Moderna plans to build vaccine plant in Africa to produce 500 million doses a year for lower-income nations #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007198


Biotechnology company Moderna, under intense pressure to send more of its coronavirus vaccine to lower-income countries, announced Thursday it would build a manufacturing plant in Africa capable of producing 500 million doses of messenger RNA vaccines a year.

The announcement follows tensions between the Biden administration and Moderna that boiled over in the last week, including at a contentious meeting Friday, as the U.S. government urges the biotechnology company to send more coronavirus vaccines to lower-income countries, according to multiple people familiar with the matter who spoke on the condition of anonymity to disclose private conversations.

For months, the U.S. government has pleaded with Moderna to boost its domestic and international production so it can ramp up donations to low- and middle-income countries. But in two meetings during the last week, Biden administration officials have grown exasperated over the biotechnology company’s refusal to commit to doing so, the people said.

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One senior U.S. official, who was not authorized to speak publicly, said the government pushed Moderna to commit to 1 billion doses for low- and middle-income countries by the end of 2022. But Moderna responded with a proposal that did not meet the Biden administration’s expectations, as the company said it does not have the capacity to ramp up production immediately.

The manufacturing facility Moderna pledged on Thursday to build in Africa will not have an immediate impact on the coronavirus pandemic because it will take two to four years to build. The new facility comes after the Biden administration asked Moderna months ago to boost its international production in Africa, the U.S. official said.

The Biden administration’s frustration with Moderna in recent months stems in part from the recognition that the company partnered with the National Institute of Allergy and Infectious Diseases to invent its vaccine, and that the U.S. government gave Moderna billions of taxpayer dollars to underwrite research and development of the vaccines, and for purchase of doses.

“We look forward to seeing exactly what they will do,” the senior Biden administration official said. “We are in intense discussions to expand capacity to increase the number of doses they are providing to low- and middle-income countries in the shorter term.”

U.S. officials feel the company has not done enough to boost production to send doses overseas, and instead, prioritized its own profits.

The White House declined to comment.

Moderna did not immediately respond to a request for comment about tensions with the Biden administration.

Just this week, three people associated with Moderna were among the 44 new billionaires on Forbes’s list of the 400 richest Americans. Making their debut on this year’s list: Moderna’s chairman, Noubar Afeyan, one of the U.S. biotech company’s founders; board member Robert S. Langer, also a co-founder; and early investor Timothy A. Springer.

“We played a lot of scenarios over the last couple of months and decided we should do something big in Africa. The only way to do it right, if you take a 5-to-10-year view, was to build our own plant like we’ve done in America, so that’s exactly the model,” Moderna chief executive Stéphane Bancel said in an interview.

Creating manufacturing capabilities in underserved areas of the world has become a major goal for public health advocates amid stark inequities in global access to coronavirus vaccines. A recent Kaiser Family Foundation analysis found that nearly two-thirds of people in wealthy countries have received at least one dose of a vaccine, compared with 2% in low-income countries.

The United States has already committed to donating more than 1.1 billion doses of coronavirus vaccine to the world, including two purchases of 500 million doses each of the Pfizer-BioNTech vaccine. Last month, President Joe Biden convened a virtual global summit focused on vaccinating the world’s population. The president called on global leaders to fully vaccinate 70% of the world’s population by next September.

“This is an all-hands-on-deck crisis,” Biden said. “And the good news is, we know how to beat this pandemic: vaccines, public health measures and collective action.”

Moving manufacturing into less-wealthy countries is one possible solution to the lack of global supply, but many advocates favor transferring the technology to local companies to ensure that countries have the ability to respond to new threats, and to ensure their doses do not end up exported elsewhere in the world.

“There’s this monopolistic grip of a few countries that really controls the narrative, and the availability and the access of lifesaving medical resources – and there’s enormous global resentment about that,” said Lawrence O. Gostin, a global health law expert at Georgetown Law. “Donations always seem to come too late, and be insufficient. . . . Opening up manufacturing plants in other countries is certainly a step forward, but it doesn’t really change the dynamic.”

Bancel said the company has not decided where the factory will be, but that the doses made there would remain in Africa, and Moderna would recruit and train a local workforce. He said the factory would manufacture the mRNA that goes into the vaccines and encase it in the protective lipid bubble that delivers the vaccine and keeps it stable. He said details were still being worked out about where the vaccines would go into vials.

Moderna has a large pipeline of mRNA vaccines in development beyond covid-19, including to protect against respiratory viruses, tropical viruses and HIV.

“We really want to get all the know-how and so on in Africa, so they can make vaccines, if there is an Ebola outbreak, they can use the plant for things like that,” Bancel said.

Gostin said building plants in lower-income countries was a step forward but emphasized that local control, ownership and expertise matters. He drew a comparison to China’s “belt and road initiative” in which the Chinese government built infrastructure in other countries.

“It’s helpful to have the shiny hospital or the shiny manufacturing plant or the shiny clinic, but what you really want is to have the infrastructure that belongs to the country, with trained, capable people running that infrastructure,” Gostin said.

Other efforts to create homegrown mRNA vaccines are already taking place.

University of Pennsylvania researcher Drew Weissman, one of the scientists whose work undergirds the coronavirus vaccines, has worked with Thailand to help design a mRNA vaccine.

GreenLight Biosciences, a start-up company that has been making RNA for agricultural applications, is working toward making mRNA vaccines with a different manufacturing process that could be easier to scale up. GreenLight plans to launch a clinical trial in Africa next year.

Published : October 08, 2021

Volvo and its electric dreams for Thailand #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40006752


The Nation Thailand has a chat with Mr. Chris Wailes, Managing Director of Volvo Car (Thailand) Limited, on the automaker’s strategy for 2022.

The Nation Thailand has a chat with Mr.Chris Wailes, Managing Director of Volvo Car (Thailand) Limited, on the automaker’s strategy for 2022.

Q: Volvo cars have, for decades, been seen as the safest cars in the world. Is this still part of Volvo’s core strategy today?

A: Yes, I mean safety has been part of Volvo’s heart and DNA since 1927, when the company was first founded. It has remained a cornerstone of what we do. But as times change, technology changes… people tend to look at safety in a slightly different way. And what we’re looking at in particular is how we continue to make electric cars.

Pure electric cars are the safest in the world as they utilize new technologies that are available, from sensors to laser radar, in different forms. We still believe both today and as well as tomorrow that we will continue to be one of the safest cars in the world. So, it will always be. We will use technology and showcase our technology to make our customers’ lives much easier when they’re driving the car because it will be very simple to use and will only intervene when is necessary.

Mr.Chris Wailes, Managing Director of Volvo Car (Thailand) LimitedMr.Chris Wailes, Managing Director of Volvo Car (Thailand) Limited

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Q: With the changing car market in Thailand, and as you say the electric car is now the world trend, what is Volvo’s stance on this technology?

A: We were one of the first traditional car manufacturers to come out in 2019 to state that all our new cars will be electric moving forwards. And we have a very clear goal, especially here in Thailand. From my perspective, it’s much easier generally to convert to electric cars in Europe because electricity infrastructure is a little bit more widely available.

But in Thailand, we took the decision in 2018 that we would move away from traditional internal combustion engines to electrification starting with plug-in hybrid cars last year. And we found that investing in charging stations will just not be able to cover everyone.

We included for every customer a wall box fitted to their home or their office as part of the car. So in that sense, we’ve already setup many charging stations in people’s homes, so it makes the transition to move from plug-in hybrid cars to pure electric cars much easier. And what we do know is that customers, who drive an electric car, whether it’s a plug-in hybrid or full electric car, tend not to go back to a traditional internal combustion engine car.

So, our strategy is, by 2025 over half of the cars that we sell in Thailand will be pure electric cars only. And we will continue to launch, as we have done this year, a new pure electric car model into the Thailand market every year for the next four or five years. So, we are very much sure that electric cars are the future and of course we will take all the technology that we have to make sure it incorporates into a car that is very much appreciated by the Thai consumer.

Volvo XC40 Recharge Pure Electric Volvo XC40 Recharge Pure Electric

Q: What is Volvo’s goal for 2022 and how will it reach this goal?

A: We’ve already launched our first pure electric car in Thailand and we received the response from consumers that they are very satisfied and delighted with their car. So, we will continue with the Volvo XC40 Recharge Pure Electric and then next year we will launch another model another pure electric model in Thailand, which will come in the first half of next year.

Q: Could you tell us about the car that you just launched this year? How is it different from other electric cars in the market?

A: It very much depends on what the consumer is looking for, which will decide what they want to buy. Our first pure electric car is the Volvo XC40 Recharge Pure Electric. From the outside, it looks very similar to the traditional XC40 with an internal combustion engine or a plug-in hybrid engine car.

Apart from the front grille obviously it’s converted because there’s no engine. So you’ll see that there’s a slight difference at the front of the car and of course when you lift the hood of the car at the front there is now additional storage area for bags or clothes or whatever you want to put in. For the range of the car, you can travel up to just over 400 kilometers on a single charge. The car will be charged with a DC charger up to 80 per cent of the battery capacity in under 40 minutes. It’s a very useful for city travel. You’ve got more than enough range to meet normal daily use.

If you want to drive further distance we’ve tried to cover that as well, so we include in the price of the car access to our friends at each site anywhere and we include 25,000 baht of electricity in the application so if the customers decide to move away from their home and travel for the distance, for example, from Bangkok to Chiang Mai they can use the “EA Anywhere” application which offers access to the biggest number of charging stations in Thailand.

In addition, we will include what we call a Volvo care package. What we’re trying to do is make the ownership of a car a lot easier and much more seamless for customers. So when a customer looks at an electric car from Volvo, included in the price of the car will be five years warranty and five years of maintenance.

It will also have four years digital services because of course the car is a fully connected car and includes things like Google Maps, Google Play store, Google voice control as well so it’s exactly the same as an Android mobile phone. In addition, we will include your insurance for three years, and of course it comes with an idea factory warranty on that and everything else.

It’s a full package. Basically, for the customer, when they drive away in the car all they have to do is charge and that’s what we believe is the future of mobility.

Volvo XC40 Recharge Pure Electric Volvo XC40 Recharge Pure Electric

Q: How has Volvo coped with the Covid-19 pandemic and ongoing situation?

A: Volvo has been no different to anybody else, I mean everybody has been affected by Covid-19. We saw a reduction last year, but it was a much smaller reductions than the general market. This year, obviously since April it’s been a lot harder to manage than last year. Mainly because we closed the office for nearly six months. We’ve closely followed the advice from the CCSA (Centre for Covid-19 Situation Administration) and we’ve had all the staff work from home.

But our focus has very much been on everybody’s health and welfare. We’re very aware of the economic impact it has on people, so actually what we did was increase people’s salary shifts and their benefits this year. So, actually we tried to offset some of the negative sides of Covid-19 with something positive and have given them security and safety, so they have nothing to worry about. And because we’ve been working from home for so long, we are very much concerned about people’s mental welfare.

When you’re working from home for long periods of time, you miss being in an office environment, talking to your friends and colleagues on a daily basis and interacting with people, when that stops and you’re working from home and are isolated for long periods of time, it can affect people’s mental wellbeing. So, we’ve organized online booster sessions where we send care packages through the mail to let everybody know that we care.

Volvo XC40 Recharge Pure Electric Volvo XC40 Recharge Pure Electric

Q: The young generation’s perspective right now in Thailand is different from their parents, who were Baby Boomers. What do you think about this market and what is the most challenging factor?

A: Thailand is no different to the rest of the world. The whole world is changing now and things are moving very fast. We see digitalization is certainly expanding here in Thailand. More people buying things online and even ordering food.

So, what we need to do for the car manufacturer is to look at what people need and what people desire and make that technology included in the car that is easy for people to use as possible. Because there is no point, in my opinion, in importing technology in a car if people don’t understand how to use the technology or benefit from technology. So we very much focus on design and of course safety technology, but more importantly we focus on sustainability that we made a core part of our business and we will not back away from it. And we will reduce our carbon footprint here in Thailand as well as across the rest of the world by 40 per cent by 2025.

That includes everything from manufacturing through to logistics, for example here in the headquarters; we replace single-use plastic with recyclable materials. For me it is a very important part moving forward because I have children myself. Our children are going to blame us if we don’t try and fix things now for their benefit. Today people have to go and visit a retailer to have the car serviced or maintained.

Volvo XC40 Recharge Pure Electric Volvo XC40 Recharge Pure Electric

Tomorrow, there will be no need for the customer to go because the retailers can service the car at their home or their office. Because with electric cars, there’s very little to actually maintain on the car so instead of people having to travel to come to us actually we will go to the consumer – very different from how it’s been over the last 40 years. We welcome suggestions from people on what they believe we should be looking at moving forward because like everybody else we don’t know everything, but we try our best.

Published : October 08, 2021

“Krungthai-MTS Gold” set to revolutionize investment with a commission-free, end-to-end gold trading platform in Pao Tang #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007247


The first gold trading service via Krungthai Gold Wallet, in collaboration with MTS Gold Mae Thongsuk which is one of the country’s leaders in gold trading, is starting from 25 October 2021 onwards.

Krungthai Bank is set to revolutionize gold trading by introducing Thailand’s first end-to-end gold trading platform “Krungthai Gold Wallet” on its Thailand Open Digital Platform, Pao Tang mobile application. Investors will be able to conveniently and securely trade gold at the global market prices without incurring any commission fee. The US Dollar-denominated trade is real-time and the fund is directly debited and credited to investors’ accounts. The bank also offers a special currency exchange rate. The Krungthai Gold Wallet will be pioneered by MTS Gold Mae Thongsuk; trading will be available from 25 October onwards.

Rawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai Bank, stated that Krungthai Bank has been continuously developing investment innovations in order to cover a wider range of assets to meet investors’ demand, and make investment platform easily accessible and aligned with the trend of online investment. Pao Tang mobile application, the Thailand Open Digital Platform developed by Infinitas by Krungthai, is an open platform that welcomes all users, regardless of being Krungthai’s customers or not, and all partners to co-develop products and services that meet consumer demand.

The latest development is “Krungthai Gold Wallet” in Pao Tang mobile application which will allow general investors to invest in gold 99.99% provided by one of the country’s leading gold bullion traders. The platform offers an end-to-end online gold trading service, starting from opening an account, depositing money into the account, exchanging the money, buying and selling gold, all this without having to physically visit a bank branch or retail gold shop, making it suitable for investment in new normal lifestyle and relieving the investors’ burden of keeping the gold bars safe.

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“Krungthai Gold Wallet will disrupt traditional gold investment in Thailand. Investors will be able to trade gold anytime and anywhere literally at their fingertips. The platform is highly convenient, fast and secure. Minimum investment is only 0.1 ounce or approximately 6,000 Baht (referencing exchange rate and gold price as at 7 October 2021). Trading is available Monday – Friday (excluding public holidays) between 07.00 – 02.00 hrs so investors can trade during the opening hours of foreign markets and would not miss any chance arising from changes in gold prices in the global markets. The price used in trading is referenced against global market prices in US Dollars to reduce the risk of currency fluctuation,” said Rawin.

The first gold trading service via Krungthai Gold Wallet, in collaboration with MTS Gold Mae Thongsuk which is one of the country’s leaders in gold trading, is starting from 25 October 2021 onwards. When investors purchase gold, it will be automatically added to MTS Gold’s wallet and they will receive the money in their accounts in real-time when they sell gold. The platform incurs no fees or charges. Investors can make profit from trading gold at global market prices in US Dollars using their US Dollar bank accounts without having to exchange the money to Thai Baht every time. Krungthai Bank also offers Thailand’s first fully electronic foreign currency deposit account (eFCD) which can be opened online any time of the day, 7 days a week with no fee and no minimum balance requirement. The exchange rate offered for the eFCD accounts is also better than the counter rate; this service is built upon the success of Krungthai Travel Card, which was the first product of its kind in Thailand.

Nattapong Hirunyasiri, chief executive of MTS Gold Group, stated that gold is appealing as an investment and it has been a popular investment alternative for years both in Thailand and other countries. MTS Gold Mae Thongsuk is delighted to join hands with Krungthai Bank to develop and offer an easy, fast and secure investment channel. With MTS Gold’s long experience in gold trading and investment, including gold online, gold futures and COMEX gold market, the group is widely recognized both in Thailand and internationally. It also holds a license issued by the Bank of Thailand to offer US Dollar-denominated gold trading services. It believes that connecting to Pao Tang mobile application would lead to the advancement and success of Thailand’s gold industry as it diversifies trading channels and offers more convenience in making gold-related transactions to investors nationwide.

Alisara Mahasantana, Assistant Governor for Financial Markets Operations Group, Bank of Thailand, said that the Bank of Thailand is currently developing a new FX ecosystem and one of the main objectives is to allow Thai people to invest more easily in foreign assets. The Bank of Thailand has relaxed regulations to allow domestic trading of foreign assets and gold in US Dollars as well as allowing Thai people to open FCD accounts, buy and sell foreign currencies and freely transfer foreign currencies between FCD accounts. Therefore, the development of a US Dollar-denominated gold trading platform and the launch of Thailand’s first eFCD would make the online investment service end-to-end and facilitate the investment in foreign assets and the management of foreign currency funds. It will also help to reduce currency fluctuation risk and diversify investment options in foreign assets, which aligns with Bank of Thailand’s long-term goal of developing a new FX ecosystem.

Published : October 08, 2021

The new QSNCC is set to reopen on schedule in September 2022 with overwhelming number of bookings #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/pr-news/business/40007181


Trusted in Frasers Property (Thailand) Public Company Limited’s expertise in developing fully-integrated properties such as Samyan Mitrtown and FYI Center, N.C.C. Management & Development Co., Ltd. selected Frasers Property Thailand to develop the new QSNCC.

N.C.C. Management & Development Co., Ltd. announced that the new Queen Sirikit National Convention Center or QSNCC has greatly attracted both Thai and international event organizers, resulting in a very large number of bookings. Recently, Informa Markets Thailand Ltd., the world’s leading exhibition organizer, has confirmed to hold its six famous events throughout 2022, namely Food Ingredient Asia, Food & Hotel Thailand, ASEAN Sustainable Energy, Pump and Valves Asia, Thai Water Expo, and Tissue and Paper Bangkok.

Trusted in Frasers Property (Thailand) Public Company Limited’s expertise in developing fully-integrated properties such as Samyan Mitrtown and FYI Center, N.C.C. Management & Development Co., Ltd. selected Frasers Property Thailand to develop the new QSNCC. Its proven capabilities in large-scale project development ensures that the new QSNCC will be completed on schedule and ready to serve the market as Thailand’s ultimate inspiring world-class event platform for all.

The new QSNCC is set to reopen on schedule  in September 2022 with overwhelming number of bookingsThe new QSNCC is set to reopen on schedule in September 2022 with overwhelming number of bookings

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Mr. Sakchai Pattarapreechakul, President of N.C.C. Management & Development Co., Ltd., said: “The new QSNCC started taking bookings in August 2021 and has received positive responses from former and new clients. The new QSNCC offers extended services to its customers with topnotch capabilities and resources to drive live, hybrid and virtual events. We have sealed the deals with a number of organizers who have shown their confidence in QSNCC’s experience in hosting famous leading events with its fully equipped and high-standard event venue.”

The total area of the remodeled QSNCC is 280,000 square meters, which is five times larger than before. The event space of 78,500 square meters consists of two main exhibition halls with over 45,000 square meters, two large conference halls with nearly 10,000 square meters and additional 50 flexible meeting rooms. Its accessibility to the Metropolitan Rapid Transit (MRT) and 2,700 parking spaces provide convenience to both event organizers and visitors. With the investment budget of THB 15 billion, the QSNCC will be reintroduced as the largest convention center in the CBD of Bangkok, Thailand.

Project: Queen Sirikit National Convention Center (QSNCC)

Project Value: THB 15 billion

Plot of land: 53 rai

Total space: 280,000 square meters

Event space: 78,500 square meters

Indoor Parking: 2,700 parking spaces

Location: Located on Rachadapisek Road / Rama IV Road

How to get there: Conveniently accessible by BTS Skytrain, MRT Subway, taxi, bus and car.

• BTS: Take the BTS Skytrain to Asok interchange station, where you catch the subway to MRT Queen Sirikit National Convention Center station. Follow exit no. 3 to the Center.

• MRT: MRT Queen Sirikit National Convention Center station is right in front of the Center, reached by following exit no. 3.

• Car: Accessible via Ratchadaphisek Road / Rama IV Road

In the vicinity of QSNCC: Benjakitti Forest Park

Lumpini Park

One Bangkok

FYI Center

The PARQ

MedPark Hospital

Published : October 07, 2021

SET rises for the second day on US short-term debt ceiling extension #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007249


The Stock Exchange of Thailand (SET) Index closed at 1,639.41 on Friday, up 5.69 points or 0.35 per cent. Transactions totalled 92.93 billion baht with an index high of 1,644.16 and a low of 1,635.77.

The index rose for the second day running after increasing by 0.88 per cent on Thursday.

In the morning session, Krungsri Securities expected the day’s index would rise to between 1,640 and 1,645 points after the US Senate had reached an agreement to extend debt limit until December, enabling Washington to cope with risks of default payments.

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It added that the index also gained positive sentiment from the decline in US jobless claims, rising oil price and hopes over Thailand reopening.

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The 10 stocks with the highest trade value today were BANPU, SVT, KBANK, TRUE, CPALL, JAS, AOT, TU, SCB and BBL.

Other Asian indices were mixed:
Japan’s Nikkei Index closed at 28,048.94, up 370.73 points or 1.34 per cent.
China’s Shanghai SE Composite closed at 3,592.17, up 24.00 points or 0.67 per cent., while the Shenzhen SE Component closed at 14,414.16, up 105.15 points or 0.73 per cent.
Hong Kong’s Hang Seng Index closed at 24,837.85, up 136.12 points or 0.55 per cent.
South Korea’s KOSPI Index closed at 2,956.30, down 3.16 points or 0.11 per cent.
Taiwan’s TAIEX Index closed at 16,640.43, down 73.43 points or 0.44 per cent.

Published : October 08, 2021

By : THE NATION

Ministry to launch special measures to manage Thai fruit supplies #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007236


Commerce Minister Jurin Laksanawisit announced on Thursday that his ministry was launching a set of proactive measures to better manage fruit supplies next year.

The minister was speaking at a meeting with agencies related to agriculture and commerce as well as representatives of farmers, exporters and logistics service providers.

The measures will include boosting distribution, promoting local consumption, promoting online and offline sales, matching up businesses, improving farmers’ and exporters’ potential and controlling the price of fruit.

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“The measures are necessary because the country’s fruit supply is expected to increase to 3.5 million tonnes next year, up 8 per cent compared to this year,” he said.

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Jurin said Thailand had achieved success in the export of fruits in the first eight months this year as it had generated up to 169 billion baht in revenue, up 46 per cent year on year.

He added that the ministry will promote the registration of geographical indication (GI) products in a bid to increase the value of agricultural goods.

“This year, the ministry registered 152 GI products, covering 77 provinces nationwide, with sales up to 40 billion baht,” he added.

Published : October 08, 2021

By : THE NATION

Baht unchanged, may strengthen after release of NFP report #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007229


The baht opened at 33.80 to the US dollar on Friday, unchanged from Thursday’s closing rate.

The Thai currency is likely to move between 33.75 and 33.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon predicted that the dollar would continue fluctuating against the greenback because investors are waiting for the Nonfarm Payrolls (NFP) report. 

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However, the baht might have more chances to strengthen if the market opens for more risks and the dollar weakened after the NFP report is revealed.

Moreover, foreign investors started to invest more in Thai stocks. Meanwhile, exporters sold the dollar near the level of 33.85.

The key resistance level for the baht would be from 33.85 to 33.90 to the dollar while the key support level would be at 34.00.

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Baht strengthens as investors eye Thai stocks

Baht faces further weakening

Baht remains unchanged despite investors’ inflation worries

Poon added that the baht will not strengthen much as the economy is not completely recovered and the dollar still strengthens. Importers will buy on dip when the baht strengthen to the level of 33.60 to the dollar.

Published : October 08, 2021

By : THE NATION

Gold price continues to rise #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007223


A 9.25am report from the Gold Traders Association showed the buying price of gold bar at THB28,100 per baht weight and selling price at THB28,200, while the buying and selling price of gold ornaments is THB27,591.20 and THB28,700, respectively.

At close on Thursday, the buying price of gold bar was THB28,050 per baht weight and selling price THB28,150, while gold ornaments were THB27,545.72 and THB28,650, respectively.


The spot gold price on Friday morning was hovering around US$1,760 (THB59,576) per ounce after Comex gold at close on Thursday dropped by $2.6 to $1,759.2 per ounce due to the selling of gold as safe-haven assets after the number of the US unemployment claims fell the most in three months. As for tonight, the market is keeping an eye on the US non-farm payrolls, which will be one of the factors the US Federal Reserve uses in considering cuts in its quantitative easing bond purchase program and interest rate hikes.

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The price of gold in Hong Kong, meanwhile, dropped by HK$70 to $16,300 (THB70,858) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : October 08, 2021

By : THE NATION

SET expected to rise on US short-term debt ceiling extension #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007221


The Stock Exchange of Thailand (SET) Index rose by 8.28 points or 0.51 per cent to 1,642.00 on Friday morning, witnessing a high of 1,644.16 and a low of 1,640.73 in opening trade.

Krungsri Securities expected the day’s index would rise to between 1,640 and 1,645 points after the US Senate had reached an agreement to extend debt limit until December, enabling Washington to cope with risks of default payments.

It added that the index also gained positive sentiment from the decline in US jobless claims, rising oil price and hopes over Thailand reopening.

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It also recommended buying of the following companies’ shares as an investment strategy:

▪︎ PTT, PTTEP, TOP, PTTGC, SPRC, BCP and IVL, which benefit from rising oil price

▪︎ AOT, KBank, SCB, CPN, CRC, HMPro, AAV, BA, MINT, Amata, WHA and Major, which benefit from the country reopening.

▪︎ Hana, KCE, TU, Asian and NER, which benefit from weakening baht.

Related stories:

The SET Index closed at 1,633.72 on Thursday, up 14.24 points or 0.88 per cent. Transactions totalled 100.94 billion baht with an index high of 1,637.82 and a low of 1,624.59.

Published : October 08, 2021

By : THE NATION

Senate leaders announce debt-ceiling deal, but Republicans could drag out process. #SootinClaimon.Com

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WASHINGTON – Senate Democratic and Republican leaders said Thursday morning they had clinched a short-term deal to raise the countrys debt ceiling, setting Congress on track to avert a government default on its debts in roughly 11 days.

Majority Leader Chuck Schumer, D-N.Y., announced the truce during a brief statement on the Senate floor, noting the agreement would permit the country to continue borrowing unimpeded into early December. Schumer said that chamber leaders now “hope we can get this done as soon as today,” though a vote could slip until potentially this weekend.

The potential resolution came after a tense few weeks of fighting, which saw Democrats try repeatedly to suspend the country’s debt ceiling – only to falter at the hands of GOP lawmakers. Senate Minority Leader Mitch McConnell, R-Ky., led the blockade as part of the party’s broader opposition toward President Joe Biden’s spending agenda, including a still-forming, up-to $3.5 trillion package that GOP lawmakers vehemently oppose.

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But McConnell backed down somewhat late Wednesday, offering Democrats a temporary break. Hammered out overnight, the plan would raise the debt ceiling by $480 billion, which is expected to fund federal borrowing until December 3, according to a Senate aide familiar with the agreement who requested anonymity to describe it.

Schumer and McConnell still must shepherd their deal through the chamber, a process that exposed potential cracks in their strategy by midday Thursday. A number of GOP lawmakers appeared reticent to supply the support needed to proceed to a final vote, prompting Sen. John Thune, R-S.D., the party’s leading vote counter, to acknowledge to reporters that the vote is “not an easy one to whip.”

“In the end, we’ll be there,” Thune said. “But it’ll be a painful birthing process.”

A successful vote in the Senate, followed soon by the House, would avert a financial crisis with only days to spare ahead of the original October 18 deadline. Absent action by that date, the U.S. government would have faced an unprecedented struggle to fulfill its own financial obligations – including paying Social Security to seniors, providing tax benefits to families with children, or offering benefits to troops and veterans.

But the short-term deal also threatens to defer a bigger, more vicious battle between Democrats and Republicans until the waning hours of the year. The new, expected debt ceiling deadline comes on the same day that funding for the federal government is set to expire. That means Congress must act by December 3 to stave off default and prevent a federal shutdown, two urgent tasks that carry significant political and economic consequences in the case of failure.

For now, at least, the agreement over the debt ceiling spares Washington from what experts broadly saw as a financial doomsday that could have rattled markets globally and plunged the United States into a new recession. Biden in recent days had pressured Congress to act, blasting Republicans from obstructing a long-term increase to the borrowing cap while huddling with the nation’s business leaders to further make the case for swift action.

To that end, markets appeared to reward news of the Senate deal, with the Dow Jones industrial average surging more than 500 points by midday. The uptick only served to confirm the stakes in Washington’s latest fiscal stalemate, which earlier in the week raised the prospect that the U.S. could suffer a credit downgrade.

The debt ceiling allows the government to borrow money to pay its bills, since the country spends more than it collects through tax revenue. Raising the cap is a necessity that in the past had been a bipartisan affair: Democrats even joined with Republicans to address the issue repeatedly under former president Donald Trump, who added $8 trillion to the debt during his time in office.

But Republicans over the past nine months have turned it into a political cudgel as they labor to fight back against Biden’s economic initiatives. The crux of the GOP opposition is a still-forming proposal to overhaul federal education, health care, immigration and climate laws, while raising taxes on wealthy Americans and corporations. Even though Democrats say the package is financed in full, Republicans argue it would add to the deficit even beyond the 10-year scope of the plan – prompting them to withhold their support for an increase to the debt ceiling.

“I do not support the Democrats’ [spending] package and I do not support raising the debt limit to make that level of spending possible,” said Sen. Lindsey Graham, R-S.C., the top Republican on the chamber’s budget committee, in a statement late Wednesday.

The Republicans’ opposition has frustrated Schumer and his fellow Democrats for weeks, who repeatedly pointed out that the debt ceiling covered past spending, including bipartisan initiatives to respond to the coronavirus pandemic last year. But their entreaties failed to loosen the GOP blockade until McConnell offered a roughly two-month extension after meeting with his conference Wednesday.

The deal they championed a day later could carry federal borrowing until December 3, but the deadline is only a rough estimate, according to Shai Akabas, the director of economic policy at the Bipartisan Policy Center. He said it ultimately is going to vary depending on how much the country spends and brings in through tax collection, which has been difficult to predict in recent months given the coronavirus pandemic.

“Nobody can know exactly how long that is going to last,” Akabas said, though he expressed a measure of confidence it could at least carry the country until early in December.

Eventually, though, the country is going to reach its borrowing cap and approach the precipice of a default – warranting another intervention on Capitol Hill. That risks reigniting the same battle that had pushed the Senate only 11 days away from what Biden has described as a “meteor” crashing into the U.S. economy.

Entering the fight, McConnell has maintained an insistence that Republicans are not going to provide the 10 votes Democrats need to advance a longer-term measure to address the debt ceiling in the narrowly divided chamber, where most legislation requires 60 votes to advance. Instead, he has said Democrats must use reconciliation, a budgetary process that will allow them to move a proposal raising the borrowing cap on their own – a move that the party has rejected.

Schumer has refused to take that route, which he has described as “risky” because it could take too long to complete, putting the country at greater risk for default. Privately, Democrats also acknowledge that reconciliation could open them up to uncomfortable political votes and attacks, especially because it requires them to raise the debt ceiling by a specific amount rather than suspending it outright.

In a sign of the fight to come, McConnell took to the floor Thursday to herald their deal as a way to “spare the American people any near-term crisis.” But he also repeated they must use reconciliation, unleashing renewed attacks on Democrats for their “reckless taxing and spending spree” in the process.

Published : October 08, 2021

By : The Washington Post