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Capital inflows, weak dollar expected to keep baht strong in the short term

NationalNov 13. 2020

By THE NATION

The baht opened at 30.24 to the US dollar on Friday, strengthening from 30.28 at close on Thursday.

The Thai currency is likely to move between 30.15 and 30.35 on Friday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Thursday night, the financial market were in a risk-off state. The S&P 500 decreased by 1 per cent and Stoxx 600 by 0.9 per cent.

The markets reacted after both the Fed and the European Central Bank (ECB) signalled to investors that the Covid-19 vaccine update was not as positive as they had expected.

At the same time, the WTI crude oil price fell by 1.1 per cent, after the International Energy Agency estimated that total oil consumption this year would be 91.3 million barrels. And this consumption would possibly not increase in the next year.

The price of gold rose by 0.6 per cent due to purchases by small investors via exchange traded funds.

In the present situation, the US Ten-Year Treasury yield decreased by 9 basis points to 0.88 per cent. Investors this time have decided to invest in safe haven currencies, such as the Japanese yen or the Swiss franc, instead of the dollar.

In the short term, the baht will still be supported by the weakened dollar, recovering currencies in emerging markets, and capital flowing from other countries to Thailand. However, in the long term, Jitipol warned investors to be careful amid changing situations at the end of this year.

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Gold drops for second successive day, by Bt100

NationalNov 13. 2020

By THE NATION

The price of gold dropped by Bt100 per baht weight in morning trade on Friday, the Gold Traders Association reported.

As of 9.25am, the buying price of a gold bar was Bt26,850 per baht weight and selling price Bt26,950, while gold ornaments were priced at Bt26,363.24 and Bt27,450, respectively.

Gold had dropped by Bt150 in the morning session on Thursday.

At close on Tuesday, the buying price of a gold bar was Bt26,750 per baht weight and selling price Bt26,850 while gold ornaments were Bt26,272.28 and Bt27,350, respectively.

Hong Kong gold price increased by HK$12 to $17,360 (Bt67766 or US$2,240) per tael, the Chinese Gold and Silver Exchange Society reported.

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SET sees slight fall amid lack of new factors for upward movement

NationalNov 13. 2020

By THE NATION

The Stock Exchange of Thailand (SET) Index opened on Friday at 1,329 points, decreasing from the last close by 7.21 points, or 0.54 per cent.

Krungsri Securities forecast that the SET will move between 1,325 and 1,330 points, since there is no new factor to stimulate investment. Some investors are concerned about several countries reimposing lockdowns due to a new wave of Covid-19 virus.

On Thursday, the SET Index closed at 1,336.31, down 9.03 points or 0.67 per cent. Total transactions amounted to Bt97.24 billion with an index high of 1,341.57 and a low of 1,327.17.

The securities advised investors to buy AOT, MINT, CENTEL, IVL, PTTGC, TOP, KBANK, SCB and BBL, as they have an advantage from good news on Covid-19 vaccine development announced recently. Moreover, STGT, STA, SYNEX, HANA and TVO are companies whose turnover is affected negatively.

Other interesting stocks included EPG and PLANB, which grew positively in the last quarter, according to their recent statement.

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Treasury to launch e-auction website with Krungthai Bank to dispose of confiscated property

NationalNov 13. 2020

By THE NATION

The Treasury Department on Thursday signed a memorandum of understanding with Krungthai Bank to develop a “Treasury e-Auction” website that would serve as a database and auction platform for assets seized by courts as state properties.

“Currently the department has more than 700 properties that were seized from corruption and money laundering cases that have become state properties,” said director-general Yutthana Yimkarun. “We are planning to auction these properties off to increase state revenue, and with the help of Krungthai Bank, which has more than 10 years of experience in sales of foreclosure property, we aim to create a fast and transparent online auctioning platform where participants can place their bids in real time.”

Krungthai Bank president Payong Srivanich added that the website was being designed to be compatible with multiple devices, including computers, laptops, tablets and smartphones to enable users to bid at any place and any time according to the new normal trend.

“The Treasury Department would be the first government agency to use an e-auction platform, which would also help officials in issuing documentation to bid winners in a fast and efficient manner,” he said. “The website will be ready for use within December.”

Payong added that to register for e-bidding, applicants must submit valid address, e-mail and phone numbers as well as a deposit of Bt10,000 via the bank’s e-payment system.

“The website would support multiple payment methods, including credit and debit cards, QR code payment and Krungthai Fast Pay,” he said.

“Once have registered, you can place your bid and see the results in real time. The website will alert you when the highest bid price changes and when the bid time is almost over. Officials from the Treasury Department will contact the bid winner directly when the bid is over to notify contract details. As for those who did not win, the system will transfer the deposit back to the bank account specified during registration.”

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Ketamine worth Bt28.7 billion seized from warehouse in Chachoengsao

NationalNov 13. 2020

By THE NATION

Nearly 11.5 tonnes of ketamine valued at Bt28.7 billion were seized from a warehouse in Chachoengsao province on Thursday.

The Office of Narcotics Control Board (ONCB) acted after a tip-off that a foreign drug network planned to ship the ketamine to Taiwan.

“The drugs are the largest amount ever seized in Thailand, with estimated value at Bt28.7 billion based on retail price,” said Wichai Chaimongkhol, ONCB secretary-general.

“Ketamine is a popular drug among nightclub-goers and foreign tourists, but it could cause hallucination and brain damage.”

The female owner of the warehouse in Tha Kham subdistrict, Bangpakong district, whose name was not disclosed, reportedly told officials that two months ago a man had rented the warehouse to store some furniture. He presented a Thai ID card which said he was a Chiang Mai resident named Aphichart Sae Ho, but the owner suspected that he might be from a neighbouring country, as he could barely speak Thai. “The man didn’t pay rent for two months, so I checked the warehouse on October 13 and found only white fertilizer bags and no furniture,” she said. “I tried to contact the man but received no response until officials showed up.”

Minister of Justice Somsak Thepsuthin said that the operation was a collaboration between the ministry, the ONCB, police, Customs Department, Airports of Thailand and other related agencies.

“We have been tracking this network for two months, and believe that the drugs were smuggled in via the Golden Triangle in Chiang Rai province and were kept in the warehouse to be shipped to Taiwan and other countries.”

Officials are investigating evidence as well as the money trail to track down persons behind this drug network.

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Cool weather with strong winds forecast for upper Thailand, rains continue in the South

NationalNov 13. 2020

By THE NATION

The Thailand Meteorological Department forecast on Friday that the rather strong high pressure system covering upper Thailand would bring cool to cold weather with strong winds to the areas.

Meanwhile, a strong northeast monsoon prevails over the Gulf and the South, causing isolated heavy to very heavy rain in the South. People in the South should beware of the severe conditions that may cause flash floods and water runoff, the department said. Waves about 2-3 metres high are likely in the Gulf and above three metres high during thundershowers. All ships should proceed with caution and keep off thundershowers and small boats should keep ashore on November 13-14, the department said.

The weather forecast for the next 24 hours:

North: Cool to cold weather with strong winds and rain in 10 per cent of the areas; minimum temperature 13-19 degrees Celsius, maximum 29-32°C; temperature on hilltops is likely to drop to 8-10°C.

Northeast: Cool weather with strong winds and rain in 10 per cent of the areas; minimum temperature 16-20°C, maximum 27-30°C; temperature on hilltops is likely to drop to 10-15°C.

Central: Cool weather with strong winds and rain in 20 per cent of the areas; minimum temperature 19-20°C, maximum 26-29°C.

East: Cool weather with strong winds and rain in 20 per cent of the area; minimum temperature 19-21°C, maximum 28-31°C; waves two metres high and over two metres offshore.

South (east coast): Mostly cloudy with thundershowers in 80 per cent of the areas and isolated heavy to very heavy rain; minimum temperature 20-23°C, maximum 26-32°C; waves two metres high and over three metres during thundershowers.

South (west coast): Mostly cloudy with thundershowers in 60 per cent of the areas and isolated heavy rain; minimum temperature 23-24°C, maximum 30-33°C; waves 1-2 metres high and two metres during thundershowers.

Bangkok and surrounding areas: Cool weather with strong winds and rain in 20 per cent of the areas; minimum temperature 21-22°C, maximum 29-30°C.

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Songkhla rescuers rehearse for ‘perfect storm’

NationalNov 13. 2020

By THE NATION

Officials in Songkhla province conducted a disaster-response drill on Thursday as part of preparations for storms during the rainy season.

Rescuers responded to a simulated situation in which a storm-hit fishing boat had collided with a car ferry.

The rehearsal was staged by the subdistrict administrative organisation (SAO) in Muang district. SAO official Praphan Srisuwan explained that the southern province was lashed by heavy rains and high wind between the months of October and January.

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Thailand ready to join world’s largest free trade agreement on Sunday

NationalNov 13. 2020Jurin Laksanawisit 

By THE NATION

Thailand is set to sign the world’s biggest free trade agreement at the 37th Asean Summit this week, the Commerce Ministry confirmed on Thursday.

Commerce Minister Jurin Laksanawisit is scheduled to sign the Regional Comprehensive Economic Partnership (RCEP) on Sunday (November 15) at a virtual meeting of Asean countries and their partners.

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea. India withdrew from the deal last year.

The RCEP will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms. The Thai Cabinet will consider the final agreement before it is sent to Parliament for final approval.

The largest free trade agreement will encompass almost 3.6 billion people (48.1 per cent of world population), with a combined GDP of more than $28.5 trillion (32.7 per cent of world GDP) and total trade value of over $11.2 trillion (29.5 per cent of world trade).

The deal will ease trade between members by reducing or scrapping tariffs, strengthening supply chains with common rules, and forging new e-commerce rules.

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National drought-management plan unveiled

NationalNov 13. 2020

By The Nation

The Agriculture and Cooperatives Ministry has announced its 2000-2021 drought-risk-management (DRM) plan in a bid to prevent a repeat of the severe water shortages that hit farmers earlier this year.

Deputy permanent secretary Samran Saraban said the ministry has drawn up a blueprint to combat uncontrolled usage of water which leads to shortages.

The blueprint will help guide government agencies to solve farmers’ drought-related issues, he added.

The “Smart DRM” guidelines will be presented to an agriculture-planning subcommittee considering plans for 5.12 million rai of agricultural land nationwide. Of this, 2.61 million rai will be used to grow rice and 2.51 million rai to grow vegetables.

Of the country’s rice fields, 1.12 million rai will be inside irrigation zones and 1.49 million rai will be outside.

Thailand’s irrigation system currently has 48.38 billion cubic metres of water reserves (64 per cent total capacity), of which 24.45 billion or 47 per cent is useable.

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Germany says ‘no evidence’ King is conducting state affairs from its soil

NationalNov 12. 2020Pro-democracy protesters deliver a letter to the German Embassy in Bangkok last month , asking its government to investigate whether the King is exercising his sovereignty from German soil.

By The Nation

Germany’s government has found no evidence that HM the King has conducted state affairs while on German soil, according to the country’s largest press agency.

 The Foreign Ministry said it expected the King not to make decisions that “contravene the German legal system, international law or internationally guaranteed human rights” while on German soil, DPA reported on Wednesday.

“The German government has no reliable evidence that the Thai king has taken any such decisions during his stay in Germany,” the statement continued.

“According to information from the Thai government, the Thai King’s stays in Germany are of a private nature.”

The government statement came in response to a parliamentary question submitted by a Greens MP, concerning what she said were the “increasingly harsh actions taken against the Thai opposition”.

Thai authorities have clamped down on pro-democracy protests in recent weeks, arresting dozens of activists and using water cannon to clear largely peaceful rallies.   

Last month pro-democracy protesters delivered a letter to the German ambassador in Bangkok, asking its government to investigate whether the King was exercising his sovereignty from German soil.