The baht opened at 33.37 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 33.30.
The Thai currency is likely to move between 33.30 and 33.50 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht will fluctuate in the short term. The dollar was weakened by the gold price which caused the baht to strengthen. The baht is also strengthening because of foreign investments. The market was in a risk-on state which could pressure the dollar to weaken.
However, he said that foreign investors will start to sell Thai stocks relating to country opening as they sold Thai stocks for 1.6 billion baht yesterday.
Poon added that foreign investors will invest back in Thai stocks if the Thai economy recovers, which will cause the baht to strengthen.
The gold price also affected the dollar. Gold investors are waiting to buy gold in the range of 1,760 to 1,770 dollars per ounce and waiting to sell nearby at 1,800 per ounce.
U.S. equities extended a rally on Tuesday as solid corporate results helped counter concerns stemming from elevated inflation.
The S&P 500 rose 0.6% as earnings at Travelers Cos. and Johnson & Johnson beat expectations while higher commodity and freight costs weighed on shares of Procter & Gamble Co. Crypto stocks were also higher as Bitcoin climbed toward a record and the first futures exchange-traded fund launched.
A fifth day of gains brings the benchmark index about half a percent away from an all-time high as the market grapples with the prospect of tighter monetary policy amid rising prices. The dollar was weaker against major peers as traders raised bets central banks around the world would raise interest rates before the Federal Reserve. Meanwhile, global bond yields were mixed with the U.S. 10-year Treasury yield higher at 1.63%.
“Another week of upbeat results could be the boost that bulls are after to recapture those record levels,” said Fiona Cincotta, senior financial markets analyst at City Index.
Investors are paying close attention to the earnings season to see how higher costs for energy and raw materials are affecting margins. Crude oil in New York climbed in a volatile session after Russia signaled it may not give Europe extra gas without approval for the Nord Stream 2 pipeline. Meanwhile, base metals took a breather on the race to record highs.
“This earnings season could be highly important for investors, as inflation, labor, supply, and currency risks settle in,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “We will be particularly attuned to companies’ guidance on the path ahead and whether higher costs could reduce corporate margins.”
Speakers from the Federal Reserve this week are also expected to try to calm the market ahead of plans to begin tapering asset purchases.
“They’re probably going to be very careful and cautious on rate hikes because of the fact that they just don’t have enough information on the inflation front,” said Subadra Rajappa, managing director and head of U.S. rates strategy at Societe Generale. “That’s why I think you’re seeing a little bit of an adjustment in the two year part of the curve this morning.”
Some of the main moves in markets:
Stocks
The S&P 500 rose 0.7% as of 4 p.m. EDT
The Nasdaq 100 rose 0.7%
The Dow Jones industrial average rose 0.6%
The MSCI World index rose 0.7%
Currencies
The Bloomberg Dollar Spot Index fell 0.3%
The euro rose 0.2% to $1.1635
The British pound rose 0.5% to $1.3792
The Japanese yen was little changed at 114.34 per dollar
Bonds
The yield on 10-year Treasurys advanced four basis points to 1.64%
Germany’s 10-year yield advanced four basis points to -0.11%
Britain’s 10-year yield advanced three basis points to 1.17%
Commodities
West Texas Intermediate crude rose 0.5% to $82.84 a barrel
WASHINGTON – Facebook has agreed to pay penalties totaling more than $14 million under a settlement with the Justice Department over findings that the companys hiring practices intentionally discriminated against Americans in favor of foreign workers, U.S. officials said Tuesday.
The social-media behemoth has also agreed in a settlement with the Labor Department to do more to recruit Americans for technology jobs and be subject to federal scrutiny for up to three years, the officials said.
The agreements came after the Justice Department sued Facebook in December for allegedly failing to properly advertise at least 2,600 jobs – and consider applications from U.S. citizens – before offering the spots to foreigners whom the company was sponsoring for green cards granting permanent residency in 2018 and 2019.
The lawsuit said Facebook’s practices violated federal laws that require employers to demonstrate that there are no qualified U.S. workers available before offering positions to temporary foreign workers they are sponsoring.
Facebook has agreed to pay a civil penalty of $4.75 million to the U.S. government and up to $9.5 million to eligible victims of Facebook’s alleged discrimination, which officials said was the largest monetary settlement of its kind under the anti-discrimination provisions in U.S. immigration laws.
Officials said the Justice Department will work with the company to determine potential victims. But they said it was too early to know how many people might be eligible for damages.
“Facebook is not above the law and must comply with the nation’s federal civil rights laws,” said Assistant Attorney General Kristen Clarke, who oversees the Justice Department’s civil rights division. “Companies cannot set aside certain positions for temporary visa holders because of their citizenship or immigration status.”
U.S. officials said Facebook also has agreed to train staff on federal anti-discrimination requirements. For the next three years, the Labor Department will audit the company’s petitions for temporary visa holders under the federal government’s permanent labor certification program.
Facebook said in a statement that the company believes it “met the federal government’s standards” under federal law but agreed to settle the case “to end the ongoing litigation and move forward.” Company officials noted that the number of jobs referenced in the Justice Department’s suit represented a fraction of Facebook’s workforce. The company ended the second quarter of this year with more than 63,400 full-time employees globally and 3,000 job openings, company officials said.
The settlements with the federal government “will enable us to continue our focus on hiring the best builders from both the U.S. and around the world, and supporting our internal community of highly skilled visa holders who are seeking permanent residence,” the company said in the statement.
Yet the $14 million fine underscores how Facebook and other tech giants can’t escape the increased scrutiny of their businesses that began under the Trump administration.
The Justice Department’s initial lawsuit against Facebook highlighted long-running tensions between the former president and tech companies over their reliance on high-skilled, foreign workers.
The industry is largely more aligned with the Biden White House on immigration, especially after he reversed course on many of Trump’s policies. But the settlement reflects a growing focus among Democrats on the ways that tech giants are potentially harming American workers. Labor Department Solicitor Seema Nanda emphasized that her agency is willing to enforce the law “no matter an employer’s size or reach.”
Facebook, in particular, tried for years to increase the ranks of high-skilled foreign laborers in the United States, including programs such as the H-1B visa, to power their highly technical operations.
In its complaint in December, the Justice Department said the company eschewed its traditional hiring process in cases where it wanted to hire an employee on an H-1B visa for a permanent position. When a temporary visa holder sought such a job, Facebook “diverged from its normal recruiting protocols,” according to the government, opting in some cases against “advertising the position on its external website.”
If a U.S. worker applied for one of these jobs – and Facebook determined they were qualified – the company appeared to hire them in a different capacity, the lawsuit found. Federal law generally only allows a company to sponsor a temporary worker for a permanent position in cases where there is no qualified U.S. applicant.
The record-breaking penalty will have little impact on Facebook’s bottom line, as the company generated about $29 billion in revenue in the second quarter of this year alone.
But the increased federal scrutiny of its hiring practices comes as the company is already battling myriad regulatory threats in Washington. The Biden administration has signaled a tough line on regulating the tech giants, with the administration nominating some of the companies’ largest critics to key positions.
The Justice Department is playing a central role in those efforts, with an existing antitrust lawsuit against Google and scrutiny of other tech giants, including Apple. Biden’s nominee to run the department’s antitrust division, Jonathan Kanter, is a prominent critic of huge technology companies.
Facebook is already fighting a Federal Trade Commission antitrust lawsuit, which was initially brought under the Trump administration and refiled earlier this year under the agency’s new chair, Lina Khan, a longtime critic of big tech companies.
Lawmakers are increasingly threatening to regulate the company following revelations from a former employee about internal company research on the detriments of its products.
Lawyers representing that employee, Facebook whistleblower Frances Haugen, have made at least eight complaints with the Securities and Exchange Commission.
The Cabinet will keep financial institutions’ annual fees paid to the government low for another year, deputy government spokesperson Ratchada Thanadirek said on Tuesday.
The payment rate will be maintained at 0.23 per cent from 0.46 per cent until the end of 2022 as proposed by the Finance Ministry. The move aims to ease the financial burden on commercial financial institutions, so they can support businesses and people affected by the pandemic more effectively.
The Stock Exchange of Thailand (SET) Index closed at 1,630.39 on Tuesday, down 13.53 points or 0.82 per cent. Transactions totalled 96.54 billion baht with an index high of 1,649.66 and a low of 1,627.12.
The index fell sharply after rising by 5.58 points or 0.34 per cent on Monday.
In the morning session, Krungsri Securities forecast the SET Index on Tuesday would fluctuate between 1,635 and 1,655 points.
It said the index still gained positive sentiment from rising oil price and hopes over Thailand economic recovery after the country reopening on November 1.
“However, uncertainty over inflation, the US Federal Reserve’s plan to taper its quantitative easing programme this year and signs of stock downward trend would pressure the index,” Krungsri Securities said.
The 10 stocks with the highest trade value today were HENG, KBANK, SCC, AOT, BANPU, TRUE, PTT, CPALL, ADVANC and GULF.
Japan’s Nikkei Index closed at 29,215.52, up 190.06 points or 0.65 per cent.
China’s Shanghai SE Composite closed at 3,593.15, up 25.02 points or 0.70 per cent, while the Shenzhen SE Component closed at 14,499.77, up 149.75 points or 1.04 per cent.
Hong Kong’s Hang Seng Index closed at 25,787.21, up 377.46 points or 1.49 per cent.
South Korea’s KOSPI Index closed at 3,029.04, up 22.36 points or 0.74 per cent.
Taiwan’s TAIEX Index closed at 16,900.67, up 195.21 points or 1.17 per cent.
The startup direction in the future by prominent entrepreneurs in Thailand to share his experiences.
Jirayut Srupsrisopa, Founder & Group Chief Executive Officer of Bitkub, will join the seminar on the startup direction in the future by prominent entrepreneurs in Thailand to share his experiences.
See you at our informative & exciting “Virtual Forum: Thailand Startup in the Post-Covid Era” on October 29, 2021, from 2PM to 4PM
The Nation Thailand and Springnews invite you to listen and discuss the direction of Thai startups in the virtual seminar.
The Nation Thailand and Springnews invite you to listen and discuss the direction of Thai startups in the virtual seminar “Thailand Startup in Post Covid Era 2022”.
• Special talk on “Startup Experience in Australia” by Allan McKinnon, Australian Ambassador to Thailand
• Seminar on the startup direction in the future by prominent entrepreneurs in Thailand
BGRIM, a Thailands leading industrial power producer, gained recognition from the Stock Exchange of Thailand (SET) as being “sustainable” in nature in the Resources group for 2021.
B.Grimm Power PCL (BGRIM) has maintained its leading position as a listed company with sustainable operations.
BGRIM, a Thailand’s leading industrial power producer, gained recognition from the Stock Exchange of Thailand (SET) as being “sustainable” in nature in the Resources group for 2021.
It is the fourth consecutive year that BGRIM has been honoured with the title in the Thailand Sustainability Investment (THSI)’s list of 146 companies on SET with sustainable business operations.
“The honour has once again underpinned our commitment to conducting business with responsibility for the environment, society, as well as the adherence to good corporate governance principles in line with sustainable development guidelines,” said Dr. Harald Link, Chairman and President of BGRIM.
In addition to being included in the THSI 2021 list, BGRIM has also earned awards from leading local and global organisations involving in promoting sustainability. This reinforces the business philosophy of B.Grimm group, the 143-year-old parent of BGRIM, in “Doing businesses with compassion” to benefit people, society and the environment.
The honours BGRIM has garnered so far this year include an A rating from the MSCI ESG Rating, being named a member of the FTSE4 Good Index Series for the second year in a row, and being part of ESG 100 group of securities from the Thaipat Institute for four consecutive years.
Dr. Link noted that in the midst of challenges both in terms of the economy and the crisis caused by the Covid-19 pandemic, BGRIM continues to operate its business with compassion. The company has applied the crisis management to deal with such hostile situations by leveraging on its experience and expertise in producing high-quality power and offering one-stop service.
In parallel, BGRIM is pursuing digital transformation to create long-term growth and value for all stakeholders. It is also driving towards becoming a net-zero carbon emissions organisation in 2050.
Mr. Lawrence Ng, Vice President of Sales, Asia Pacific Japan, Aspen Technology sees that the post pandemic, or the new normal, is an excellent time for Thai process and capital-intensive companies to accelerate profitability and sustainability via innovation focused on digital transformation.
Q1. Competition is intense between technology companies. What advantages does Aspen Technology have over its competition and how does the company ensure consumer confidence?
Answer: Built upon the research developed at the MIT ASPEN Project, in response to the 1970s energy crisis, Aspen Technology was started in 1981. Today, 40 years later, the company has gained significant domain expertise in capital-intensive industries and offers an innovative Industrial AI solution that separates itself from more generic AI approaches.
Industrial AI is just the beginning, this disruptive innovation is well positioned to guide innovation and efficiency improvements in capital-intensive industries. This highly scalable capability enables general engineers to leverage machine learning, without being advanced data specialists or specialist engineers. Customers are confident in choosing AspenTech because of its unmatched domain expertise – we understand the industry from a time-proven perspective.
The horsepower that works comes from the fact that AI algorithms represent only 5% of the software source code, with the remaining critical 95% derived from domain expertise. Process and capital-intensive companies can confidently choose AspenTech, to reap rewards in both profitability and sustainability – via accelerated digitalization.
Q2. What are the highlights and key features in software management now and in the future?
Answer: With aspenONE V12.1 software, AspenTech has extended Industrial AI across its leading solutions to drive higher levels of profitability and sustainability in customer operations. The Industrial AI Workbench enables data scientists to collaborate with domain experts to develop AI apps, based on enterprise-wide data.
With First Principles Driven Hybrid Models, AI is directly embedded into Aspen HYSYS and Aspen Plus process simulations, enabling engineers to easily build operations-ready models calibrated with relevant plant data. In addition, Reduced Order Hybrid Models can be shared across engineering, planning, and dynamic optimization solutions to improve the accuracy and predictability of these applications. Furthermore, Deep Learning APC can deliver more accurate and sustainable models that cover a broad range of operating conditions. Together, these advanced capabilities deliver the next generation of operational excellence.
aspenONE V12.1 offers new software models that enables customers to optimize biomass processing, hydrogen production, carbon capture, and carbon emissions more accurately and systematically, focused on reducing environmental impact. New analysis and visualization capabilities can help reduce measurable waste and energy use, throughout the process from lab to production.
AI-driven 3D conceptual layouts with the introduction of Aspen OptiPlant and Aspen OptiRouter, are now integrated into the AspenTech portfolio. For industries, such as pharmaceuticals (under pressure for a faster time to market), Aspen Unscrambler, Aspen Unscrambler HIS and Aspen Process Pulse, ensures product and process quality by solving complex problems using multivariate analysis to drive more profitable processes, less deviation, and higher yield.
Companies can accelerate their digitalization journey and leverage Industrial AI to make progress toward the Self-Optimizing Plant, while increasing margins, achieving sustainability and reliable, safe operations, as well as reducing capital cost and time in bringing assets online.
Q3. How can software or artificial intelligence systems installed in plants and companies be improved? How much does it cost to upgrade these systems and what is the value derived?
Answer: Companies should focus on the value they derive, or return on investment. For example, AspenTech’s customer, BPCL, an oil and gas giant, uses digital twins to track emissions and the resulting data generated helps identify trends; correct errors; optimize production; as well as reduce carbon emissions. As a result, BPCL saved about USD 600K a year, increasing profitability, and achieving sustainability.
Locally, in Thailand, petrochemical company, Vinythai, has selected Aspen Mtell software, to achieve business sustainability via embedded AI. In doing so, the company can accelerate digital transformation, reduce failure, and improve reliability by deploying predictive and prescriptive maintenance software at its petrochemical plants locally. With this solution, companies can mine historical and real-time data to predict future failures and prescribe detailed actions to mitigate or solve problems via predictive and prescriptive maintenance.
Q4. What software or AI innovation will impact the future of businesses and how they are managed?
Answer: Accelerated digitalization will impact the future, as companies with the ability to balance profitability and sustainability can address the dual challenge more efficiently. The dual challenge mandates the need to address resources for a growing population with increasing standards of living, while balancing the need to meet sustainability goals. For example, in the new normal, supply chain management is critical, as sustainability and resiliency are two sides of the same coin.
FPCO, Japan’s largest manufacturer of food containers, and a logistics supplier, is one company that can achieve this critical balance. FPCO is committed to environmental advancement, avidly recycling used food containers and PET bottles. With more than a billion containers sold each month, selling recycled products needed to be an economically sustainable activity. The company chose aspenONE Supply Chain Management (SCM) to provide stable and responsive food distribution in an efficient, sustainable, as well as environmentally friendly manner.
In the new normal, Industrial AI can help companies navigate increasingly complex supply chain options and decisions. Momentum from rapidly changing global carbon mitigation necessitates focus on energy transition across Asia. Leading process companies are also augmenting production optimization with Industrial AI. A new class of workforce enablement technology is created, as predictive maintenance enables organizations to gain increased flexibility in maintenance.
Hybrid models combining rigorous and AI-driven models are increasingly required to optimize complex operations, more accurately and autonomously, especially for energy transition technology options. For capital projects, estimation and project progress transparency can unlock value. To manage project risk efficiently, it is necessary to visualize, analyze benchmark and share data to increase speed and certainty. The result is a more agile, collaborative, and informed asset design – with a seamless and more predictable execution process.
Q5. What should businesses be most concerned about post-pandemic and how can Aspen Technology support businesses with regards to the outlined pain points?
Answer: Post pandemic, or the new normal, is an excellent time for Thai process and capital-intensive companies to accelerate profitability and sustainability via innovation focused on digital transformation. For example, skills shortage will be a critical issue, as industry downsizing whittles down valuable domain expertise. With most data scientists being relatively new on the job, the use of digital tools and analytics looks to be on the rise, especially solutions that accelerate collaboration between the new wave of data scientists and technical domain experts.
Cost and carbon footprint reduction will remain high on the agenda. A shift in refining production mix towards chemical feedstocks is expected, as growth in chemicals is expected to account for half of the near-term demand growth for oil in Asia. Mega integrated plant projects can address changing market demands efficiently and industry trajectory shifting from oil to gas consumption continues. Natural gas and renewables can address increasing demand for electricity, and the hydrogen economy is an emerging dimension. As these new energy areas gain momentum post pandemic, rapid and powerful early concept design is crucial for the techno-economic analysis to ensure a profitable asset lifecycle.
AspenTech’s vision for the Self-Optimizing Plant is a fully digitally enabled asset that is self-learning, self-adapting, and self-sustaining. Customers want to build more agile organizations. At the enterprise level, companies need to stitch together increasingly intelligent assets into more agile and responsive value chains. This Self-Optimizing Plant capitalizes on data to generate knowledge and Industrial AI provides companies the massive ability to learn, unlearn and relearn. Thus, Industrial AI can be viewed as a strategic business weapon, combining the power of analytics and AI machine learning, with crucial guardrails of domain expertise, to extract value from industrial data.
Marriott Bonvoy unveils a food-focused domestic vacation this winter, free breakfast, generous credit and bonus points at hotels and resorts in many of the Kingdoms most desirable destinations
Which part of your vacation do you look forward to the most? In Thailand, many of life’s most magical and memorable moments revolve around food, friends and family.
To celebrate the twin pleasures of travel and gastronomy in Thailand this winter, Marriott Bonvoy has unveiled “Earn, Eat, Enjoy”, a rewarding new promotion that gives local residents the chance to experience exceptional hotel stays including daily breakfast and up to THB 2,000 of hotel credit, in a wide range of desirable destinations all across the Kingdom.
Marriott Bonvoy members will also be treated to complimentary Wi-Fi and bonus points on every stay! Not a member yet? CLICK HERE to sign-up for free!
This winter is a wonderful time of year to travel in Thailand. Whether you’re seeking a blissful beachfront break, a relaxing upcountry retreat, a fun-filled family holiday or a stylish staycation in the city, every guest can “Earn, Eat, Enjoy” with Marriott Bonvoy.
Earn, Eat & Enjoy With Marriott Bonvoy All Across Thailand!
“In Thailand, two of the most cherished parts of life are family and food. The chance to come together with loved ones and share a meal is truly precious. With Earn, Eat & Enjoy we want to reward our Thai customers by giving them the opportunity to reconnect with their friends and relatives. Every vacation will be enriched with bonus points and dining experiences in their destination-of-choice, creating memories that will be treasured forever,” said Jakob Helgen, Area Vice President – Thailand, Vietnam, Cambodia & Myanmar, Marriott International.
Having kick-started each morning with a bountiful breakfast at the hotel’s restaurant, guests can spend care-free days exploring the local area or indulging in the comfort of first-class facilities, such as shimmering swimming pools and soothing spas. The hotel credit can be redeemed for refreshing drinks around the pool, daytime bites, sunset cocktails, evening dinners and weekend brunches, or alternatively for wellness treatments, room upgrades and more!
Every guest can rest assured that their stay will be completely safe and secure. The Marriott Cleanliness Council is redefining hygiene in hotels and resorts worldwide, with a wide range of advanced health and safety protocols, including intensive cleaning procedures. All Marriott International hotels have been certified by the Amazing Thailand Safety & Health Administration (SHA).
“Earn, Eat, Enjoy” is valid for bookings made from 15 October to 31 December 2021, for stays taken before 31 March 2022. To learn more and book your gastronomic getaway in Thailand with Marriott Bonvoy, please visit https://hotel-deals.marriott.com/thailand/
Earn, Eat & Enjoy With Marriott Bonvoy All Across Thailand!
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