PM’s new interest calculation method ‘a move to help free people from debt’

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PM’s new interest calculation method ‘a move to help free people from debt’

PM’s new interest calculation method ‘a move to help free people from debt’

WEDNESDAY, DECEMBER 07, 2022

A new initiative by Prime Minister Prayut Chan-o-cha to reform interest calculation would help people free themselves from debt faster, deputy government spokesperson Tipanan Sirichana said on Wednesday.

She said the move aims to tackle the serious debt problem faced by many people and entrepreneurs across the country in a sustainable manner, maintain fairness and meet the changing needs of the economy.

“The premier’s move is historic as it has changed a method of interest calculation in Thailand used for more than 95 years ago,” she said.

Explaining the PM’s interest calculation reform, she said:

● People must pay only 3% from 7.5% per year for interest which is not included in the agreement, while the Finance Ministry must review such interest every three years to conform to commercial banks’ average between deposit rate and lending rate.

● People must pay only 5% of 7.5% per year as default interest — 3% under Section 7 of Civil and Commercial Code plus an additional 2%.

● Creditors must calculate the default interest based on when debtors make the payment instead of the debtors’ whole principal.

Tipanan Sirichana Tipanan Sirichana

She added that the premier’s interest calculation reform would also help ensure fairness in other types of debt repayment, such as hire purchase of vehicles.

“Prayut’s move to amend outdated laws proves his intention to maintain fairness in society, while people do not have to suffer from high interest anymore,” she said.

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Officials seize 3,000 tonnes of chicken as crackdown on smuggling widens

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Officials seize 3,000 tonnes of chicken as crackdown on smuggling widens

Officials seize 3,000 tonnes of chicken as crackdown on smuggling widens

WEDNESDAY, DECEMBER 07, 2022

The Livestock Development Department has seized 3,000 tonnes of chicken meat smuggled across the border, Agriculture Minister Chalermchai Sreeon said on Wednesday.

Chalermchai said the chicken was smuggled from a neighbouring country without naming it. More information will be released at an upcoming press conference, he said.

The seizure of chicken followed seizures of 25 tonnes of pork, beef and offal from an unauthorised food-processing plant in Chonburi last week. The plant is believed to have supplied fresh meat and offal to more than 60 restaurants in the eastern province.

Chalermchai said the 66 Thai-style shabu and Isaan food shops in the province, which bought meat and offal from the plant, have been told to purchase from authorised slaughterhouses and processing plants only.

He said a similar warning was sent to restaurants nationwide, instructing them to ensure purchased meat and offal had a seal of approval from the Livestock Development Department, adding that this guarantees that the meat is hygienic and its quality is high.

The minister said the department would continue to step up crackdowns on smuggling of pork from neighbouring countries to prevent the spread of disease.

Somchuan Ratanamungklanon,director-general of the department, identified the virus that causes African swine fever as the main concern.Officials seize 3,000 tonnes of chicken as crackdown on smuggling widensRelated story:

Over 25 tonnes of meat, formaldehyde-spiked offal seized from unlicensed factory in Chonburi

So far, the department has seized about 800,000kg of smuggled pork, Chalermchai said.

Food distributors are trying to smuggle pork from neighbouring countries because the prices are cheaper, he added.

Puzzling signs aim to keep drivers from falling asleep at the wheel

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Puzzling signs aim to keep drivers from falling asleep at the wheel

Puzzling signs aim to keep drivers from falling asleep at the wheel

WEDNESDAY, DECEMBER 07, 2022

After highway signposts with puzzling messages – like “Is a dolphin a fish?” – went viral, an official from the Department of Highways explained on Wednesday that they are part of a pilot project that aims to prevent motorists from falling asleep at the wheel.

The goal of the signposts is to prevent road accidents caused by sleepy drivers, Suphanburi 1 Highway district director Saranrat Phuangphat said in reference to photos of signposts in Suphan Buri grabbed attention online.

One signpost informs drivers they have entered a “drowsiness fixing area”, while another asks: “is a dolphin a fish?”.

Puzzling signs aim to keep drivers from falling asleep at the wheel

Saranrat said the pilot project is a joint effort by the Department of Highways’ bureau of road research and development and Chulalongkorn University’s transportation institute.

Puzzling signs aim to keep drivers from falling asleep at the wheel

He explained that the project aims to help officials pinpoint the causes of road accidents and is currently being assessed to determine its effectiveness. The assessment should be completed this month, Saranrat said.

“Once the project is completed, the bureau of road research and development will publicise the results,” he said, adding that it would widen use of the signs to maximise road safety.

Puzzling signs aim to keep drivers from falling asleep at the wheel

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After second blast, bomb disposal officers scour area near derailed train

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After second blast, bomb disposal officers scour area near derailed train

After second blast, bomb disposal officers scour area near derailed train

WEDNESDAY, DECEMBER 07, 2022

The State Railway of Thailand has temporarily suspended its plan to salvage the derailed freight train in Songkhla’s Sadao district after the second blast killed three workers and injured four others on Tuesday.

Bomb disposal officers were deployed on Wednesday to inspect the area for more bombs, following a request from railway staff.

After second blast, bomb disposal officers scour area near derailed train

Meanwhile, Songkhla provincial police and security officers were deployed to ensure security at the scene until the inspection and repairs were completed.

After second blast, bomb disposal officers scour area near derailed train

Officers collected gas tank pieces weighing 4 kilograms, a 1.5 volt battery, electric wires, plugs and 8 millimetres of steel bar at the scene.

After second blast, bomb disposal officers scour area near derailed train

Tuesday’s blast occurred at about 6.30am while engineers were inspecting the wreckage of a train that derailed after a blast on Saturday.

After second blast, bomb disposal officers scour area near derailed train

Train No 707 was travelling from Songkhla’s Hat Yai district to Padang Besar in Malaysia when a bomb blast caused to to derail as it approached Khlong Ngae railway station at 12.50pm on Saturday.

Eleven of its 20 containers left the track, which was also severely damaged. No staff were injured in the incident.

After second blast, bomb disposal officers scour area near derailed train

However, the blast on Tuesday morning was deadly. Besides the three killed in the blast, another four engineers were injured. The blast occurred just meters from the site where the train derailed on Saturday.

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Rattanakosin Island committee approves repairs to Memorial Bridge

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Rattanakosin Island committee approves repairs to Memorial Bridge

Rattanakosin Island committee approves repairs to Memorial Bridge

WEDNESDAY, DECEMBER 07, 2022

The Committee for the Conservation and Development of Rattanakosin Island and Old Cities Wednesday approved the restoration of Bangkok’s Memorial Bridge in two years.

The government should inform the public three months in advance before the bridge would be closed to minimise impact on commuters, assistant government spokesman Lt-General Phatchasak Patirooppanon said.

The meeting, which was the second this year, was chaired by Deputy Prime Minister General Prawit Wongsuwan,was held as a teleconference from the Five Provinces Bordering Forest Preservation Foundation.

The Memorial Bridge is a bascule bridge over Chao Phraya River in Bangkok, connecting Phra Nakhon and Thonburi districts.

The bridge was opened on April 6, 1932 by King Prajadhipok (Rama VII) in commemoration of the 150th anniversary of the Chakri dynasty and the foundation of Bangkok, shortly before the Siamese coup d’état of June 4, 1932. In English the bridge is commonly referred to as Memorial Bridge, however in Thai it is known as Phra Phuttayotfa Bridge after King Phutthayotfa Chulalok (Rama I), the first king of the Chakri dynasty.

Phatchasak said the committee saw that the restoration was necessary to preserve the bridge as a national asset for future generations to see and use and for the safety of commuters.

The spokesman said the committee also acknowledged the progress of the drafting of operation plans for the conservation and development of 12 old cities in 12 provinces.

The committee approved in principle the establishment of Rajdamnoen Centre 1 and Rajdamnoen Centre 2 in the outer area of Ratanakosin Island as learning centres.

The spokesman said the committee endorsed the construction of the Siriraj Hospital station to link two electric train routes and a new hospital building of Siriraj.

The panel also gave the green light for the restoration of the old Nan city hall to use as an arts and cultural hall for Nan province and the ancient Lanna culture learning centre, Patchasak added.

Thailand’s Covid-19 surge being driven by hidden infections: studies

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Thailand’s Covid-19 surge being driven by hidden infections: studies

Thailand’s Covid-19 surge being driven by hidden infections: studies

WEDNESDAY, DECEMBER 07, 2022

While 60-70% of people in Thailand have been infected with Covid-19, more than half likely did not realise they had the disease, expert virologist Dr Yong Poovorawan said on Wednesday.

Writing on FacebookDr Yong cited two studies conducted by his Chulalongkorn University Centre of Excellence in Clinical Virology.

The first study of 190 children aged 5-6 found that the 10% infection rate during the Delta outbreak has now risen to 60-70% after Omicron. About 35% of these cases were asymptomatic and only discovered when blood tests came back positive.

The second study tested 700 people aged six months to 80 years old. Traces of previous or current Covid-19 infection were found in 60-70% of the test group. Yong said the infections were probably Omicron as subjects who caught Covid more than one year ago during the Delta wave would likely test negative. Some level of immunity via antibodies was detected in 95% of the test subjects.

Yong said it was impossible to determine what level of immunity is required to prevent Covid-19 symptoms because most people had been infected or vaccinated. Previous infection or vaccination was not a protection against catching Covid-19, he said. But repeat infections usually generated less severe symptoms.

Noting Thailand’s soaring infection rate as the cold season gets underway, Yong urged people to get a booster dose if it had been six months since their last vaccination or infection.

Thailand’s Covid-19 surge being driven by hidden infections: studies

He said all vaccine brands available offered similar protection against severe Covid symptoms but protection depended on the number of doses. He said immunity from vaccination decreased after the first few months. People should get a booster shot every six months, or every 4-5 months if they are in an at-risk group, he added.

Covid-19 hospitalisations have soared above 700 per day in recent weeks, with deaths rising above 10 per day. The surging infection rate has prompted the government to set up more vaccination sites in Bangkok and other Covid hotspots.

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Baht opens slightly down against US dollar on Wednesday

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Baht opens slightly down against US dollar on Wednesday

Baht opens slightly down against US dollar on Wednesday

WEDNESDAY, DECEMBER 07, 2022

The baht opened at 35.10 to the US dollar on Wednesday, weakening slightly from Tuesday’s close of 35.07.

The currency will likely move between 35.00 and 35.20 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht might weaken further if the currency market remains in a risk-off state, supporting short-term dollar strengthening and pressuring the gold price.

He added that foreign fund outflows from the Thai stock market may add to downward pressure on the baht.

However, he was doubtful the Thai currency would weaken significantly, projecting its key resistance level at 35.20-35.30 to the dollar.

Factors supporting the baht include foreign purchases of Thai short-term and long-term bonds as well as dollar selling by some exporters.

He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

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Living in the future: Thailand 2030

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Living in the future: Thailand 2030

Living in the future: Thailand 2030

TUESDAY, DECEMBER 06, 2022

Are you ready for a host of challenges and the unavoidable wave of high technology less than a decade from now?

The current situation:

– Residents spend an average of 11.4 hours per day in their homes.

– More Than 43% of respondents think smart technology is a necessity.

– There are over 800 million smart wearable devices.

– With smart devices for healthcare, doctors can cut the disease diagnosis time by 15 hours per week.

– Smart wearables will increase the efficiency of exercises by 20%.

– Technology-connected living can expand people’s life expectancy to an average of 72.2 years, an increase of 24 years compared to 70 years ago.

– Land prices are on a continuous rise. In Bangkok, they have been rising by 8% per year.

– A jump in land prices coupled with the economy expanding by just 2.5% per year will see many more people become landless.

Our world in the future will become more complicated because:

– Urban expansion is lead to increased social issues.

– Economic recession obviously makes daily life more expensive.

– There are more environmental crises because of garbage and pollution.

– A rising number of elderly is changing population demographics.

– Social gaps are widened because of attitudes and behaviour of people in different age groups.

Future trends that will usher in significant changes:

– Smart homes and 3D-printed houses

– Robotics healthcare

– Smart wearables

– No more real privacy

– Universal design for inclusiveness

– Space sharing, efficient use of space

– People will shift to rented houses

– Return to plastic use

– Culture of preparedness

– Social distancing

Living in the future: Thailand 2030

Thai society in 2030

> Inequality: many people cannot afford to own expensive digital technologies.

> Privileges: only rich people will have the privilege to make use of advanced technologies and comfortably living.

> Low-cost living: the state will have to help a lot of people who cannot access basic infrastructure and welfare. Assistance will focus on quantity, not quality.

So are you ready for a host of challenges and the unavoidable wave of high technology less than a decade from now?

YouTube-taught ‘surgeon’ among 8 bogus doctors nabbed in crackdown

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YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdown

YouTube-taught ‘surgeon’ among 8 bogus doctors nabbed in crackdown

TUESDAY, DECEMBER 06, 2022

Police and health officials raided eight unlicensed clinics in Bangkok and three other provinces late last month and arrested eight bogus doctors.

One of these so-called doctors was found to have only completed primary education and had learned cosmetic surgery techniques via YouTube tutorials.

The operation was conducted jointly by the Consumer Protection Police Division (CPPD), the Health Service Support Department and the Thai Food and Drug Administration (FDA).

The crackdown was based on complaints received between November 23 and 29 on dubious health products and services being sold in Bangkok, Chonburi, Samut Songkhram and Pathum Thani.YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdown

The three agencies called a press conference on Tuesday to announce the result of the operations.

CPPD chief Pol Maj-General Anan Nanasombat only provided the first names of the eight suspects, which were Thanatsorn, 24; Srisunee, 36; Napaphat, 39; Jirat, 23; Sasiphat, 36; Korakot, 54; Boonpha, 48; and Angkhanang, 26.

Jirat and Korakot were the only two men on the list.

Anan said the authorities also seized 836 items from the illegal clinics.YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdown

The so-called doctors were charged with running medical clinics without a licence, performing medical services without a licence and selling medicines that have not been registered with the FDA.

Anan also brought four shocking cases to the media’s attention at the conference.

The first was related to suspect Thanatsorn, who ran an illegal clinic in Samut Songkhram’s Muang district.

She allegedly pretended to be a medical doctor and prescribed medicines to patients. She has reportedly confessed that she only completed her secondary education and used what little she had learned working as a nurse’s assistant for a year to “treat” patients.YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdown

Another interesting case was that of Srisunee, who called herself “Dr Nok”. She treated patients at the Min Muntra clinic in Soi Ram Indra 5 in Bangkok’s Bang Khen district and claimed to have been a teaching doctor for six years. In reality, Srisunee has only completed vocational school, Anan said without elaborating.

The third case involved Napaphat and Sasiphat, who allegedly ran the RCA Medical Treatment Clinic.

Anan said these women had completed their bachelor’s degrees in nursing but pretended to be doctors. Napaphat has allegedly been working as a so-called doctor for five years and Sasipat for one year.

However, Anan said the most stunning case was that of Boonpha, who had only completed her primary education.

YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdownShe ran Pha Zalon in Chonburi’s Bang Lamung district and admitted to having learned the technique of administering beauty filler injections via YouTube. She said she had ordered the products online to try them on herself first before providing beauty services to her clients.

Dr Phanuwat Parnket, deputy director-general of the Health Service Support Department, said the administration of fillers like Botox for beauty enhancement is considered a medical procedure and can only be performed by licensed medical staff in licensed clinics and hospitals.YouTube-taught 'surgeon' among 8 bogus doctors nabbed in crackdown

Companies in four sectors to gain from revival of Thailand-Saudi Arabia ties

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Companies in four sectors to gain from revival of Thailand-Saudi Arabia ties

Companies in four sectors to gain from revival of Thailand-Saudi Arabia ties

WEDNESDAY, DECEMBER 07, 2022

The restoration of bilateral relations between Thailand and Saudi Arabia would benefit four business sectors, according to analysts at news agency Bangkokbiz.

Saudi Arabia restored its relationship with Thailand this year after 32 years of coldness, and this offers an opportunity for several businesses.

Saudi Arabia’s economy weathered even the Covid-19 crisis, recording GDP growth of 6.8% in 2021, its best performance since 2012, due to the global energy demand.

Bangkokbiz analysts evaluated the potential of the relationship and zoomed in on four business sectors in Thailand that could benefit the most.

Food export and food processing

The Saudi Food and Drug Authority has permitted import of chicken from 11 Thai factories including CP, GFPT, and Thai Foods Group (TFG).

Saudi Arabia was the fifth biggest chicken-importing country at 590,000 tonnes per year — 70% from Brazil and 30% from Ukraine and Russia.

In 2021, Thailand exported 912,900 tonnes of chicken worldwide while the export value of chilled, frozen, and processed chicken was 102.529 billion baht, the Bangkokbiz analysts said.

Tourism

Saudi national airline Saudia is now flying three times a week to Thailand from Riyadh and Jeddah, which is beneficial for the SET-listed Airports of Thailand.

According to statistics, Saudi tourists had generated a lot of revenue for Thailand:

  • 2017 – 33,517 tourists; 3.51 billion baht
  • 2018 – 28,334 tourists; 2.615 billion baht
  • 2019 – 30,002 tourists; 2.716 billion baht
  • 2020 – 4,125 tourists
  • 2021 – 467 tourists

Medical

Medical tourism is also popular with Saudi tourists. There is enormous potential for Thailand as the Saudi government aims to improve healthcare for its people.

Meanwhile, the Cabinet has approved an extended 30-day visa on arrival for Saudi visitors, which will be beneficial to Bumrungrad Hospital (BH) and Bangkok Dusit Medical Services (BDMS), the analysts said.

Eastern Economic Corridor (EEC)

The EEC recently revealed that the Saudi government and private sectors are preparing to invest 300 billion baht in Thailand in fiscal year 2023 in several industries including tourism, medical care, and petrochemicals.

Capital Nomura Securities viewed the number as significantly higher than the foreign investment in the first nine months of 2022 with only 2.86 billion baht.

Investment in 2019 — before the Covid-19 pandemic — was 4.64 billion baht and 4.58 billion baht in 2020.

The company expected average foreign direct investment per year to double, which will be beneficial to AMATA Corporation and WHA Corporation.

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