Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

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https://www.nationthailand.com/business/40015862


Bangkok, May 20, 2022 – Bitkub Blockchain Technology Co, Ltd, a leading blockchain company in Thailand, in cooperation with Chatchavan Suriyayanyong, CEO of Dice Kingdom, announced the project called “KNS (KUB Name Service)” at Crypto Expo 2022 at BITEC Bangna with a tentative launching schedule in June 2022.

Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

KNS (KUB Name Service) is a registration domain service provider on Bitkub Chain. KNS (KUB Name Service) was developed by a professional team to solve the pain point from the users including transferring to invalid address (user error) and user interface (contract address confusion). 
 
By applying KNS (KUB Name Service), the users can register the domain contract address name via digital wallet address, which they can determine the domain name themselves and indicate their true ownership. This creates a new user experience on the blockchain interface and reduce the users error (transfer to invalid address). 

Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

At this press announcement, the users can freely register their own domain and use those names on NFT marketplace and Dice Kingdom game to let everyone has real ownerships without consent from any entity and reduce the error from transferring to invalid contract address. At the end of the press, Chatchavan Suriyayanyong, CEO of Dice Kingdom, said that KNS (KUB Name Service) project will be tentatively launched in June 2022.

Bitkub announces KNS (KUB Name Service) as digital wallet domain registration service on Bitkub Chain

“Domain registration is very necessary for the users in which they can remember the name more easily and reduce the users error from transferring to invalid contract address. KNS (KUB Name Service) is a project developed by professional team to solve this pain point”, said Chatchavan.

For more updates on Bitkub Chain, visit https://www.bitkubchain.com/
 

Published : May 23, 2022

By : THE NATION

Insurance firm SMK seeks rehab so it can cover claims worth THB164-bn

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https://www.nationthailand.com/business/40015854


Syn Mun Kong Insurance (SMK) said on Sunday that it will reimburse the buyers of Covid-19 insurance in June next year.

Insurance firm SMK seeks rehab so it can cover claims worth THB164-bn

The announcement came after SMK filed for protection with the Central Bankruptcy Court after failing to pay a whopping 164 billion baht in Covid-19 claims from 1.95 million people.

As for business rehabilitation over five years, SMK said it will start off by paying Covid claims in June next year and will negotiate debt-repayment schemes.

“The company will do its best to seek guidelines to repay debts as soon as possible,” SMK said.

However, it added that it will not be able to repay the insurers if the Central Bankruptcy Court does not allow the company time for rehab. Not allowing rehabilitation will also encourage the Office of Insurance Commission (OIC) to revoke SMK’s licence, it said.

“Business rehabilitation is the only way to solve this issue,” SMK said, adding that it will repay the debts in line with the rehab plan once it is approved by the court and debtors.

The rehabilitation duration will also not affect the timespan allowed for claims, it said. SMK also confirmed that the ongoing negotiations at the Central Bankruptcy Court will benefit both debtors and the company.

“Without negotiations, the company will not be able to operate and the OIC will revoke the company’s licence,” it said, adding that taking this issue to the General Insurance Fund would only extend the time it will take to reimburse claimants.

It added that claimants can check their repayment status at SMK’s head office and its branches nationwide.

SMK reportedly sold 1.95 million Covid-19 insurance policies and ended up with a massive liability of some 164 billion baht.

On July 16 last year, at the height of the pandemic, the company announced that it would cancel all its Covid-19 insurance policies and return the money to buyers.

However, the Insurance Commission put a brake on the cancellation, saying SMK had to honour the policies it had sold.

At the start of this year, a large number of Covid insurance buyers swarmed SMK’s head office to register claims, prompting the authorities to step in.

SMK promised to pay back in instalments.

Some 61,000 buyers of SMK’s Covid insurance policies have joined a Facebook group to help monitor and seek their insured sum from the company.

Published : May 23, 2022

By : THE NATION

GULF joins forces with SCG to operate solar energy business

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https://www.nationthailand.com/business/40015843


Gulf Energy Development Public Company Limited (GULF) sent GULF1 Company Limited (GULF1), a subsidiary in which the Company holds 99.99% stake involving in businesses related to solar energy in Thailand including solar rooftops, to join forces with SCG Cleanergy Company Limited (SCG Cleanergy), a company that operates renewable energy businesses in which The Siam Cement Public Company Limited (SCC) holds 100.00% stake, to establish SG Solar Company Limited (SG Solar) in Thailand as a joint venture company with GULF1 and SCG Cleanergy holding 50% stake and 50% stake, respectively.

GULF joins forces with SCG to operate solar energy business

SG Solar has a registered capital of THB 5,000,000 and will engage in the production and sale of solar energy from rooftops to industrial users which are companies in SCC’s Group and customers of the Company’s SPP power plants. Further, SG Solar plans to expand its customer base to industrial and commercial customers within the network of both company groups.

GULF joins forces with SCG to operate solar energy business
GULF joins forces with SCG to operate solar energy business

Ms. Yupapin Wangviwat, Chief Financial Officer, GULF, stated “This collaboration leverages the strengths of both company groups as GULF has expertise in the power and infrastructure business with a portfolio of renewable energy projects in both domestic and overseas markets and has an extensive business network. SCC is a well-established conglomerate in Thailand with core businesses, namely, cement-building materials business, chemicals business, and packaging business. This partnership will expand the customer base and enhance the value of the business for both company groups.”

Moreover, the establishment of the joint venture is aligned with GULF’s policy to emphasize investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the negative effects of climate change.      

GULF joins forces with SCG to operate solar energy business

Published : May 23, 2022

By : THE NATION

Shortage of parts hits Thai auto manufacturing in April

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https://www.nationthailand.com/business/40015869


The scarcity of parts due to the Russia-Ukraine war and lockdown measures in China continue to impact Thailand’s auto industry, the Federation of Thai Industries (FTI) said on Monday.

Shortage of parts hits Thai auto manufacturing in April

Surapong Paisitpattanapong, FTI’s vice president and spokesman, said production, local sales and export of cars and motorcycles dropped by 31.79 per cent in April compared to March because the shortage of parts forced manufacturers to delay production.

The total number of vehicles produced last month came in at 117,786, though the total number of vehicles produced in the first quarter stood at 597,864, up 4.85 per cent year on year.

Surapong said though this year’s situation was better than last year when the pandemic was at its peak, the prolonged war in Ukraine and the Covid-19 crisis in China had disrupted the global supply chain.
Though the production of passenger cars for export dropped by 21.53 per cent due to a lack of parts and semiconductors, the production of pick-up trucks for export rose by 6.17 per cent in April compared to the same period last year.

Last month, 55,696 vehicles were exported, down 40.65 per cent from March but up 5.33 per cent compared to last year. The total export of vehicles, engines and auto parts in April came in at 33.48 billion baht, with Asian countries, the Middle East, North America as well as Central and South America being the biggest importers.

Meanwhile, 63,427 units were sold domestically in April, down 27.30 per cent from March, but up 9.11 per cent from the same month last year thanks to the easing of Covid-19 measures and the holding of the Bangkok International Motor Show, which wrapped up on April 3.

According to the FTI, the first quarter of this year saw 294,616 vehicles and 569,992 motorcycles sold, up 16.79 per cent and 0.12 per cent year on year respectively.

Meanwhile, the government’s support scheme has boosted the registration of electric vehicles by 145.31 per cent in the first quarter compared to the same period last year.

However, there are concerns that the surge in oil prices and a weaker baht will push up the price of goods and household debt, which will weaken people’s purchasing power.

Published : May 23, 2022

By : THE NATION

Households can sell surplus solar power at THB2.20 per unit

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https://www.nationthailand.com/business/40015856


Households can sell their surplus solar electricity to state providers at the rate of 2.20 baht per unit, the Energy Regulatory Commission (ERC) said on Monday.

Households can sell surplus solar power at THB2.20 per unit

The Provincial Electricity Authority (PEA) and Metropolitan Electricity Authority (MEA) will buy surplus electricity from households with rooftop solar panels of up to 10kW capacity, said ERC secretary-general Komkrit Tantrawanit.

The PEA and MEA would each buy 5 megawatts of household solar per year for 10 years, starting in 2022.

Households must feed the surplus solar into the PEA or MEA grid within 270 days of signing the contract.

The National Energy Policy Council decided on March 9 to extend the household solar project after its launch last year.

Komkrit said no deadline had been set for house owners to apply to join the project.

Meanwhile, households who do sign up but fail to meet the 270-day feed-in deadline will be given an extra 90 days to supply their solar surplus.

Failure to meet the second deadline will result in cancellation of their contracts, Komkrit said.

He said the new announcement also applied to households who submitted applications to sell solar electricity to the MEA and PEA last year but have not started operations yet.

The two state firms will invite applicants to sign contracts within 30 days, Komkrit added.

He said the policy is aimed at cutting the use of fossil fuel to generate electricity after the Russia-Ukraine war caused energy prices to skyrocket.

Published : May 23, 2022

By : THE NATION

Walkout to condemn Russia, support for Thailand still firm: statement

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https://www.nationthailand.com/business/40015855


The seven Apec nations that staged a walkout on Saturday in protest against Russia have issued a joint statement saying they support Thailand, but condemn Russia’s invasion of Ukraine.

Walkout to condemn Russia, support for Thailand still firm: statement

Representatives of the United States, Australia, Canada, Chile, Japan, South Korea and New Zealand walked out when the Russian representative stood up to deliver a speech at the Ministers Responsible for Trade Meeting on Saturday.

This walkout prompted the meeting to wrap up on Sunday without the release of the traditional joint statement from participants.

The two-day meeting was being held at Centara Grand and Bangkok Convention Centre in downtown Bangkok.

“We express our unwavering support for Apec and are fully committed to helping Thailand, as Apec chair in 2022, deliver a successful host year,” the joint statement said.Walkout to condemn Russia, support for Thailand still firm: statement

“We are united in our resolve to ensure peace and stability in our region and to uphold international law, recognising these are preconditions for the inclusive and sustainable economic growth for which we strive.

“We condemn in the strongest terms, the unprovoked war of aggression by Russia against Ukraine.”

The statement said the seven Apec nations were gravely concerned about the deteriorating humanitarian situation and the threat to global food and energy security caused by Russia’s actions.

The nations said Russia’s invasion has further destabilised the global economy and global supply chains as well as undermined our ability to recover from Covid-19.

The nations also expressed their concern over the volatility in energy markets and underscored the need to promote energy resilience, access and security in the region.

Walkout to condemn Russia, support for Thailand still firm: statement“Similarly, we affirm our commitment to a well-functioning food system, which is critical to our people’s health and well-being and to the success of our economies. A rise in food insecurity, due to Russia’s invasion, is being felt around the world, and disproportionately by the most vulnerable,” the joint statement said.

“Reaffirming the importance of the rules-based international order that underpins an open, dynamic, resilient and peaceful Asia-Pacific region, we strongly urge Russia to immediately cease its use of force and completely and unconditionally withdraw all of its military forces from Ukraine.”

Published : May 23, 2022

By : THE NATION

Bangkok Apec summit ends with no joint statement after US-led walkout

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https://www.nationthailand.com/business/40015818


The Asia-Pacific Economic Cooperation (Apec) trade ministers meeting ended with participants failing to issue the traditional joint statement in Bangkok on Sunday.

Bangkok Apec summit ends with no joint statement after US-led walkout

The Apec forum was disrupted on Saturday when representatives of the United States, Japan, Canada, Australia and New Zealand walked out as the Russian representative stood to make a speech. The walkout was in protest over Russia’s invasion of Ukraine.

Commerce Minister Jurin Laksanawisit, who chaired the meeting, said he would conduct a press conference to announce the forum’s results. On Saturday, Jurin had insisted the walkout would have no impact on progress made at the forum.

Thailand is chairing the Apec trade bloc this year but international tensions over the Russia-Ukraine war threaten to derail cooperation among members.

Hosted by Thailand over two days, the Bangkok meeting aimed to drive trade and economic cooperation among 21 Apec members. One goal was to promote the so-called BCG (bio-circular-green) economic model whereby micro, small and medium-sized enterprises will be geared to supply chains to help drive sustainable development.

Published : May 22, 2022

By : THE NATION

Thailand ready to boost trade with Russia to $10 billion: Jurin

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https://www.nationthailand.com/business/40015809


Thailand and Russia are ready to boost bilateral trade to US$10 billion next year, Commerce Minister Jurin Laksanawisit said on Saturday.

Thailand ready to boost trade with Russia to $10 billion: Jurin

Jurin was speaking after talks with Russia’s Economic Development Minister Maxim Reshetnikov on the sidelines of the Apec meeting in Bangkok.

He said details of the new trade ties would be ironed out at the upcoming fifth meeting of the Thailand-Russia trade and economic cooperation subcommittee.

Jurin said Thailand was also working on finalising its free trade agreement with Eurasia, comprising Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan.

The Thai embassy in Switzerland was coordinating relations with these countries, he added.

Meanwhile, Jurin confirmed that Thai banks had shown interest in Russia’s proposal to introduce the Mir payment system for Russian tourists in Thailand. He also pledged to coordinate with the Tourism and Transport ministries to facilitate direct flights from Russia.

On trade, he said Russia was interested in importing more Thai products, especially food and automobiles. Moscow is also keen to expand investment in Thailand, especially in IT, and had also invited Thais to invest in Russia, he added.

Last year, trade between Thailand and Russia was worth $2.7 billion, with Thai exports rising 41 per cent year on year to $1.02 billion. Thailand exports autos and auto components, tyres, machinery, and canned and processed fruits to Russia. Thailand’s trade deficit with Russia last year was driven by imported crude oil, fertilisers, pesticides and steel.

Thailand ready to boost trade with Russia to $10 billion: Jurin

Reshetnikov also praised Thailand for allowing a free exchange of opinions during the Apec trade ministers meeting in Bangkok on Saturday.

He added that the walkout by representatives of the United States and four other Apec members – Japan, Canada, Australia and New Zealand – in protest at Russia’s invasion of Ukraine had solved nothing.

He also declined to say whether President Vladimir Putin would participate in November’s Apec summit hosted by Thailand.

Published : May 22, 2022

By : THE NATION

Walkout by 5 member countries will not affect Apec meeting: Jurin

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https://www.nationthailand.com/business/40015794


Host Thailand has downplayed a walkout by representatives of five countries taking part in the Apec trade ministers meeting in Bangkok on Saturday.

Walkout by 5 member countries will not affect Apec meeting: Jurin

Representatives of Japan, the United States, Canada, Australia and New Zealand walked out of the meeting in protest over Russia’s invasion of Ukraine.

Walkout by 5 member countries will not affect Apec meeting: Jurin

Commerce Minister and Deputy PM Jurin Laksanawisit said he was still confident the meeting would end well, with all participants agreeing to boost cooperation in trade and investment.

All 21 member-countries of the Asia Pacific Economic Agreement trade bloc are taking part in the meeting – including Russia.

Jurin insisted that the five-member boycott had no effect on today’s meeting. All remaining parties continued to discuss the agenda, he added.

Speaking during a short press conference after the morning session, Jurin said all members had pledged their efforts to finalise the Free Trade Area of the Asia-Pacific (FTAAP) by 2040.

He added that all parties had agreed to collaborate on creating sustainability and developing digital technology, digital trade and e-commerce across the trade bloc.

Meanwhile, the meeting also reached consensus on promoting participation of small and medium enterprises (SMEs) in global supply chains to spur inclusivity and sustainable growth of the Apec region.

Jurin voiced confidence the meeting would proceed smoothly with participants issuing a joint declaration following this afternoon’s session.

Thailand is hosting the Apec Ministers Responsible for Trade Meeting (MRT) from May 19-22 at Bangkok’s Centara Grand Hotel.

Published : May 21, 2022

By : THE NATION

APEC trade ministers in Bangkok to discuss economic revival, FTAAP

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More than 700 trade officials and delegates from Asia-Pacific Economic Cooperation (APEC) member countries gathered in Bangkok on Saturday to discuss mutual economic cooperation.

APEC trade ministers in Bangkok to discuss economic revival, FTAAP

The trade representatives are in Thailand to attend the APEC Ministers Responsible for Trade Meeting.

APEC trade ministers in Bangkok to discuss economic revival, FTAAP

In his opening speech, Commerce Minister Jurin Laksanawisit said the meeting is being held at a critical time when the global economy is facing many challenges and uncertainties.

He said all member countries need to closely cooperate to find a proper solution to help rebuild the global economy in the wake of the Covid-19 crisis and the ongoing Russia-Ukraine war.

This is the first time in two years that APEC trade ministers’ representatives and the APEC Business Advisory Council have come together in person. This year’s meeting, themed “Open, Connect, Balance”, is being held at Centara Grand Hotel in downtown Bangkok.

APEC trade ministers in Bangkok to discuss economic revival, FTAAP

Jurin said the objective of this meeting was to provide trade ministers with an opportunity to discuss and formulate guidelines to drive trade and investment among APEC countries.

“The key action agenda is to expand free-trade agreements with each party, especially the Free Trade Area of the Asia-Pacific [FTAAP]. Promoting multilateral trade as well as driving economic growth and development during the Covid-19 situation is also included in the discussion,” said Jurin, who also doubles as deputy PM.

He expects the outcome of this year’s trade ministers’ meeting to play a key role in determining the policy direction for revitalising and stimulating regional economic growth. It will also help member countries to be better prepared for similar crises in the future.

Overall, APEC economies are expected to continue growing at a moderate pace. APEC’s GDP grew 5.9 per cent last year and is expected to grow 4.2 per cent this year and 3.8 per cent next year.

The 21 APEC member countries are Australia, Brunei Darussalam, Canada, Chile, Taiwan, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, China, Peru, South Korea, the Philippines, Russia, Singapore, Thailand, the US and Vietnam.

Published : May 21, 2022

By : THE NATION