Thailand minting fewer coins as people opt for online transactions
TUESDAY, DECEMBER 27, 2022
With Thailand fast becoming a cashless society, far fewer coins are being minted yearly.
Chamroen Phothiyod, the Treasury Department’s director-general, said on Tuesday that the department will mint 1.07 billion coins in the 2023 fiscal year compared to 1.60 billion in fiscal 2022.
The minting of coins for 2023 kicked off in October this year, he said.
Chamroen said he expects the production of coins to drop further over the years, though he believes the number of coins in circulation will not drop much as the department has to replace damaged coins.
He said the department replaces some 3 billion damaged coins on average per year.
“There are 38 billion coins worth 79 billion baht currently in circulation,” he said, adding that there is still a high demand for coins, especially among retailers.
He added that a drop in coin production can bring down his department’s revenue. He expects the production of coins in fiscal 2023 will generate about 900 million baht in revenue, compared to around 1 billion baht in 2022.
“To maintain its revenue, the department has decided to start producing commemorative coins,” he said, adding that the department also produces special coins for private agencies and other countries.
Earlier, the Bank of Thailand said the PromptPay application is a game changer as it helped turn Thailand into a cashless society.
PromptPay, which was introduced in 2015, allows people to make electronic transactions with a cheaper transaction fee.
It also allows government agencies to make transactions accurately and transparently, the central bank said.
Target headline inflation in Thailand set at 1-3% for 2023
TUESDAY, DECEMBER 27, 2022
The Cabinet has okayed targeted headline inflation in the range of 1-3% for 2023, the same as it did for this year.
A Government House source said on Tuesday that the Cabinet had been informed by a central bank representative that though the actual headline inflation this year was higher than targeted, it was temporary due to rising energy prices.
The source quoted the central bank’s representative as saying that global energy prices had risen due to the Russia-Ukraine war and the global economic fallout of the Covid-19 pandemic.
The Bank of Thailand representative also assured the Cabinet that the situation will improve next year, prompting the decision to set the targeted inflation rate at 1-3%.
The central bank has reported that the headline inflation for November stood at 5.55%. In October, the Commerce Ministry announced that the 12-month average headline inflation from October 2021 to September 2022 was 5.23%.
Headline inflation is a measure of total inflation in an economy, including the price of commodities like food and energy, which are more volatile and prone to inflationary spikes.
Thai exporters warned new EU deforestation edict could lead to bans
TUESDAY, DECEMBER 27, 2022
Thai exports in seven categories could be affected by the European Union’s new law on deforestation-free products, the Department of Trade Negotiations (DTN) warns.
Talks between the European Commission, the European Parliament and the EU Council took place on December 6 to finalise details of the deforestation policy, DTN director-general Auramon Supthaweethum said on Monday.
The DTN expects the new regulations to take effect from June next year, when Thai exports in seven categories could be banned if the EU finds they have contributed to deforestation. Thai exports under the deforestation spotlight are beef, paper for printing, palm oil, soy, coffee, cocoa and rubber.
Auramon said the new regulation will be imposed on EU trade partners at different levels depending on their deforestation risk. The European Union is currently revising its definition of deforestation and classifying trade partners according to three risk levels: high, medium and low, she said.
The regulation will also require EU importers to carry out comprehensive, effective and continuous due diligence to prove that their products are not linked to deforestation or forest degradation.
Auramon advised Thai exporters to follow progress of the regulation closely so they can adjust their practices to avoid impacts on their business.
Last year, Thai rubber exports to the EU were worth US$1.69 billion, or 8% of total rubber exports, while Thai wood exports to the EU were worth $22.6 million, or 9% of the total. Thai export volume of other products on the list – beef, soy, cocoa and palm oil, is relatively low at less than 1% of total exports in each category.
New study finds 8.1 million people in Thailand poor, 4.4 million below poverty line
MONDAY, DECEMBER 26, 2022
As many as 8.1 million Thais are poor and 4.4 million of them are living below the poverty line, the latest National Economic and Social Development Council (NESDC) report shows.
The report on Thailand’s poverty situation in 2021, which was released this year, said that the number of people living below the poverty line had dropped from 4.7 million in 2020 to 4.4 million last year.
“This is all thanks to the government’s economic stimulus measures to ease the financial burden on poor people, such as measures to increase purchasing power and utility bill cuts,” NESDC said.
However, NESDC found that poverty from other dimensions other than just income in Thailand is far more severe.
Citing its Multidimensional Poverty Index (MPI) which identifies four dimensions of poverty, namely education, health, quality of living and financial stability, it said 8.1 million Thais are suffering from poverty.
“As many as 36.9% of them are the elderly, while 51.5% are those who do not contribute to the economy, like children, the mentally ill, the ill or the unemployed,” NESDC said.
In the education sector, it said, more children have dropped out of school, especially those who are not living with their parents.
More than 280,000 students have been recorded as having dropped out of school last year due to poverty, the report said.
In terms of health, it said poor people suffer from the lack of access to clean water and nutrition, adding that people’s access to basic utilities is still limited, especially in remote areas.
When it comes to quality of living, it said 2.8 million people do not have access to the internet as signals do not reach all locations and many people are not able to pay internet fees.
When it comes to financial security, the report said many workers do not have access to social security and their earnings are not enough to make ends meet.
This has resulted in rising debts and problems with saving money, it said.
To solve these issues, NESDC has advised the government to improve information systems and launch policies to boost people’s quality of life.
“Government agencies should come up with policy packages that solve multidimensional poverty, such as improving financial literacy among people,” it added.
Cortina Watch’s Golden Jubilee culminates amid the splendour of love and joy
MONDAY, DECEMBER 26, 2022
2022 marks a monumental year for Cortina Watch as it commemorates its 50th year of becoming one of Asia Pacific’s foremost luxury watch retailers and distributors.
The gala traced the growth and transformation of Cortina Watch over the past half a century, from its humble beginning as a family-run retail store that debuted amid the quartz crisis and subsequently growing from strength to strength to becoming a publicly listed company with over 40 boutiques region, including Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and Australia. Throughout the years, Cortina Watch has stayed true to the vision of its founder, Mr Anthony Lim, by putting the core values of trust, loyalty, and reliability at the heart of the business.
This year, Cortina Watch also marked this epic milestone with a series of commemorative events. Some of them include Patek Philippe’s travelling exhibition showcasing some of Cortina Watch’s collection of unique dome clocks and both past and present anniversary editions from the Swiss watchmaker, the Blancpain Fifty Fathoms Bathyscape exhibition, “Happy Sport – Tale of an Icon” exhibition with Chopard, followed by a Franck Muller exhibition in September. Furthermore, Singapore Heart Foundation’s (SHF) third wellness facility – the SHF-Cortina Watch Heart Wellness Centre, was officially unveiled in August. Cortina Watch also collaborated with eight brand partners to launch exclusive celebratory edition timepieces. Together with Patek Philippe, Blancpain, Cartier, Chopard, Corum, Franck Muller, H. Moser & Cie., and Tag Heuer, a total of 16 limited edition models were presented as part of the golden jubilee festivities. Key management personnel of Cortina Watch’s longstanding brand partners also sent in personal congratulatory messages. Some even flew to convene for Cortina Watch’s monumental celebratory gala dinner at the Ritz-Carlton Millennia Singapore on 19 November.
During the gala dinner, Jeremy Lim, CEO of Cortina Watch & COO of Cortina Holdings, attributed the success of Cortina Watch to the strong foundation laid down by its founder, as well as the passion and steadfastness of its staff. “Had it not for our chairman Mr Anthony Lim, who made a bold decision to start Cortina Watch 50 years ago, we probably would not be here today celebrating our golden jubilee. In our business, trust and passion are always key to our success. And it is the trust that has enabled us to build longstanding relationships with all our brand partners and business associates. Cortina has gone through many ups and downs over the past 50 years, including many recessions and adverse economic situations, not forgetting a pandemic that has made everything even more challenging. However, we have steered through these challenges because of our dedicated and passionate team of employees.”
Since launching its first boutique at the Colombo Court in 1972, Cortina Watch has served customers for half a century. Thanks to close bonds fostered between sales staff and their customers, many of these loyal customers have been with Cortina Watch since the beginning. Some have even progressed to building multi-generational relationships with the watch retailer.
Mr Sunny Lau, Senior Boutique Manager of Cortina Watch Singapore, has even worked at the company since the beginning and gave his best throughout the past five decades. He beams with pride as he looks back on his days starting out, “I started with Cortina Watch in 1972 and personally witnessed our growth from a humble store in Colombo Court to an international corporation. It was definitely not a bed of roses all the way, but as we grew from strength to strength together, I was rewarded with the most wonderful experiences, and I would not have traded them with anything else.”
Cortina Watch’s founder and Chairman, Mr Anthony Lim, also expressed his heartfelt gratitude towards these dedicated staff. He says with great appreciation, “Our employees are a part of our family. We cherish them and their efforts in lifting the company up. Our success is theirs. Loyalty is a two-way street — we need to be as devoted to our staff, partners and customers as much as they are supportive of us.”
In addition, Cortina Watch has always been committed to giving back to the community and championing social responsibility. Donations in the form of cheques totalling S$1.62 million were also presented to several organisations, including the Community Chest (for AWWA), Singapore Heart Foundation, Ren Ci Hospital, Kwong Wai Shiu Hospital, and the Singapore University of Social Sciences (SUSS). S$1 million was channelled through Community Chest to AWWA Ltd. AWWA provides early intervention for pre-schoolers, education and integration support for children and adults with additional needs, social assistance for vulnerable families, and care services for seniors. AWWA’s mission is to empower the disadvantaged to maximise their potential to lead independent and dignified lives.
Mr Raymond Lim, CEO of Cortina Holdings says, “I think the role of the retailer today, at least from my perspective, is to have an active role in helping brands develop their presence in our markets. This effort entails a lot of trust on all sides: the brands, our customers and ourselves. Trust is what has shaped our work and success, from 1972 till today.”
Light shows on 13 Chao Phraya bridges to usher in New Year
MONDAY, DECEMBER 26, 2022
The Rural Roads Department (DRR) has invited people to see light shows at 13 bridges along the Chao Phraya River from December 30 to January 1 to bid bye to 2022 and usher in the New Year.
The Transport Ministry said on its Facebook page on Monday that it is celebrating the New Year festival with a light show on the following 13 bridges:
Rama III Bridge
Rama IV Bridge
Rama V Bridge
Rama VII Bridge
Maha Chesadabodindranusorn Bridge
Somdet Phra Pinklao Bridge
Memorial Bridge
Phra Pok Klao Bridge
Taksin Bridge
Krung Thon Bridge
Krung Thep Bridge
Bhumibol Bridge 1
Bhumibol Bridge 2
The light show will start at 7pm and go on until midnight.
The department explained that the objective was to provide an attraction and woo tourists as well as assist the economy.
Canadian researchers unlock way to boost immunity against BQ.1.1
MONDAY, DECEMBER 26, 2022
Ramathibodi Hospital’s Centre for Medical Genomics has revealed a way of boosting immunity against the vaccine-resistant BQ.1.1 Covid-19 strain. Previously, vaccines were found to be four times weaker against BQ.1.1, which looks set to replace BA.2.75 as Thailand’s dominant strain.
However, research from Canada’s University of Montreal shows that a fourth shot of mRNA vaccine plus natural immunity from a recent infection boosts immunity against BQ.1.1.
Posting on Facebook, the centre explained that the Omicron variant has mutated since the end of 2021 to resist monoclonal antibodies and inactivated, viral-vector and mRNA vaccines.
Montreal University researcher Andres Finzi reported that those who have received three doses of mRNA vaccine, either Pfizer or Moderna, have weak immunity to newer strains of Omicron when compared to the Wuhan, Alpha, Beta, Gamma, and Delta strains.
However, the immune response to BQ.1.1 is raised significantly by three doses of mRNA vaccine plus natural immunity. People recently infected by Covid can achieve this level of immunity by getting either monovalent (first-phase Pfizer/Moderna) or bivalent (second-phase Pfizer/Moderna) as their fourth vaccine dose, Finzi said.
Finzi’s Montreal research team also expected the formula to work well against other new Omicron subvariants such as XBB.
The Ramathibodi Hospital centre explained that while second-phase mRNA vaccine may work less well against new subvariants, it is still a good choice for protection while newer vaccines are being developed.
It said people were still getting infected after receiving three vaccine doses. Hence, they should seek a fourth dose 4-6 months after their third shot, to boost immunity against the BQ.1.1 and XBB subvariants that are expected to spread quickly across Thailand in the next few weeks.
Thailand’s Worawi explains why he backed Qatar’s bid to host World Cup
MONDAY, DECEMBER 26, 2022
The 2022 Fifa World Cup ended last week, hosted successfully by the tiny Gulf nation of Qatar. Despite many rights activists attacking the host country, the tournament went off smoothly.
Qatar was chosen by members of Fifa’s executive committee in 2010 — now known as Fifa Council — in a controversial and pathbreaking move. One of the members voting for Qatar’s bid in the executive committee was Worawi Makudi from Thailand.
The Nation spoke to Worawi, who remains an honorary member of football’s governing body, and continues to be invited to every major Fifa event.
The former president of the Football Association of Thailand explained to the Nation how Fifa members select the host of the World Cup.
Qatar was a unique case in the history of the World Cup 2022. The country became the first country from the Middle East to host football’s biggest event. There were two concessions made in the case of Qatar. The country has never qualified for the World Cup finals, and the competition was shifted to winter because the heat in Qatar’s summer would be unbearable for the players and spectators.
Worawi explained that there are no concrete conditions for choosing the host nation and it depended on the readiness of the applicant, so the World Cup could be held in every part of the world.
Speaking about Qatar’s case, Worawi argued:“These are not concrete conditions in selecting a host because going by those conditions, some countries might never get the right to bid to be World Cup host.”
“I have to thank every member for always choosing the right host, not only Qatar, but also South Korea and Japan in 2002, or Germany in 2006, as they were all great World Cups,” says Worawi.
“Do you know that before Germany was chosen, South Africa was the front-runner in 2006? Germany won a close race by only one vote (12-11),” he reveals.
“The reason that the members chose Germany was because it was perceived as more ready to stage the event, and Germany did host a great World Cup in 2006. We saw that South Africa was not ready at that point, so we chose them four years later after it was ready, and South Africa did organise a great World Cup,” says Worawi.
“After that, the World Cup moved to Brazil in 2014. It was already the country of football so it organised a great World Cup.”
“After that, we chose the hosts simultaneously for two World Cups — 2018 in Russia and 2022 in Qatar — because we did not want the lobbying to be chaotic.
“I always praise members for choosing the right host, like 2018 was the correct moment for Russia.”
Explaining the choice of Qatar, he said, “Some people might have disagreed initially with choosing Qatar, but now everyone says, ‘Wow! Qatar did the best.’ When Fifa inspects a country’s readiness, it faces some problems but the World Cup in Qatar had no problems at all.”
When asked about the reason he voted for Qatar, Worawi said: “I, as a Fifa member and Asian person, must choose a country from Asia.”
“However, I always think that no matter what the size of a country, we must give them an equal chance and I was thinking at that moment that Qatar had the potential to organise the World Cup. They prepared stadiums and got everything ready for the 2022 World Cup within 12 years of being selected.
“We did not consider that it got rich from gas or oil, but it is passionate about every sport, especially football. Qatar built Aspire, which is the No. 1 sports institution and academy in the world.
“With the passion for football in Qatar, it was my duty as an Asian to support Qatar,” he added.
Argentina won the World Cup hosted by Qatar from November 20 to December 18, beating France on penalties in the final.
Retro ONE TWO TWO bar opens door to 1920s Paris on Sukhumvit
MONDAY, DECEMBER 26, 2022
New French-inspired vintage bar ONE TWO TWO resurrects the Paris of a century ago on the modern boulevard of Sukhumvit. The French design evokes sensual indulgence for a comfortable evening vibe in 1920s Paris, right in the heart of Bangkok’s chic nightlife district of Sukhumvit Soi 11.
The interior of this bar incorporates a classic red comfy sofa and its 1920s style and nostalgia to provide an extraordinary experience of celebration and sophistication.
The Beverage menu created by Michel Gonggiat Stein takes its inspiration and concept from the original & Famous ONE TWO TWO from Paris back in the 1920s, every Signature cocktail is inspired by the exciting design and uniqueness of the rooms that made the original ONE TWO TWO so famous back in Paris, ONE TWO TWO as well offers a great selection of French Vermouth and champagnes for guests who adore the bar scene or want to have a stylish business meeting complimented by a luxurious ambience.
Highlights from the drink menu are Smoke on the Water, Midori Symphony, and Oriental Express.
“Smoke on the Water” – a smokey drink with bitterness from chocolate and black coffee blended with Flor de Cana 12 Years Rum and Maraschino liquor.
“Midori Symphony” – refreshing taste of citrus from yuzu, lime, and lemon, mixed with Roku Gin and Midori.
“Oriental Express” – a fresh mix of tropical and fruity taste of yuzu, lime and pineapple blend with Vodka and Campari.
Once one said, “You only live once, but if you do it right, once is enough”.
But at ONE TWO TWO, the vibe of the place is, “You only live once, but if you could do it twice, once wouldn’t be enough” or “Tu ne vis qu’une fois, mais si tu pouvais le faire deux fois, une fois ne suffirait pas.”
No doubt that ONE TWO TWO will be the next bar destination in the heart of Bangkok for its exquisite interiors, crafted cocktails and incomparable luxury and style.
Museum offers promotion for tickets to Banksy exhibit
SUNDAY, DECEMBER 25, 2022
The Museum of Contemporary Art in Bangkok is offering one free ticket for every four bought for an exhibition of street artist Banksy’s art until January 8.
The exhibition – The Art of Banksy: “Without Limits” – opened at the end of October at the museum, its first time in Southeast Asia, and runs till February 12.
Banksy is “probably the most famous yet the most mysterious graffiti artist this world has seen”, the organiser said. “From Bristol to Barcelona, Sydney to San Francisco, one thing that everyone agrees on is that his popularity cannot be denied.”
In 2010, Time magazine placed the British artist on its list of the world’s 100 most influential people.
The exhibition, which is custom-built to fit the venue, comprises more than 150 of the artist’s works, including certified originals, prints, photos, lithographs, sculptures, murals, and video installations.
The exhibition spans three halls with a total space of 700 square metres.
Profits from the exhibition will be donated to the M.V. Louise Michel, a humanitarian agency that helps refugees in the Mediterranean.
The Beverage menu created by Michel Gonggiat Stein takes its inspiration and concept from the original & Famous ONE TWO TWO from Paris back in the 1920s, every Signature cocktail is inspired by the exciting design and uniqueness of the rooms that made the original ONE TWO TWO so famous back in Paris, ONE TWO TWO as well offers a great selection of French Vermouth and champagnes for guests who adore the bar scene or want to have a stylish business meeting complimented by a luxurious ambience.
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