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https://www.nationthailand.com/business/econ/40019618

The Securities and Exchange Commission (SEC) on Wednesday imposed a total fine of 1.92 million baht on digital asset trader Zipmex Thailand Co Ltd.


The fines were levied for committing two offences: suspending digital asset trading in violation of SEC’s trading rules, and prohibiting customers from depositing and withdrawing from the company’s Trade Wallet and Z Wallet.

The SEC stated that from July 20-28, 2022, Zipmex, an operator of a digital asset trading hub and a digital asset broker, had suspended trading of digital assets on its platform, both in part and in whole, without following the criteria and conditions stipulated in the SEC’s trading rules. The offence resulted in a fine of 540,000 baht.

The SEC added that during July 20 to August 25, 2022, Zipmax also suspended deposit and withdrawal of customers’ assets in the company’s Trade Wallet and Z Wallet, in violation of professional ethics and failing to provide a quality service. This offence resulted in a fine of 1,380,000 baht.

Meanwhile, Zipmex Thailand said on its Facebook on Thursday: “The company prioritises following the regulations and maintaining professional ethics in all aspects of business operation. We are ready to discuss with the SEC regarding the fine order, and will evaluate the punishments closely with our legal advisers. We understand the duty and responsibility of the SEC in digital asset monitoring to ensure that all investors are protected.”

On July 20, Zipmex Thailand suspended trading on its platform to disable ZipUp+ from the platform.

Zipmex Thailand CEO Akalarp Yimwilai later issued a Facebook Live announcement that ZipUp+ was a product of Zipmex Global, a key partner of Zipmex Thailand. He said Zipmex Global had deposited coins in ZipUp+ with two crypto lenders, Babel Finance and Celsius, who suffered a liquidity crunch and could not return the digital assets. Celsius has gone bankrupt.

Zipmex Thailand said it would sue Babel Finance for the return of its customers’ digital assets.

Published : September 01, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019612

High oil prices have prompted more people to turn to public transportation and electric vehicles, while the rising prices of goods have reduced use of luxury goods, a survey has found.

The survey was carried out by the Trade Policy and Strategy Office (TPSO) among 8,363 respondents from all districts around the country. The results were announced on Thursday by Ronnarong Phoolpipat, TPSO’s director-general.

Ronnarong said the survey found that most people have responded to rising oil prices by using private cars less frequently, or by opting for cheaper petrol varieties.

With the prices of goods rising, most people have reduced their use of luxury goods while some have cut down on travel expenses and eating in restaurants, Ronnarong said.

He said the survey found that the people in the income group of 10,000 to 100,000 baht per month tended to use more public transportation or changed travel routes to avoid traffic congestion.

Ronnarong said the vulnerable groups, such as people with income lesser than 10,000 baht a month, students or people without permanent jobs, were the biggest users of public transportation.

Ronnarong said there is a clear case for the government to improve public transportation to minimise impact on the vulnerable groups.

Ronnarong said the top three changes in consumer behaviours were reduction in the use of luxury goods (29.87 per cent), reduction in travel (16.92 per cent), and less eating in restaurants (16.24 per cent).

The survey found that the people with income between 40,000 and 50,000 baht a month and state officials were the group that had not reduced their savings. Only 0.44 per cent of people with monthly income of 40,000 to 50,000 baht had reduced their savings and only 0.88 per cent of state officials had done so.

Ronnarong said the survey found that the people with income more than 100,000 baht a month was the biggest group to reduce the frequency of their travels.

When asked what they would do if the high oil prices persisted longer, 54.1 per cent said they would find extra jobs while 15.86 per cent said they would buy EVs and 11.76 per cent said they would move to live closer to their offices, Ronnarong added.

The TPSO suggested that the government build more EV-charging stations to encourage people to buy more EVs, which could help stimulate the economy.

The TPSO also suggested that the government launch measures to stimulate tourism so that people with high income would travel more frequently, Ronnarong added.

Published : September 01, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019610

The conference of CEOs from the Asia Pacific Economic Cooperation (Apec) will be organised strictly under the concept of “Green Meeting” with the goal of highlighting Thailand’s potential and commitment to tackling environmental and sustainability issues, the organisers said on Thursday.

The chairman of the Apec CEO Summit 2022, Poj Aramwattananont, held a press conference on Thursday to inform about the progress in hosting the event.

The environment is one of the most urgent global issues, and it would be a great opportunity to show world leaders how serious Thailand is in responding to that problem, he said.

The executive director of the CEO summit, Kasemsit Pathomsak, added that the organising committee had put a lot of thought into sustainability in designing the summit’s content and format, and had decided to organise the event as a “green meeting”.

The events will be environmentally friendly, with materials and resources reused and recycled to maximise benefits while minimising the environmental impact, he said.

“The ‘green meeting’ concept will be reflected in every aspect of the summit, from the choice of venue, documentation, device arrangements, and catering to the calculation of carbon footprint, which will increase awareness about energy saving and waste reduction,” Kasemsit explained.

Participants will be guided throughout the meeting by a mobile application that ensures smart hospitality.

Poj said that the organising committee had decided to change the venue from True ICON Hall at ICONSiam to The Plaza Athenee Hotel to facilitate convenience of movement between the main Apec Summit venue at Queen Sirikit National Convention Center and the Apec CEO Summit venue.

Besides, the committee intends to collaborate with young entrepreneurs nationwide so that they will have the experience to host the Apec Summit or other world conferences in Thailand in the future.

“This outreach is crucial as the younger generation will play a key role in driving the country’s economy in the future. Preparations for the summit right now are 70 per cent ready,” Poj said.

He expected the summit to be a stage for leaders to share their vision and join forces in driving global trade and economic growth. It is also a perfect opportunity to search for solutions to current issues and to the various business challenges faced by the Asia-Pacific region and the world.

“This year’s summit will be the first opportunity for prominent economists and business leaders to meet in person. More than 10 leaders from Apec member economies will give keynote speeches on topics that are of high public interest,” said Poj.

He added that the programme would also include panel discussions among thought leaders and distinguished speakers on issues that will help chart the direction of the world’s economy.

He insisted that the summit is a fantastic opportunity for Thailand to host the extraordinary trade and investment convention. The summit will provide an opportunity for Thailand’s private sector to showcase its global potential, whether in food security, investment, tourism, or finance.

Meanwhile, the committee has announced official collaboration with PwC, who will serve as the exclusive “Knowledge Partner” for the Apec Business Advisory Council summit 2022.

The company intends to spark conversations among delegates at the event that provide valuable insights into conducting business, economic activities, and investment before delivering all ideas of business leaders to the Apec Summit stage.

PwC Thailand CEO Chanchai Chaiprasit said that as the “Knowledge Partner” of this year’s Apec CEO Summit, the firm will look closely at how businesses can prepare to overcome these challenges in order to build trust among stakeholders and grow sustainably.

The current world is at the crossroads of chaos, with many serious issues occurring at the same time; therefore, all parties must have an intimate conversation to find a proper solution that is at least a proper aspect for all, Poj said.

The Apec CEO Summit is scheduled to be held from November 16-18, 2022, concurrently with the Apec Summit 2022.

Published : September 01, 2022

By : Nongluck Ajanapanya

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https://www.nationthailand.com/business/econ/40019603

More than half of business operators believe the Thai economy will grow less than 3.3 per cent this year, the Thai-Chinese Chamber of Commerce said.

President Narongsak Putthapornmongkol said on Wednesday that the chamber conducted a survey of 305 members from August 16 to 18 about their trust in Thailand’s economic direction in the fourth quarter.

Some 40 per cent felt the economy in the last quarter would be better than the previous one, 30.8 per cent said it would grow at the same rate and 26 per cent thought it would slow down.

The respondents were of the opinion that tourism, online, health services, agriculture, logistics, and processed agricultural products would drive the economy in quarter four.

They also felt the businesses that need to improve urgently are tourism, agriculture, energy and infrastructure, real estate and construction, and manufacturing.

Those surveyed see the tourism industry as a key opportunity for the Thai economy to recover quickly “if obstacles are overcome quickly”.

As for news that the economy would grow only up to 3.3 per cent this year, 56.7 per cent thought there was little chance of that happening, while 39.7 per cent said there was a high chance such growth could be achieved. The rest said it was impossible.

The respondents viewed recession, pressure from inflation, political stability and high household debt as the main obstacles to a recovery.

Some 33 per cent thought the world economy would see a slight recess, 25 per cent said it would significantly be affected, and a minority of 12.5 per cent felt that a crisis was brewing. Only 19.8 per cent of respondents believed the global economy would recover.

Meanwhile, 65 per cent of respondents thought Thailand’s policy interest rate would increase once again before the end of the year and pose a key obstacle to smooth economic growth.

Narongsak said 41.6 per cent felt a conflict between superpowers would hit the Thai economy, while 20.7 and 9.2 per cent thought it would affect Thailand seriously and very seriously, respectively.

Precisely 54.4 per cent still trust in exports to China in the current situation as Thailand is not a part of any conflict, while 31.5 per cent were highly confident China was a reliable export market for Thailand.

Around 80 per cent believe the number of Chinese tourists, if any, will be lower than expected in the fourth quarter.

Regarding Thai-Chinese economic ties, 40.7 per cent of respondents felt trade between the two countries in the last quarter would be better than in the previous quarter, 25.2 per cent said it would grow steadily and 31.5 per cent were of the view that it might slow down.

As for exports, 43.6 per cent of those surveyed expect China to import more Thai products.

According to the survey, 42 per cent of respondents thought Chinese investment in Thailand would increase, while 30.8 said it would remain the same as the third quarter.

Regarding the baht, 34 per cent expected the currency to strengthen in the fourth quarter, while 36 per cent said it would stay at the level between 35.59 and 36.90 to the US dollar.

Published : September 01, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019593

The baht opened at 36.65 to the US dollar on Thursday, weakening from Wednesday’s close of 36.47.

The currency is expected to move between 36.50 and 36.75 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht could continue to weaken as it had swept past its resistance level of 36.50 to the dollar, so there is a risk it would reach a new resistance level of 36.75.

Poon noted that the baht was pressured because of a strengthening dollar and the gold price heading downward.

However, the baht’s weakening might slow down if foreign investors continue to opt for Thai stocks, as an economic recovery is likely after the Bank of Thailand signalled it may increase the interest rate gradually, he said.

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

Published : September 01, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019577

Commerce Minister Jurin Laksanawisit met with Yousef Abdullah Al-Benyan, CEO of Saudi Basic Industries Corporation (SABIC), on Tuesday in a move to import 100,000 more tonnes of much-needed fertiliser.

Jurin said SABIC is one of the top fertiliser companies in the world, trading with more than 50 countries and now Thailand since Thai-Saudi relations were restored.

He said SABIC has been in operation for almost 50 years in the fields of petroleum, fertiliser, chemicals, and medical equipment.

Jurin mentioned that the Saudi government wants to facilitate negotiations so Thailand could import more fertiliser from the Middle East country.

The minister pointed out that the price of fertiliser in the world market is high, while Thailand has been forced to import almost 100 per cent of its needs.

Moreover, shipping costs have also increased due to rising fuel prices, which is keeping prices in the domestic market high.

Jurin said he must solve two problems – price and quantity – as farmers need to have enough fertiliser.

The Internal Trade Department will come up with a new price structure, which would be in line with actual import costs, he said, adding that it would be fair to farmers as they are users and importers.

Jurin said he approved a contract to import 323,000 tonnes of fertiliser from Saudi Arabia in July and he had negotiated for another 102,000 tonnes.

He expected imports to solve the quantity problem, but the price would still be according to market mechanisms. So his ministry is teaming up with the Agriculture and Cooperatives Ministry to find sources of fertiliser at special prices to help farmers. He admitted this was not easy, but he would try his best.

Jurin said both ministries had previously joined hands with the Thai Fertiliser Producers & Trade Association to reduce the price of 4.5 million sacks of fertiliser by 20 to 50 baht per sack.

Moreover, he is also considering a measure to subsidise fertiliser prices for farmers but is awaiting a response from associations related to the country’s finances.

Jurin said it would be quicker to import fertiliser from Saudi Arabia as the government had allowed imports from another Saudi firm called Ma’aden.

According to the International Trade Promotion Department, Saudi Arabia is the sixth top fertiliser exporter in the world. The country exports fertiliser mostly to India, Bangladesh, Brazil, the US, Australia, and now Thailand, respectively.

The top three exported fertilisers by Saudi Arabia are NPK, nitrogen and potassium.

Published : August 31, 2022

By : THE NATION