Commerce Minister Jurin Laksanawisit is confident that food prices will continue to fall gradually after a seasonal rise during Chinese New Year celebrations this week.
He cited the price of eggs (size 3), which the ministry has capped at 3.50 baht. The average price of size 3 eggs is now 7 per cent lower at 3.39 baht, according to ministry figures.
The Commerce Ministry monitors prices of seven major product categories: electrical appliances, soft drinks, instant noodles, seasonings and sauces, milk and dairy products, canned foods, and fresh food.
Meanwhile the pork price has been set at 100-110 baht per kilo. The price of medium-standard red meat pork is 11 per cent lower at of 187.19 baht, having dropped from a high of 205-210 baht this month, said the ministry.
The price of chicken, which usually jumps during Chinese New Year, is currently at normal levels, it added.
Seafood prices are also falling, with the cost of Tilapia dropping 11 per cent to 55-65 baht per kilo and red Tilapia falling 3 per cent, according to the ministry. However, the price of catfish is up 3 per cent.
The Commerce Ministry said it will contact producers of certain household necessities in a bid to hold down prices for as long as possible to relieve burdens on consumers.
The government is working on ways to build and strengthen trade relations with Saudi Arabia, Mallika Boonmeetrakool Mahasook, adviser to the Minister of Commerce, said.
An analysis and report from the Office of Overseas Trade Promotion in Jeddah said that Thai Prime Minister Prayut Chan-o-cha’s meeting with Saudi Crown Prince Mohammed bin Salman last week has provided an opportunity to restore bilateral relations, which will enable flexibility in many aspects, such as travel between the two countries, trade, and job opportunities for Thai people.
Mallika said that Commerce Minister Jurin Laksanawisit has a seven-point plan to stimulate trade and relationship with Saudi Arabia. They are:
1. Organising seminars to educate Thai businesses about marketing and consumer behaviour in the open-cultural era of Saudi Arabia under the Saudi Vision 2030 strategy;
2. Organising a trade delegation of businessmen from Thailand to visit Saudi Arabia and from Saudi Arabia to Thailand to strengthen relationships and build networks between them;
3. Organising promotional activities for Thai products with leading supermarkets in Saudi Arabia, such as rice, halal food and fruit, etc, in order to make the products more known among consumers;
4. Invite Thai entrepreneurs to participate in trade shows in Saudi Arabia, such as food and halal products exhibition;
5. Publicise the image of halal food products through online channels;
6. Invite Saudi leaders to join online trade negotiations or online business matching;
7. Invite leaders from Saudi Arabia to join Thai international trade, whether through regular, hybrid, or online format.
Saudi Arabia is a trading market with potential for growth, Mallika said, adding that Jurin has focused on thi
s market from the beginning. In addition to trading with Saudi Arabia, it is also a trade gateway to many other countries in the region, she said.
“They want to restructure the economy by expanding the tourism sector, the service sector, and the joint venture sector, resulting in a large demand for imported products and production capacity. That’s an opportunity for Thailand,” Malika said.
Businessmen from both countries are eyeing joint ventures, coupled with the new Saudi Vision 2030 policy, which aims to increase investment.
Saudi Arabia needs investment expertise from Thailand in the fields of farming, with focus on shrimp, fish and chicken raising, hospital operations, hotels, restaurants, franchise businesses. At the same time, Saudi businessmen are also interested in investing in Thailand in the fields of food, energy and mineral products.
Trade between Thailand and Saudi in 2021 was US$7.301 billion, an increase of 31.8 per cent, comprising $1.638 billion of Thai exports and $5.662 billion of imports.
Thailand’s main exports were automobiles, equipment and components, wood and wood products, air-conditioning, rubber products, canned and processed seafood, etc.
The baht opened weaker at 33.43 to the US dollar on Monday from its closing rate of 33.38.
The currency is expected to move between 33.30 and 33.50 during the day and between 33.10 and 33.60 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.
He also expects the baht to weaken if the market is highly volatile and in a risk-off state. The government’s announcement of Covid-19 becoming an endemic will protect the baht from weakening too much, he said.
The key support level for the Thai currency will be at 33.20 – a level that importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level will stand at 33.50 – a level eyed by exporters so they can offload their dollars, he added.
He said the dollar might drop if the market is in a risk-on state, which will happen if listed companies report better earnings than expected.
Moreover, the pound sterling or euro may pressure the dollar if the Bank of England or the European Central Bank signal the use of tight monetary policies.
As markets opened on Monday morning, Krungsri Securities predicted that the Stock Exchange of Thailand (SET) Index would fluctuate between 1,630 and 1,650 points during the day.
It said the index had gained positive sentiment from the rise in oil prices in response to the Houthi militia attack on the United Arab Emirates, as well as a mass buy-up of company shares whose business turnover is expected to grow.
However, it reckons the index will be under pressure from fund flow volatility amid uncertainty over the US Federal Reserve’s signal that it will raise interest rates in March to tackle inflation, Krungsri Securities said.
It recommends the purchase of the following as an investment strategy:
• BBL, KBANK, KTB and BLA will benefit from news of the US interest rate hike.
• PTTEP, TOP, PTTGC, IVL and SPRC will benefit from the rising price of oil and gross refining margin.
• AOT, MINT, CENTEL, ERW and AAV will benefit from the government’s move to relaunch the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.
The SET Index closed at 1,639.51 on Friday, up 5.34 points or 0.33 per cent. Transactions totalled 77 billion baht with an index high of 1,646.48 and a low of 1,636.70.
This year’s Chinese New Year festival is only expected to lure some 527,900 tourists and generate just 1.93 billion baht owing to fears over Omicron as well as the rising cost of living and household debt, Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn said on Saturday.
He said once again, Bangkok’s Chinatown is not bustling with Chinese New Year preparations, while celebrations in many other provinces have been cancelled for a second year running due to fears of an outbreak. Also, he said, the rising cost of living and household debt is forcing people to tighten their purse strings.
“Kasikorn Research forecasts that even though Bangkokians will make merit and travel during the Chinese New Year festival, they will control their spending to cope with high living costs,” he said.
Yuthasak added that TAT has organised Chinese New Year activities in two areas, namely celebrations in Ratchaburi and light decorations in Bangkok’s Yaowarat area. TAT is also providing support in organising celebrations in Suphanburi and Nakhon Sawan.
“We expect about 192,600 tourists to travel to Suphanburi and Nakhon Sawan and generate 1.08 billion baht in revenue as tourists can take day trips to the two provinces,” he said. “Thai-Chinese and Chinese nationals often visit these provinces to pay respect to sacred objects.”
He reckons Bangkok’s Chinatown will be able to generate some revenue because ethnic Chinese people need to buy offerings despite rising prices.
“Also people will need to buy food for family feasts,” he added.
The project, located next to Thonglor BTS station, has only 20 available units, which are priced at an average of 140 million baht per unit.
Real estate developer Scope Company Ltd plans to launch a 2.5-billion-baht project, its third on Sukhumvit Road this year, its chief executive officer Yongyutt Chaipromprasith said.
The project, located next to Thonglor BTS station, has only 20 available units, which are priced at an average of 140 million baht per unit.
All interior design and architectural design consultations are by New York-based architect and interior designer Thomas Juul-Hansen.
The company expects more than 4.5 billion baht in presales from the three projects this year.
In 2023, Scope plans a 2.2-billion-baht project on Sukhumvit 23.
Yongyutt said Scope will highlight its presence in the market this year with the unveiling of The Langsuan Clubhouse which is part of Scope Langsuan project.
The clubhouse covers an area of over 2,500 square metres and is also designed by Juul-Hansen. The cost of furniture alone is more than 100 million baht and there is a 25-seat cinema with the best sound system, he said. There is also the Langsuan Lounge, which is a rooftop terrace and lounge with standards superior to a 6-star hotel.
Meanwhile, the eight-storey condo project Scope Promsri will collaborate with French furniture brand Ligne Roset.
Yongyutt said the company has done quite well in terms of sales even though Covid-19 has slowed down construction. “I think products that focus on quality and differentiation, like our Scope Langsuan and Scope Promsri projects, are virtually unaffected [by Covid-19] when it comes to sales.”
“And the buyers of Scope are those with real demand, which means that they are buying for real living, not for speculation, and they form a group that has real and unmatched purchasing power.”
Scope will embark on more projects on the ‘”international premium” level at preferred locations in the future to create continuous growth, Yongyutt said.
The company will also launch a hospitality management business. That venture will reflect the company’s vision as a lifestyle company that not only develops residential projects but also strives to create a living experience, he said.
This means a new member can reach Silver Elite status with just a five-night stay, with rewards including priority late check-out and 10 per cent bonus points on eligible future hotel stays, flights or car rental.
The offer is global and members can earn unlimited bonus points and bonus Elite Night Credits during the 85-day earning period. Members must book directly with Marriott on Marriott.com, Marriott Bonvoy Mobile app or through a reservations centre. Rates available through most third-party online retailers do not qualify for this promotion.
However, the following brands are not participating in the promotion: Homes & Villas by Marriott International, Marriott Executive Apartments and Marriott Vacation Club owner-occupied weeks. Ritz-Carlton Reserve, BVLGARI, and other hotels that do not currently participate in Marriott Bonvoy are also excluded from the promotion.
Five plastic waste management projects by Dow Thailand Group have been certified under the Low Emission Support Scheme (LESS) by the Thailand Greenhouse Gas Management Organisation (TGO).
The projects are expected to help reduce greenhouse gas emissions to 147 tonnes of carbon dioxide. This achievement aligns with its goals to become carbon neutral by 2050 and collect 1 million tonnes of plastic waste for recycling or reuse by 2030, the company said.
The projects include: • Recycling Waste Management project within the Dow Thailand Group (Bangkok and Rayong offices) • Community Model Project for Integrated Waste Management (Koh Klang Community, Bangkok); • Lod Lok Lueh (collected and recycled plastics programme) in partnership with Ban Chang municipality, Rayong province; • International Coastal Cleanup project in Ban Chang district, Rayong province; • Dow Thailand Challenge: Stop Plastic Disposal project— which have collected more than 6.2 tons of used plastic as well as other recyclable waste material.
Dow Thailand Group’s president, Chatchai Luanpolcharoenchai, said: “Dow is a global leader in materials science, with more than 30 years of dedication to sustainable practices, particularly in combating climate change and managing plastic waste. We are pleased that our five plastic waste management projects have been verified by TGO, demonstrating the efficiency of our projects in helping the environment. I want to thank our project partners who contributed to making this happen. We look forward to growing these projects and witnessing their benefits in the future.”
The company said its manufacturing facilities and technologies have been recognised for contributing to climate change mitigation and promoting the circular economy.
In 2021, Dow received multiple awards for its sustainable practices, such as: • The Carbon Footprint Label Certificate, from TGO • The Ambassador’s Award: Thailand – US partnership in Technological Advancement for a Low-Carbon Future, from the American Chamber of Commerce in Thailand The Green Factory and the Prime Minister’s Industry Award (Circular Economy category), from the Ministry of Industry.
The fund first won the award in that category in 2017, and then followed it up with successes in 2018 and 2019, said Principal Asset Management (Principal).
The Registered Provident Fund of “Principal Target Date Retirement” was the winner for the fourth year in the Provident Fund awards for pooled funds less than 10 billion baht.
The fund first won the award in that category in 2017, and then followed it up with successes in 2018 and 2019, said Principal Asset Management (Principal). The fund, established in the third quarter of 2014, finished runner-up in 2020, said Pajaree Punyashthiti, Principal executive vice president and head of Provident Fund and Private Fund Business Development. She said the fund would hit 10 billion baht soon as it currently consists of 31,977 members from 285 companies. “The fund has received a good response among companies as it was designed to meet the needs of members who have different retirement dates,” she said.
She explained that members can choose investment plans based on their age and risk tolerance, while the fund manager will adjust members’ investment portfolios both short-term and long-term, focusing on diversifying investment in various assets, such as bonds, equities, properties and gold. “Members who retire from their position can continue to keep their investment with the fund,” she said. “The fund also allows members who have expertise in investment allocation to adjust their investment by themselves.” Pajaree said Principal is a world-class financial service provider with expertise in retirement savings for more than 140 years.
She said the asset management had won Morningstar Award, Money & Banking Magazine Award and Fund Selector Asia Awards so far. She added that Principal also provides other services to fund members, such as Provident Fund Analytical Report for financial health assessment and “Plan Wise, Retire Well” for financial planning. “In addition, the asset management also creates awareness on savings and investments to members both online and onsite,” she added.
The Malaysian holding company, AirAsia Group Berhad, has changed its name to Capital A Berhad, it was announced on Friday.
The name change reflects the group’s new core business strategy as an investment holding company with synergistic travel and lifestyle businesses, which have rapidly transformed the AirAsia brand into much more than just an airline, the company said.
“This is not just about unveiling a new logo. It’s a significant milestone that marks a new era for the group. Today’s announcement reinforces we are not just an airline anymore,” Capital A CEO Tony Fernandes said.
However, the airline will always underpin the AirAsia brand, according to him.
“While Capital A will be the new group holding company name, one thing that isn’t changing is the AirAsia brand name for our airlines,” the CEO said. “It’s one of the strongest brands in Asia and provides a solid platform for all of our other products and services to leverage from each other.”
He said that it had long been his firm intention, well before Covid-19 hit, to leverage the strong data built up over 20 years and incorporate new technologies to offer a broad range of products and services. “The pandemic has allowed us to accelerate that strategy,” he added.
According to the CEO, the strategy behind the name change is to introduce a new corporate identity that better reflects the group’s core businesses and its future undertakings, in tandem with its transformation from an airline into a “one-stop digital travel and lifestyle services group”.
Essentially, Capital A is an investment company with a broad portfolio of businesses, he said.
“We are now delivering more products and services under one umbrella than any other brand in Asean and with access to over 700 million people in the region,” Fernandes said.
The CEO voiced confidence that his group’s portfolio businesses are on the way to becoming industry leaders in their respective fields across Southeast Asia, including its airasia super app, fintech business BigPay, aircraft engineering division Asia Digital Engineering, and logistics venture Teleport.
Fernandes said for him Capital A signals a new era for the group’s airlines and other businesses as it is heading for a new growth phase.
“We have a five-year plan in place which will see non-airline revenues contributing around 50 per cent of overall group revenue by 2026. Once the airlines return to pre-Covid levels in the near future, all of our other lines of business will benefit significantly and will all soar to new heights in tandem with one another,” he said.
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