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https://www.nationthailand.com/thailand/economy/40021929

Private firms afraid to hit the pitch just yet with World Cup campaigns

THURSDAY, NOVEMBER 10, 2022

The private sector is wary of investing in the 2022 World Cup as the purchase of broadcast rights has not been completed yet.

The National Broadcasting and Telecommunications Commission (NBTC) had approved a budget of 600 million baht to acquire the broadcasting rights for the matches.

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Media Intelligence director Pawat Ruangdejworachai said there was no clarity in the purchase of the World Cup broadcast rights so product and service brands might wait before spending on marketing campaigns.

However, he said, some brands might use the so-called “ambush marketing strategy”, following the trend of brands, including those to do with beer, soft drinks and hair treatment products, to hit the field with campaigns in advance.

Meanwhile, football fans are eagerly waiting to catch what are expected to be thrilling, world-class matches on TV post-Covid.

“There are two dimensions to the 2022 World Cup – the atmosphere and liveliness,” Pawat said.

If the main advertisement spot goes for just millions of baht, it will not be worth the total investment of 1.6 billion baht to procure the broadcasting rights, he maintained.

If the private sector has to invest 1 billion baht for the broadcast rights, big corporations might broadcast the matches on their channels apart from the government channel, he added.

For example, if CP group invests in the broadcast rights, some matches might be broadcast on its True4U channel.

They also might not sell advertisement packages worth just millions of baht to smaller companies for these firms can steal their spotlight, so they might advertise their goods and services directly to consumers instead, Pawat said.

However, if a single company shells out big money for the broadcasting rights, they might sell advertisement spots for big products such as cars or consumer goods to get back their investment, he said.

“Previously, World Cup advertisement packages were sold at least three months in advance to give brands enough time to draw up campaigns,” Pawat noted.

“There were no such campaigns this time around amid a slowing economy, while the 2022 World Cup will be held in the middle of the English Premier League season so some attention might be diverted.

“However, some brands are using ambush marketing strategies to follow the trend of advertising during big sporting events,” he added.

The One Enterprise chief operating officer Deaw Woratangtrakul was of the opinion that if the cost of the broadcasting rights is 1.6 billion baht for 64 matches, this means it would cost 25 million baht per match. If 25 minutes of advertisements are sold during each match, it will cost 1 million baht per minute.

Currently, the Broadcasting and Telecommunications Research and Development Fund for Public Interest (BTFP) has only 2.8 billion baht left, he said, questioning whether using money to purchase the broadcasting rights is in line with the BTFP’s objectives.

Meanwhile, licences for digital televisions have only seven years left so the TV industry might also question if the investment is worthwhile.

However, Pun Paniangvait, manager of Thai President Foods, the maker of Mama noodles, said his company would surely come out with a marketing campaign for Mama even if there was no clarity on the broadcasting rights as fans are in the habit of consuming the noodles during matches.

Coca-Cola has already spent 50 billion baht on a marketing campaign and released limited-edition soft drinks sporting national flags, while shampoo brand Clear has come out with products featuring Portuguese football superstar Cristiano Ronaldo as the presenter.

According to a business source, the government sector is seeking help from private firms to purchase the broadcast rights for the World Cup, but only two companies agreed to pitch in – CP Group and Thai Beverage.

The source added that NBTC is confident Thai fans will be able to watch the competitions because it had already discussed the issue with the private sector but had not reached a decision on how much each company would need to spend.

There are only a few giant companies in Thailand that can help with the purchase of the broadcasting rights. Most are the same firms that helped in the purchase of the 2018 World Cup broadcast rights.

Related stories

• What the govt can do with the THB1.6 bn being spent for World Cup broadcast rights
• NBTC’s must-have rule ‘a hurdle for market mechanism in securing broadcast rights’
• Live broadcast of football World Cup ‘would increase money circulation in economy’

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https://www.nationthailand.com/thailand/economy/40021894

Rapid strengthening of baht might slow: market strategist

THURSDAY, NOVEMBER 10, 2022

The baht opened at 36.87 to the US dollar on Thursday, weakening from Wednesday’s close of 36.85.

The currency will likely move between 36.75 and 37.05 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the rapid strengthening of the baht might slow down and the currency could weaken after investors returned to a cautious state as they await the results of a US midterm election and consumer price index (CPI) inflation data.

Poon estimated that if the CPI, especially core inflation, rises by more than 0.5 per cent from the previous month, it may lead to market concern that the US Federal Reserve might increase the interest rate and provide support for the dollar to strengthen.

However, if the baht weakens, it might not be severe as some exporters are now waiting to sell the dollar at 37.30 baht, he believed. They had previously targeted a level of 38 or higher.

Furthermore, international transactions are still flowing into the Thai stock market. Poon expects foreign investors to sell their shares for profit in the short term, when the Stock Exchange of Thailand Index almost touches its resistance level of 1,650 points.

He advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

• Baht ‘might continue strengthening’ if market remains in risk-on state
• Baht slide could slow after passing resistance level of 38/dollar: market strategist
• Baht might weaken but resistance level will be 38: market strategist

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https://www.nationthailand.com/thailand/economy/40021887

FTI wants government to continue stimulus packages amid fragile economic situation

WEDNESDAY, NOVEMBER 09, 2022

Nongluck Ajanapanya

Thailand’s industrial community is urging the government to give people a new round of stimulus packages as New Year’s gifts.

Montri Mahaplerkpong, vice president of the Federation of Thai Industries (FTI), said at a press conference on Wednesday that the country is still fragile so the government should support domestic consumption as a buffer against economic slowdown and mild inflation.

However, he believes that for the stimulus package to be effective the minimum spending limit should be raised and the rights expanded to cover more people.

“For example, the ‘Khon La Krueng phase 6’ [co-payment subsidy] should be raised to a minimum of 3,000 baht, while the number of people eligible for the ‘Rao Tiew Duay Gan’ [We Travel Together] scheme should be increased to 2 million,” Montri said.

He also proposed that the government reduce the cost of “float time” (Ft) in the electricity bill from January to April 2023.

The goal is to reduce the cost burden on entrepreneurs in a volatile economy while also keeping Thailand competitive with other countries.
 

The suggestion was made during the October 2022 release of the Thailand Industry Sentiment Index (TISI). The most recent report demonstrates strong confidence in the country’s industries, as every factor of the index improved, including total orders, total sales volume, production volume, operating costs, and profits.

The TISI was 93.1 in October 2022, up from 91.8 in September and rising for the fifth month in a row. The government’s decision to downgrade Covid-19 from a serious infectious disease to a contagious disease aided the rise.

In addition, the industrial sector expanded in tandem with the recovery of domestic consumption and the tourism industry. In the export sector, trading partners began to pre-order products for delivery at the end of the year, reflecting the previous month’s increase in the orders index and overall sales.

Meanwhile, the cost confidence index improved as a result of the government’s energy measures, and the chip shortage problem began to improve.

However, the month’s negative factors included flooding in many provinces which damaged agricultural areas, reduced farmers’ income, and impeded transport, affecting the construction sector. Furthermore, small and medium-sized entrepreneurs are concerned about rising interest rates on loans, as well as an unstable global economy.

The survey, conducted in October 2022, of 1,310 enterprises from the FTI’s 45 industry sectors, revealed that the most concerning factors for entrepreneurs were fuel prices and loan interest rates.

Other factors, such as the global economy, the domestic economy, the political situation, the exchange rate, and the pandemic situation all contributed to easing enterprises’ concerns.

Montri said that the TISI is expected to fall in the next three months due to concerns about the global economic slowdown and geopolitical threats, particularly the Russian-Ukrainian war, which poses a risk to Thailand’s exports.

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40021874

Live broadcast of football World Cup ‘would increase money circulation in economy’

WEDNESDAY, NOVEMBER 09, 2022

Nearly 76 billion baht is expected to circulate during the 2022 World Cup, the president of the University of the Thai Chamber of Commerce (UTCC) said on Wednesday.

Thanawat Phonwichai said that 75.815 billion baht would circulate during the World Cup in Qatar beginning this month, slightly lower than the 76.897 billion baht during the 2018 World Cup.

Of the total, 18.561 billion baht will be spent on buying consumer goods, celebrations, electric appliances, or signal receivers, while 57.253 billion baht will be out of the economic system, or gambling, but it will be lower than the previous World Cup due to the current economic situation.

On average, people will spend around 1,416 baht on gambling per match, or 21,580 baht for this tournament.

However, people must follow closely if the National Broadcasting and Telecommunications Commission (NBTC) approves 1.6 billion baht required to purchase broadcasting rights.

If the broadcasting rights are acquired, it would encourage people to spend more by creating a football festival atmosphere because people will buy football kits and eat outside more often at restaurants, entertainment venues, and sport equipment stores, while the media will report the news during the World Cup, which would stimulate the spending.

However, the money in the economic system could decrease by 5 to 10 billion baht if there were no broadcast, he said.

“Live broadcasting will make the atmosphere lively and will cause people to celebrate. It will generate 18.561 billion baht in the economic system.”

He said it would be higher than the 17.901 billion baht generated during the 2018 World Cup.

He forecast that it would stimulate the economy in the fourth quarter to grow by 4 to 4.5%, generating revenue at the end of the year of 35 billion baht, which would help achieve this year’s GDP target of 3% to 3.5%.

Thanawat added that the 1.6 billion baht budget for the broadcast must be approved, as it would help generate revenue back to the government while also making people happy, similar to the welfare card, “Khon La Khrueng” (Let’s Go Halves) scheme, or tourism schemes.

Related stories

• Argentina will win Fifa World Cup, football game predicts
• World Cup broadcast rights: Thailand slow off the blocks
• NBTC plan for public funding of World Cup broadcasts slammed

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https://www.nationthailand.com/thailand/economy/40021860

SEC warns the public of risks to investments in crypto-mining businesses

WEDNESDAY, NOVEMBER 09, 2022

The Securities and Exchange Commission on Wednesday urged the public to exercise utmost caution when deciding to invest in crypto-mining businesses, warning that such enterprises are risky and not monitored by the SEC.

The watchdog posted the warning on its website, saying Thai investors must take several risks into account.

The SEC said it had to issue the warning because invitations to Thais to rent or buy equipment or computation processing power for cryptocurrency mining are being publicised via several media channels with promise of high returns.

The SEC said such investments would risk losing money because of fluctuations in cryptocurrency prices, high competition, degrading of equipment over time, and high power bills.

The watchdog also warned Thai investors that their personal information and digital assets could be stolen by hackers.

Worse still, scammers may use the business as front for their scams and misappropriate investors’ money without really investing in cryptocurrency mining.

The SEC said crypto-mining was not one of the businesses it monitored under provisions of the emergency decree on Digital Assets Business Operation, BE 2561 (2018).

The watchdog also noted that if the operators of crypto-mining businesses also sell digital coins or are engaged in the crypto-exchange business, they must first get approval from the SEC as required by the decree.

The SEC is now consulting with other concerned government agencies on how to supervise the digital assets business and provide better protection to Thai investors.

The agency also urged Thai investors to check the list of authorised digital assets exchange businesses on its website or use SEC Check First app to check the companies’ names.

Those who have questions about crypto businesses can call SEC Hotline at 1207 and press 2.

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https://www.nationthailand.com/thailand/economy/40021850

Baht ‘might continue strengthening’ if market remains in risk-on state

WEDNESDAY, NOVEMBER 09, 2022

The baht opened at 36.95 to the US dollar on Wednesday, the lowest since September 20, strengthening from Tuesday’s close of 37.27.

The currency will likely move between 36.80 and 37.10 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht strengthened quicker and more than he expected after the market went into a risk-on state the previous night.

It pressured the dollar to weaken while investors sold gold for profit after the price of the precious metal climbed to near its resistance level, Poon said.

All this has caused the technical graph of the baht to change in the short term. If the market continues to be in a risk-on state, the baht might strengthen to near its new resistance level of 36.80 to 36.90 to the dollar, he believed.

Moreover, the strengthening of the baht “might affect exporters psychologically” and influence them to adjust the level they are waiting for to sell the dollar – from 38 or higher to 37.50-37.70, which will lower the baht’s resistance level, Poon said.

However, he suggested being cautious of the currency market as investors might not be in a hurry to adjust their possessions before the US midterm election and Thursday’s consumer price index inflation data is made public.

Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

• Baht slide could slow after passing resistance level of 38/dollar: market strategist
• Baht might weaken but resistance level will be 38: market strategist
• Baht advances but could be affected by results of key US Fed meeting

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https://www.nationthailand.com/thailand/economy/40021816

Demand for luxury houses rising in Thailand despite economic woes

TUESDAY, NOVEMBER 08, 2022

Luxury urban houses priced over 10 million baht are in high demand in 2022 with almost 2,000 units sold in the first half of the year, property agency Knight Frank (Thailand) said on Monday.

Demand has been rising this year despite the ongoing economic recovery from Covid-19, said Nattha Kahapana, the company’s executive director.

He said urban zones are attracting new buyers as facilities and infrastructure expand from the inner city, as can be seen from new projects being opened in outer suburbs. Buyers in the luxury housing market are high-income earners who are looking to change their living conditions or to buy their second or third house, he added.

The first half of 2022 saw total sales of 1,944 houses worth over 10 million baht, rising from 1,813 units recorded during the same period last year. Total house sales in the first half reached 17,283 units from a supply of 20,794 units, a take-up rate of 83% or 6% higher than last year.

Nattha added that the luxury housing market in the second half shows positive signs from new projects being opened in outer Bangkok and surrounding provinces. This also indicates a changing trend among consumers, who are favouring suburbs instead of inner-city areas where property prices tend to be inflated, he said.

Among the most promising zones, he said, is the Krungthep Kreetha area in eastern Bangkok, where new residential projects are being built around golf courses, international schools and community malls.

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https://www.nationthailand.com/thailand/economy/40021815

Thai govt revenue in FY2022 exceeds target as economy rebounds

TUESDAY, NOVEMBER 08, 2022

Revenue collection in fiscal year 2022 — from October 2021 to September 2022 — reached 2.53 trillion baht, exceeding the government’s target by 130 billion baht or 5.4%, the Finance Ministry said on Monday.

The Revenue Department was the biggest contributor, collecting 2.16 trillion baht in the past fiscal year, beating its target by 15.5% or 290 billion baht.

Most of the increased revenue came from value-added tax and import tax, which have been rising in line with the increased domestic consumption amid the continued economic recovery, said Pornchai Theeravet, director of the Fiscal Policy Office (FPO) and the ministry’s spokesperson.

However, the Excise Department collected 503 billion baht, missing its target by 15.7% or 93.5 billion baht. Pornchai said the drop was due to the cut in diesel tax imposed to reduce people’s cost of living amid soaring global energy prices.

The Customs Department collected 110 billion baht, exceeding its target by 10.5% or 10.4 billion.

Revenues contributed by state enterprises in fiscal year 2022 also exceeded the target by 0.6% or 858 billion baht, with 143 billion baht collected.

For fiscal 2023, which began last month, the government has set a revenue target of 2.49 trillion baht, or 13.91% of gross domestic product, while total expenditure is set at 3.18 trillion baht, or 17.79% of GDP.

The FPO estimates that Thailand’s economy will expand 3.4% in 2022 thanks to rising domestic consumption and further recovery of the tourism industry. The office expects the economy to expand 3.8% next year, driven by around 20 million tourist arrivals, about half the number recorded before the Covid-19 pandemic.

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https://www.nationthailand.com/thailand/economy/40021801

Saudi investment minister attends Thai-Saudi Investment Forum in Bangkok

MONDAY, NOVEMBER 07, 2022

Saudi Arabia’s investment minister and Thailand’s Foreign Minister attended an investment forum held at a Bangkok hotel Monday with the goal of drawing Saudi investments to the Eastern Economic Corridor.

Saudi Investment Minister Khalid Abdulaziz Al-Falih attended the Thai-Saudi Investment Forum held at the Royal Orchid Sheraton Hotel from 9am to 2pm on Monday.

The forum was held jointly by the Thai Foreign Ministry and the Eastern Economic Corridor Office of Thailand (EECO) to present business opportunities for Thai investors in Saudi Arabia and investment opportunities for Saudi investors in the EEC.

The event was jointly opened by the Saudi minister and Foreign Minister Don Pramudwinai.

Key speakers during the forum included Narit Therdsteerasukd, secretary-general of the Board of Investment; Kanit Sasngsubhan, EEC chief adviser; Sanan Angubolkul, chairman of the Thai Chamber of Commerce; Kriengkrai Thiennukul, chairman of the Federation of Thai Industries; Payong Srivanich, chairman of the Thai Bankers’ Association; and Bads Aldadr, deputy minister of Investors Outreach of Saudi Arabia’s Investment Ministry.

The forum was expected to conclude with a signing of memorandums of understanding between some Saudi firms and the EECO.

Two sideline seminars on hotel businesses and oil businesses were also held.

The event was off-limits to the media.

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https://www.nationthailand.com/thailand/economy/40021787

Base price will stop foreigners using proxies to grab Thai land: TREA

MONDAY, NOVEMBER 07, 2022

The Thai Real Estate Association (TREA) said it will meet with the prime minister to propose ways of stopping foreigners from abusing the new law permitting them to buy Thai land.

The Cabinet approved the directive permitting foreigners to buy land on October 25. The move is aimed at attracting investment to boost the economy.

The directive allows foreigners to purchase property and up to one rai (1,600 square metres) of land if they invest at least 40 million baht for a minimum of three years. To be eligible, they must also qualify for the Long-Term Resident (LTR) visa.

The policy has sparked fierce public and political opposition, with critics accusing the government of putting the country up for sale. It has responded by promising to revise the draft.

TREA president Meesak Chunharakchot said on Monday he will meet with PM Prayut Chan-o-cha on Thursday (November 10) to present the association’s opinions on the draft.

Measures must be set to deter foreigners from using nominees to buy land next to their one-rai plots and stitching it into larger plots, said Meesak.

One way to do this would be to set a minimum price of land for foreigners, he said.

For land plots up to 50 square wah (200sqm), he suggested a minimum price of 5 million baht in Greater Bangkok and 3 million baht in other provinces. For 51-100sqw, he said it should be 10 million baht and 8 million baht; for 101-200sqw it should be 50 million baht and 20 million baht; and for 201sqw to 1 rai, 100 million baht in Greater Bangkok and 30 million baht in the provinces.

For properties in residential projects, foreign owners should have half the rights of Thais according to area owned when it came to voting on matters related to the project, said Meesak.

The new law should also require evidence that the money used to buy properties in Thailand comes from legal financial institutions, he added.

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