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COVID-19 vaccines continue to protect against death and hospitalization worldwide while boosters can help top up immunity for vulnerable

FRIDAY, SEPTEMBER 30, 2022

THE NATION

Special interview with Professor Sir Andrew J. Pollard, FMedSci, Director of Oxford Vaccine Group and Professor of Paediatric Infection and Immunity, Department of Paediatrics, University of Oxford

It has been two and a half years since the COVID-19 virus was declared a pandemic by the World Health Organization. After multiple lockdowns, social-distancing protocols, vaccines, and debates over how to move forward and live with this virus, the world finally recognized the COVID-19 vaccines’ critical significance as a prophylactic measure against death and hospital pressures. Despite the heightened infectiousness of the new Omicron variants, infection rates have finally declined globally. However, the World Health Organization recently issued a warning: “Although reported cases and deaths are decreasing internationally, and several countries have eased restrictions, the epidemic is far from over—and it will not be over anywhere until it’s over everywhere.”

A number of world-class experts in the field of epidemic immunisation say that after the primary shots, the world population should continue to receive the COVID-19 vaccines. Professor Sir Andrew J. Pollard, Director of the Oxford Vaccine Group, expressed his thoughts on the subject:

Vaccines are highly effective against severe COVID-19 infection, and vaccinated populations with the first two primary doses had relatively few hospital admissions or deaths from the severe lung disease prevalent in the pre-vaccine period in 2020-21. However, many patients with underlying health issues or age-related frailty feel poorly with any viral disease and may require hospitalization. We now know that immunizations, while effective in avoiding severe COVID-19, are less effective in preventing infection. Boosters, on the other hand, play an essential role in preventing infection and keeping these people safe, he revealed. 

New findings from Chiang Mai University in Thailand suggest that when given as a fourth dose booster on top of any previous primary or booster vaccine, the Oxford-AstraZeneca vaccine successfully prevented COVID-19 infections caused by the Omicron variants, Professor Pollard noted.

“This shows the potential of boosters to be used to top up immunity for vulnerable individuals and help defend health. We don’t yet know how best to use boosters in future years, but careful monitoring of the virus will help determine the future frequency and timing of boosters. If we can get this right, boosters will help protect people and health systems,” he said.

When asked about the trial results for Oxford-COVID-19 AZ’s vaccine, which showed overall vaccine efficacy of 70.4% versus the reported 90% efficacy of other mRNA vaccines. Professor Pollard explained that such a difference could lead to misconceptions and that viral-vector vaccines yield similar efficacy in protecting against death and severe symptoms related to COVID-19: 

“Differences in licensure trial design and clinical goals make a direct comparison of trial efficacy of different vaccines tested in different nations in two very distinct studies extremely challenging. Indeed, neither research was large enough to measure the impact of severe COVID-19, the outcome that matters the most. However, we now know that both the Oxford-AstraZeneca and mRNA vaccines had a significant influence in preventing deaths and relieving demands on hospitals and health systems during the pandemic. According to a recent AirFinity estimate, the Oxford vaccine spared 6.3 million fatalities while the Pfizer vaccine averted 5.8 million deaths in their analysis of lives saved in 2021. The remarkable global reach of the Oxford-AstraZeneca vaccine, with its ease of distribution and the developers’ devotion to low cost, has saved so many lives.” 

“COVID-19 will be with us for decades to come, but it is difficult to be sure at the moment exactly what the future patterns of infection will look like. We don’t know how often, how big, or how long future peaks will be. Most experts think that we will need to continue to use boosters to protect the most vulnerable in society, and perhaps the virus behaves a bit like influenza with winter peaks,” he added.

The major issue is that the virus evolves quicker than we can develop and license updated vaccines. Given the recent global outbreak of Omicron variants, the following cases this year will likely to be caused by a new variant. Fortunately, the original vaccines continue to provide significant protection against severe COVID-19, and we can utilise them to protect people who require it. In the future, we anticipate that COVID-19 seasons will be more predictable, similar to flu seasons, and that we will be able to provide updated vaccines for each “season”.

“The fight against the pandemic is a complex mix of vaccine coverage and effectiveness, and timeliness. A highly effective vaccine that comes late, or doesn’t reach people who need it, is no good to anyone,” he said.

The Oxford-AstraZeneca operation was successful because dosages were provided early in the pandemic, beginning in January 2021, and reached hundreds of millions of people before they were infected with COVID-19, Professor Pollard remarked. 
 

THE NATION

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Thailand-United States discuss trade and investment collaboration and promotion of supply chain resilience

FRIDAY, SEPTEMBER 30, 2022

THE NATION

On September 19, Mr Arun Venkataraman, the United States Assistant Secretary of Commerce for Global Markets, paid a courtesy call on H.E. Mr. Thani Thongpakdi, Permanent Secretary for Foreign Affairs of Thailand, during his trade mission to Thailand and the region.

The Permanent Secretary and the U.S. Assistant Secretary of Commerce discussed the long-standing cooperation and trade relations between the two countries, as well as the way forward for cooperation between the Thai Government and the Thai private sector with the United States to advance concrete implementation of the Communique on Strategic Alliance and Partnership and the Memorandum of Understanding on Promoting Supply Chain Resilience. Both sides discussed enhancing trade and investment in health innovation and technologies, drugs and pharmaceuticals, the digital economy, electric vehicles (EVs), and clean energy, as well as cooperation in all dimensions under the Indo-Pacific Economic Framework (IPEF).

The Permanent Secretary reiterated Thailand’s readiness to continue working closely with the United States to further collaboration on trade and investment, while enhancing Thailand’s economic capabilities and elevating the Ease of Doing Business (EODB). He also affirmed Thailand’s readiness to work closely with the United States to ensure a seamless transition to its APEC host year in 2023.

 
On this occasion, the U.S. side expressed interest in expanding cooperation with Thailand, especially in supporting Thailand’s goal of becoming a regional health and medical hub, strengthening regional supply chain resilience, advancing the digital economy and digital transformation, developing clean energy, and promoting the S-Curve Industries.

THE NATION

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Ministry organises stakeholders seminar on Thailand-EU Comprehensive Partnership and Cooperation Agreement (TH-EU PCA)

FRIDAY, SEPTEMBER 30, 2022

THE NATION

On September 29, the Ministry of Foreign Affairs organised a stakeholders seminar to provide information and exchange views on the draft Thailand-EU Comprehensive Partnership and Cooperation Agreement (TH-EU PCA).

The event was attended by some 120 participants from over 60 organisations from both the government and private sectors as well as civil society. The panelists also came from various entities, for example, the Director-General of the Department of Treaties and Legal Affairs, MFA, the Deputy Director-General of the Department of Trade Negotiations, the Director of the Centre for European Studies at Chulalongkorn University, as well as representatives from the Federation of Thai Industries, the Thailand Development Research Institute, and the Association for the Promotion of the Status of Women. The seminar helped to raise awareness and increase understanding of how to use the TH-EU PCA as a compass to further promote Thailand-EU cooperation. The draft PCA mainly focuses on both sides’ commitments to international norms and values, enhancing sustainable development and trade, and promoting a comprehensive partnership against the backdrop of the fast-changing world.

Mr Sarun Charoensuwan, Deputy Permanent Secretary for Foreign Affairs, delivered opening remarks stressing the importance of cooperation with the EU in achieving the long-term development goals of the country in all dimensions. Thailand can learn from the EU’s experience and best practices. Mr Asi Mamanee, Director-General of the Department of European Affairs, and Mr Sek Wannamethee, Ambassador of Thailand to the EU, also informed the audience of the PCA process and further underscored the current dynamism of the Thailand-EU partnership as a favourable factor for continued mutually beneficial cooperation.

At the plenary session, Mrs Chulamanee Chartsuwan, Deputy Permanent Secretary for Foreign Affairs and Thai PCA Head Negotiator, offered an overview of the PCA negotiation process and the contents of the draft TH-EU PCA, which covers wide-ranging areas of cooperation including political, security-, economic, social and environment-aspects. The PCA will provide a clear direction as well as sets priorities for cooperation for both sides. Thailand’s commitment to upholding the same values important to the EU can also be considered a favourable condition for the resumption of FTA negotiations with the EU.

In the three thematic discussion sessions on (1) trade and standards, (2) political and security matters, and (3) other cooperation areas, participants were able to learn in greater detail of the draft TH-EU PCA, exchange views on the cooperation areas and how to implement and take forward such cooperation. They also identified the challenges and opportunities of cooperation with the EU.

The seminar, which was organised for the first time in this new phase of PCA negotiations, has helped to put flesh on the PCA text for the new era of Thai-EU relations. The Ministry plans to organise continued PCA stakeholder seminars in 2023.

THE NATION

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AIS partners ZTE to open the first “5G A-Z Center” in Thailand

FRIDAY, SEPTEMBER 30, 2022

Announcement of strategic partnership to develop the smart 5G network, becoming a Cognitive Tech-Co to power the national digital economy

September 27, 2022, Bangkok: AIS, the number one smart digital network provider in Thailand, and ZTE Corporation, a world-class developer of digital tech from China, have partnered to create the A-Z Centre, Thailand’s first ever hub for 5G innovation. The two parties signed an MOU of strategic partnership to develop 5G tech, with the goal of fostering innovation and in particular, leveling up digital infrastructure to be resilient and furnish solutions which support the industrial sector. They in turn provide the experience of tangible benefits to the people of Thailand, while giving the country a significant competitive edge.

Somchai Lertsutiwong, Chief Executive Officer of AIS said, “We are here because 5G is a technology to power the country. As the network service provider with the most frequency spectra and the best network coverage in Thailand, we give top priority to innovating for the country sustainably. This is why we have strategically partnered with ZTE in three components:

– Upgrading Thailand’s 5G network to world-class digital infrastructure, not only in the matter of speed, but also intelligence, controlling itself in real time (5G Smart Autonomous Network)

– Jointly developing solutions for the business sector, for industry and for the wider public, and enhancing competitive capabilities under Thailand 4.0.

– Delivering a vast range of 5G services to improve Thai people’s lives sustainably. The first 5G A-Z Center in Thailand is at the crux of working towards this goal. It is a transformative moment to unlock Thailand’s potential and take the country to the next level, focussing on business and industry. We have inaugurated Digital Transformation in productivity and management, which will directly power the country’s digital economy.”

Mr. Xu Ziyang, President of ZTE Corporation said, “Our strategic partnership to develop digital tech, resulting in the establishment of A-Z Center, will usher in a diverse range of technological innovation. Most particularly, taking the 5G network as a basis for research and development has resulted in brand-new use cases of the future which will cater to both customer demand and increasing business opportunities.”

5G A-Z Center is the most complete hub for innovation and solutions, having installed base stations providing every radio frequency spectrum for the purposes of experimentation and trial. It is prototyping network tech which will transform development of the 5G network in Thailand, alongside 5G vertical industry applications and Smart Terminals. A pipeline of trials and demonstrations in the first phase comprise:

1. Next Generation Products for 5G Capability Growth: ZTE’s 5G-compatible network tech powers innovation through the concept,“1+2+3”. 1. Infrastructure, 2. Prototyping genetic foundations, and 3. The three components to Upgrade, Extend and Expand for maximum productivity. Use cases include: 

• Radio Composer: A world’s first coming from the partnership with AIS is development of the AAU (Active Antenna Unit) for 5G mmWave bandwidth, supporting 1.2GHz, and AAU 5G 2.6GHz, which are economical with electrical power. This new 5G radio equipment has been tailored to demand, and delivers the best possible experience to AIS customers, while being friendly to nature and encouraging energy sustainability.
• RIS (Reconfigurable Intelligent Surface) is equipment showcasing capabilities of the 26GHz or mmWave spectrum to provide greater coverage for the 5G network.

2. 5G Use Cases connecting the 5G network to the industrial sector, such as: 

• 5G Natural Navigation AGV, an autonomous vehicle with embedded 5G module accepting a 5G SIM card. Easy to use, and unlimited with respect to location, with no need of installed Wi-Fi.
• 5G Machine Vision: A system for physical product inspection using 5G. Its processing system works similarly to humans, to make decisions and transmit the required results as determined by its algorithm.
• 5G XR Explorer: Extended reality, or XR systems applied to integrate many dimensions of display, whether a real-world environment or the digital environment. This includes interactions between humans and machines with computers, or through wearables, which can be used in Training or Guidance.
• 5G Holographic is a technology to create 3D images which has been widely applied and adapted. Applications include remote meetings, education, large events or the Metaverse. It is appropriate for large-bandwidth applications such as AR or VR, and breaks down the barriers between the real and virtual worlds to connect them seamlessly with 5G.

3. Diversified 5G Terminal Devices: AIS has partnered with ZTE to launch the new 5G ZTE Blade A72 handset. It is a highly efficient 5G-enabled smartphone offering the greatest value in the current Thai smartphone market. It is expected to hit the market in October 2022, alongside other Smart Terminals such as 5G CPE and 5G Router. All of these highlights ZTE’s capabilities as the only End-to-End service provider working with AIS, who is the service provider offering the best experience to consumers.

This cooperation between AIS and ZTE is a crucial step in achieving the goal of becoming a Cognitive Tech-Co by developing 5G into the 5G Smart Autonomous Network. This will deliver new experiences and give opportunities to the industrial sector, all the while creating innovations and solutions which cater nimbly to behaviour which has changed in social contexts. It will build Thailand’s digital economy of the future.

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Negotiations for an ASEAN Framework Agreement on Competition launched

THURSDAY, SEPTEMBER 29, 2022

THE NATION

At the 54th ASEAN Economic Ministers (AEM) Meeting, the Economic Ministers launched the negotiations for the ASEAN Framework Agreement on Competition (AFAC), which is to serve as a formal cooperation agreement that would facilitate cross-border cooperation and coordination on CPL matters amongst the ASEAN Member States (AMS).

The launch has been identified as one of Cambodia’s Priority Economic Deliverables (PED) for this year. It is also consistent with strategic measures of the ASEAN Economic Community Blueprint and the ASEAN Competition Action Plan (ACAP) 2025 which calls for a regional cooperation arrangement on competition policy and law by establishing competition enforcement cooperation agreements, to effectively deal with cross-border commercial transactions.

The AFAC aims to provide a fair and competitive business environment in ASEAN through cross-border cooperation between competition agencies, promote the internalisation of competition policy into regional and domestic economic policies, and provide effective measures to deal with competition issues of mutual interest.

As markets becomes more integrated in the region, cooperation between competition agencies become more vital as it will help save resources and avoid duplication of efforts, provide experience-sharing, and assist to provide consistency of decisions in resolving anti-competitive disputes or at least non-conflicting outcomes.

To kick start the development of the Framework, the Guiding Principles for negotiating the AFAC has been developed by the ASEAN Heads of Competition Agencies, with the support from the ASEAN Experts Group on Competition, and subsequently endorsed by the AEM.

THE NATION

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Marriott International poised to expand Asia Pacific luxury hotel portfolio with 14 expected additional properties by end of 2023

THURSDAY, SEPTEMBER 29, 2022

THE NATION

Thoughtful Growth in Popular and Emerging Travel Destinations Aims to Meet Global Demand for Luxury Travel Experiences

Marriott International, Inc. today announced it expects to open 14 additional luxury properties in Asia Pacific by the end of 2023. The planned additions highlight the strategic growth of Marriott International’s luxury hotel portfolio in the region, where it currently operates 156 luxury properties. 

Across 13 countries and regions in Asia Pacific, Marriott International’s portfolio of dynamic luxury brands continues to create bespoke experiences for today’s luxury traveler in ever popular cities including Tokyo and Melbourne, and is ready to bring these experiences to emerging destinations such as Jeju and Jiuzhaigou. With a collection of iconic brands such as The Ritz-Carlton, St. Regis, W Hotels, The Luxury Collection, EDITION, JW Marriott and Bvlgari, the company is set to meet the increasing demand for exceptional luxury travel experiences for our guests from all around the world.  

“Today’s luxury traveler is looking for authentic experiences that are personalized, thoughtful and uniquely meaningful,” said Bart Buiring, Chief Sales and Marketing Officer Asia Pacific, Marriott International. “Our current portfolio of highly distinctive brands is well-positioned to meet the evolving needs of travelers, and these expected additions reflect our optimism for the future of luxury travel.”

The Ritz-Carlton Brings Curated Luxury to New Destinations

In 2021, The Ritz-Carlton arrived in the Maldives and the inimitable style and luxury of the brand is set to expand further in Japan with the expected opening of The Ritz-Carlton, Fukuoka in 2023. In Australia, the anticipated opening of The Ritz-Carlton, Melbourne in early 2023 will offer guests sweeping panoramic views above the city skyline, along with the brand’s acclaimed culinary offerings. Ritz-Carlton Reserve anticipates debuting its fourth rare estate in Asia Pacific in the historic Chinese valley of Jiuzhaigou next year, inviting visitors to immerse in the history, culture and natural beauty of its mountain valley home.

The Celebrated Traditions of St. Regis to Grace More Cities in Asia Pacific

Upcoming openings in major cities across the region will bring the glamourous spirit, signature rituals and immersive experiences of St. Regis to travelers in new destinations. Following the opening of The St. Regis Qingdao in 2021, St. Regis is slated to debut in Goa with a breathtaking 49-acre beachfront setting, introducing the timeless traditions and avant-garde style of the brand to the next generation of guests. Modern connoisseurs in Indonesia will soon be able to experience the St. Regis philosophy of ‘Live Exquisite’ with the opening of The St. Regis Jakarta expected later this year.

Contemporary, Design-Led Luxury Takes off with W Hotels

W Hotels is slated to expand its playful, destination-led culture to Macau in 2023 with its vibrant energy and thoughtful design. The socially forward brand also expects to celebrate its third hotel in Australia with the opening of W Sydney at ‘The Ribbon’ in Darling Harbour in 2023, bringing W’s signature always-on programming to the dynamic Australian city.

JW Marriott Welcomes Travelers with Wellbeing-Focused Havens

Inspired by the principles of mindfulness and holistic wellbeing, an anticipated eight new JW Marriott hotels across the region are set to deliver uplifting experiences as well as an environment that encourages guests to be fully present. Following the openings of JW Marriott Bengaluru Prestige Golfshire Resort & Spa and JW Marriott Hotel Changsha earlier this year, JW Marriott Khao Lak Resort Suites is anticipated to welcome guests by the end of 2022. Expected to also open in 2022, JW Marriott Jeju Resort & Spa aims to cater to sophisticated, mindful travelers who seek a balance in mind, body and spirit when they visit South Korea’s popular holiday island with its stunning UNESCO World Natural Heritage sites. Slated to open in 2023 are JW Marriott Goa Vagator and JW Marriott Hotel Xi’an. 

EDITION Brings Sophisticated Style and Luxury Lifestyle to Iconic Destinations in Asia Pacific  

With an unexpected and refreshing collection of individualized, customized, and one-of-a-kind hotels already open in Sanya, Shanghai and Tokyo, Toranomon, EDITION is slated to expand its footprint in 2023 with a second location in Japan, The Tokyo EDITION, Ginza. The other highly anticipated property also expected to launch in 2023 is the brand’s first in Southeast Asia, The Singapore EDITION.  Both hotels will set a new standard of modern luxury, combining the personal, intimate, and individual experience the EDITION brand is known for with an unparalleled level of sophistication, originality, and design along with the best of dining and entertainment. 

The Luxury Collection Continues to Define Destinations in Asia Pacific

The Luxury Collection offers a portfolio of unique and legendary hotels that are true representations of their destination. ITC Narmada, a Luxury Collection Hotel, Ahmedabad, is the latest addition to the brand’s growing ensemble. Opened in 2022, the hotel is architecturally informed by the traditional designs of the Gujarat region and celebrates guests as storytellers, collectors and explorers when they visit this fascinating city.

Bulgari Hotels & Resorts To Make Brand Debut In Tokyo

Travelers to Tokyo will soon be able to experience the glamor and timeless heritage of Italian brand Bulgari with the planned opening of Bulgari Hotel Tokyo in 2023 in a new ultra-skyscraper near Tokyo Station. The new hotel is slated to feature 98 luxurious guestrooms including a lavish Bulgari Suite and will also offer the brand’s renowned dining venues such as il Ristorante Niko Romito and Hoseki Restaurant.
 

THE NATION

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CIO’s View: September 2022 – Tough times ahead, but pockets of opportunities remain

THURSDAY, SEPTEMBER 29, 2022

THE NATION

The Fed’s FOMC raised the Fed funds rate (the Fed’s policy rate) target range by 75 basis points to the range of 3.00% to 3.25%, as widely expected by the market.

The median forecast by the FOMC in the Summary of Economic Projections now shows a Fed funds rate midpoint of 4.4% at end-2022 and 4.6% at end-2023. This would likely translate to a 75bp rate hike at the November meeting, a 50bp rate hike at the December meeting, and a 25bp hike at the January meeting, as the Fed’s expectation of the policy rate path (aka. the Dot Plot). This terminal rate of 4.6% at end-2023 turned out to be higher than the market had been expecting before the meeting, which subsequently led to a negative market reaction. The Dot Plot also shows a cumulative policy rate cuts of 175bp from 2024 onwards, as the Fed’s favorite inflation gauge – the Core PCE – moves closer to their 2% target at 2.3% in 2024, and to 2.1% in 2025. The Summary of Economic Projections also showed substantial increases in the unemployment rate, rising from its previous forecast 3.7% level to 3.8% by end-2022, to 4.4% by end-2023, and to 4.4% by end-2024. The Fed’s forecasts also showed downgrades to GDP growth in 2022 to only +0.2% from +1.7%, downgrades to 2023 GDP growth to +1.2% from +1.7%, downgrades to 2024 GDP growth to +1.7% from +1.9%; while keeping the 2025 and longer-run GDP growth at +1.8%.

Table: Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, September 2022

Source: Projection Materials, Federal Open Market Committee, Board of Governors of the Federal Reserve System released 21 September 2022.

On the European side, the ECB’s Governing Council announced on 8 September 2022 that they have decided to raise the three key ECB interest rates by 75 basis points. This was more than the market was expecting going into the meeting, and hence, put the interest rate on the main refinancing operations, the interest rates on the marginal lending facility, and the interest rate on the deposit facility to 1.25%, 1.50%, and 0.75% respectively, to become effective on 14 September 2022. Based on the ECB’s assessment, the Governing Council expects to raise its policy rates further over the next several meetings in order to slow down demand and guard against the risk of a persistent shift in inflation expectations, as inflation remains far too high and is likely to stay above target for an extended period. The Eurozone inflation, as measured by Harmonized Index of Consumer Prices (HICP), increased by 9.1% over a year ago in August, due to soaring energy and food prices, demand pressures in some reopening sectors, and supply bottlenecks. According to the ECB, they have revised up their inflation forecasts to 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024. Moreover, in terms of economic growth, after a rebound in the first half of 2022, recent data point to a substantial slowdown. The September flash composite PMI released on 23 September 2022, showed the downturn of Eurozone deepening further, with business activities contracting for the third consecutive month. According to the ECB, very high energy prices are reducing the purchasing power of people’s incomes, and although the supply bottleneck issue has been improving, they are still constraining economic activity. Moreover, the adverse geopolitical situation between Russia and Ukraine is weighing on the confidence of businesses and consumers. Hence, the ECB adjusted down its GDP growth outlook to 3.1% in 2022, 0.9% in 2023, and 1.9% in 2024.

Chart: Harmonized Index of Consumer Prices: All Items for Euro area (19 countries)

 
Source: Eurostat, Harmonized Index of Consumer Prices: All Items for Euro area (19 countries) [CP0000EZ19M086NEST], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CP0000EZ19M086NEST, 25 September 2022.

Chart: S&P Global Flash Eurozone PMI Composite Output Index)

 
Source: S&P Global, Eurostat, released on 23 September 2022.

Meanwhile, right on the heel of FOMC, the BOJ also had their Monetary Policy Meeting, where they had unanimously decided to maintain the status quo across all monetary policy parameters, including the yield curve control, asset purchase programs, and forward guidance. At the press conference, Governor Kuroda noted that Japan is still in the midst of recovery from Covid-19, and the economy would still need another 2-3 years to realize the BOJ’s inflation target. He also stated that forward guidance will be maintained, and that no rate hike is required during that period. Japan is now the only country left with a negative interest rate policy still in place, after the Swiss National Bank of Switzerland decided to exit its negative interest rate policy on the same day, by increasing its policy rate by 75bp to 0.5%. The direct consequence of BOJ Governor Kuroda’s comments was a decline in the yen to a multi-decade low against the dollar, breaching JPY145 level during intraday. Japan’s Vice Minister of Finance, Masato Kanda, who is responsible for foreign exchange rate intervention, stepped up his verbal intervention immediately after the central bank meeting, and soon afterward the MOF had immediately intervened to buy yen for the first time in 24 years to stem the depreciation of the yen. With its foreign currency reserves of around USD1.3 trillion, Japan’s intervention in support of the yen would involve selling down its large reserves of US Treasury bonds, causing further increase in US bond yields. With Japan’s inflation rate firming to the highest level since 2014 at 3% in August, it’s hard to see the BOJ holding its current negative monetary policy in place for another 2-3 years as Governor Kuroda had mentioned. Japan might need to adjust its yield curve control policy when Governor Kuroda’s term ends in April 2023.

Chart: Yen breached JPY145 versus the dollar during intraday of 22 September 2022

Source: TradingView, as of 26 September 2022.

Chart: Japan’s inflation rate reached 3% in August

Source: TradingEconomics.com, Ministry of Internal Affairs & Communications, released on 20 September 2022

Bloomberg News had reported last Friday, 24 September 2022 that China Construction Bank Corp (CCB). will set up a CNY30 billion, or the equivalent of approximately USD4.2 billion, fund to buy properties from developers. The fund will invest in existing assets of real estate companies and renovate the properties into rental housing. The fund will last for 10 years, with a possible extension, according to CCB, one of the big four state-owned lenders. China has sought to expand the rental housing market to ensure sustainable growth in real estate over the long term and CCB has been spearheading that national strategy. We consider this another positive development in addition to the plan to offer CNY200 billion or the equivalent of approximately USD29.2 billion in special loans to troubled developers, according to Bloomberg News report on 22 August 2022. The same article mentioned that on Friday 19 August 2022, the Chinese state media reported that China will support construction and delivery of unfinished residential projects through special loan schemes from policy banks, but the loan amount was not disclosed. Meanwhile, the renminbi hit a 28-month low against the dollar on Monday, 26 September 2022, trading at CNY7.16 to the dollar. As a result, the PBOC has outlined measures to prop up the renminbi. It would seek to increase the reserves that banks must post with it when selling certain foreign exchange derivatives. China’s foreign exchange risk reserve requirement, which will from Wednesday [28 September 2022] rise to 20% from 0% previously, would increase the cost for certain FX hedges that involves selling of the renminbi, and discourage sales of FX derivative products. This shows that the PBOC is starting to feel discomfort with the rapid depreciation of the renminbi amid continued strengthening of the US dollar. Overall, the downside concern for China’s economic outlook seems to be improving. Chinese data reported on Friday, 16 September 2022 showed a pickup in growth in August from the prior month, while also beating expectations across the board. Retail sales grew 5.4% vs 3.5% expectation, from passenger car sales, catering sales, online sales of physical goods, and low base effect from last year. Industrial production rose by 4.2% in August from a year ago, beating 3.8% expectation, with help from passenger car production surging by 33%. Fixed asset investment for the first eight months of the year rose by 5.8%, above 5.5% expectation, mainly coming from manufacturing investment increasing by 10%. However, real estate investment for the year declined further in August, down by 7.4% from a year ago, compared to 6.4% decline that was reported for July.

Chart: Yuan hits 28-month low at CNY7.16 versus the dollar

Source: TradingView, as of 26 September 2022.

Overall, the hawkish central bank tone over the past month have pushed up real yields – e.g. 5-year US Treasury yields have increased by 152 basis points, and 10-year US Treasury yields have increased by 120 basis points – which have been weighing heavily on risk assets globally. However, equities are starting to show short-term positive signs from very low level of investor positioning in the asset class, technical oversold signal from rapid declines over the past two months, and valuation getting more attractive. We recommend Principal China Equity Fund (PRINCIPAL CHEQ) and Principal Asia Pacific Dynamic Income Equity Fund (PRINCIPAL APDI), as a good investment choice for China and APAC exposure. Our clients can also participate in short-term positive signal for US equities via our Principal US Equity Fund (PRINCIPAL USEQ). In addition, our recommendation for long-term quality tilt still holds as core recommendation, which are Principal Global Brands Fund (PRINCIPAL GBRAND) Principal Global Infrastructure Equity Fund (PRINCIPAL GIF), and Principal Global Equity ESG Fund (PRINCIPAL GESG). Lastly, we still like Vietnam from a long-term structure growth story. Investors can invest with us via our Principal Vietnam Equity Fund (PRINCIPAL VNEQ). However, investors should take caution of the frontier market nature of Vietnamese equities, and the structurally higher volatility of the asset class, by limiting the investment exposure within the total portfolio perspective.  Please refer to below section for the link to the fund’s information and related documents. Also, please refer to our related article on Asset Allocation Recommendation for a complete set of fund recommendations for the next quarter.

Chart: Spike in US real yields since beginning of August have been significant

Source: Board of Governors of the Federal Reserve System (US), Market Yield on U.S. Treasury Securities at 5-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed [DFII5], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DFII5, 26 September 2022.

Recommended funds

•    Principal Asia Pacific Dynamic Income Equity Fund (PRINCIPAL APDI)
•    Principal China Equity Fund (PRINCIPAL CHEQ)
•    Principal Global Brands Fund (PRINCIPAL GBRAND)
•    Principal Global Equity ESG Fund (PRINCIPAL GESG)
•    Principal Global Infrastructure Equity Fund (PRINCIPAL GIF)
•    Principal US Equity Fund (PRINCIPAL USEQ)
•    Principal Vietnam Equity Fund (PRINCIPAL VNEQ)

Read CIO’s View: September 2022 – Tough times ahead, but pockets of opportunities remain

Investors should understand product characteristics (mutual funds), conditions of return and risk before making an investment decision.  /PRINCIPAL APDI master fund has highly concentrated investment in Hong Kong. So, investors have to diversify investment for their portfolios. /PRINCIPAL CHEQ master fund has highly concentrated investment in China. So, investors have to diversify investment for their portfolios. / PRINCIPAL GBRAND master fund has highly concentrated investment in America. So, investors have to diversify investment for their portfolios/ PRINCIPAL GBRAND master fund has concentrated investment in the consumer staples sector, which is exposed to risk from changes of the product price, consumer demand or government regulations. The fund concentrates in the information technology sector, which has a risk from changes in consumer behavior and obsolete products. Therefore, if there are negative factors affecting the said investment, investors may lose a lot of money and may have higher risks and price fluctuations than general mutual funds that diversify its investment in many industries. /PRINCIPAL GESG master fund has highly concentrated investment in America. So, investors have to diversify investment for their portfolios. /PRINCIPAL GIF master fund has highly concentrated investment in Europe and North America. So, investors have to diversify investment for their portfolios. /PRINCIPAL USEQ master fund has highly concentrated investment in America. So, investors have to diversify investment for their portfolios. /PRINCIPAL VNEQ master fund has highly concentrated investment in Vietnam. So, investors have to diversify investment for their portfolios. /Investing in Investment Units is not a deposit and there is a risk of investment, Investors may receive more or less return investment than the initial investment. Therefore, investors should invest in this fund when seeing that investing in this fund suitable for investment objectives of investors and investors accept the risk that may arise from the investment. /Past performance of the fund is not a guarantee for future performance.
 

THE NATION

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ICONSIAM to stage vegetarian festival in grand style with extensive veggie offerings, activities, promotions

THURSDAY, SEPTEMBER 29, 2022

THE NATION

ICONSIAM have teamed up with four leading food business concerns to organise a grand vegetarian festival from today to October 4.

This event is a collaboration among ICONSIAM, Bangkok’s world-class riverside shopping centre; Thai Agri Foods PCL, the maker of Real Thai products; KCG Corporation; Thai Thepros PCL, the producer of Golden Mountain Sauce; and MMP Corporation.

The ‘ICONSIAM Jae Sathaan Phop,’ literally translated as the vegetarian {festival} that shivers the Earth, will be held at SOOKSIAM, the traditional Thai-themed marketplace on the G floor of ICONSIAM on the Thon Buri side of the capital.  It will be offering more than 1,000 veggie dishes at the SOOKSIAM featuring lively Chinese style atmosphere with yellow lanterns and the Jae flags.

Mr. Supoj Chaiwatsirikul, Managing Director of ICONSIAM Co., Ltd., said the event is all about carrying on the long tradition of vegetarianism upheld by Thai people of Chinese descent to promote good health and making merit. The event is held under the concept of ‘Im Boon, Im Jai, Sukapap Dee’ (full of merit, satisfied and good health) to involve praying for blessings, eating veggie food, creating great merit and extending opportunities to the poor. Mr Supoj said: “The Vegetarian Festival is a long-standing tradition of Chinese people that dates back more than 400 years ago, taking place on the first day of the ninth lunar month according to the Chinese calendar and lasts for nine days.

“The Vegetarianism is very popular in Thailand, especially among Thai nationals of Chinese descent, as well as working and younger generations, and those who are health conscious.”  What makes this year’s vegetarian event at SOOKSIAM so extraordinary is the collaboration with famous restaurants and beverage outlets located in ICONSIAM and SOOKSIAM to bring out their delicious and healthy offerings prepared in the styles of four Thai regions, to the fair.

Indulge in diverse veggie fare

The journey to the ICONSIAM Jae Sathan Phop begins at The Veranda zone, G floor, with JUMBO Seafood proudly presenting the tofu clay pot and vegetarian fried rice, while Café Chilli offering E-sarn style spicy vegetarian mushroom soup, stir-fried vegetarian Kratok Mee and vegetarian Larb Khao Pun. At Ros’niyom, it comes up with a wide-ranging vegetarian menu including Kanom Jeen Salad, basil-based dishes and Som Tam Salad.

Moving up to ICONSIAM’s second floor, Greyhound Café recommends appetisers in the popular street style with a mixture of grains, sweet corn, red beans, that come with a tri-flavoured ground nut dipping sauce, such as fried tofu, Tur Ka Ko (vegetarian pork knuckle), thin crust gyoza dumplings stuffed with vegetarian prawns served with secret recipe dipping sauce and relished with sliced yam bean and carrot, fried rice cooked with jasmine rice, meat-free sauce, guinea-pepper and vegetarian salted beef made from seasoned fried mushroom legs served with miso soup.

On the fifth floor, Hongbao presents stir fried vermicelli rice noodle, fried broccoli with mixed mushrooms, Fun Guo Dumplings with mixed vegetables filling  Laem Charoen Seafood is highlighting simmered mushrooms and stir-fried vermicelli rice noodles with soy sauce. The Mae Sri Ruen Restaurant on the sixth floor will be serving delicious vegetarian dishes such as Im Bun Noodles, Vegetarian fresh spring rolls and vegetarian Pad Thai. On the same floor, Japanese-style restaurants such as SUSHI DEN and YAYOI Chef Experience & Sushi Bar take pleasure to offer vegetarian fare to celebrate this vegetarian festival as well.

For snacks and drinks, there are many famous shops to choose from such as Susan Croissant, offering ‘Banana is nuts’ Cookies made from bananas, avocados, adding texture with nuts and dried bananas; Noir with vegetarian cookies stuffed with chocolate chips, Black Forest vegetarian cookies stuffed with berry jam topping decorated with berries; carrot cake with chocolate sauce, carrot cake mixed ,with apples and bananas, and nuts thrown in to add texture, topped with chocolate jelly sauce. There are also shops like Bang Bao, GAGA, INNARI,  Karun Thai Tea, KOI The, FUKU Matcha, Dakasi and Ang Bao offering vegetarian snacks and beverages.

Vegetarian fare from four Thai regions

 
Regional offerings at SOOKSIAM’s vegetarian festival are quite mind-boggling.

The North: Kao Soi Roasted Duck, Kanom Jeen Nam Ngiao, Nam Prik Ong, Nam Prik Num with fresh vegetables, Yam Naem Khao Tod with five kinds of mushroom,  vegetarian pork rind and Puk sesame rice.

The South: Luk Yon rice porridge, Kua Kling, Southern-style vegetarian curry, and Phatthalung Sago.

The Central Plain: rice wrapped in lotus leaves, pineapple fried rice, Pat Pad Sian, Pat Mai Thong Pad Sian, Pat Nuad Mongkorn, Bua Sawan cabbage and shiitake mushrooms, and chili paste sets including Nam Prik Tar Daeng, Nang Phaya bean paste, tamarind paste with fresh vegetables, Lod Chong Wat Chet and Tabtim Krob.

The Northeast: Mushroom Laab, Som Tam Thai, Pla Lar Som Tam, Som Tam Thai, Fruit Som Tam, boiled rice sets with Phad Nam Liab, Gana Chai, and shredded mushrooms, and appetisers such as fried tofu, fried taro, fried radish, fried banana, among others.

Participants can also enjoy a variety of vegetarian dishes from eateries situated in SOOKSIAM such as The Heritage which is presenting Prune Muffin, Chia Almond Milk Pudding and Chia Pistachio Milk Pudding; Eat Pot offering Yen Ta For noodles and fried tofu; Siam Naemnueng with Pak Mor, Vietnamese style Vegetarian rice noodles, among others. Adding to the charm of the festival are offerings from the Chinese community in Ratchaburi Province such as a traditional black tofu of Teochew Chinese style in Photharam district; hand-made Golden Dragon noodles from Ban Pong District. Meanwhile, Chef Book will show the cooking of his special creation of ‘10,000-year Fried Noodles’ which promises the benefits of longevity.

Every Saturday and Sunday throughout the festival, there will be classical Thai dance performances about Hong Linda, Chinese fan dance by the Arts for Youth Association, Ramayana Khon mask dance on the battle episode, cultural performances like Lam Tad (Mae Sri Song Krueng) by the Central Folk Song Association, to name just a few. During the festival, famous chefs will show their culinary talents with the creation of a variety of vegetarian dishes prepared with products from Golden Mountain Sauce, KCG Corporation and Real Thai coconut milk. On September 23, M.L.Kwantip Devakula, aka Chef Pom, and Food Creator from Golden Mountain Sauce, will give a lesson on cooking noodles in gravy (Rad Na) with Truffle and ham in a vegetarian style. Meanwhile, Supamongkol Supapipat, KCG ambassador chef and Judge of TOP CHEF Thailand nicknamed Chef Art, will present Western-style vegetarian menu based on KCG’s Herbal gnocchi with pesto sauce. 

The Stage will be show KCG ambassador chef,  Chachaya Raktakanishta and Chief Judge of TOP Chef Thailand (Desserts) better known as Chef Bib, will stage a show on making Vegan Blueberry Cheesecake on October 2, 2022. 

There will be demonstrations on preparing vegetarian dishes and desserts using Real Thai coconut milk, such as vegetarian Tom Kha Gai, Kanom Jeen Nam Ya, Bua Loi Nam Dokmai, Coconut Sago Smoothie and Khanom Piakpoon.

Another key highlight is the ‘Rong Jae Mor Yai’ activity that envisions all sponsors and parties involved in the festival cooking up tasty vegetarian dishes in big pots and pans for charity. A total of 2,600 boxes of those dishes will be distributed free of charge to medical personnel, staff and poor communities, throughout the festival’s period at 11 a.m. at 13 points such as Taksin Hospital, Suwan Temple, Suttharam Temple and Tha Din Daeng communities. Throughout the event, there are other interesting activities for everyone to take part including workshops, sale promotions with benefits for every 300-baht worth of purchase at ICONSIAM and  SOOKSIAM, while ONESIAM SuperApp members are entitled to a choice of gift sets of Real Thai coconut milk, Golden Mountain sauce and KCG products when they complete a 200-baht purchase.

Furthermore, for purchase of 800-baht worth of goods at ICONSIAM and SOOKSIAM, and a 700-baht buy by ONESIAM SuperApp members, will get a free set of Real Thai coconut milk, Golden Mountain sauce and KCG products of their choice every day throughout the event. There are workshops lining up on September 24, 25 and 30 and October 1-2 to learn about making Bua Hima and Krong Kraeng Aun-ya Maneee desserts from the Real Thai coconut milk. 

At the same time, everyone is invited to pay their respects to the Bodhisattva Guan Yin. Three Guan Yin Bodhisattvas images in the Pang (gesture) of giving a blessing, Pang Pan Korn (with a thousand hands) and Pang sitting on a peacock will be present at SOOKSIAM for worship throughout the event.

THE NATION

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TrueMoney launches “Pay Next – Credit on Hand”

THURSDAY, SEPTEMBER 29, 2022

An innovative buy-now, pay-later service to fulfil various spending on TrueMoney Wallet. Easy to Apply and allows seamless online and offline payments via TrueMoney Wallet at more than 200,000 payment acceptance points.

TrueMoney, Southeast Asia’s leading e-payment and financial service provider, introduces “Pay Next – Credit on Hand”, a buy-now, pay-later (BNPL) service on the TrueMoney Wallet app that offers credit lines to users so they can spend online and offline easily and conveniently.

This service focuses on fulfilling the new generation’s needs for more flexibility in everyday spending and complements as a solution for money management.

“Pay Next – Credit on Hand” is a BNPL service on TrueMoney Wallet that enables users to purchase products and services online and offline conveniently without the need to spend their personal cash flow. Customers can effortlessly access Pay Next as a credit line for daily life spending via the TrueMoney Wallet app.

The application process takes only five minutes to obtain approval. The credit limit is up to 10,000 baht, which is effective immediately after approval. Free interest if it is repaid by the due date, or the user can choose an instalment plan for a maximum of five months.

Tanyapong Thamavaranukupt, Co-President of Ascend Money Co., Ltd., said: “We have developed the “Pay Next – Credit on Hand” service on the TrueMoney Wallet app to fulfil customers’ needs for greater financial agility.”

“From our customer survey, we have found that many of today’s customers are looking for BNPL payment options. Customers find it is more convenient to make purchases without paying from their cash flow for the desired goods and services by using a line of credit to increase financial flexibility. Hence, we have begun to develop the ‘Pay Next – Credit on Hand’ service and pilot the service to more and more selective groups of users since last year. Today is the official launch of the service, which is being made available nationwide.”

Customers can simply apply Pay Next Extra by downloading the TrueMoney Wallet app and declaring their ID cards and income statement at more than 5,000 Pay Next Extra partner stores nationwide. This includes retail, consumer goods, electronics, and gold and jewellery shops and health and beauty clinics. TrueMoney aims to expand the “Pay Next Extra” service to cover more than 7,000 stores by the end of this year.

For those interested in the “Pay Next – Credit on Hand”, BNPL service, can download the TrueMoney Wallet app and go to the “Pay Next – Credit on Hand” icon on the first page. Then, fill in the application form and accept the terms of service. Once approved, customers will receive a notification via the application within five minutes. When users want to make a payment for products or services, this can be done quickly by changing the payment method to “Pay Next”, so they can truly and easily buy now and pay later. 

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An elite collaboration: ‘BMW German Auto X BVLGARI Exclusive Journey Experience Event’

WEDNESDAY, SEPTEMBER 28, 2022

German Auto has delivered a luxury experience to its customers through the first-ever collaboration in Thailand with elite Italian jewellery brand BVLGARI, through an exclusive exhibition of high-end jewellery and watches.

“German Auto”, the authorized BMW, MINI, and BMW Motorrad dealer, hosted an exclusive cocktail party “BMW GERMAN AUTO X BVLGARI EXCLUSIVE JOURNEY EXPERIENCE EVENT” to thank its valued customers for their continuous and long-term trust in the company’s service.

The event also marked the launch of the newly refurbished Bangna showroom, which has been redesigned for greater comfort and a more modern look.

At the event, guests enjoyed a range of high-performance cars from the BMW M series including the BMW X4 M Competition, BMW Z4 M40i, and BMW M5.

The event also featured the exhibit of a high jewelry collection from “BVLGARI”. The cocktail party recently took place at the BMW German Auto Bangna showroom.

Ralf Bissinger, Dealer Principal, German Auto, said, “To thank our customers for their long-standing trust and support over the past 14 years, and also to communicate our belief that ‘German Auto is not just about BMW. On this occasion, we collaborated with BVLGARI to organize the Serpenti high jewellery collection as well as BVLGARI’s latest watch collection. This is the first collaboration between the two superior brands from the two industries. The event reaffirms German Auto’s leadership as a high-performance car dealer in Thailand.”

Piyavit Khemarangsan, President, German Auto, added, ” At the party, our customers could enjoy a close-up experience of models like the BMW M including the BMW X4 M Competition, the BMW Z4 M40i, and the BMW M5.

Inspired by motorsport spirit, BMW M sports cars feel at home on the road. “M Power” is the exclusive mark of quality – it promises unique technologies, breathtaking performance, and absolute quality. 

Guests were invited to experience BVLGARI’s latest timepiece collection, its first exhibit since the Geneva Watch Days 2022. Highlights included the 10th-anniversary edition of Octo watches: the Octo Finissimo Chronograph GMT Automatic, as well as the iconic Serpenti Seduttori 103706 watch, with a stainless-steel case, black DLC treatment, rose gold bezel set, and 38 brilliant-cut diamonds.

The event also showcased Serpenti, BVLGARI’s high jewellery collection known for its unique snake-shaped pieces, from the necklace to earrings and the diamond emerald ring. 

Lalita Beasornpinyowong, Management Representative, BVLGARI, said of the collaboration, ” This is our first collaboration with an automobile brand in Thailand, marking a new chapter for both industries. If Serpenti was an icon that represented the glamour of jewellery, BMW, just the same, would represent the world of luxury of automobiles.”