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Govt showers more soft loans on shrivelling tourism sector 

EconNov 03. 2020PM Prayut Chan-o-cha chairs the Cabinet meeting in the resort city of Phuket on Tuesday.The government will offer more soft loans to support tourism businesses hit by the Covid-19 pandemic, said Finance Minister Arkhom Termpittayapaisith after Tuesday’s Cabinet meeting in Phuket. 

By The Nation

The Cabinet approved raising the ceiling for government soft loans from Bt20 million to Bt100 million. The Government Savings Bank (GSB) will apply annual interest of 0.01 per cent to banks who offer the loans to tourism businesses. The two-year loans are being offered by commercial banks at annual interest of 2 per cent. 

The soft-loan scheme has also been extended to June 30 next year, said Arkhom.

The Thai Credit Guarantee Corporation (TCG) will provide loan guarantees worth Bt57 billion, for which small and medium-sized businesses will also be eligible.

The TCG will collect a 1.75 per cent annual insurance fee from the third year of borrowers’ eight-year contracts. 

The GSB will also extend its Bt5-billion soft-loan scheme for micro businesses engaged in tourism activities and supply chains to June 30 next year. Each can borrow up to Bt500,000 on a five-year term with no repayments in the first year and annual interest of 3.99 per cent.

The Small and Medium Enterprise Development Bank of Thailand will extend its Bt10-billion cash loan scheme until June 30 next year. Individuals or SME’s can borrow up to Bt3 million on a five-year term at 3 per cent interest in the first two years.

To help airlines to reduce costs, the Cabinet approved cutting tax on jet fuel from Bt4.726 per litre to Bt0.20, effective from November 3 at midnight until April 30 next year. The tax cut will cost Bt700 million, but the government expects it to help boost travel and tourism by keeping prices low. The Transport Ministry will also ask Thai airlines not to raise fares too high, said Arkhom.

Airlines have requested soft loans worth Bt24 billion, but the Finance Ministry would look into details before sending requests to Cabinet for approval, he said.

The Finance Ministry expects the new financial aid will cover everyone in the tourism industry and ease their burdens during the Covid-19 crisis, he added.

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SET crosses 1,200 barrier despite uncertainty

EconNov 03. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,221.33 on Tuesday, up 19.17 points or 1.59 per cent. The volume of total transactions stood at Bt45 billion with an index high of 1,222.78 and a low of 1,209.90

In the morning session, a Krungsri Securities analyst expected the day’s index to rise to between 1,210 and 1,215 before falling from rising oil price after Opec+ postponed its plan to increase production capacity.

“Uncertainty over European countries’ second lockdown to contain the spread of Covid-19 will also pressure the index,” he said.

The top 10 stocks with the highest trade value were KBANK, PTT, CPALL, IVL, PTTGC, SCGP, PTTEP, ADVANC, SCC and CPF.

As of 4.30pm, the price of oil rose by US$1.10 or 2.99 per cent to $37.91 per barrel, while gold rose by $5.30 or 0.28 per cent, to $1,897.80 per ounce.

Other Asian indices were also on the rise:

China’s Shanghai SE Composite Index closed at 3,271.07, up 45.95 points or 1.42 per cent, while Shenzhen SE Component Index closed at 13,580.04, up 159.07 points or 1.19 per cent.

Hong Kong’s Hang Seng Index closed at 24,939.73, up 479.72 points or 1.92 per cent.

South Korea’s KOSPI Index closed at 2,343.91, up 43.15 points or 1.88 per cent.

Taiwan’s TAIEX Index closed at 12,736.61, up 144.70 points or 1.15 per cent.

Japan’s Nikkei Index was closed for Culture Day.

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Domestic airport considered for Satun province

EconNov 03. 2020

By The Nation

The Department of Airports (DOA) has completed an initial feasibility study for an airport in the southern province of Satun.

The study will first be vetted by relevant agencies such as the Civil Aviation Authority of Thailand (CAAT) and Office of Transport and Traffic Policy and Planning before it is handed over to the Transport Ministry and Cabinet.

The study found that the most feasible location of the airport would be in the Jebilang sub-district of Satun’s Muang district as it is the least densely populated area. The airport will cover 2,797 rai, and will be approximately 25 kilometres from the city centre. The airport complex, estimated to cost Bt4.133 million, will include a 9,600-square-metre terminal, a 45-metre wide and 2.5-kilometre runway, with 7.5 metres on either side. Under this plan, the airport can support Airbus 320-200, Boeing 737-800 and Boeing 737-900.

Once the project gets the final okay from the Cabinet, the DOA is expected to come up with a final design, construction details including an environmental impact analysis and budget proposal by 2023 and launch bidding the following year.

The airport, expected to serve approximately 500,000 passengers in the first year, should be open for operation by 2028.

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Thai exports improve slightly

EconNov 03. 2020

By The Nation

The Thai National Shippers’ Council has changed its forecast of export contraction this year to minus 7 per cent from minus 8 to minus 10 per cent due to improvement in global grade, its chairperson Ghanyapad Tantipipatpong said.

She explained that though the number of orders has risen, the council is keeping a close eye to see if there will be a second wave of Covid-19 infections in export destinations, especially the US and Europe.

Thai exports dropped 3.86 per cent year on year in September to US$19.621 billion, while export in the first nine months of the year fell 7.33 per cent year on year to $172.996 billion.

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SET gets a boost from rising oil price as Opec-plus defers production hike

EconNov 03. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 11.09 points, or 0.92 per cent, to 1,213.25 in the morning session on Tuesday.

An analyst at Krungsri Securities expected the day’s index to rise to between 1,210 and 1,215 before falling from rising oil price after Opec+ postponed its plan to increase its output.

“However, uncertainty over European countries’ second lockdown to contain the spread of Covid-19 would pressure the index,” he said.

He recommended that investors buy TU, STGT, STA, CBG, IVL, AP, COM7, SYNEX, ASIAN, HANA, SVI and TVO, whose third-quarter performances are expected to improve.

The SET Index closed at 1,202.16 on Monday, up 7.21 points or 0.60 per cent. The volume of total transactions was Bt40.73 billion with an index high of 1,202.55 and a low of 1,191.44.

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Gold price rises amid worries over US presidential election, surge in Covid-19 cases in Europe

EconNov 03. 2020

By The Nation

The price of gold rose by Bt50 per baht weight in morning trade on Tuesday, the Thai Gold Traders Association reported.

As of 9.21am, the buying price of a gold bar was Bt27,800 per baht weight and selling price Bt27,900, while gold ornaments were priced at Bt27,303.16 and Bt28,400, respectively.

At close on Monday, the buying price of a gold bar was Bt27,750 per baht weight and selling price Bt27,850 while gold ornaments were Bt27,257.68 and Bt28,350, respectively.

Spot gold price moved to US$1,895 (Bt58,898) per ounce in the morning after the price rose by US$12.6 to $1,892.5 per ounce on Monday’s close due to mass buy-ups of safe-haven assets in response to uncertainty over the result of the US presidential election and the Covid-19 outbreak in Europe and US.

Hong Kong gold rose by HK$60 to $17,500 (Bt70,171) per tael this morning, the Chinese Gold and Silver Exchange Society reported.

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Govt to buy 400MW/year under waste-to-energy plan

EconNov 03. 2020

Energy Minister Supattanapong Punmeechaow

By The Nation

Energy Minister Supattanapong Punmeechaow highlighted the national blueprint to generate electricity from waste as the Cabinet toured Phuket on Tuesday.

Phuket is at the forefront of the ministry’s renewable-energy plan to purchase up to 400 megawatts of waste-generated power per year from 2022.

The holiday island has two waste incinerator plants – a 2.5MW municipal facility and a 12MW plant built by PJT Technology. The municipal plant is currently offline while approval is sought for the private sector to join its management.

Under the Power Development Plan, the Energy Ministry will issue feed-in tariffs for waste-generated electricity next year, and purchase up to 400MW in 2022, said Supattanapong.

“The move will help strengthen Thailand’s energy security and protect the environment, especially in tourist areas with waste-management and environmental issues,” he added.

The island’s waste-disposal centre has seen a 13.5 per cent drop in solid waste this year after international tourism was suspended at the end of March.

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GSB to launch mobile microloan service

EconNov 03. 2020GSB’s new micro-finance service will help individuals and vendors escape the jaws of loan sharks, said the bank’s president Vitai Ratanakorn. 

By The Nation

The Government Savings Bank (GSB) plans to launch a microfinance service on its mobile banking app early next year, said president Vitai Ratanakorn.

The service is designed to help individuals and small businesses gain easy access to loans and would help solve the loan-sharking problem, he added.

GSB’s mobile banking app MYMO currently has 8 million subscribers.

The new service will link up with the bank’s customer database to make lending decisions.

Offered will be micro-loans of Bt10,000 to Bt20,000 per customer per year, rising to Bt50,000 in the future. The interest rate will be lower than offered by loan sharks.

Vitai said that the micro-loan packages will be designed to fit the needs of customers, including individuals and market vendors. As well as long-term contracts, a daily interest rate will be offered to those who want to borrow today and repay tomorrow.

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Ministry wants Bt1.5bn to create jobs in crisis-hit tourism provinces

EconNov 03. 2020Labour Minister Suchart Chomklin will ask Tuesday’s Cabinet meeting to approve a budget of Bt1.5 billion to hire 18,000 labourers in six Andaman provinces. 

By The Nation

Tuesday’s Cabinet meeting will be asked to approve a Bt1.5-billion budget to hire 18,000 labourers in six Andaman provinces, said Labour Minister Suchart Chomklin.

The move is aimed at mitigating the severe impact of Covid-19 on the region’s tourism sector.

The Labour and Interior ministries will operate jointly to recruit the labourers to work on public projects. The funding will come from the existing Bt400-billion economic revival budget.

Of the 18,000 jobs, 8,000 will be created in Phuket, with 2,000 in each of the five other Andaman provinces. Workers will be hired for 10 months on a daily wage of Bt330-340.

Suchart has also instructed the ministry to consider extending the cut in social insurance contributions by employees and employers. The rate cut from 5 per cent to 2 per cent is due to expire at the end of this month.

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World’s largest consumer of sugar wants people to eat more

EconNov 03. 2020

By Bloomberg
Pratik Parija

In a world where sugar has attracted increasing scrutiny for its impact on health and obesity, moves are afoot in the biggest consuming country to persuade people to eat more of the sweetener.

Mills in India are eyeing increased consumption as a way to cut the nation’s chronic oversupply, which stems partly from the favorable incentives provided to growers in politically powerful rural areas. High production costs mean the country finds it hard to sell sugar on the global market without subsidies.

To push forward their initiative, the mills have begun an online campaign to boost domestic demand, involving workshops and webinars, where everyone from nutritionists and endocrinologists, to public health experts and medical practitioners will share their expertise and knowledge.

“Sugar is the most preferred source of the body’s fuel for brain power, muscle energy and every natural process that goes into proper functioning of our body cells,” the Indian Sugar Mills Association said, adding that the calories in sugar are the same as calories from any other food, and body weight increases only when calories are not burned adequately or too many are consumed.

Consumption in India has stagnated at 19 kilograms per capita per year compared with a global average of 23 kilograms as social media campaigns saying the cane-based sweetener is unhealthy discourage people from eating it, according to the association. Per capita consumption growth between 2000 and 2016 was among the lowest in the world, it said.

If per capita consumption rises to the global average, domestic demand will climb by 5.2 million tons a year, according to Sudhanshu Pandey, the top bureaucrat at the food ministry. That would slash the surplus, cut overseas sales and save the government money by reducing export subsidies.

India, also the world’s second-biggest producer, exported a record 5.65 million tons in 2019-20, with the help of these subsidies, which are opposed by Australia, Brazil and Guatemala. Mills are aiming to ship 6 million tons in 2020-21 with production expected to rise 13% after good rains boosted planting.