

Investment firm Wedbush Securities described it as a “jaw-dropping” performance because chip shortage and logistical problems were the main issues last year.

The 10 richest people in the world according to Forbes are:
1. Elon Musk (Tesla CEO)
2. Bernard Arnault (LVMH CEO)
3. Jeff Bezos (Amazon founder and executive chairman)
4. Bill Gates (Microsoft co-founder)
5. Larry Page (Alphabet co-founder)
6. Larry Ellison (Oracle co-founder, CTO and chairman)
7. Mark Zuckerberg (Facebook CEO, Meta chairman)
8. Sergey Brin (Alphabet co-founder)
9. Warren Buffett (Berkshire Hathaway CEO)
10. Steve Ballmer (Owner, Los Angeles Clippers).

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According to Forbes, the 10 richest people in Thailand:
1. Chearavanont Brothers (Charoen Pokphand Group)
2. Chalerm Yoovidhya (Red Bull)
3. Charoen Sirivadhanabhakdi (Thai Beverage)
4. Chirathivat family (Central Group)
5. Sarath Ratanavadi (Gulf Energy Development CEO)
6. Osathanugrah Family (Osotspa: M-150)
7. Somphote Ahunai (Energy Absolute)
8. Prasert Prasarttong-Osoth (co-founder of Bangkok Dusit Medical Services)
9. Prachak Tangkaravakoon (TOA Paint – Thailand)
10. Chuchat Petaumpai & Daonapa Petampai (Muangthai Capital).

Published : January 05, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010752

The baht opened at 33.25 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.31.

The Thai currency is likely to move between 33.15 and 33.35 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht is likely to swing sideways while the Omicron situation might pressure the baht to weaken.

However, foreign investors did not worry about the Omicron situation and continued to invest in Thai stocks this week.

Moreover, Poon said that the baht might strengthen because investors are selling gold while the dollar is weakening. 

The baht’s key support level would be from 33.10 to 33.20, the level some importers are waiting for so they can buy dollars, he added.

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The key resistance level for the baht would be from 33.40 to 33.50 to the dollar, which is the level at which exporters might sell the US currency. 

Published : January 05, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010750

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Wednesday (January 5) would rise to between 1,675-1,680 points before falling.

It said the index still gained positive sentiment from the foreign fund inflow as concerns over Omicron Covid-19 variant has been relieved.

Hopes over Thailand economic recovery, plus rising oil prices in response to Opec+ move to raise oil production capacity, would also help boost the index, it added.

“However, the news of a new ‘IHU’ Covid-19 variant in France would pressure the index,” Krungsri Securities said.

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

• HMPRO, CPN, CRC, SYNEX, COM7 and JMART, which benefit from the government’s “Shop Dee Mee Kuen” (shopping with refunds) scheme.
• RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
• EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.
• PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
• BBL, TTB, KTB and KBANK, which benefit from news of interest rate hike.

The SET Index closed at 1,670.28 on Tuesday, up 12.66 points or 0.76 per cent. Transactions totalled 100.01 billion baht with an index high of 1,674.19 and a low of 1,663.50.

Published : January 05, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40010737

hai drivers thinking of buying an electric vehicle (EV) might want to delay their purchase, after the Cabinet failed to deliver tax breaks on Tuesday. The year’s first Cabinet meeting left much-anticipated EV tax measures off the menu, putting the brakes on Thailands switch to EVs.

Finance Minister Arkhom Termpittayapaisith had stoked expectations last week at the final Cabinet meeting of 2021, announcing that customs and excise measures for the EV industry were ready.

But he added that the Cabinet was still waiting for the EV board to present details of packages to promote EV use in Thailand.

The full package of measures is expected to be presented to Cabinet soon.

According to the government’s target, 30 per cent of cars on Thai roads will be EVs by 2025.

Published : January 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010724

The baht opened at 33.24 to the US dollar on Tuesday, strengthening from the previous closing of 33.40.

The Thai currency is likely to move between 33.15 and 33.30 during the day and between 33.00 and 33.50 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht is likely to strengthen as the market is in a risk-on state. However, the baht will not strengthen much due to the Covid-19 situation in Thailand.

He said that the baht might strengthen more after the gold price reached near the level of 1,830 dollars per ounce.

Meanwhile, Poon said the dollar might go down as the market is in a risk-on state. However, the dollar will be supported if the US labour statistics is better than expected and the market expects the US Federal Reserve to use tight monetary policy quickly.

Poon said that the currency market is fluctuating after investors were worried about the Omicron situation. Investors should speculate on the Nonfarm Payrolls and the Omicron situation worldwide.
 

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Published : January 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010722

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Tuesday (January 4) would fluctuate between 1,665-1,670 points.

It said the index still gained positive sentiment from relief in concerns over Omicron, rising oil prices, and hopes over Thailand economic recovery.

“However, mass sell-offs of shares in response to technical signs would pressure the index,” Krungsri Securities said.

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

• HMPRO, CPN, CRC, VGI, SYNEX, COM7 and JMART, which are domestic play stocks.
• RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
• EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.
• PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
• BBL, TTB, KTB and KBANK, which benefit from news of interest rate hike.

Published : January 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010667

The Thai economy grew by 0.9 per cent as expected in December, though fears over the Omicron variant may slow things down in the first quarter of 2022, the Bank of Thailand (BOT) said.

Chayawadee Chai-Anant, senior director of BOT’s Corporate Communications Department, said that despite positive trends, people should closely monitor the Covid-19 situation as it may continue disrupting the supply chain and keep fuel prices high.

However, the central bank reckons the economy will improve if Thailand continues opening up to foreign tourists.

Meanwhile, BOT has reduced GDP growth estimation from 3.9 per cent to 3.4 per cent, because of a drop in people’s purchasing power. Also, businesses are worried about stricter prevention measures being introduced in the future.

As for the country’s monetary policy, the BOT said Thailand is different because its economy has not been able to bounce back like that of other industrialised nations. Hence, the Monetary Policy Committee will focus on economic stability before increasing the interest rate.

Chayawadee said it was important for the government to issue new stimulus schemes, adding that overall consumer confidence and improving household incomes have helped bolster the economy.

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Also, she said, a rise in Business Sentiment Index has resulted in the private sector investing more in machines, equipment and infrastructure.

Chayawadee said food prices rose temporarily due to floods, while energy prices remain high due to a spike in world oil prices.

She added that the labour market has recovered based on improved economic activities.

Published : January 01, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010617

The Stock Exchange of Thailand (SET) Index closed at 1,657.62 on Thursday, up 4.29 points or 0.26 per cent. Transactions totalled 74.53 billion baht with an index high of 1,660.85 and a low of 1,652.37.

The index gained for the third day running after rising by 0.72 per cent on Wednesday and 0.31 per cent on Tuesday.

The 10 stocks with the highest trade value today were DELTA, GULF, GPSC, INTUCH, KBANK, SCB, PTT, EA, JMART and ADVANC.

Other Asian indices were mixed:

• Japan’s Nikkei Index closed at 28,791.71, down 115.17 points or 0.40 per cent.
• China’s Shanghai SE Composite closed at 3,619.19, up 22.19 points or 0.62 per cent, while the Shenzhen SE Component closed at 14,796.23, up 142.41 points or 0.97 per cent.
• Hong Kong’s Hang Seng Index closed at 23,112.01, up 25.47 points or 0.11 per cent.
• South Korea’s KOSPI Index closed at 2,977.65, down 15.64 points or 0.52 per cent.
• Taiwan’s TAIEX Index closed at 18,218.84, down 29.44 points or 0.16 per cent.

Published : December 30, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010605

The government expects to collect up to THB88 billion of ‘salinity’ tax in 2022 from high-sodium food products to promote a healthy lifestyle, the Kasikorn Research Centre said on Wednesday after a study.

Citing research by the Thai Health Promotion Foundation and the Nephrology Society of Thailand, the centre said the average daily consumption rate of sodium stands at 3,636 milligrams, or 1.8 teaspoons of salt per person, which is two times higher than the World Health Organisation’s recommendation of 2,000 milligrams, or 1 teaspoon.

Therefore, the centre said, the government is preparing salinity tax collection guidelines for next year based on the amount of sodium in food products. 

The expected THB88-billion tax in 2022 would be collected from 18 per cent of the total ready-to-eat and instant food products on the market.

The centre predicted that the products most likely to be slapped with the tax would be instant noodles, frozen food, instant porridge, ready-to-eat meals, canned fish and snacks in that order.

It also said the state would use a ladder tax rate based on sodium content, which is similar to the sweet-beverage taxation. 
Meanwhile, the centre suggested that the salinity tax should be collected directly from manufacturers with an appropriate duration for producers to adjust.

It urged the government to educate the public on the risks of consuming a high amount of sodium, while promoting a healthy lifestyle with proper measures besides collecting the salinity tax.

Related news:

• Thai food industry to be hit with ‘salt tax’ soon
• Finance Ministry eyes big tax break for wealthy Thais to boost spending
• Ministry rejects truck operators’ proposal to reduce fuel tax

Published : December 30, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010601

The price of gold dropped by THB150 in morning trade on Thursday.

AGold Traders Association report at 9.25am said the buying price of a gold bar was THB28,400 per baht weight and selling price THB28,500, while the buying and selling price of gold ornaments is THB27,894.40 and THB29,000, respectively.

At close on Wednesday, the buying price of a gold bar was THB28,550 per baht weight and selling price THB28,650, while gold ornaments were THB28,030.84 and THB29,150, respectively. 

The spot gold price on Thursday morning hovered around US$1,802 (THB60,242) per ounce after Comex gold at close on Wednesday dropped by $5.1 to $1,805.8 per ounce due to pressure from Us government bond yields rising above the 1.5-per-cent level and from selling gold as a safe-haven asset after the New York stock market’s Dow Jones Industrial Average surged several days in a row.

Related news: 

• Baht likely to continue drifting sideways across New Year
• Stocks mass sell-offs to escape risks during New Year fest expected to pressure SET
• Fuel consumption drops due to Omicron fears

The Hong Kong gold price, meanwhile, rose by HK$10 to $16,770 (THB71,899) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : December 30, 2021

By : THE NATION