It has now remained above the 12-month average of 27.9 per cent for the fifth consecutive month.

The Asian LSI measures the percentage of high-yield companies with Moody’s weakest speculative-grade liquidity score of SGL-4 as a proportion of high-yield corporate family ratings.

The indicator increases when speculative-grade liquidity deteriorates.

“The Asian LSI increased as the number of issuers reliant on short-term funding rose, marking the sixth consecutive month that the indicator has weakened,” said Brian Grieser, a Moody’s vice president and Senior Credit Officer.

“For Myanmar’s economy to go further, we must encourage industrialisation, which means we are in urgent need of more electricity. Clean energy is the cheapest option, and this trend will continue in the future thanks to technology advancements,” he said.

“It can be implemented very quickly, and the technology also favours us. Battery price will become cheaper in the near future just like the price of solar panels has gone down.”

He said that clean energy could create more jobs, up to five times higher than the current employment opportunities. It can also result in nearly US$2.7 billion (Bt90 billion) in savings per year by 2050, in addition to reducing harmful carbon emissions by 75 million tonnes per year.

“If we are not yet ready to focus on green energy now, it will be hard for us to unlock Myanmar’s potential,” he said.

“As many developed countries are willing to support Myanmar after the democratic government took office, we now have a chance to embrace the latest technologies that will not harm our environment. We should not repeat the mistakes of other nations. We are now ready to leapfrog.”

Shoon So Oo believes Myanmar will be able to solve its energy crisis by adding more renewable sources to the energy mix. He expects Myanmar to achieve a 100 per cent clean energy future by 2050, aligned with its national energy master plan.

The report “Myanmar’s Electricity Vision”, published by WWF and its partners last year, also showed that it was technically and economically feasible to achieve 100 per cent renewable energy in Myanmar by 2050. Myanmar has the opportunity to become a regional leader in clean energy because resources such as sun, wind, geothermal, biomass, and ocean energy are plentiful, it says.

“Myanmar is developing rapฌidly and the energy deficit is becoming larger. The fastest way to meet demand is renewable energy. Large-scale solar projects can be completed within one year and wind power projects could be operating in two to three years – that is a very rapid response,” says Shoon So Oo.

To him, a green energy future for Myanmar would avoid 75 million tonnes of carbon emissions annually. Green energy could also create 3.8 million jobs in Myanmar over the next 35 years, 2 to 3 times more jobs than fossil fuel-based energy.

“Rather than relying on heavily polluting high-carbon fossil fuel power generation, unsustainable hydropower projects or risky and costly nuclear power, Myanmar can leverage its rich endowment of renewable resources,” he said.

“Our country is developing fast, and energy deficit is big. It means there is room for all the players. A few years ago, Myanmar’s telecom sector reforms were driven by the rise in market demand. Likewise, energy demand will grow up to 20 fold in 35 years.”

During the interview, he stressed the importance of solar power, as Myanmar has an average of 5 hours of sun daily – enough to power the whole country. Solar farms can be up and running in less than one year, much faster than fossil-fuel plants which may take 3 to 7 years to be set up. It will also be much cheaper, as solar costs $3 to 7 cents per unit, compared to coal that costs $18 to 21 cents.

Previously in Myanmar, it cost up to $12.75 cents per kilo watt-hour. This year, the Ministry of Electricity and Energy has set a target to lower unit cost by $7 cents. One megawatt (1,000,000 watts) of solar farm would require only 3 to 4 acres of land, he said.

According to Solargis, a weather data organisation for solar power investments, Myanmar can produce up to 1,900 units per each square metre in one year. The strongest suns with the longest hours are in Central Myanmar, and small-scale solar projects can be implemented in all parts of the country.

He also sees great potential for wind and biomass. He said coastal areas, including Rakhine State, Tanintharyi and Ayeyarwaddy regions usually have very strong wind, and the Magwe region in Central Myanmar also has strong wind potential, citing the IRENA global atlas.

“We are very happy with our findings that biomass is strong here, as ours is an agricultural country. It is a model we can focus on for the next 35 years,” he said.

WWF Myanmar is helping the government attract clean and green power investment through capacity building and technical assistance. It also supports development partners to make sure their projects are sustainable. It planned to sign a memorandum of understanding on technical cooperation with the Kayin state government later this month, he said.

Last year, the organisation turned the lights on in Tanintharyi Region, which borders Thailand’s Kanchanaburi province, providing electricity to 235 households through solar home systems. This year, it aims to extend the programme to additional 1,000 households.

Meanwhile, the Anti-Money Laundering Office (Amlo) has frozen the bank accounts of 51 suspects in the multi-million-baht digital currency fraud.

In addition, Amlo seized title deeds for 15 tracts of land worth a combined Bt176 million as they were allegedly acquired using ill-gotten gains.

According to investigators, Jiratpisit, his brother, and other suspects were allegedly involved in cheating a Finnish person out of Bitcoins worth nearly Bt800 million.

The digital units were later transferred into the electronic wallets of seven persons who then converted the units into Thai baht deposited in several bank accounts.

Jiratpisit’s elder brother, Parinya, who is still a fugitive, has a bank account worth Bt111.9 million, while his elder sister, Supitcha, has a bank account worth Bt140.1 million.

Other bank accounts belong to Jiratpisit (Bt21.6 million), a person codenamed Tor (Bt146.3 million), a person codenamed Chor (Bt162.9 million), a person codenamed Chat (Bt96.1 million), and a person codenamed Por (Bt66.5 million).

Altogether, Bt745.7 million was transferred into multiple bank accounts while the plaintiff told police a total amount of Bt797.4 million was stolen.

Jiratpisit told investigators he was innocent and that his bank account was used by his fugitive elder brother.

Pol Colonel Charkit Sawasdee, deputy chief of Crime Suppression Bureau, said Supitcha has contacted police and wanted to talk to investigators.

Prasit Srisuwan, one of the suspects, also reported to police yesterday and denied any wrongdoing.

Parinya was found to have opened several companies in Thailand and Hong Kong in connection with the case. Finnish Bitcoin owner Aarni Otava Saarimaa was lured into transferring Bitcoins worth almost Bt800 million to Thai suspects for further investment in Thai and other securities as well as for use in Macau casinos.

Meanwhile, the Securities and Exchange Commission (SEC) said in a statement that all investors should exercise caution while considering investing in digital assets, while publishing the list of firms which may act as brokers if they apply for licences by August 14.

SEC secretary-general Rapee Sujaritkul said there have been investment scams involving digital assets and resulting in significant damages. An executive decree on digital asset regulations is now in force requiring brokers to be properly licensed to minimise investors’ risks.

The SEC said no issuer of ICOs, or Initial Coin Offerings, or ICO portals in Thailand have been licensed so far.

If investors are persuaded by brokers, trading centres or any person to invest in digital assets, they should exercise caution and cross-check the list of licensees on the SEC website.

The SEC is also working with other authorities on the ongoing investigation into the alleged Bitcoin scam and will file charges if anyone has violated the SEC law.

Due to the growing popularity of Bitcoins and other digital currencies, there have been reports of unscrupulous networks luring innocent investors into scams. However, authorities do not want to completely ban all crypto-currencies because the new technology has a wide range of useful applications needed to drive the digital economy

The economy grew 0.5 percent quarter-on-quarter in the April-June period, compared with a 0.2-percent decline in January-March, according to data from the Cabinet Office.

The growth figure — annualised at 1.9 percent — was better than analysts had expected, beating a market consensus of 0.3 percent growth compiled by Bloomberg News.

The data represented a quick turnaround after a series of eight consecutive quarters of growth ended in January-March, interrupting a winning streak not seen since the heady days of Japan’s “miracle” boom of the 1980s.

“The Japanese economy staged an ideal rebound, partly backed by robust corporate activities,” Hideo Kumano, chief economist at Dai-ichi Life Research Institute, told AFP.

But analysts warned US-led trade wars could be a major risk factor for an economy still struggling to win a long battle against deflation.

US President Donald Trump has unsettled rivals and allies alike with harsh trade rhetoric and a raft of tariffs that have affected sectors ranging from agriculture to automobiles.

Trump’s threat to impose stiff tariffs on vehicles imported into the world’s number-two car market remains a concern for Japanese automakers.

“Concerns over the potential auto tariffs can’t be ignored,” said Japan Research Institute economist Yusuke Shimoda.

“Since the automakers have vast supporting industries, the impact of the tariffs would spread widely,” Shimoda told AFP.

Kentaro Arita, senior economist at Mizuho Research Institute, estimated the US tariffs could cost Japan’s auto industry as much as $10 billion.

And threatened auto tariffs could deal a blow to the vaunted “Abenomics” policies of Prime Minister Shinzo Abe, who is aiming to secure his premiership by winning his party’s presidential election in September.

‘Heavy rain’

Abe launched the pro-spending “Abenomics” policy blitz when taking office in late 2012, combining ultra-loose monetary policy and fiscal stimulus in a bid to pep up the former Asian economic powerhouse.

But consumer spending has remained stubbornly lacklustre, with companies still stingy on wage hikes despite healthy profits.

In late July, the Bank of Japan revised down its inflation forecasts, making minor tweaks to a monetary policy that has so far failed to lift prices.

According to Friday’s data, private consumption — which accounts for some 60 percent of Japan’s GDP — rose 0.7 percent, recovering from a 0.2-percent decline in the first quarter.

Business investment jumped 1.3 percent following a 0.5-percent gain in the previous quarter, thanks partly to booming construction ahead of the Tokyo 2020 Olympics.

But analysts also warned of risks related to record downpours in western Japan last month, which killed more than 200 people and devastated local economies.

“The impact of the heavy rain may be visible for the July-September period, which would weigh on the economy,” said economist Kumano.

Among other risk factors is the impact of a deadly record heatwave that claimed 124 lives last month.

“Usually, a hot summer is a positive factor but it’s too hot this year and that may affect economic activities negatively,” Japan Research’s Shimoda said.

Microfinance operators in India have begun incorporating financial technology into their practices to cut operating costs and encourage poor people to open accounts with banks.

“When we started to apply cashless lending and cashless repayment collection, we at first feared that there would be an objection from borrowers, but they did not object,” said Satishkumar Rao, executive director of Hindusthan Microfinance Pvt. Ltd.

Rao was speaking at the “Maharashtra-Thailand Roundtable Discussion on SMEs”, co-hosted by the Minister of Industry and Mining of Maharashtra state, Subhash Desai, and Ekapol Poolpipat, consul-general of the Thai consulate in Mumbai, last week in the Indian mega-city.

Hindusthan Microfinance offer loans to the urban poor, mostly housewives who borrow money to run small business. Women are encouraged to form a group about five or more. Hindusthan Microfinance lends so-called clean loans to the group and they distribute the loans among themselves. As the microfinance operators in India aim to support the poor, they do not require loan collateral from borrowers.

In the past microfinance staff would deliver cash and collect repayments in cash from borrowers, but most of the poor are not be able to access banking services.

However, Hindusthan Microfinance then began transferring money to bank accounts and collecting money via the bank, and that switch requires borrowers to open bank accounts. The cashless lending and cashless debt collections have gone smoothly as borrowers are willing to open bank accounts, said Rao.

The cashless lending has dramatically reduced operating costs by 80 per cent, as the cost per each debt collection was 18 rupees (Bt10.80) previously. Now it is only 2 rupees,” said Anil Jadhav, chairman of Hindusthan Microfinance. Cashless lending does not mean there is no face-to- face contact with customers, as employees at Hindusthan do meet borrowers on a monthly basis, according to the two executives.

They said that even though they offer clean loans, debt default is not an issue, as non-performing loans amount to only 0.5 per cent of total loans. The women are responsible for repaying their debts. To prevent over-borrowing, the central bank of India limits maximum lending to each person to only 100,000 rupees.

The lending average at Hindusthan Microfinance for each borrower is 25,000 rupees. Meenal Patole, managing director of Agora Microfinance India Ltd, said that her company lends under cashless channel, but the collection of repayments is in cash. She said her company did not aim to make a high profit from lending, so if borrowers cannot make a repayment, the company will take into account family conditions or whether they face serious issues such as illness in the family. If a borrower fails to pay back a debt without good cause , he or she would be put on a black list, she said.

Wimonkarn Kosumas, deputy director-general of the Office of Small and Medium Enterprises Promotion, said Thailand should learn microfinance lessons from India, given the success there. In Thailand many poor people cannot access bank loans, she said.

India also has a credit rating system for small and medium-sized enterprises (SMEs) and it helps SMEs to access bank loans and to enter the value chain of production operated by the large companies, said Wimonkarn, who also atttended the roundtable talks.

The conference will gather 7,000 insurance specialists and financial professionals from all over the world to convene under one roof. TCEB president, as a representative from Thailand, is attending the IDA flag presentation on August 11 in Kunming, China.

Chiruit Isarangkun na Ayuthaya, president of Thailand Convention and Exhibition Bureau or TCEB, said that the IDA has been growing in the last 20 years since its inauguration.

Presently, the event is recognised as one of the prestigious international conferences in the insurance and financial services sector. Last year, the IDA took place in Australia and attracted over 5,000 delegates.

For the next edition of the IDA, it is expected that up to 7,000 delegates will be joining this mega event in Thailand.

Hosting the IDA will enhance confidence in Thailand and the country’s potential for hosting mega conferences. Also, it will further underscore Thailand’s popularity as an international MICE destination.

In 2017, Thailand welcomed 153,312 MICE travellers from China, an 11.5 per cent increased over the previous year. The market has been showing a rising trend continuously and remaining in the top-ranking position during the three-quarter of 2018 with 134,754 MICE travellers or 35 per cent growth over the same period last year.

Breaking down to 20,355 travellers from the meeting sector, 59,190 visitors from the incentive travel sector, 22,717 attendees from the conference sector and 32,492 members of the exhibition sector.

The market generated Bt10,547 million in revenue to the country during the first nine months of this year.

“TCEB is very pleased and grateful with the IDA committees’ decision to select Thailand as the host country for IDA 2019.

“We will continue to conduct our marketing activities in China which include organising roadshows and participating in leading MICE trade shows in Shanghai, Beijing, Shenzhen and Guangzhou. Our confidence in Chinese MICE travellers market remains strong as it is a very high potential MICE market,” said Chiruit.