Key business body banks on tourism for Thailand to maintain economic recovery momentum
WEDNESDAY, OCTOBER 05, 2022
THE NATION
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) on Wednesday adjusted its 2022 gross domestic product estimate to 3 to 3.5 per cent, changing from the previous estimate in June of 2.5 to 4 per cent.
“Although Thailand is still being pressured by a declining global economy as a result of international conflict, the committee believes that the tourism industry, which is recovering at a faster than expected pace, will help us sail through this crisis,” said JSCCIB chairman Sanan Angubolkul.
The committee, which comprises representatives from the Thai Chamber of Commerce, the Federation of Thai Industries, and the Thai Bankers’ Association, estimated that total exports in 2022 would expand in the range of 7.0 to 8.0 per cent year on year, while headline inflation will be at 6.0 to 6.5 per cent.
“The recovery of the tourism industry is showing an upward trend above our expectation, with 1.17 million foreign visitors recorded in August. We believe that total foreign arrivals this year will be around 9-10 million people, whose spending will help create jobs and demand in tourist provinces,” said Sanan. “However, domestic consumption this year is likely to be affected by the rising inflation that diminishes people’s purchasing power.”
The JSCCIB also predicted that total damage from floods this year would be in the range of 5 to 10 billion baht. The committee estimated that rice output would be affected by the floods, but not to the level that could create a major impact on the overall economy. “We also believe that industrial entrepreneurs have been preparing their facilities to minimise the risk of floods affecting their operation,” said Sanan.
The committee said inflation would remain high throughout the year despite fuel price in the global market dropping to below US$100 per barrel. “Inflation, along with the weakening of the baht to 38 to the US dollar, would continue to raise import costs for industrial entrepreneurs,” said Sanan.
“Business operating cost will also go up as a result of rising electricity bills since September and increasing daily minimum wages from October. These could be the reason for entrepreneurs to consider further raising the prices of products and services in the rest of the year,” he said.
Cabinet approves three extra holidays for Bangkok during Apec Summit to ease traffic woes
WEDNESDAY, OCTOBER 05, 2022
THE NATION
The Cabinet on Wednesday declared three extra holidays for Bangkok and surrounding provinces in the middle of next month to reduce traffic congestion during the Apec Economic Leaders’ Meeting.
The Cabinet announced November 16-18 will be extra holidays for government agencies in Bangkok and suburban areas, to create a five-day long weekend with the hope that Bangkok residents would leave the capital during the summit of the Asia-Pacific Economic Cooperation (Apec) forum.
Thailand, the host of Apec Summit 2022, announced that the meeting of leaders will take place on November 18-19 in Bangkok.
Government spokespersons said that the Cabinet wanted to reduce traffic congestion in Bangkok during the Apec Summit to ensure that participants of the meeting could conveniently reach the venue. The move also was aimed at providing protection to the economic leaders.
However, the Cabinet ordered government agencies that have to provide public services, such as hospitals, courts and banks, to consider whether to remain open.
Sept headline inflation slows as energy, food prices stabilise
WEDNESDAY, OCTOBER 05, 2022
THE NATION
September’s headline inflation rose by 6.41 per cent, a slight decline from the previous month, in line with a slowdown in energy, housing and food-ingredient prices, the Commerce Ministry reported on Wednesday.
Ministry deputy permanent secretary Poonpong Naiyanapakorn said the headline inflation index in September was 107.70 points, an increase of 6.41 per cent.
But the inflation expansion rate was lower than that of August, which saw inflation rise by 7.86 per cent.
September’s core inflation rose by 3.12 per cent, compared to an increase of 3.15 per cent in August, Poonpong said.
He noted that the overall prices of goods and services in September were still higher than the same period last year mainly because prices were adjusted higher to reflect increased manufacturing costs.
The rising prices were also attributed to floods, farmland damage and rising demand, which has improved.
Poonpong said the key factors that caused headline inflation to rise were an increase in energy prices by 16.10 per cent. Although oil prices have come down compared to the previous month, the prices were still higher than September 2021.
Meanwhile, electricity fees, cooking gas, medical treatment, personal services such as haircut, necessities such as toothpaste and shampoo, public transportation, school fees, tobacco, alcoholic drinks and cigarettes cost more than in September last year, he reported.
Poonpong pointed out that some goods and services have seen prices go down, including face powder, parcel fees, TV sets, air-conditioners and washing machines.
However, fresh food prices rose by 10.97 per cent as meat and pork cost more, while instant food prices increased slightly but those of food ingredients dropped, though they were still higher than in September 2021.
Poonpong said farms and fields were inundated while demand rose, causing the prices of food and non-alcoholic drinks to rise by 9.82 per cent.
The Commerce Ministry expects fourth quarter inflation to slow down in line with stabilising costs in manufacturing and transportation.
Poonpong said the ministry also expects headline inflation throughout 2022 to be between 5.5 and 6.5 per cent, with a 6.0 per cent median rate.
C.P. Group supports Thai youths on a global platform “One Young World” for 7th consecutive year in Manchester, United Kingdom
WEDNESDAY, OCTOBER 05, 2022
Empowering young people to lead change and drive the world towards sustainability
One Young World 2022 is the world’s largest and the most influential annually conference for young leaders worldwide. This year, the event held in Manchester, United Kingdom between 5-8 September 2022. The conference ended beautifully and Belfast, the capital of Northern Ireland, will be the host city in 2023. One Young World brings together more than 2,000 of the world’s brightest young leaders from 190 countries, including the world leaders to inspire and expand the knowledge and skills required to prepare young people to lead change and drive the world toward sustainability.
As for Thailand, with the effort to provide young Thais to lead social change with a world-class experience, Charoen Pokphand Group, or C.P. Group, has sponsored students from Chulalongkorn University, Thaksin University, and young people from various business units a total of 24 people succeeds in the selection to play a major role in promoting sustainability in Thailand and around the world.
World-class guests, including Ban Ki-moon, the UN Secretary-General, The Canadian Prime Minister, Mr. Justin Trudeau, along with Meghan Markle, the Duchess of Sussex, Bangladeshi economist Prof. Muhammad Yunus, The Nobel Peace Prize winner of 2006, etc. The youth from Thailand unanimously said that One Young World gave them the chance to discuss, exchange ideas, and learn about sustainability from other nations. The concept of resolving numerous global issues, which these new generations share, is to find a better way to solve the problems for the future and believe in the power of their youth to drive changes for Thailand and the rest of the world for sustainable progress and happiness.
Meghan Markle, Duchess of Sussex, addressed at the opening ceremony that One Young World was the best thought tank imaginable and the younger generation is the force of positive changes. And right now, change is a necessity everywhere in the world. Moreover, the younger generation is present and future of this world. Although we often talk to them about what to do in the future and discuss choices on solving issues from previous generations, one crucial thing is to keep in mind is what we are doing right now because it is the beginning of everything. Now is the time for a new generation full of enthusiasm and energy to collaborate and create a better tomorrow. While Justin Trudeau, the prime minister of Canada, referred to One Young World as an unmatched gathering of young leaders from all around the world.
One Young World 2022 addresses the crucial concerns on the global agenda and call for discussion by youths from 190 nations in 5 aspects: 1. Conflict Prevention 2. Equality Gender Equality, 3. Oceans, 4. Ethical Leadership, and 5. Health.
Ms. Bandarawan Chinchai, a student pursuing a bachelor’s degree in Information and Communication Engineering at Chulalongkorn University and an intern in the True Academy Project, True Corporation Plc. is one of the attendees from Thailand and represented the Thai flag at the opening ceremony this year in Manchester, England. She said that she was very proud to be the one who brought the Thai flag on the stage of One Young World 2022. She was overjoyed to be able to participate in One Young World 2022 at this time. She wanted to alter the environment in Thailand by bringing the information and many viewpoints that have been shared with young people from other countries because leaving a legacy is significant for the coming generation. It is like planting good seeds for them. Therefore, we ought to band together to effect change and make the world a better place for everyone to live in.
Prior the attending of this conference, Mr. Supachai Chearavanont, Chief Executive Officer or CEO of Charoen Pokphand Group (CP) who has always supported the youths in this project pointed out four key issues that are challenging the world: 1. Equality 2. Digital Transformation 3. Climate Change 4. Disruptive World. He stated that the new generation must work together to find ways to deal with and solve these four issues urgently.
This is consistent with Prof. Muhammad Yunus’ conclusion that it is a great pleasure to bring young people from all over the world together since they will decide what kind of world they wish to create and how they will work together with young people from other countries.
If this world is a spaceship, we are not just passengers but are the crew and pilot who must drive it in the direction we want. To do this, we must create 3 Zero worlds: zero net carbon emissions, zero poverty, and zero unemployment. This is the world we want to create. Great things always start with small steps. This is One Young World and our commitment.
The following One Young World 2023 is scheduled for Belfast, Northern Ireland between October 2-5, 2023.
Mahidol University, B-52 Capital forms joint venture to develop commercial products
TUESDAY, OCTOBER 04, 2022
THE NATION
Mahidol University and B-52 Capital Plc today announced historic cooperation by forming a joint venture to develop commercial products based on research and innovations of the prestigious university with the ultimate goal to benefit the public.
The university and B-52, the investment and business development network company, announced that the joint venture will start its businesses by developing six groups of products: medicine, dietary supplements and vitamins, herbal products, medical foods, medical equipment, and medical innovations. The products will be produced following the MST Standard for respective product groups for the ultimate benefit of consumers.
The medicines, dietary supplements, vitamins, and herbal products will be produced by M Med Pharma Co., Ltd. under the M MED brand.
Prof Dr. Banchong Mahaisavariya, president of Mahidol University said during the press conference that cooperation with an experienced firm like the B-52 Capital would allow the university to further develop commercial products from its research and innovations for the tangible and sustainable benefits of the Thai society and international communities.
“Apart from our efforts to become an internationally accredited university, Mahidol is determined to use knowledge from our research and innovations to further develop products to benefit both the Thai society and the international communities sustainably and tangibly,” Banchong said.
“It’s crucial for us to cooperate with a private firm like B-52 Capital Plc, which has knowledge, expertise, and experience in business management. B-52 has partners in businesses and investments as well as comprehensive networks for distributing goods and services in the country and abroad, so it will play a crucial role to steer our mission to become successful.”
Prof Dr. Surakiart Sathirathai, chairman of the advisory board of B-52 Capital Plc, expressed support for Mahidol’s vision to develop products based on its knowledge for the public benefit.
“I extremely agree with the vision and determination of Mahidol University to bring its valuable knowledge, research, and innovations outside the university to develop products for sustainable and tangible benefits of the public,” Surakiart said.
“Today, the ability of a university to use its knowledge, research, and innovations in real life or to create changes in the society is no less important than creating quality academic works and providing quality teaching and researching as well as developing innovations.
“Having a business partner to overcome the limitations of a university for raising funds, making commercial products, planning market strategies, logistic management, and business management is crucial for a university to implement its knowledge and innovations commercially or to use the knowledge and innovations to develop the economy, society, and quality of life of the general people.”
Tawee Kositjiranan, vice-chairman of the advisory board of B-52 Capital Plc, expressed confidence that B-52 would be able to help Mahidol achieve its mission.
“B-52 Capital Plc feels extremely honored to have an opportunity to help Mahidol University develop products with our professional business management team and with our network of business partners. We have investments both in the country and abroad and there are over 160,000 shops around the country in our network for distributing B-52 goods and services. Therefore, we’re confident that we can help Mahidol succeed in this mission,” Tawee said.
Meanwhile, Piroon Savettanun, chief executive officer of M Med Pharma Co., Ltd, said M MED products are made under good standards monitored and guaranteed by the university.
“We believe that good quality health products must come from good standards and Mahidol is expertized in this field,” Piroon said.
“The strong point of M MED brand is that the products are made with knowledge from innovations and researches of Mahidol. Experts from the university also help us check the standards of the products, starting from checking the quality of raw materials to affirming the products are safe and stored under the MST Standard concept.
“This ensures that M MED products have high quality and they are safe and highly efficient.
”We want to make M MED products a leading brand of health products for Thais no matter whether they are dietary supplements, medicine, medical foods, medical equipment, and medical innovations.”
Piroon added that the press event also introduced the Krachai Plus product, which is a fingerroot dietary supplement under the M MED brand. Krachai Plus is now ready for distribution and other M MED products will come out to the market soon, Piroon concluded.
During the event to announce the joint venture, M MED Pharma also launched the M MED Krachai (fingerroot) Plus product, which is now available for sale. The M Med Pharma will gradually launch more products shortly.
The event also saw Doctor At Home, which is a smart telemedicine platform developed by M Medical Innovation Co., Ltd, introduced to the public. The app has been developed for over 40 years by Assoc Prof Dr. Surakiat Archananuparp to tackle the issue of inadequate doctors in rural areas.
Now, the Doctor At Home platform helps all Thais to access doctors, pharmacists, a comprehensive database of diseases and medicine as well as health information. Using the app is like having a doctor take care of the users personally.
Apart from using the Doctor At Home app to preliminary diagnoses the users’ health conditions when they feel not well, they can use the app to consult doctors and pharmacists online. Other services will be gradually added up to the platform. The Doctor At Home platform will be officially launched in the near future.
Zenas Technology offers ‘intelligent’ gym equipment for tech-savvy fitness lovers
TUESDAY, OCTOBER 04, 2022
THE NATION
In the wake of the Covid-19 pandemic, fitness lovers are now looking for options that allow social distancing, privacy and remote coaching. Zenas Technology has jumped in to create “more intelligent”, AI-driven exercise equipment that can meet these needs.
Its newest line was unveiled at the Asia Fitness Conference 2022 held at Bangkok’s Bitec Exhibition Centre, which wrapped up on Sunday.
Arkom Natworathada, CEO of Zenas Technology, said fitness trends are changing, and sports science is now uniting with artificial intelligence to create much better fitness products.
He explained that today’s exercise machines must work in two ways – adopting the principles of biomechanics and monitoring force, speed, angle and distance to help make exercise more efficient. They must also serve as tools to help with training and teaching trainers.
“Sintesi combines all gym equipment into one machine with a good selection of smart, versatile settings,” Arkom said.
The CEO explained that when the desired program is set, the machine’s AI system will monitor and help the user perform correct exercise postures. The system will also analyse and optimise the force the body must bear to ensure maximum efficiency of the exercise.
The system collects and analyses data about the user’s physical development, which can be used for research purposes. The device also has a virtual trainer to help the user.
“This device is built not just for professional athletes but also for ordinary health enthusiasts, including the elderly and those who are ill or injured. Everyone can use this exercise machine to restore the strength of their body and muscles,” he said.
Zenas Technology also launched the YoRoller portable training device that can be used anywhere, even in outer space. NASA, SpaceX and Blue Origin took this product along during their space trips.
Also unveiled at the event was VO2 Master, a device for analysing breathing efficiency that can be linked up with a mobile application. It is used by world-class football clubs like Liverpool and Chelsea.
TecnoBody, a European giant in innovative products, showcased its small “homing” devices that help with fitness training through 3D goggles and mobile applications.
Meanwhile, Tobii Pro eyeglasses can analyse the wearer’s movements wirelessly and can work with a variety of software. It can also evaluate the consumer’s visual focus and interest while also helping reduce factory accidents and train autistic patients.
Meet over 80 top universities from the UK, US and Australia in Bangkok at ‘Hands On Study Abroad Exhibition 2022’
TUESDAY, OCTOBER 04, 2022
THE NATION
Hands On, the leading education consultants in Thailand, are proud to bring to you one of the largest study abroad exhibitions in the country: Hands On Study Abroad Exhibition 2022
Date: Saturday November 5, 2022 Time: Noon – 6pm Venue: The Westin Grande Sukhumvit, Bangkok (BTS Asoke / MRT Sukhumvit) Admission is FREE Register: https://bit.ly/3E9LAIe For more detail, click here.
Why attend?
• Top universities in the world: Over 80 universities from the UK, USA, and Australia including 12 Top 100 universities from the QS World University and Times Higher Education rankings.
• Seminar to prepare for studying abroad
UK Alumni Talk – Find out more about life and study abroad from UK alumni.
IELTS by British Council IELTS
Study in Australia by Austrade
Study at Oregon State University by INTO
Postgrad Business School and Undergrad scholarship by Kaplan
• Get direct feedback on your SoP and/or GTE, and advice on how to improve it
• Speak to an experienced counsellor about your study options and the application process
Example universities attending:
UK
Durham University King’s College London University of Birmingham University of Bristol The University of Edinburgh The University of Manchester University of Leeds University of Sheffield University of Southampton University of Warwick And many more
USA
Clark University Hult International Business School Northeastern University Shoreline Community College St. George’s University – School of Medicine
Australia
Curtin University Griffith University Macquarie University Monash University Murdoch University Swinburne University of Technology The University of Adelaide University of New England (Australia) University of Wollongong UNSW Sydney
Hands On Education Consultants – Thailand’s official representative of universities in the UK, Ireland, USA, Canada, Australia and New Zealand. Helping students from Thailand through the application process to further their studies at Bachelor’s, Master’s and Doctorate level, as well on English language courses, completely free of charge.
AIA Thailand holds a topping off ceremony to mark the completion of AIA East Gateway
TUESDAY, OCTOBER 04, 2022
THE NATION
Introducing the New Business Hub in prime area on Bangna-Trad Road
AIA Thailand, led by Mr Nikhil Advani (center), Chief Executive Officer, along with a team of high-ranking executives including Mr Hiew Tet Chian (fourth from left), Chief Financial Officer, Mr Johann Dutoit (third from left), Chief Investment Officer, Mr Parkes Lee (second from left), AIA Group’s Head of Real Estate Investment, Ms Rapiphon Vongtongkum (second from right), Director of Corporate Communications & Branding, Mr Pokpong Yindeepol (furthest right), Director of Real Estate & Corporate Services and Ms Jutamas Suttisirikul (furthest left), Director of Legal together with executives from CBRE (Thailand) Company Limited, led by Ms Roongrat Veeraparkkaroon (fourth from right), Managing Director and Mr Sarut Virakul (third from right), Director of Office, declared AIA East Gateway a success in the project’s topping off ceremony.
AIA East Gateway is the grade A office building with an environmentally conscious design aimed at promoting healthier living for its tenants, a true reflection of AIA’s commitment for “Healthier, Longer, Better Lives.” The building, located on the prime location in the Bangna area, is equipped with health-oriented facilities, e.g., AIA Vitality Zone, an organic vegetable garden, a fitness center, a trail network, a rooftop running track, a salt-water swimming pool and a co-working area – all catering to the demands of a modern city dweller. Construction of the project has been completed on schedule.
The project is a 33-storey building with over 70,000 square meters of usable space, outstanding in terms of modern design and the level of convenience provided to tenants. Having earned Gold-level certification under LEED (Leadership in Energy and Environmental Design) and WELL Building Standard, the building is environmentally friendly and uses energy efficient technology in line with international standards, such as energy-efficient glass and the installation of stairs connecting between floors within an office. In addition, tenants can enjoy comprehensive fitness activities in the common space provided. The building also offers five stories of retail space, 1,500 car parking spaces and a security system in all areas, delivering a world-class healthy lifestyle to its tenants.
For visits or further inquiries about office and retail space, please contact by phone on 02-119-1500, Monday-Friday, from 08.30 – 17.00 hours.
The baht opened at 37.40 to the US dollar on Wednesday, strengthening from Tuesday’s close of 37.60.
The Thai currency will likely move between 37.25 and 37.50 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.
He said the baht is strengthening and even exceeding its support level as the market is in a risk-on state and pressuring the dollar while affecting the gold price.
If US economic data on Wednesday is worse than expected, the market might feel the US Federal Reserve will not increase the interest rate as it might pressure the financial market into a risk-on state, Poon said.
Also, it might pressure the dollar while supporting the baht to strengthen or swing sideways near its support level of 37.30 to 37.40, the level that importers are waiting for to purchase the US currency, he added.
Arkhom briefs PM on volatility in financial markets and their impact on Thailand’s recovery
TUESDAY, OCTOBER 04, 2022
THE NATION
The government is closely monitoring factors that could affect economic recovery, including in financial markets, government deputy spokesperson Traisuree Taisaranakul said on Tuesday.
She was speaking after Finance Minister Arkhom Termpittayapaisith reported to Prime Minister Prayut Chan-o-cha that many factors were pressuring financial markets.
She explained that uncertainty over decisions at the US Federal Reserve meeting on Monday had caused the Stock Exchange of Thailand (SET) Index to drop by 31 points in opening trade on Tuesday.
“However, the SET Index rebounded by almost 20 points at the end of the morning session, as there was no signal on changes in interest rate,” she said, adding that this negative sentiment would not affect Thailand’s economic recovery.
She said the Finance Ministry and Bank of Thailand are monitoring international factors and capital flow closely.
She also confirmed that the government would continue to monitor factors that affect economic recovery.
The SET Index closed at 1,578.00 on Tuesday, up 19.95 points, or 1.28 per cent. Transactions totalled 64 billion baht with an index high of 1,584.57 and a low of 1,567.48.
However, the Cabinet ordered government agencies that have to provide public services, such as hospitals, courts and banks, to consider whether to remain open.
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