Coffee can pile-up brings traffic to a halt in Pathum Thani
TUESDAY, DECEMBER 20, 2022
Traffic was brought to a halt when some 120,000 cans of coffee fell off a trailer truck on a flyover in Pathum Thani’s Sam Khok district on Monday evening.
The accident took place on the flyover going across the Pathum Thani-Bang Pahan road in Chian Rak Yai subdistrict.
The driver, Saran (surname withheld), 58, said the rope holding the 4,032 boxes together had split, sending the shipment flying off the truck’s rear on to the road.
It took police officers and volunteers several hours to clear the road and get the traffic moving again.
The secretary-general of the Anti-Money Laundering Office Piyapan Pingmuang has reportedly resigned following an allegation he is involved with Chinese triads in Thailand.
News of Pol Maj-General Piyapan’s resignation was made public by former massage parlour tycoon and politician Chuwit Kamolvisit in a Facebook post on Monday.
Chuwit also attached a photo of Piyapan’s resignation letter to the post.
Chuwit said the resignation came after former Democrat MP Watchara Phetthong urged the Senate to investigate Piyapan and his deputy Theppasu Bavornchotidara for allegedly assisting members of Chinese triad criminal gangs in various illegal operations in Thailand.
However, the letter posted by Chuwit cited Piyapan’s reason for quitting as “health problem”.
Chuwit said he admired Piyapan for his swift decision to resign to ensure a transparent investigation rather than using his position as a shield.
“It is a rare sight among those in power nowadays,” he said. “I hope that his action will become a new standard for all government agencies that fall under scrutiny.”
Last month, Chuwit handed the police information on alleged Chinese triads operating in Thailand. The tip-off quickly led to an arrest warrant being issued for alleged triad kingpin Chaiyanat “Tuhao” Kornchayanant.
Chaiyanat is married to a senior Thai police officer and gained Thai citizenship through the marriage.
He surrendered to police on November 23 and was charged with drug-trafficking. He has denied all charges. On December 9, police seized 3 billion baht in assets allegedly belonging to Chaiyanat, including land, luxury cars and a resort hotel.
Dr Bordin Vongvitayapirom, Senior Manager – Sustainability & Climate Centre of Excellence (S&C COE) at Deloitte Thailand, shares his insights regarding the latest climate change conference.
At the 27th session of the Conference of the Parties of the UNFCCC (COP27) held last month in Egypt, many expected to see the development of mechanisms under the Paris Agreement in continuation of COP26, and the progress of countries against their climate commitments. Meanwhile, severe climate impacts around the world in the past year, such as the major flood in Pakistan and devastating wildfires in many countries, heightened the focus of world leaders on damage and loss recovery. These climate crises highlighted the increased pressure for governments to act on their prior commitments in keeping a 1.5°C scenario alive and the urgency to unlock financial support to address its major impacts on developing economies.
Key developments at COP27 can be summed up in 3 main areas: (1) climate finance, which centered around the creation of a “Loss and Damage Fund” and continuing discussions on climate financing under the Paris Agreement; (2) increased emphasis on private actors, especially in the Energy and Carbon Market and; (3) the critical role of new and emerging technologies in green transitions.
Climate Finance as key support for developing countries
The Loss and Damage Fund, with the objective to aid vulnerable countries facing severe climate related impacts, took center stage of COP27. The Loss and Damage finance mechanism will be discussed at the new transitional committee meeting by March 2023. As a developing country, Thailand agrees with the establishment of the fund but still expects to see progress on the previous financial commitment of US$100 billion mobilized by developed countries for climate action in developing countries.
As one of the ten most flood-affected countries in the world, Thailand will need to rely on global funding to absorb the high economic impacts of climate change and to develop infrastructure for climate mitigation and adaptation. Meanwhile, we see a growing domestic ecosystem of private sustainable financing which will be strengthened once the Bank of Thailand’s Green Taxonomy is enforced next year. This will support financial institutions to embed sustainability and encourage the distribution of funds and financial products for energy transition, climate actions, and sustainability-linked projects. The use of these sustainable finance products and loans is an opportunity for private sector to fund their transition to low carbon organization.
Carbon Market Mechanism may become more stringent in the future
COP27 saw some developments in carbon markets, such as on the governing the use of Internationally Transferred Mitigation Outcomes (ITMOs) with Article 6.2, and clarifications on trading of carbon credits under Article 6.4. At the conference, Thailand highlighted that it is among the first countries to tackle climate change under Article 6.2, through cooperation with Switzerland.
Thailand recently launched its first carbon credit exchange operated by the Federation of Thai Industries with the aim to accelerate the adoption of carbon credits, encourage innovation in emission reduction initiatives and enhance the quality of carbon credits to meet international standards. Companies will need to pay greater attention to the carbon market as the pressure and regulations around carbon neutrality has tightened significantly in the recent years, particularly among buyer countries such as Europe (e.g., CBAM) and other countries with mandatory carbon markets.
Phasing down of all fossil fuels may come sooner than expected
In the past year, unpredictable events such as the Russia-Ukraine war has led to fluctuations in commodity prices and fueled energy crises globally. As an impact of this uncertainty, countries attempted to prioritize their economic and energy security, which stagnated the phasing down of fossil fuels. At COP27, the UN Chief highlighted the need for just energy transition partnerships to accelerate the phasing out of coal and scaling up renewables (UN News, 2022). The proposal for a full phase down of all fossil fuel was not adopted at COP27; however, we can expect further and deeper discussions on this topic in the next COPs. Shifting from fossil fuels to renewables are key solution today; however, the lack of stability and efficiency of renewable resources compared to fossil fuels is the main hindrance for many countries to increase renewable energy production.
Thailand continues to maintain reliance on fossil fuels in power generation to ensure its energy security. However, transition to renewable resources is necessary in the near future as Thailand is depleting its oil and gas reserves and aiming to achieve the Net Zero target. The Alternative Energy Development Plan (AEDP) 2015-2036 expects to see an increase in renewable energy share, with a target to increase the proportion of renewable energy to 30% of total energy consumption by 2036. Many companies that invest in power utilities are aiming to be part of this energy transition, which will see significant business opportunities in the years to come.
Green technology solution breakthroughs are vital to achieve Net Zero
Scaling up technology solutions for decarbonization and energy transition also took central stage at COP27. It was agreed that actualization of green technology will require components vital to unlock climate finance, stakeholders and partners in green technology development, and pathways for sectoral transformation (Deloitte, 2022).
To achieve carbon neutrality by 2050, Thailand needs new decarbonization technology. Climate technology solutions such as green hydrogen and Carbon Capture, Utilization, and Storage (CCUS) which developed significantly over the past years. There are now several key developments in Thailand. For example, EGCO has recently signed an MoU on clean energy with Saudi Arabia’s Ministry of Investment and PTTEP has initiated the country’s first CCS project which is expected to commence operations by 2026.
Currently, Thailand has progress in its climate change efforts, but we need more cooperation across sectors, with support from the government on policies and regulatory framework. Meanwhile, Thailand will need to increase its technical capability to unlock climate financing, enhance its market mechanism to match international standards, and develop green solution technologies. The roles of the private sector are more crucial than ever in this transition. Companies should start today by taking actions to understanding their footprint, plan to decarbonize, and explore sustainable finance products to fund the transition. All have a part to play in achieving our climate ambition, and the time to start is now.
New Miss Universe crown a dazzling ‘Force for Good’ in blue
MONDAY, DECEMBER 19, 2022
Nongluck Ajanapanya
The “Force for Good” crown designed and crafted especially for the 2022 Miss Universe was unveiled by Anne Jakapong Jakrajutatip, owner of the Miss Universe Organisation.
Speaking to the press on Monday, the transgender business mogul, who is also CEO of JKN Global Group, described the crown as a new legacy under her leadership.
The “Force for Good” crown, designed by luxury jewellers Mouawad, represents the graceful incarnation of Miss Universe’s long-standing values as a guiding light, she said.
Anne Jakapong is the first non-American national to own the Miss Universe Organisation. Before her, it was owned by former US president Donald Trump.
“Our ambition is to instil a sense of passion for ‘transformational leadership’, with the firm belief that everyone can lead, be successful and achieve their life goals,” she said.
Anne Jakapong also indicated that the beauty pageant will serve as an inspirational platform for diversity and will give women the opportunity to realise their ambitions. She said her aim is to help the Miss Universe brand evolve into one that is more relevant and appealing to the next generation.
Anne Jakapong Jakrajutatip
“The Miss Universe brand is eager to play a key role in engaging people on a journey towards social inclusion, gender equality and sustainability,” she said.
The “Force for Good” crown is the second to be designed and crafted by Lebanese jewellery house Mouawad.
The crown costing close to US$6 million sports 110 carats of blue sapphires and 48 carats of white diamonds with a 45.14-carat royal blue pear-shaped sapphire as its crowning glory.
Fred Mouawad
The crown symbolises “goodness and hope for a brighter future”, said Fred Mouawad, a fourth-generation co-guardian of Mouawad.
He added that the crown is a feat of extraordinary craftsmanship with each of the 993 stones set by hand.
According to Mouawad, the design evokes Miss Universe Organisation’s belief in a future that is forged by women who push the boundaries and advocate positive change.
Natalie Glebova, who was crowned Miss Universe in 2005, said the crown was not just “absolutely stunning” but also represents the women’s strength and power to inspire.
Anne Jakkapong, meanwhile, promises that the upcoming Miss Universe pageant will be a fantastic vision in blue – her favourite colour –filled with meaningful messages and content to empower people across the world.
As for who she reckons will be crowned the world’s most beautiful woman, she laughed, saying the next Miss Universe will be a true icon who is beautiful both inside and outside.
The 2022 Miss Universe will be crowned in the US city of New Orleans on January 14 by last year’s winner, Miss India Harnaaz Sandhu.
Fire damages 40th-floor condo unit on banks of Chao Phraya
MONDAY, DECEMBER 19, 2022
A condominium unit in a luxury high-rise on the banks of the Chao Phraya River in Bangkok’s Klong San district was damaged by fire on Monday afternoon, police said.
Police reported damage to the property, but there were no casualties.
Samreh Police Station was alerted at around 1.30pm about the fire on the 40th floor of Saichol Mansion B, a 42-floor condo building on Charoen Nakhon Road in Bang Lampu Lang subdistrict. Officials evacuated more than 100 Thai and foreign residents of the building, while the firefighters put out the blaze in around 15 minutes.
Police said the fire damaged 20 square metres of area inside the bedroom of the condo unit. The damaged items included a large bed and other household items.
Police said the room was rented by an Indian family of five. The fire, which is suspected to have been caused by a short circuit, broke out when no one was in the unit. The family would be questioned later as part of an investigation into the cause of the fire.
Three people have died in floods from heavy rains unleashed by a strong monsoon in the South, the Disaster Prevention and Mitigation Department said on Monday.
The department said 51,543 families in 1,028 villages in 49 districts of Surat Thani, Nakhon Si Thammarat, Trang, Phatthalung, Satun, Songkhla, Pattani, Yala and Narathiwat are under water.
The strong monsoon over the Gulf of Thailand in the South has pounded the region with heavy rain since Saturday, the department said. The rains are expected to continue until Tuesday.
So far, the following districts in nine provinces are struggling with heavy flooding:
• Surat Thani: Phunphin, Tha Chang
• Nakhon Si Thammarat: Pak Phanang, Muang, Sichon, Chalerm Phrakiat, Chian Yai, Chulabhorn
• Trang: Na Yong, Yan Ta Khao, Palian
• Phatthalung: Tamot, Srinakharin, Kong Ra, Khao Chaison, Pak Phayun, Pa Bon, Bang Kaew
• Satun: Langu
• Songkhla: Muang, Rattaphum, Khuan Niang, Hat Yai, Na Mom, Chana, Bang Klam, Ranot
• Pattani: Muang, Kapho, Yaring
• Yala: Bannang Sata, Than To, Raman, Yaha, Muang, Krong Pinang
• Narathiwat: Sukhirin, Si Sakhon, Rusoh, Rangae, Chanae, Muang, Joh I Rong, Sungai Padi, Bacho, Waeng, Sungai Kolok, Tak Bai, Yi-ngor
Crackdown on loan apps results in arrest of 2 Chinese women, 17 Thais
MONDAY, DECEMBER 19, 2022
Two Chinese nationals and 17 Thais were arrested in a crack down on the operators of two mobile phone apps that offer loans at a ridiculous interest rate of 2080%.
The Centre for Countering Abuse by Loan Sharks (CCALS) announced on Monday that the ring was allegedly run by two women – Qingmei, 30, and Baolu, 34 – who are now in police custody.
Deputy National Police chief Pol Lt-General Surachate Hakparn, who also leads CCALS, said the gang ran the Self Service and Krapao Hai Than Mee Yuem (Wallet Providing Loans) apps.
After the initial investigation, CCALS obtained arrest warrants against 22 suspects on December 13 and joined forces with local police stations to search 22 locations in Bangkok, Nonthaburi, Chiang Rai, Phayao, Chonburi and Prachuap Khiri Khan.
Surachate said the raids resulted in 19 people being arrested, namely two Chinese nationals and 17 Thais.
He said the suspects face the following charges:
• Running an unlicensed loan business
• Charging interest that is far higher than allowed by law
• Intimidating debtors into repaying their debt
Surachate said CCALS has frozen 33 bank accounts with a total cash of 5.29 million baht. Police also seized five savings bank books, three computers, three ATM cards, two mobile phones, four SIM cards, and one network router.
The deputy police chief also said the two apps served as portals to access 40 other lending apps that charge borrowers 40% interest per week, which adds up to 2080% per year.
He said if borrowers fail to repay the debt within seven days, the apps would send them intimidating messages or members of the gang would call and threaten them.
Surachate explained that the two Chinese women were the beneficiaries of the operation and provided funds for the loans. He added that the duo tried to leave Thailand but police managed to arrest them first.
The Krapao Hai Than Mee Yuem app has reportedly been running for about six months and is linked to some 20 bank accounts with about 1 billion baht in circulation.
He said the Self Service app has also been running for six months, with 11 bank accounts and about 1.5 billion baht in circulation.
Surachate believes the money earned from the two apps was laundered from purchasing cryptocurrencies and computer products.
Speaking at the same press conference, Pol Colonel Phadol Chandon, chief of the Economic Crime Suppression Sub-Division 5, said some victims in Chanthaburi and Samut Prakan had complained that they were being threatened by their creditors after they borrowed money through the apps.
Phadol said some 80,000 people have borrowed money via the two apps. Under the app, he said, if a person was to borrow 3,000 baht, they would only receive 1,800 baht, with the remaining 1,200 already deducted as interest. The borrower, however, would have to return the entire 3,000 baht within seven days or suffer threats and intimidation.
KResearch revises Thailand 2023 GDP forecast to 3.2 % amid global economic recession
TUESDAY, DECEMBER 20, 2022
Kasikorn Research Center (KResearch) has revised its 2023 GDP growth projection to 3.2 % from the previous projection range of 3.2-4.2 %, though its 2022 GDP growth forecast has been upgraded to 3.2 % from the earlier projection of 2.9 %.
Nattaporn Triratanasirikul, KResearch Deputy Managing Director, viewed that the global economy will see a significant slowdown in 2023 – presenting an obstacle for the Thai economic recovery. The US and Eurozone are set to show no growth given their policy rate hikes to tame inflation and the impact of an energy crisis in Europe.
Meanwhile, it is more likely that China will reopen its borders in the second quarter of 2023. However, close attention should be paid to the situation there, especially the number of infected cases and deaths, as well as the adequacy of China’s public healthcare system. China may face a new wave of COVID-19 which would affect its economic activity. Under these circumstances, KResearch holds a cautious view towards China’s reopening and therefore maintains its 2023 projection of international tourist arrivals at 22 million. Meanwhile, the Thai economy is projected to grow at 3.2 % next year.
As for the interest rate outlook, we at KResearch are of the view that the US Federal Reserve (Fed) may continue to raise its policy rate to 5.0 % or even higher during the first quarter of 2023. The Fed Funds rate will likely stay at an elevated level throughout 2023. Meanwhile, Thailand’s Monetary Policy Committee is expected to hike its policy rate at its two upcoming meetings by 0.25 % each, reflecting that domestic interest rates are also on an upward trajectory. Regarding the Baht’s outlook during the first quarter of 2023, it is expected that the Thai currency will strengthen even as the Fed presses ahead with its planned policy rate hikes because markets have already priced in such a likelihood.
For the financial sector, it is expected that loans of commercial banks registered in Thailand will grow within a limited range of 4.2-5.2 % YoY (median rate of 4.7 %) in 2023 versus the 5.0 % growth projected for 2022, in line with economic conditions facing numerous risks and an uneven recovery expected in the business sector. The cautious trend will also be reflected in asset quality within the commercial banking system, as the NPL to total loan ratio in 2023 may not improve from that seen in 2022. NPLs are projected to stay within a range of 2.55-2.80 % at the end of 2023, compared to the 2.65-2.75 % expected at the end of 2022.
Kevalin Wangpichayasuk, KResearch Deputy Managing Director, said, “Regarding the Thai business outlook for 2023, KResearch views that most industries are still dealing with numerous challenges. In terms of operating costs, electricity prices, labour costs and interest rates are rising. Meanwhile, business income would be affected by major economies falling into a recession and the Baht’s appreciation, thus causing a decrease in Thai exports. Additionally, as the impacts of such factors on each industry vary, business income in 2023 will likely see an uneven or “K-shaped” recovery. Hotels and restaurants, private hospitals and the retail sector may lead the recovery. Meanwhile, industries which will see their recovery take longer or even see a contraction are real estate and exports of electronic devices and electrical appliances.”
In addition, Thai businesses will increasingly be challenged by environmental, social, and governance (ESG) issues in 2023. Thailand’s trading partners will likely adopt more stringent rules and regulations, especially the EU’s Carbon Border Adjustment Mechanism (CBAM). Meanwhile, Thailand will focus more on developing definitions and a practical green taxonomy to move towards a green economy. Given this, Thai business operators need to study and make adjustments in order to enhance their long-term competitiveness.
NBTC urged to create national platform to help digital TV operators compete with OTT service
MONDAY, DECEMBER 19, 2022
Jarupong Krisanaraj
Digital television (TV) industry experts have advised the National Broadcasting and Telecommunication Commission (NBTC) to revise regulations and create a national TV channel that would boost operators’ competitiveness.
Three panellists made the remarks during a seminar “Opportunities and solutions for Thailand’s digital TV industry amid changes in media ecosystem” at Pullman Bangkok Grande Sukhumvit on Monday.
Special adviser to Nation Group Adisak Limparungpatanakij said he sees opportunities for digital TV operators as content providers.
“Up to 80% of content nowadays comes from digital TV operators,” he said.
He urged the NBTC to revise regulations so as to make digital TV operators more competitive, otherwise over-the-top (OTT) streaming could dominate Thailand’s media market.
“OTT streaming has already won the hearts of people in Greater Bangkok,” he pointed out.
Tero Entertainment’s deputy managing director, Choakchai Eaimrittikrai, said the emergence of OTT streaming services, such as Netflix, Hulu, YouTube and Line TV, has forced digital TV operators to become content providers.
He added that digital TV operators’ revenue from advertising had halved from 60 billion baht to 30 billion baht due to disruption caused by OTT streaming.
“Digital TV operators have been forced to pay more attention to changes in consumers’ demands, such as broadcasting content on digital TV, Facebook and TikTok at the same time,” he said.
He asked the NBTC to create a national TV channel that would enable Thai content providers to broadcast content both locally and internationally.
He added that content on the national TV channel should include food, music, travel and sports, which could help promote Thailand’s soft power.
“Content providers simply make content to be broadcast on the national TV channel and add the subtitles,” he said, adding that it is weird that no Thai content is broadcast overseas.
He said that it is the NBTC’s duty to promote Thai content internationally to further strengthen Thailand’s digital TV industry.
He added that Tero Entertainment is currently in talks with a global sports media platform, Group One Holdings, on broadcasting One Lumpinee Muay Thai matches in 179 countries worldwide.
One 31’s chief operating officer, Deaw Woratangtragool, said there were still opportunities for Thailand’s digital TV industry to become content providers amid the streaming disruption.
“Amid the digital transition, many digital TV operators have already adjusted themselves to become content providers,” he said.
Echoing Choakchai’s idea, he said a national TV channel would benefit Thailand both locally and internationally.
The three panellists also agreed that digital TV was still effective despite changes in the media ecosystem.
However, they pointed out that outdated laws and regulations, as well as a lack of infrastructure and NBTC’s support, posed challenges to Thailand’s digital TV industry.
“Digital TV is still effective, but content providers must pay more attention to consumers’ needs,” the panellists said.
Food delivery businesses face slump in demand next year: KResearch
MONDAY, DECEMBER 19, 2022
The research arm of Kasikornbank (KBank) expects the food delivery business sector in Thailand to slow down next year in line with the situation in other countries as the Covid threat slowly ebbs.
A KResearch Centre study, released on Monday, said that the food delivery business in Thailand next year would be valued at around 81 billion to 86 billion baht next year, a contraction of 0.8% to 6.5% compared to the value this year.
The centre said the value would still be much higher than before the Covid pandemic.
KResearch said its study from early this year until now had found that about 37 per cent of its survey group had reduced the frequency of food delivery service since the improvement in the Covid-19 situation and as people have started returning to work.
KResearch said single-dish and basic foods remain the biggest group of foods ordered via food delivery services.
It said the categories of foods and drinks that faced a slowdown were drinks and bakery because employed people prefer to buy them on their own since their return to work.
KResearch advised operators of food delivery services to diversify their operations and allow customers to hire their riders to buy goods from supermarkets and convenience stores, or try to expand their services to the provinces to be able to sustain their business.
Anne Jakapong Jakrajutatip
Fred Mouawad
The Miss Universe 2022 Force for Good Crown
The deputy police chief also said the two apps served as portals to access 40 other lending apps that charge borrowers 40% interest per week, which adds up to 2080% per year.
The Krapao Hai Than Mee Yuem app has reportedly been running for about six months and is linked to some 20 bank accounts with about 1 billion baht in circulation.
Speaking at the same press conference, Pol Colonel Phadol Chandon, chief of the Economic Crime Suppression Sub-Division 5, said some victims in Chanthaburi and Samut Prakan had complained that they were being threatened by their creditors after they borrowed money through the apps.
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