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https://www.nationthailand.com/business/banking-finance/40020072

Four Banks To Suspend Mobile Services For A Few Hours This Month

WEDNESDAY, SEPTEMBER 14, 2022

THE NATION

Customers Of Four Banks Are Advised To Be Prepared And Make Necessary Transactions In Advance As The Banks Plan To Suspend Mobile Services On A Few Days This Month To Improve Security And System Performance.

The four are Bank of Ayudhaya, or Krungsri; Krung Thai Bank (KTB); Government Savings Bank (GSB) and Tisco Bank.

The GSB announced it would suspend services on Wednesday from 11pm to midnight to improve its system.

The following services would be affected:

– MyMo MyCash withdrawals

– GSB debit card services in the country or abroad

– ATM and ADM (automated deposit machine) services

– Fast Funds services receiving money transferred from abroad.

Krungsri said it would halt its mobile and internet banking services for system improvements on Saturday from 2am to 4am and on Sunday from 2am to 4am.

The following services will be affected:

– Krungsri mobile application

– Internet banking via www.krungsrionline.com

– The “Kep by Krungsri” mobile banking service

– Credit card and debit card services at Krungsri’s ATM, CDM and RATM machines.

The KTB meanwhile said it would suspend services on Sunday from 1.30am to 6.30am to improve security.

The following services will be affected:

– Krung Thai ADM

– Krung Thai ATM

– Cash withdrawal cards

– A Money cards

– Nergn Tid Lor cards

– Withdrawals through AEON – Your Cash cards

– Withdrawals via JCB and UPI cards.

KTB added that it would also close its banking system to improve its Krungthai Next application on Tuesday, September 20, from midnight to 3am.

Tisco Bank announced it, too, would stop services on Saturday and Sunday and September 25 to improve system performance and service efficiency.

On Saturday, the bank will suspend services from midnight to 9.30am, which will affect:

– ATM machines, which cannot be used for PromptPay registrations or transfer services

– Tisco My Wealth service

– Tisco PromptPay service.

On Sunday, the bank will suspend services from 1.30am to 7.30am and on September 25 from midnight to 7am.

The following services will be affected:

– ATM withdrawals

– Tisco My Wealth

– Tisco PromptPay.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020048

First Thai-Saudi Business Matching Webinar Expected To Launch THB10bn Annual Trade

BY LINE : NONGLUCK AJANAPANYA

TUE, SEPTEMBER 13, 2022

The Federation Of Thai Industries (FTI) Is Teaming Up With The Federation Of Saudi Chambers Of Commerce (FSCC) To Co-Host A Webinar That Will Connect Thai And Saudi Businesses To Boost Bilateral Trade And Investment.

The online event will take place later this month and follows Commerce Minister Jurin Laksanawisit’s trade trip to Saudi Arabia last month.

FTI chairman Kriengkrai Thiennukul hailed the trip as a success after it resulted in an agreement to forge a Joint Business Council.

The collaboration between the two nations’ private sectors is expected to boost Thai exports of agricultural products, food, electronics, automobiles, and services.

Mutual trade is forecast to exceed 10 billion baht within one year of the signing of the agreement to establish the Thai-Saudi Arabian Business Council, said Kriengkrai.

Meanwhile Saudi Arabia will need more cooperation from Thai investors and businesses to develop its ambitious US$500-billion Neom smart city project, he added. Neom is part of the Saudi Vision 2030 strategy to reduce reliance on oil and create a more diverse economic model.

Kriengkrai commented that Thai products have already gained a foothold in the Saudi market.

“I discovered that Thai goods and services are quite popular among Saudi Arabians, and this is a new opportunity after three decades to reconnect with a huge potential market,” he said. 

Thai-Saudi relations were frozen for three decades amid the Blue Diamond affair after a Thai janitor stole gems from a Saudi palace in 1989.
 

The desert kingdom also pledged to facilitate visa processes for Thai businesses, and showed special interest in Thailand’s food, construction and air conditioner industries.

Saudi Arabia is currently Thailand’s 29th-largest export market. The value of trade between the two countries has increased by 46.42 per cent in the last seven months. Exports increased 14.79 per cent to $1.1 billion, while imports rose 56.83 per cent to $4.6 billion.

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https://www.nationthailand.com/thailand/economy/40020044

Business Sector Urges Government Support To Ease Power Bill Burden

BY LINE : NONGLUCK AJANAPANYA

TUE, SEPTEMBER 13, 2022

Thailand’s Industrial Sector Has Proposed A Short-Term Plan To Address Rising Electricity Bills, And Urged The Government To Provide More Assistance To Small And Medium-Sized Businesses.

The Federation of Thai Industries (FTI) revealed on Tuesday its proposal during the monthly press conference on Thailand Industry Sentiment Index (TISI) for August 2022.

FTI chairman Kriengkrai Thiennukul said businesses overall would tend to grow positively due to the easing Covid-19 pandemic situation. However, most entrepreneurs are concerned about the rising electricity cost right now because it will affect their overall costs and profits.

He noted that material prices were still high, so rising electricity bills would do more harm than good to businesses that are still recovering from the pandemic.

Meanwhile, FTI vice chairman Isares Rattanadilok na Phuket explained that electricity bills in Thailand are higher than in neighbouring countries as the kingdom is overly reliant on liquified natural gas (LNG) as the primary source of energy for power generation. The country lacks a free market system in the energy sector, resulting in the country having few players while having plenty of idle infrastructures that only adds to the cost burden, Isares said.

Thailand will need to reform its electricity system in the long run. However, because the business sector cannot wait, the federation has developed a short-term plan for the government to consider in order to reduce the electricity cost, Isares said.

“The first proposal is to import oil from Russia as an alternative source of LNG, and then the Energy Regulatory Commission should open a bidding round for purchasing electricity from idle small power producers rather than importing LNG to produce power,” Isares explained.

Kriengkrai also urged the government to take steps to mitigate the effects of the incremental increases in minimum wage and electricity charges, such as by granting an electricity subsidy to SME entrepreneurs and subsidising employment promotion to assist entrepreneurs in cost reduction.

The business sector requested that the government ease the import of foreign workers from neighbouring countries in order to alleviate labour shortages, including assisting entrepreneurs in using more machines for manufacturing.

Besides, the public and private sectors must work together to develop flood mitigation measures in economic areas, as well as systemic flood management plans to address the impacts of inundation and drought.

The FTI also revealed the latest TISI for August 2022, which increased from 89.0 in July to 90.5, as business returned to near normal with an improvement in domestic consumption while demand for industrial products continues to expand.

Meanwhile, the cancellation of the Thailand Pass and the implementation of a tourism stimulus measure called “We Travel Together” to promote domestic travel by Thais has given the tourism industry an additional boost.

Although fuel costs appeared to be improving in August 2022, entrepreneurs are still concerned about rising production costs such as logistics, and prices of raw materials such as animal feed, steel and aluminium, electricity fees, as well as a shortage of foreign labour in the manufacturing sector.

There are also some negative factors to be concerned about, such as the global economic slowdown, high inflation, and tensions between Russia and Ukraine.

The survey was conducted in August 2022 among 1,304 enterprises represented by 45 industry clubs affiliated with the FTI. The findings revealed more factors of concern for business owners, such as the global economy (75.9 per cent), domestic politics (42.8 per cent), the baht’s exchange rate against the US dollar from an export perspective (39.3 per cent), and loan interest rate (35.7 per cent).

The TISI for the next three months is expected to be 99.5, up from 98.7 in July 2022, because entrepreneurs believe the Thai economy will gradually expand due to recovery of the tourism sector, increasing domestic demand, and the government’s economic stimulus measures.

Entrepreneurs are concerned about an incremental increase in the minimum wage rate from October 1, 2022, as well as a new round of rising electricity fees from September to December 2022, which will result in higher production costs. Similarly, risks associated with economic slowdown and geopolitics may have an impact on the Thai export sector, Kriengkrai concluded.

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https://www.nationthailand.com/thailand/economy/40020043

Finance Ministry Upbeat As Annual Tax Revenue Beats Target For 1st Time Since Covid

BY LINE : THE NATION

TUE, SEPTEMBER 13, 2022

Tax Revenue For 2022 Has Already Surpassed The Target Of 2.4 Trillion Baht, In A Sign That The Economy Is Recovering, The Finance Ministry Said On Tuesday.

Ministry permanent secretary Krisada Chinavicharana said the target had already been exceeded by 70 billion baht. The 2022 fiscal year will end this month.

The surplus would be 130 billion baht had the diesel tax not been reduced to soften the impact of soaring fuel prices, Krisada added.

The ministry expects this month’s revenue collection to increase in line with rising consumption and tourism.

The Revenue Department collected 1.67 trillion baht during the first 10 months of fiscal 2022, which was 210 billion baht more than at the same period last year.

But the Excise Department failed to meet its own revenue target after the government reduced diesel excise tax three times.

The Finance Ministry expects the economy to expand 3.5 per cent this year from 2021.

This is the first year since the Covid-19 pandemic began that the government has reached its tax-revenue target.

It missed the target by 336 billion baht (12.3 per cent) in 2020 and 307 billion baht (11.5 per cent) in 2021.

Krisada said the government’s decision to extend the diesel tax cut for two months from September 20 to November 20 would cost the government about 20 billion baht in revenue.

The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month. Krisada said the Finance Ministry is confident that target will be met as well.

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https://www.nationthailand.com/thailand/economy/40020027

Thailand’s Unskilled Workers To Get A Raise From Oct 1

BY LINE : THE NATION

TUE, SEPTEMBER 13, 2022

The Cabinet On Tuesday Gave The Go-Ahead To The New Daily Minimum Wage Rate As Agreed Upon By The Tripartite Wage Committee. The New Wage Rate Will Go Into Effect From October 1.

At its weekly meeting chaired by acting PM Prawit Wongsuwan, the Cabinet gave the green light for the Labour Ministry to implement the new rates from next month.

Under the new rates, the daily earnings of unskilled workers will rise by about 5.02 per cent averaging about 337 baht per day.

Boonchob Suthamanuswong, permanent secretary for Labour Ministry, said the tripartite wage committee had agreed on the following minimum daily wage in different provinces:

• 354 baht: Chonburi, Rayong, Phuket

• 353 baht: Bangkok, Nonthaburi, Nakhon Pathom, Pathum Thani, Samut Prakan, Samut Sakhon

• 345 baht: Chachoengsao

• 343 baht: Prachinburi, Nong Khai, Ubon Ratchathani, Phang Nga, Krabi, Trat, Khon Kaen, Chiang Mai, Suphanburi, Songkhla, Surat Thani, Nakhon Ratchasima, Lopburi, Saraburi

• 338 baht: Mukdahan, Kalasin, Sakon Nakhon, Samut Songkhram, Chanthaburi, Nakhon Nayok

• 335 baht: Phetchabun, Kanchanaburi, Bueng Kan, Chai Nat, Nakhon Phanom, Phayao, Surin, Yasothon, Roi Et, Loei, Phatthalung, Uttaradit, Nakhon Sawan, Prachuap Khiri Khan, Phitsanulok, Ang Thong, Sa Kaew, Buri Ram and Phetchaburi

• 332 baht: Amnat Charoen, Mae Hong Son, Chiang Rai, Trang, Si Sa Ket, Nong Bua Lamphu, Uthai Thani, Lampang, Lamphun, Chumphon, Maha Sarakham, Singburi, Satun, Phrae, Sukhothai, Kamphaeng Phet, Ratchaburi, Tak, Nakhon Si Thammarat, Chaiyaphum, Ranong and Phichit

• 328 baht: Yala, Pattani, Narathiwat, Nan and Udon Thani.

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https://www.nationthailand.com/thailand/economy/40020004

Revenue Department To Come Up With Carbon Tax Plan Next Year

BY LINE : THE NATION

MON, SEPTEMBER 12, 2022

The Revenue Department Will Next Year Come Up With Clear Measures And Rates For Carbon Taxes On Goods That Emit High Carbon Dioxide During Production, Its Chief Said On Monday.

Ekniti Nitithanprapas, director-general of the department, said clear measures and rates for collecting the so-called carbon tax would be ready by next year.

He said the department is now studying effective measures to slap carbon tax on goods and services that emit high volume of greenhouse gases as several other countries have started collecting the tax.

“Thailand cannot avoid collecting carbon tax because many other countries have already started doing it,” Ekniti said.

He said European Union nations would next year start collecting carbon taxes on five goods whose production processes cause high carbon dioxide emissions. The five goods categories are: cement, steel, aluminium, chemicals and fertilisers, and electricity.

“If Thailand does not collect carbon taxes on these goods, exporters will have to pay the tax at the destination EU nations. If we collect the tax in Thailand, we will negotiate with the EU to exempt the goods from double carbon tax,” Ekniti said.

So far, the department is contemplating two methods – collecting on the goods or collecting tax on the production process at the factories.

For the first option, the tax will vary in accordance with amount of carbon dioxide emitted when the goods are made, Ekniti said.

For the second option, the department will collect carbon tax during the manufacturing process – at the start, the midway and the end of production. He said if the department chooses the second option, it will have to consult the Thailand Greenhouse Gas Management Organisation on the collection method and tax rates.

Ekniti said the carbon tax is being planned in accordance with the department’s goal to promote Environment, Social and Governance among businesses.

The goal is to support the government’s target of having carbon neutrality by 2050 and net zero emission by 2065.

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https://www.nationthailand.com/thailand/economy/40019997

Energy Ministry Lines Up Diesel Tax Cut, Power Bill Discounts As Fuel Crisis Deepens

BY LINE : THE NATION

MON, SEPTEMBER 12, 2022

The Energy Ministry Will Propose Two Measures To The Cabinet Tomorrow Aimed At Alleviating People’s Financial Burdens As Energy Prices Soar.

Minister Supattanapong Punmeechaow said he will propose extending the excise tax cut for diesel, currently set at 5 baht per litre but due to expire on September 20. He did not say how long the measure will last or whether the tax cut will remain at 5 baht.

The other proposal is for discounts on electricity bills for households. This measure is expected to last from September to December and will see households that use 301-500 units per month receive discounts of between 15 and 75 per cent off their bills.

Households using less than 300 units per month will get a discounted per-unit rate of 0.9204 baht.

The ministry estimates that the power-bill discounts will cost the government around 2 billion baht per month or 8 billion for four months. The discounts will be funded by the 2022-2023 central and emergency government budgets.

Supattanapong added that the Energy Ministry is also in talks with the Finance Ministry to issue tax benefits for households that install solar rooftop panels. This move is aimed at getting more people to use renewable energy.

He added that since the start of the global energy crisis following Russia’s invasion of Ukraine earlier this year, the government has spent over 200 billion baht in energy subsidies to soften impacts on the general public. Of this, 120 billion baht has been spent on the Oil Fuel Fund to subsidise prices at the pump, while about 80 billion was used by the Electricity Generating Authority of Thailand (Egat) to suppress fuel tariff rises.

Supattanapong said subsidy to Egat could soon exceed 100 billion baht if the price of natural gas in the global market continues to rise.

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https://www.nationthailand.com/thailand/economy/40019988

Apec Lays Out Path For Sustainable Growth Of MSMEs

BY LINE : THE NATION

MON, SEPTEMBER 12, 2022

The 28th Apec Ministerial Meeting Focused On Using The BCG Model, Digital Transformation And Financial Policies To Boost The Capacity Of Micro, Small And Medium Enterprises (MSMEs).

Deputy PM Suppattanapong Punmeehaow, who chaired the meeting, pointed out that MSMEs make up more than 98 per cent of the region’s businesses and contribute 40 to 60 per cent of the GDP in most Apec economies.

“Promoting a more resilient, inclusive and dynamic trade and investment environment that strengthens the role of Apec MSMEs in the global economy is critical to economic recovery and sustainability of the region,” he said.

The Apec Small and Medium Enterprises Ministerial Meeting, held on Friday and Saturday in Phuket, was attended by ministers responsible for MSMEs from 21 economies. Also present were delegates from the Apec Business Advisory Council and Asean countries.

The theme of the meeting was “Inclusive Recovery of Apec MSMEs through the Bio-Circular-Green Economy (BCG) Model and High Impact Ecosystem”.

Supattanapong said the meeting focused on an inclusive, high-impact recovery plan in four priority areas, namely:

• BCG adoption: Promoting the BCG model to add value to MSME products and services, boost business opportunities and reinforce ongoing global efforts to address climate change.

• Digital transformation: Digitalisation to accelerate comprehensive development of MSMEs, boost recovery from the fallout of the Covid-19 pandemic and move closer towards the Apec Putrajaya Vision 2040, which targets strong, balanced, secure, sustainable and inclusive growth. The aim is to equip MSMEs with digital skills and tools, so they can reach more markets and customers. MSMEs will also require more consultation, digital skills training and digital solutions.

• Financing and debt restructuring for MSMEs: Apec countries are encouraged to address traditional lending constraints by introducing a credit enhancement scheme, credit mediation, alternative funding options like venture capital, sustainable finance, angel investment, private equity and promoting financial literacy. The aim should be to give MSMEs, especially those owned or led by women, greater and easier access to capital market financing.

• Coping with an evolving market landscape: The meeting embraced efforts to strengthen MSMEs’ competitiveness by improving the business environment for start-ups, fostering innovation, promoting participation in regional and global value chains and collaborating with large enterprises.

Supattanapong said he hoped the meeting would result in greater cooperation among Apec countries to encourage MSMEs and start-ups to adopt the BCG model as well as new technology to compete in the global market and contribute to the sustainable growth of regional economies.

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https://www.nationthailand.com/thailand/economy/40019943

New Thai Rice Breeds Needed To Compete Globally, Says Rice Exporters Chief

BY LINE : THE NATION

SAT, SEPTEMBER 10, 2022

The Thai Rice Exporters Association Is Urging The Government To Establish A Special Committee That Can Set Rice-Related Policies, Especially With The Improvement Of Rice Breeds.

The association’s president, Charoen Laothamatas, said on Friday that in his 40 years in the rice industry, he has not seen Thailand develop any new rice breeds to penetrate the global market.

“India and Vietnam have surpassed us with better quality of rice thanks to continuous breed improvement. The only valid strategy we have now is reducing our price to attract buyers,” he said.

Charoen also pointed out that nearly all governments in the past three decades have only focused on the price of rice, but never on the improvement of output and quality, which are key obstacles for export.

“We tend to set our prices too high compared to the quality of our rice, which is something that should not be done in a free market. This is one of the reasons why our rice export volume has dropped continuously,” he added.

“What we need to do now is develop new breeds of rice that suit the market’s demand, as well as fix the law to facilitate the certification of new rice breeds for commercial purposes.

“Many new breeds have been discovered or developed by universities and institutes, but lack proper development and support to make them viable for mass production and export,” he added.

Charoen said establishing a “Rice Board” will help speed up this endeavour, especially if it comprises representatives of the Thai Rice Exporters Association, Thai Rice Packers Association, Thai Rice Mill Association and Thai Seed Trade Association. He said the board members can then come up with policies that benefit all related parties in both the long and short term.

“The government should make the setting up of a ‘Rice Board’ part of its national agenda, so it can take place as soon as possible and coordinate seamlessly when the government changes,” he said. “Developing a new rice breed will take at least three years, so we need to act now if we want to see tangible changes in the rice industry.”