SMK files for bankruptcy protection after failing to pay massive Covid claims

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Syn Mun Kong Insurance (SMK) has filed for protection with the Central Bankruptcy Court after it failed to pay a whopping THB164 billion to 1.95 million people who purchased its Covid insurance.

SMK files for bankruptcy protection after failing to pay massive Covid claims

SMK managing director Reungdej Dusdeesurapoj informed the Stock Exchange of Thailand that the company filed for bankruptcy protection on Tuesday in accordance with the decision of its board of directors.

Reungdej said the SMK board had earlier agreed to have the company submit the bankruptcy filing and the board’s decision was sent to the Insurance Commission for approval on May 10.

Reungdej said the commission approved the decision and SMK was required to file for bankruptcy within five days of being notified, so the company submitted the filing to the Central Bankruptcy Court on Tuesday.

In the filing, the company promised to restructure its massive debt by seeking more investment funds.

SMK would also seek permission to restructure its debt by extending the payout datelines and would negotiate with some creditors to turn the debts into shares.

The lawsuit states that its restructuring plan is aimed at allowing it to repay debts to Covid insurance purchasers and to pay buyers of its vehicle, fire, and marine insurance as well as petty insurance.

SMK reportedly sold 1.95 million Covid-19 insurance policies and ended up with a massive liability of some THB164 billion.

On July 16 last year, at the height of the pandemic, the company announced it would cancel all its Covid-19 insurance policies and would 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 beginning of this year, a large number of Covid insurance buyers swarmed SMK’s head office to register claims, prompting the authorities to step in to help organise registrations.

SMK promised to pay the money in installments.

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

Published : May 18, 2022

By : THE NATION

Electrical-electronic device sector provides highest salary: JobsDB

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The Electrical and electronic device business provides the highest salary for employees followed by the IT business, JobsDB said on Tuesday.

Electrical-electronic device sector provides highest salary: JobsDB

The job-search platform was revealing the top ten businesses with the highest salaries amid the Covid-19 crisis this year.

Its survey, which included the years 2020 and 2021, aims to boost opportunities for job seekers amid digital disruption and political instability.

JobsDB managing director Duangporn Promon said many government and private businesses have adapted to cope with the Covid-19 crisis, such as applying technologies and improving operations to cope with changes in consumer behaviour.

This has led to an expansion of the computer and IT industry and an increasing demand for employees in the sector, she pointed out.

“In 2021, computer and IT industry firms announced they would recruit more than 12,200 workers,” she said.

She added that there is a possibility new graduates would get salaries of THB30,000 depending on their potential.

Duangporn said demand for employees in the tourism industry has also increased in response to a recovery in tourism.

“However, employers in the tourism industry have not increased salaries as high as the IT industry has,” she said.

Duangporn added that the report also indicated that organisation size is not an important factor in determining salaries as some industries that need skilled employees offer salaries higher than large organisations.

The insurance industry had the highest salary increase percentage of 33.3 per cent, followed by hotels and restaurants at 18.2 per cent, she said.

The top ten businesses with the highest salaries are:

1. Electrical and electronic device business: THB37,500

2. IT business: THB32,500

3. Banking and finance business: THB32,500

4. Telecommunications business: THB32,000

5. Insurance business: THB30,000

6. Real estate business: THB25,500

7. Transportation business: THB25,500

8. Distribution business: THB25,000

9. Food, beverage and catering business: THB25,000

10. General manufacturing business: THB25,000

Published : May 18, 2022

By : THE NATION

More support needed for Thai EV market to change gear

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https://www.nationthailand.com/business/40015689


Despite a government incentives scheme and the entry of new players offering new electric car models, Thailand’s EV market needs more support to sustain growth and enable widespread adoption of the industry, according to a report. 

More support needed for Thai EV market to change gear

ABeam Consulting Thailand, a leading global consulting firm with specialties in digital transformation, highlighted in the report the trends and challenges for the industry in 2022. 

The report said that the adoption rate of EV cars in the country is now accelerating due to better government incentives and new market automakers offering more choices. In 2019, Thailand had only 660 electric cars on the road but in 2021 the number increased to 1,955 and is expected to reach 3,000 this year. 

However, there are more things the government and automotive companies need to do in order the make the country’s market strong and sustainable, the report said. 

The Thai government announced new incentives in February 2022 consisting of a package of import and excise duty cuts and direct subsidies. It aims to not only help increase the EV adoption rate but also commit vehicle manufacturers to begin EV production in the country in the near future. 

With new incentives in place, and with signed agreements with several automakers, the country should begin to bridge the gap with other countries, in particular China and European countries that are further ahead in their journey towards an EV future.

Supreeda JirawongsriSupreeda Jirawongsri

Supreeda Jirawongsri, principal, Head of Digital Competency at ABeam Consulting (Thailand) Ltd, said although the overall outlook for EV growth in Thailand was very promising, there were currently some global headwinds, including supply bottlenecks and significantly higher than before raw materials costs, that would block the progress of the Thai EV market.

Industry players must take appropriate actions and adjust their strategies and operations so that they can take advantage of new trends and help accelerate the industry transition, Supreeda said.

ABeam has suggested that automakers and suppliers together build intelligent supply chains utilising Internet of Things, big data, AI and blockchain that increase visibility, optimise operations and help prevent potential bottlenecks. Established automakers who still heavily rely on the production of internal combustion engine (ICE) vehicles can adopt flexible manufacturing systems that leverage their existing assets to make the transition to EVs less risky and less costly.

More support needed for Thai EV market to change gear

Meanwhile, suppliers, in particular those that currently rely on ICE powertrain parts, need to act fast and prepare the right strategy to pivot to other products and services and develop new partnerships.

Car retailers should play the role of educator to help customers understand the benefits and address any specific concerns. They should also aim to deliver a seamless omnichannel experience and optimise their retail footprint and operations so that they can reduce costs, ABeam said.

Also, EV charging players should investigate what partnerships with automakers, commercial fleet owners or other EV charging players they can develop to increase the number of drivers using their charging stations. Beyond that, there are opportunities to create additional revenue streams by hosting advertisements or collecting commissions from products sold to EV drivers while they charge their vehicles.

Meanwhile, ABeam Consulting has warned that Thailand needs to aggressively prepare to face more fierce competition from Southeast Asia’s neighbours, especially Indonesia and Vietnam, if Thailand still aims to be the hub of EV production in the region. Indonesia is one the major producers of nickel, an essential substance to make EV cars. Vietnam has developed its own homemade EV and has the potential to host EV factories because of their cheap labour.

More support needed for Thai EV market to change gear

Earlier this year, the Thai government set the ambitious target to have EVs account for 100 per cent of vehicles sold and 50 per cent of vehicles produced in Thailand by 2035. For a country that averaged about 1 million vehicles in annual sales and 2 million vehicles in annual production before the pandemic, analysts said it was a big task to achieve.

Published : May 18, 2022

By : THE NATION

Diesel oil price to stay at THB32 per litre until May 22

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https://www.nationthailand.com/business/40015688


The Fuel Fund Executive Committee voted on Wednesday to retain retail diesel oil price at THB32 per litre until May 22, a senior official said.

Diesel oil price to stay at THB32 per litre until May 22

Kulit Sombatsiri, permanent secretary at the Energy Ministry, said the committee also retained the policy of managing the retail price in the range of THB32 to THB35 for as long as possible.

Kulit said the reduction of diesel excise tax by THB5 per litre for two months would help the committee in its management of the retail price to prevent it rising above THB35 per litre.

On Tuesday, the Cabinet approved a deeper cut in excise tax on diesel from THB3 to THB5 per litre for two more months after the current THB3 cut expires on May 20.

The Finance Ministry has projected that the subsidy would cost the government not more than THB20 billion in projected revenue. The government is using excise cut to try to stabilise the retail price of diesel, so that people would not be affected by the rising cost of transportation, which could inflate manufacturing costs.

Despite repeated protests by truckers, the government had earlier decided to cancel the capping of the retail price at THB30 per litre because its Oil Fuel Fund is bleeding and is almost dry.

Published : May 18, 2022

By : THE NATION

Roche Thailand invites you to Life Talk “Window to Change”

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Everyone was born with a pair of eyes; how can we keep them healthy and maintain our vision for as long as possible?

Roche Thailand invites you to Life Talk “Window to Change”

Have you ever tried covering one eye at a time to detect any visual problems? In case you haven’t, join us in doing this basic eye examination during Roche Thailand’s Life Talk Series III “Window to Change” on Saturday May 21, 2022 from 7pm onwards.

Thanapong Somkijrungroj, MD (ophthalmologist) is going to show you some early signs to watch out for. You will have a chance to hear from a neovascular Age-related Macular Degeneration (nAMD) patient about his treatment experience and outcome. nAMD is an eye disease that affects over 21,000 Thai people annually, and its incidence rate keeps rising. Prompt yourselves and your loved ones to consult professional eye doctors before vision loss.

In addition, Roche Thailand, a leader in innovative treatments and biotechnology, has teamed up with Give Vision, a European-based startup that develops wearables for visually impaired people. Not only does the gadget enhance vision quality, but it also monitors eye symptoms remotely and reports such data to doctors in real-time. This collaboration brings about a brighter future for Thais. Whether you are a patient or a caregiver, access to treatment and technology customized for your vision restoration will be localized soon. 

Roche Thailand invites you to Life Talk “Window to Change”

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Published : May 17, 2022

By : THE NATION

Metaverse Thailand is now live on Bitkub Chain!

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Prepare to buy using KUB Coin with the new features “Land Office” on Bitkub Metaverse soon

Metaverse Thailand is now live on Bitkub Chain!

Bangkok, May 13 – Bitkub Blockchain Technology Co., Ltd, a blockchain leading company, in cooperation with Metaverse Thailand, a leading visual world development platform company, announced the new roadmap to connect Metaverse Thailand with Bitkub Chain and enhance the land area’s expansion in the future.

Under this press announcement, Metaverse Thailand have already moved the infrastructure on Bitkub Chain and allowed the users to trade the land using KUB Coin. This has demonstrated the owners’ rights of the land along with business expansion on visual world. Moreover, the users can also swap META Coin with KUB Coin.

In addition, with the new plan announcement, Metaverse Thailand also invest in Bitkub Metaverse land to build “Land Office” and allow the users to trade the land using KUB, MVP and KUSDT along with announced the new features such as staking and mortgaging. Moreover, the new set of land will be sold under Asoke and Prompong areas for 33 KUSDT, 3 KUB or 333 MVP per 1 HEX, which will be opened for sale on May 30 from noon to 8pm.
 

Metaverse Thailand is now live on Bitkub Chain!

Passkorn Pannok, CEO of Bitkub Blockchain Technology said “With the new plan announcement, we will expand the current users on Metaverse Thailand on Bitkub Chain. Also, the Land Office on Metaverse Thailand will be opened for sale and allowed the users to trade on Bitkub Metaverse using KUB, MVP and KUSD coins.”

Pongsakorn Udombua, from Metaverse Thailand, said “Under this new roadmap, the new zone (Prompong area) will be added up with 80,000 HEXAGON, which we have followed our community’s suggestion for this new update. We have already reduced the unnecessary area including street, canal and garden in order to enhance the platform’s potential for everyone.”

For more news and updates on Bitkub Chain, visit https://www.bitkubchain.com/ or https://metaversethailand.io/

Published : May 17, 2022

By : THE NATION

Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya

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https://www.nationthailand.com/pr-news/business/40015632


(PR News) Opening August 1, 2022, you will embark on a new travel adventure.

Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya

Grande Center Point Space Pattaya, a new landmark in the heart of North Pattaya, a city that never sleeps, is Thailand’s first “Space themed” hotel. Escape the hustle and bustle to explore new leisure experiences in a concept design hotel with a full space theme from the front to the interior and services.

Grande Centre Point Space Pattaya, a soon-to-be-opened hotel inspired by space travel, from the space shuttle to the exterior and landscapes of outer space, features 490 rooms with aurora and star lights on the ceiling to make you feel like you’re on a spaceship. Every room has its own balcony with views of the Pattaya ocean, with sizes ranging from 45 to 133 square meters. Amenities includes a four-figure bathroom and cutting-edge technology like a washlet, smart mirror, 55-inch smart TV, and Bluetooth.

Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya
Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya

The flagship hotel of the LH Mall & Hotel group is Thailand’s first completely space-themed hotel. It’s unique and fascinating because it combines space travel as a design concept with the comfort of guests of all ages, with attractions ranging from a massive water park spanning 11,500 square meters in four zones, such as an adventure in the space forest, to a huge water park spanning 11,500 square meters in four zones.
 

Space Water Park has a space pirate beach with white sand and realistic-looking waves. Visitors may float down the lazy space forest river through caverns, waterfalls, jacuzzis, and intergalactic jungles. A modern spaceship-themed facility featuring a kids club and games room, as well as outdoor recreational facilities including a playground, sandpit, and mini golf, are among the other amenities.

Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya
Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya

There are also additional facilities such as restaurants, cafés, and rooftop dining. and a huge conference room area at the Space Convention Center that can host gatherings for up to 900 people and has cutting-edge equipment such as a 12.48 x 5.40 m LED screen.

The Let’s Relax Onsen & Spa, with a floor space of up to 3,000 square meters and the first sea view onsen in Thailand, is one of the highlights as well as popular treatments like spa and Thai massage. Grande Center Point Space Pattaya is bringing the dream of going to space closer to reality. Reservations are now available at tel. or +66 33 268 888 or https://www.facebook.com/gcpspacepattaya/

Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya
Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya
Escape to Thailand’s 1st space themed hotel and explore the extraordinary accommodations in the centre of Pattaya

Published : May 17, 2022

By : THE NATION

“Singha Soda” aims to inspire new generation of Thai NFTs in the world market with NFT art contest

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https://www.nationthailand.com/pr-news/business/40015628


“Singha Soda” ventures into the NFT world with the “Singha Soda NFT Art Contest,” bringing five creators to spark new ideas in their styles and create the one-and-only art piece with a chance to win 400,000 Baht and visibility in the “Singha Soda” account in ‘Opensea’ the biggest NFT marketplace in the world.

“Singha Soda” aims to inspire new generation of Thai NFTs in the world market with NFT art contest

Mr. Titiporn Thammapimookkul, Chief Marketing Officer – Brand of the Boonrawd Trading Co., Ltd., revealed that Soda Singha has never stopped driving innovative marketing campaigns in line with the future to excite consumers constantly. “Singha Soda” has moved the market through collaborations with the fashion, music, and art industry, for example, the “Singha Soda Battle of the Year Thailand,” which is one of Thailand’s biggest hip hop competitions and one of the most long-running campaigns from Singha Soda, the collaboration with Mister Cartoon, a global tattoo artist, in his limited edition label design, and the collaboration with “Dry Clean Only,” an international Thai fashion brand, launching a special collection available worldwide, all of each has represented the brand’s identity and resonated with its target audiences.

Singha Soda has recently shaken the market once again by going digital with “Singha Soda NFT Art Contest,” which invites everyone to relish their creativity and design Singha Soda in their way. The digital art contest will reward up to 400,000 Baht with top NFT artists like Palm Instinct, PUCK, Sahred Toy, Jeff Aphisit, and Jecks bkk, who are looking to inspire contestants. The winner’s work will be sold on Singha Soda’s Opensea account. The campaign will strengthen the brand’s image of excitement and innovation, creating new ways of consumer engagement throughout the ages.
 

“Nowadays, there are a lot of intellectual properties with high value in the world market. You don’t have to be the best at drawing, but you need the best idea. We will select the 50 best ideas from Thais to sell in Opensea, which is the world’s biggest NFT marketplace. The company will pass on full income from the sale to the artist. This is a new milestone of creativity from Singha Soda which will resonate with the new generation,” Mr. Titiporn said.

Create your digital art with the “Singha Soda NFT Art Contest” with refreshing, creative, and unique ideas under the concept “Singha Soda’s Style In Your Own,” showcasing “Singha Soda’s” brand identity in your ways featuring Singha Soda’s logo design or bottle in your works creatively. Submit your works now at www.singhasodanftartcontest.com from now until June 15, 2022.
 

Published : May 17, 2022

By : THE NATION

THAI reports over THB3.2-bn loss despite 155% increase in revenue

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https://www.nationthailand.com/business/40015639


Thai Airways International (THAI) suffered a net loss of THB3.243 billion on revenue of THB11.181 billion in the first quarter of this year. The revenue, which excluded one-time transactions, marked a 155 per cent year-on-year increase.

THAI reports over THB3.2-bn loss despite 155% increase in revenue

In its financial performance report, THAI said operational revenue had increased by THB6.797 billion compared to the same period last year.

However, it incurred expenditure, which excluded one-time transactions, of THB14.348 billion, up THB2.967 billion year on year, inflicting a loss of THB3.167 billion.

THAI noted in the report that its loss, which excluded one-time transactions, dropped by 54.7 per cent, or by THB3.83 billion, year on year.

THAI said its net loss for the first quarter was THB3.243 billion, down THB8.962 billion year on year. The net loss translated into a loss per share of THB1.49, compared to THB5.59 in the first quarter of last year.

As of March 31, THAI and its subsidiaries had total assets valued at THB162.423 billion, an increase of THB1.204 billion from December 31, 2021, while total liabilities stood at THB236.909 billion, an increase of THB4.439 billion.

THAI reported that the demand for passenger seats had continually increased in the first five months of this year because the government had gradually eased Covid travel restrictions.

The report said THAI and Thai Smile had 10,238 passengers and 10,870 passengers for domestic and international flights respectively for the first 10 days of May, compared to 4,929 passengers and 269 passengers, respectively, in October last year. The figures showed a significant increase in the number of passengers after the government relaxed travel restrictions, the report added.

THAI said goods transportation by its planes has returned to 50 per cent of the pre-Covid level in 2019.

THAI reports over THB3.2-bn loss despite 155% increase in revenueTHAI said it has increased frequency of THAI and Thai Smile flights from the second quarter of this year to respond to the increased demand following the easing of travel restrictions and the improvement in the Covid situation.

It said its flights to the following destinations have increased:

— Chennai (India) from 5 to 7 flights per week from April 1

— Bengaluru (India) from 5 to 7 flights per week from April 1

— New Delhi from 7 to 14 flights per week from April 1

— Mumbai from 5 to 7 flights per week from April 1

— Lahore (Pakistan) from 3 to 4 flights per week from May 1

— Karachi from 2 to 3 flights per week from May 1

— Islamabad from 2 to 3 flights per week from May 1

— Hanoi from 7 to 14 flights per week from May 1

— Ho Chi Minh from 7 to 14 flights per week form May 1

— Phnom Penh from 7 to 14 flights per week from May 1

— Melbourne from 4 to 7 flights per week from May 1

— London from 11 to 14 flights per week from May 29

— Jakarta from 3 to 7 flights per week from June 1

— Dhaka from 7 to 10 flights per week from June 1

— Frankfurt from 10 to 14 flights per week from June 25

— Taipei from 4 to 7 flights per week from June 25

— Singapore from 10 to 14 flights per week from July 1

— Copenhagen from 5 to 7 flights per week from July 1

— Munich from 5 to 7 flights per week from July 1

— Zurich from 5 to 7 flights per week from July 1

The company also has increased flights to or opened the following new routes:

— Penang 4 flights per week from May 1

— Vientiane 3 flights per week from May 1

— Bali 4 flights per week from May 1, and flights will increase to 7 per week from June 18

— Hyderabad one daily flight from May 13

— Yangon one daily flight from June 1

—Tokyo (Haneda International Airport) one daily flight from July 1

— Kaohsiung (Taiwan) one daily flight from July 1

— Brussels three flights per week from July 2 to August 30

The report added Thai Smile will also fly 14 flights per week from Don Mueang Airport to Phuket International Airport starting May 20.

THAI entered a court-supervised rehabilitation after reporting its worst-ever net loss of THB141 billion, hammered by the pandemic that began in 2020. 
The company reported a net profit of THB55.1 billion in 2021, following restructuring efforts that included improving management efficiency and selling off assets.

Published : May 17, 2022

By : THE NATION

Fifty foreign firms allowed to invest in Thailand in April

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https://www.nationthailand.com/business/40015659


The Commerce Ministry gave fifty international companies in April the go ahead to conduct business in Thailand under the Foreign Business Act, Deputy Commerce Minister Sinit Lertkrai said on Tuesday.

Fifty foreign firms allowed to invest in Thailand in April

“These foreign companies have invested more than THB9.9 billion in Thailand and generated up to 592 jobs for local people,” he said. “Most of these firms are from Singapore, Japan and Hong Kong, respectively.

“Allowing more foreign companies to invest in Thailand will help promote knowledge and technology transfer, especially in online trade platform operations, machining centre management, mechanical and electrical engineering, and wireless control of the Optime system using smartphone applications and computers,” Sinit said.

He added that 15 foreign companies have been given approval to invest in the Eastern Economic Corridor (EEC), or 30 per cent of all approved foreign companies in April.

These companies have invested THB2.66 billion in the EEC, or 27 per cent of total foreign investment. Most of the firms are from Japan, the United States and Singapore, while EEC investments have been made in digital services, cloud computing, sensor technology, canned food and beverage packaging, and furniture manufacturing.

The Commerce Ministry expects more foreign companies to apply for investment due to an improving Covid-19 situation and the government easing restrictions on foreign arrivals, which will help restore investor confidence.

Published : May 18, 2022

By : THE NATION