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https://www.nationthailand.com/business/40008952

Cryptocurrency investors are pooling millions of dollars worth of digital tokens in an effort to buy a rare first printing of the U.S. Constitution.

The group, calling itself ConstitutionDAO, says it has raised more than $23 million, or about 5,599 Ether, as of Wednesday afternoon, surpassing the $20 million goal it originally set for itself. (Ether, a digital currency produced by the Ethereum network, is the second-largest cryptocurrency by market capitalization after bitcoin.)

Sotheby’s, which is auctioning the document on Thursday, has valued it between $15 million and $20 million, though it could go for more. The artifact is one of 13 copies of the founding document that survived from a series of about 500 printed for Constitutional Convention delegates to consider in Philadelphia in 1787, according to the auction house.

The crypto investors say they want to put the document, the last privately owned copy, on public display and are seeking a partner who can do so.

“The eventual home must have the expertise to properly house, store, and maintain the artifact,” the group writes on its website. “Additionally, the community has expressed strong preferences for institutions that are free to the public and willing to cover the costs associated with housing the document.”

The group is organized as a “decentralized autonomous organization,” a self-governance structure pioneered by crypto users to pursue a project and allow participants to vote on major decisions. “It’s fitting that we use this technology to honor and protect the greatest historical tool for human governance: the U.S. Constitution,” the group writes.

The founding core of the collective comprises a number of tech entrepreneurs, including the chief technology officer of a crypto-based publishing platform; the founder of a cabin community for online creators outside Austin; and a partner at a crypto-focused venture capital fund.

In social media posts, several core contributors noted growing support for the project, including a Tweet by singer Grimes.

The group notes that if the bid is successful, donors won’t own a fractional share of the document. Rather, they will receive a “governance token” that will give them the ability to advise on where and how the document is displayed.

A Sotheby’s spokeswoman did not respond to a request for comment by publication.

Published : November 18, 2021

By : The Washington Post

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https://www.nationthailand.com/business/40008940

The Stock Exchange of Thailand (SET) Index closed at 1,644.60 on Wednesday, up 0.59 points or 0.04 per cent. Transactions totalled 83.42 billion baht with an index high of 1,651.51 and a low of 1,642.36.

In the morning session, Krungsri Securities forecast the SET Index on Wednesday would fluctuate between 1,635-1,655 points.

It said the index gained positive sentiment from the European Central Bank signalling it would not raise the interest rate next year, believing that rising inflation is short term impact due to the energy crisis.

It added that a smoothly US-China trade meeting would also help boost the index.

“However, Thai stocks would be under pressure due to falling oil price below US$80 per barrel, especially shares related to energy,” Krungsri Securities said.

The 10 stocks with the highest trade value today were TRUE, KBANK, SAWAD, JMT, SCGP, SCB, PTT, BAM, TTB and AOT.

Other Asian indices were mixed:

• Japan’s Nikkei Index closed at 29,688.33, down 119.79 points or 0.40 per cent.
• China’s Shanghai SE Composite closed at 3,537.37, up 15.58 points or 0.44 per cent, while the Shenzhen SE Component closed at 14,711.18, up 97.21 points or 0.67 per cent.
• Hong Kong’s Hang Seng Index closed at 25,650.08, down 63.70 points or 0.25 per cent.
• South Korea’s KOSPI Index closed at 2,962.42, down 34.79 points or 1.16 per cent.
• Taiwan’s TAIEX Index closed at 17,764.04, up 70.91 points or 0.40 per cent.

Related stories:

• SET expected to fluctuate despite positive ECB signals, US-China trade talks
• Baht weakens as exporters wait to offload dollar
• Gold price dives down

Published : November 17, 2021

By : THE NATION

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https://www.nationthailand.com/business/40008924

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

A9.29am report from the Gold Traders Association showed the buying price of gold bar at THB28,700 per baht weight and selling price at THB28,800, while the buying and selling price of gold ornaments is THB28,182.44 and THB29,300, respectively.

At close on Tuesday, the buying price of gold bar was THB28,850 per baht weight and selling price THB28,950, while gold ornaments were THB28,334.04 and THB29,450, respectively.

Related news: 

• SET expected to fluctuate despite positive ECB signals, US-China trade talks
• Baht weakens as exporters wait to offload dollar
• Epic CEO blasts Apple and Google, calls for single app store

Comex gold at close on Tuesday dropped by $12.5 or 0.67 per cent to $1,854.1 per ounce.

Published : November 17, 2021

By : THE NATION

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https://www.nationthailand.com/business/40008919

The baht opened at 32.76 to the US dollar on Wednesday, weakening from Tuesday’s closing of 32.67.

The Thai currency is likely to move between 32.70 and 32.85 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht will be pressured by a strengthening dollar and gold sell-offs. Investors are waiting for the gold price to back to the resistance level of 1,870 dollars per ounce.
 
However, the baht might be supported by foreign investors’ interest in short-term bonds.

Moreover, exporters are waiting to sell the dollar after the dollar suddenly strengthened. The current  resistance level for the baht would be from 32.90 to 33 to the dollar

Related News

US retail report to swing baht sideways despite strengthening dollar

Baht strengthens as investors eye Thai stocks, short-term bonds

Baht opens stronger, expected to rally despite pressure from strengthening greenback

Published : November 17, 2021

By : THE NATION

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https://www.nationthailand.com/business/40008917

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Wednesday (November 17) would fluctuate between 1,635-1,655 points

It said the index gained positive sentiment from the European Central Bank signalling it would not raise the interest rate next year, believing that rising inflation is short term impact due to the energy crisis.

It added that a smoothly US-China trade meeting would also help boost the index.

“However, Thai stocks would be under pressure due to falling oil price below US$80 per barrel, especially shares related to energy,” Krungsri Securities said.

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

▪︎ AOT, AAV, BA, MINT, KBANK, SCB, CPN, CRC, HMPRO, AMATA, WHA, BTS, BEM, VGI, BH and BDMS, which benefit from the country reopening.

▪︎ GFPT and TFG, which would benefit from rising domestic chicken price.

Published : November 17, 2021

By : THE NATION

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https://www.nationthailand.com/business/40008908

Epic Games Inc. Chief Executive Officer Tim Sweeney renewed his attack on Apple and Google as the worlds dominant mobile duopoly before calling for a universal app store that works across all operating systems as the solution.

“What the world really needs now is a single store that works with all platforms,” Sweeney said in an interview in Seoul on Tuesday. “Right now software ownership is fragmented between the iOS App Store, the Android Google Play marketplace, different stores on Xbox, PlayStation, and Nintendo Switch, and then Microsoft Store and the Mac App Store.” Epic is working with developers and service providers to create a system that would allow users “to buy software in one place, knowing that they’d have it on all devices and all platforms.”

Earlier in the day, Sweeney left no doubt about his disapproval of the smartphone software status quo in remarks at the Global Conference for Mobile Application Ecosystem Fairness in South Korea, home to the world’s first law requiring mobile platforms to give users a choice of payment handlers. His company’s battle royale game Fortnite has been the subject of a bitter legal dispute with Apple and Google over the revenue split of sales on their platforms.

“Apple locks a billion users into one store and payment processor,” he said. “Now Apple complies with oppressive foreign laws, which surveil users and deprive them of political rights. But Apple is ignoring laws passed by Korea’s democracy. Apple must be stopped.”

Google also earned a strong rebuke from Sweeney, who criticized its approach of charging fees on payments it doesn’t process as “crazy.” Praising Korea for leading the fight against monopolistic practices and including anti-retaliation provisions to protect developers in its legislation, the Epic Games founder said “I’m very proud to stand up against these monopolies with you. I’m proud to stand with you and say I’m a Korean.”

The Google Play Store service fee “has never been simply for payment processing,” Google spokesman Dan Jackson said in am emailed response. “It’s how we provide Android and Google Play for free and invest in the many distribution, development, and security services that support developers and consumers in South Korea and around the world.”

Apple didn’t respond to a request for comment.

Epic has been locked in a legal fight with Apple and Google for over a year after it forced the issue of how they handle payments by releasing a version of Fortnite that included its own system to purchase in-game items. The game was removed from both the App Store and Play Store for breaching their rules, prompting Sweeney’s company to sue the two operators. Legal filings from Epic this week alleged Google set up an internal task force to confront the issue of Fortnite sidestepping the company’s app store and fees.

Apple and Google have consistently said that the fees they charge on purchases via their mobile marketplaces help provide security for users and a global audience for developers. Sweeney sees their exclusionary practices as anathema to the founding principles of the web, arguing that their “policies are so restrictive that if the worldwide web had been embedded after the smartphone, then Apple and Google would have blocked all web browsers from being released on their platforms.”

Epic Games operates its own Epic Games Store for PC gamers, which also charges a platform fee, albeit a lower one, and Sweeney doesn’t dispute Google and Apple’s right to profit from their work.

“There’s a store market, there’s a payments market, and there are many other related markets,” he said. “And it’s critical that antitrust enforcement not allow a monopolist in one market to use their control of that market to impose control over unrelated markets.”

Published : November 17, 2021

By : Bloomberg

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https://www.nationthailand.com/business/40008905

Stocks climbed after the biggest jump in U.S. retail sales since March, with results from industry giants Walmart Inc. and Home Depot Inc. showing robust demand even as inflation squeezes purchasing power.

The strong retail figures alongside better-than-estimated factory output and home builder confidence helped lift equities, overshadowing comments from Federal Reserve Bank of St. Louis President James Bullard that the central bank should speed up its reduction of monetary stimulus to offset inflation. All major equity benchmarks advanced, with the S&P 500 extending its November rally. Treasuries fell.

“With the robust retail sales read and solid start to retail earnings, it’s crystal clear that inflation isn’t standing in the way of consumers,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Despite some hiccups on the labor market and inflation fronts, this could serve as the vote of confidence investors needed, signaling that the economy is still chugging along nicely.”

President Joe Biden told reporters to expect him to announce a nominee for Fed chair in “the next four days.” Biden is weighing whether to reappoint Jerome Powell as leader of the central bank. He’s also interviewed Fed Governor Lael Brainard for the job, who is preferred by some progressive lawmakers and activists. The president hasn’t yet made a decision, according to a person familiar with the matter.

Read: Senate’s Brown Says Powell, Brainard Both Have Votes to Be Chair

“Based on how markets reacted when they learned Brainard was in the running, it’s clear who’s viewed as the more dovish between the two,” wrote Craig Erlam, senior market analyst at Oanda. Ordinarily, that would make her the stock market’s pick, but it “may not necessarily be the case if investors view inflation as a greater risk than the central bank perceives, making inaction the less desirable approach longer term,” he added.

Goldman Sachs Group Inc. strategists lifted their outlook for U.S. stocks, saying the rally that has pushed the benchmark index to successive record highs will continue into 2022. Global fund managers in Bank of America Corp.’s November survey are ending the year with the biggest overweight in American shares since August 2013, and JPMorgan Chase & Co. strategists remain bullish on equities amid bets central banks will stay dovish.

Crescat Capital says it’s time for a “great rotation” away from shares of faster-growing U.S. companies and toward cheaper stocks. The money manager cited a comparison of enterprise value relative to sales for the Russell 1000 growth and value indexes in a blog post Saturday. The growth-value gap recently widened to 3.41 points, according to data compiled by Bloomberg. The differential exceeded a peak of 3.40 points from July 2000, shortly after the end of an internet-driven bull market.

Some corporate highlights:

– Home Depot posted stronger-than-expected results, a sign that spending on home improvement continues to stretch through the pandemic.

– Walmart signaled that it’s bracing for more pressure from global transportation snarls despite a broadly positive outlook.

– Qualcomm Inc., the biggest maker of chips that run smartphones, gave an upbeat sales forecast, fueled by growth in new markets.

– Netflix Inc. will start releasing lists of its most-popular TV shows and movies globally each week.

– Fitness company Peloton Interactive Inc. said it will sell about $1 billion of stock.

Elsewhere, cryptocurrencies fell, with bitcoin dipping below $60,000, in a broad-based retreat from recent record highs.

What to watch this week:

– Euro region CPI. Wednesday

– U.S. housing starts. Wednesday

– Conference Board U.S. leading index, initial jobless claims. Thursday

– Fed’s Richard Clarida and Mary Daly speak at Asia Economic Policy Conference. Friday

Some of the main moves in markets:

– – –

– The S&P 500 rose 0.4% as of 4 p.m. New York time

– The Nasdaq 100 rose 0.7%

– The Dow Jones industrial average rose 0.2%

– The MSCI World index rose 0.1%

– – –

– The Bloomberg Dollar Spot index rose 0.4%

– The euro fell 0.5% to $1.1313

– The British pound was little changed at $1.3423

– The Japanese yen fell 0.6% to 114.84 per dollar

– – –

– The yield on 10-year Treasuries advanced two basis points to 1.63%

– Germany’s 10-year yield declined one basis point to -0.24%

– Britain’s 10-year yield advanced three basis points to 0.99%

– – –

– West Texas Intermediate crude fell 0.1% to $80.77 a barrel

– Gold futures fell 0.8% to $1,851.40 an ounce

Published : November 17, 2021

By : Bloomberg

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40008901

Saudi Arabias crown prince plans to build a carbon emissions-free industrial city “floating” on the Red Sea as part of his Neom mega-project, officials said Tuesday.

Neom didn’t say how much the city would cost, or how the complex would be engineered to float.

The project, dubbed “Oxagon,” will feature a port and a logistics hub, the company developing Neom said in a news release. It will be a “comprehensive cognitive city” focused on robotics and artificial intelligence, the official Saudi Press Agency reported.

Announced in 2017, Neom is the crown jewel of Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plan to turn the remote region on the kingdom’s northwest Red Sea coast into a robot-driven tech hub encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.

But the project has stirred controversy, including skepticism about its feasibility after some previous efforts to build economic and financial free zones struggled to take off. A relocation process for local residents devolved into violence and arrests.

When Prince Mohammed announced Neom, it was originally framed as a $500 billion investment. Foreign firms have been slow to commit, but some have signed deals including Oracle Corp., Air Products and Huawei Digital Power.

In January, Neom detailed plans to build a car-free 170-kilometer (105-mile) linear city called “The Line” as its centerpiece, however that project’s complexity means it could take years to get off the ground.

The industrial city is one of several other zones planned in other areas of Neom and the next to be announced after The Line.

It will be located in the southwest corner of the region of Neom, and will include a previously-announced $5 billion green hydrogen plant that’s a joint venture between Acwa Power, Air Products and Neom, currently under construction.

Planners want the city to be 100% powered by renewable energy and to focus on seven industries, Neom said in the news release: sustainable energy, autonomous mobility, water innovation, sustainable food production, health and well being and technology and digital manufacturing and “modern methods of construction.”

Neom didn’t immediately respond to a request for further comment on the project cost, timeline and other details.

Published : November 17, 2021

By : Bloomberg

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https://www.nationthailand.com/business/40008899

The Ivy League-educated son of a prominent Philippine congresswoman wants to build the largest solar power plant in Southeast Asia using proceeds from an initial public offering next month.

Leandro Leviste, 28, will seek to raise as much as 2.7 billion pesos ($54 million) by selling shares in Solar Philippines Nueva Ecija Corp., a unit of his Solar Philippines Power Project Holdings Inc.

The funds will go toward constructing the first phase of a 500-megawatt plant in a province about 130 kilometers (81 miles) north of Manila. That would increase the country’s solar capacity by almost 50% and be able to power about 800,000 homes when completed. The offering comes as the Philippines haltingly moves away from fossil fuels.

“Solar is no longer a marginal piece of the energy mix but will comprise a majority of new capacity,” Leviste, the chief executive officer, said in an interview.

The offering period for the unit will be Dec. 1 to Dec. 7, with trading beginning Dec. 17 on the Philippine Stock Exchange.

Leviste’s mother is Loren Legarda, deputy speaker of the House of Representatives and a former candidate for vice president. His father was the governor of Batangas province outside Manila.

Leviste founded Solar Philippines in 2013 after selling the shares in Tesla Motors Inc. and SolarCity Corp. he bought while attending Yale University. He was convinced that solar power could lower electricity prices for the islands, but progress has been slow.

The archipelago ranked 42nd of 114 nations in solar capacity at the end of 2020, according to BloombergNEF data. Its challenges include a shortage of land and transmission capabilities, compounded by delays implementing renewable energy policies, said Caroline Chua, a BNEF analyst.

The country aspires to get at least 35% of its electricity from renewable sources by 2030, compared with about 24% in 2020, but it’s unclear how binding that target is, Chua said. Coal power doubled to 54% of the mix last year from 27% in 2009, according to BNEF.

“They have been slipping further and further away from the target because of how much coal they’ve built in the last decade,” Chua said. “If they’re serious about meeting it, they do need to build a lot of renewables.”

Last year, the government declared a moratorium on building new coal-fired power plants. At the recent COP26 summit, it partially backed a pledge to shift away from coal and joined an Asian Development Bank-backed plan to shut some plants early.

Meanwhile, its massive Malampaya gas field could stop pumping as soon as 2026, requiring utilities to import expensive cargoes of liquefied natural gas.

Solar Philippines’ strategy is to partner with large power companies and rent out land for others to build solar farms on. The company has cobbled together options on about 10,000 hectares (24,711 acres) that could hold about 10 gigawatts of solar capacity, he said.

That could mean trying to work with erstwhile competitors. Philippine power giants AC Energy Corp. and Manila Electric Co. have both made recent moves into solar.

The company operates about 200 megawatts of solar now and is planning another 800 megawatts to be constructed in the next year, according to Leviste.

“The Philippines is an exciting place for the renewable transition because of the high price of conventional generation sources,” he said. “Solar can go mainstream here faster than in countries with lower power prices.”

Published : November 17, 2021

By : Bloomberg

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40008895

Stronger trade ties, innovations, modern technology and cooperation in the field of transport were the key topics in the 4th High-Level Economic Dialogue held between Thailand and France on November 9.

Auramon Supthaweethum, director-general of the Trade Negotiations Department, said the focus was on cooperation to help drive Thailand’s circular economy in sectors such as agriculture, food, cosmetics and perfumes, medicines and health, sustainable and health tourism, textiles, fashion, tyres and smart vehicles. France, on the other hand, showed interest in expanding its partnership with Thailand in transport, especially in linking China with Asean countries via land, rain and water.

France is Thailand’s 23rd largest trading partner in the world and third-largest in the European Union after Germany and the Netherlands.

Between January and September this year, bilateral trade between the two countries stood at US$3.02 billion, with Thai exports accounting for $1.37 billion.

Published : November 16, 2021

By : THE NATION