Court orders EC to pay Pheu Thai ex-MP THB62 million over wrongful disqualification
WEDNESDAY, DECEMBER 21, 2022
The Court of Appeals has ordered the Election Commission (EC) to pay 62 million baht in damages to a candidate who was accused by the election agency of vote-buying and wrongfully disqualified after winning the 2019 general election in Chiang Mai.
Surapol Kietchaiyakorn of the opposition Pheu Thai Party said on Wednesday that the Court of Appeals had upheld the verdict of the lower court which had judged the EC and its officials guilty and ordered them to pay him 70 million baht in damages.
The higher court ruled that the EC should pay the plaintiff 56,792,568 baht, plus interest from November 16, 2019 to April 10, 2021 at 7.5% annually, and from April 11, 2021 until now at 5% annually. The amount of compensation plus interest add up to 62 million baht.
Surapol said he is glad that the court had upheld the verdict and that he had successfully defended his personal honour and that of Pheu Thai Party. “Throughout over 30 years in politics, I have never once bought votes,” he said.
Surapol, a seven-time MP from Chiang Mai, was re-elected in the March 2019 general election. However, the EC ruled that he had violated the law by giving 2,000 baht and a clock to a prominent local monk.
The EC had, therefore, disqualified Surapol and issued him an “orange card”, which in effect prevented him from contesting in a by-election called a month later, as well as any other election for a year.
Surapol brought his case to the Supreme Court’s Election Division, which ruled in September 2020 that there was insufficient evidence to prove that he had made promises in return for votes.
On Wednesday Surapol said that the EC should not use its budget, which comes from taxpayers, to pay the damages and instead should use the money from the commissioners who had approved his disqualification.
Many refusing to repay student loans despite fat bank accounts: study
WEDNESDAY, DECEMBER 21, 2022
Graduates are still defaulting on repayments despite having more than enough savings to pay off their student loans, according to a study by the National Economic and Social Development Council.
The NESDC report on ex-students taken to court for defaulting in 2020 found that 40 had over 5 million baht in their bank accounts, 431 had more than one million baht, 637 had over 500,000 baht, and over 9,000 had 50,000 to 500,000 baht.
The survey on repayments to the student loan fund was part of the NESDC’s third-quarter report on Thailand’s social situation and outlook.
The NESDC expressed concern that the problem of ex-students defaulting on loans could escalate into a severe social issue.
The NESDC said the issue covered 6.4 million ex-students and other people, including loan guarantors. Of these, 1.5 million are facing either lawsuits or repayment demands after court rulings on unpaid debts. Defaulters face being blacklisted by the Credit Bureau, making it harder for them to obtain loans from banks or financial institutions.
The NESDC reported that by September-end this year, 2.3 million or 65% of 3.5 million ex-students debtors have defaulted on repayments worth a total 90.856 billion baht.
The Bank of Thailand reports that the student loan fund has the country’s highest level of non-performing loans. NPLs accounted for 62% of the fund’s loans at the end of 2020, the central bank said.
The fund provides loans to students in four groups:
– Poor students
– Students studying in fields important for national development but short of workers
– Students studying in fields promoted by the fund
– Students with outstanding academic performance.
The fund drew on the national budget until 2018, when it became self-sufficient. Since then, it has depended on debt repayment and interest on debts collected.
As of September 30, the fund had approved loans for 6.4 million students worth 706.357 billion baht or an average of around 110,000 baht per student.
The NESDC report attributed the loan defaults to four main causes: students themselves, debt repayment mechanisms, fund rules, and the national education system.
The NESDC said many students lacked financial discipline and refused to service their debt despite having more than enough savings to pay each instalment. However, it also blamed financial burdens and lost income due to Covid-19.
The report said the fund’s repayment mechanism made it harder for ex-students to service their debts in later years.
Graduates get a two-year grace period before the stepped 15-year debt repayment period kicks in, starting with 1.5% of the loan in the first year and rising to 13% in the 15th year.
The study found that ex-students often started defaulting in the sixth or seventh year because their income does not match the rising debt level.
The NESDC also found that student loan fund rules lack flexibility for debt restructuring or renegotiation. The study found that up to 85% of ex-students who had renegotiated their debt repayment with the fund still defaulted on loans because of the inflexible rules.
On the educational structure, the report said that most debtors studied in fields where graduates flooded the market, such as business administration, economics, arts, social sciences, and education.
The NESDC said only 20.56% of the debtors studied science and technology and even fewer (7.55%) studied engineering.
The report disagreed with the government’s draft bill to exempt student loan fund debtors from interest or penalty payments. This would leave the fund with insufficient money to help future students, meaning it would again become dependent on national budget, it said.
Waiving interest penalties would create a moral hazard as well as being unfair to those who serviced their debt, it added.
The House of Representatives in September passed a bill to waive interest on student loan repayments and exempt late payers from penalty interest.
The fund currently charges annual interest of 1% and penalty interest of 7.5%.
Reviewing the bill, the Senate retained the penalty interest exemption but reinstated the 1% interest rate.
The NESDC proposed several alternative solutions, including calculating instalments based on each ex-student’s monthly income rather than the fixed 15-year ladder of 1%-13%.
Thailand opens rice DNA testing centre after Hom Mali loses world crown
THURSDAY, DECEMBER 22, 2022
Thailand has opened a genetic testing centre to improve its rice after the country’s famed Hom Mali (jasmine) grain was dethroned by a Cambodia strain at the World Rice Conference.
The DNA testing service will help rice farmers, millers and traders ensure the authenticity of their product via rapid genetic tests at low cost.
The service aims to strengthen the international reputation of Thai rice and create an advantage amid fierce competition, he added.
Judges at last month’s World Rice Conference complained that Thai Hom Mali had lost its famous fragrance, and crowned Cambodia’s Phka Rumduol jasmine variety as the globe’s best.
Thai Hom Mali exports rose 27% to 1.28 million tonnes in the first 10 months of 2022 from a year earlier, Ronnarong reported.
Monthly rice export volume is likely to increase as the economies of trading partners recover from the Covid-19 pandemic, he said.
The easing of China’s zero-Covid policy is also expected to boost demand for Thai rice.
Innovation is the key to unlocking Thailand’s digital potential, PTT CEO says
THURSDAY, DECEMBER 22, 2022
Jarupong Krisanaraj
Increased innovation is required to drive Thailand’s digital economy, PTT CEO and president Auttapol Rerkpibool told a forum on Wednesday.
During a talk on innovation for sustainable business, Auttapol told the “Next Step Thailand 2023” forum that the kingdom’s economy faced challenges from decentralisation, and the shifts to green energy and a digital world.
Enhanced innovation is required to meet the challenges posed by social and economic transformations, he told the forum hosted by three Nation Group media outlets: Spring News, Nation TV and Post Today.
Auttapol said innovation to tackle climate change and improve the quality of life is necessary for Thailand to create a digital economy.
For innovation to tackle climate change, Auttapol explained that renewable energy, carbon capture and storage (CCS), and carbon capture and utilisation (CCU) could help Thailand reduce greenhouse gas emissions.
“Renewable energy can help Thailand reduce carbon dioxide emissions, while CCS and CCU will enable carbon dioxide emitters to capture, store and utilise them,” he explained.
Auttapol noted that many countries are developing solar and wind energy alternatives to mitigate climate change, and called for increased cooperation between countries to develop these technologies.
Auttapol said that even though Thailand’s digital competitiveness is ranked at only 40 globally, the country has potential in agriculture and next-generation automotive and medical technology.
He said the agriculture sector needs artificial intelligence to increase production and sales through the development of smart farming and farm management.
“32% of Thais work in agriculture, but they generate only 8% of the country’s gross domestic product,” he said.
Auttapol praised the development of electric vehicles in Thailand, saying it was a good example of the positive impact government support can have. However, he urged for the development of related technologies, calling for investment in battery factories and charging stations.
He said Thailand’s potential in medical technology was outstanding, especially as the country is beginning to age.
Relevant agencies should help develop medicine production for older patients as well as robotics and “future food”, Auttapol said, adding that the high quality of the country’s medical professionals increased the medical sector’s potential.
He also urged Thai entrepreneurs to put technology at the core of their business models and increase cooperating to develop the country’s digital economy.
Thai mangosteen association formed as hunger grows in China, Mideast
THURSDAY, DECEMBER 22, 2022
The Thai Mangosteen Association (TMA) was founded on Wednesday to promote, support and solve problems related to cultivation and trade in the purple fruit.
Thai mangosteen production is set to rise 38% this year to 378,400 tonnes, feeding growing demand from China and the Middle East, according to the Agriculture Ministry.
Seventy-five members joined the first TMA meeting at the Office of Agricultural Research and Development in Chanthaburi to set up objectives and frameworks for the association.
Pattama Narmwong was selected as chairman of the TMA, whose headquarters are located in the heart of the country’s mangosteen-growing area of Tha Mai district, Chanthaburi.
The meeting forged six objectives for the TMA:
1. Support the stability and sustainability of mangosteen growers and related businesses.
2. Support and aid TMA members in solving problems while also monitoring developments in domestic and international mangosteen trade and other issues.
3. Research and develop mangosteen cultivation, exchanging and publishing academic studies and other information.
Baht up slightly against dollar but all eyes on Thai export data
THURSDAY, DECEMBER 22, 2022
The baht opened at 34.68 to the US dollar on Thursday, strengthening slightly from Wednesday’s close of 34.70.
The currency will likely move between 34.55 and 34.75 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said that the baht’s recent strengthening was supported by the market’s risk-on state and gold sales.
However, amid dollar strengthening reflected by a rise in the US Dollar Index (DXY) to nearly 104 points, he expected the baht to swing sideways and not strengthen much.
Moreover, foreign investors are selling short-term bonds in the belief that the baht will strengthen.
He expected the baht’s support level to be at 34.50-34.60 to the dollar.
He warned that the baht might fluctuate and weaken on Thursday if Thailand’s export numbers shrank, resulting in a higher-than-expected trade deficit.
Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Bangkokbiz, a news agency, on Wednesday identified seven product groups which it predicts will be trending next year. They are:
1. Products for the elderly
The market for the elderly will mainly focus on health products. This group has a lot of purchasing power from savings and pensions, while not having to spend as much as young adults.
Therefore, healthy foods and beverages as well as products that increase convenience, such as ready-to-cook boiled rice, have huge potential.
2. Convenience products
Current consumer behaviour emphasises convenience, so operators must try to make life easier, for instance, sliced fruits.
3. Health and beauty products
Consumers are increasingly focused on their health and themselves, even more after the Covid-19 pandemic, offering a ready market.
4. Small-size products
People of the new generation like to try something new and convenient, while living on their own or with small families. Operators must make smaller products at affordable prices.
5. Environmentally friendly products
Consumers are focusing more on the environment, so manufacturers must make products that are environmentally friendly throughout the manufacturing process.
6. Local products
The trend of love for local products has grown continuously since the Covid-19 pandemic. Operators could get a geographical indication from the Intellectual Property Department to verify that the product is local.
7. Innovation products
Innovation is a growing trend as it will make products different and add value, such as naem (pork sausage) with food irradiation technology to make it last longer for up to two months.
World Cup fails to lift advertising industry as ad revenues plunge
WEDNESDAY, DECEMBER 21, 2022
This year’s World Cup failed to come close to its predecessors in terms of advertising revenues, earning just 136 million baht compared to the more than 500 million baht as usual, according to Pawat Ruangdejworachai, director and CEO of Media Intelligence.
Pawat said regional and global sports events draw massive audiences in Thailand, and brands and companies spend a lot of money on advertising to reach them.
Before the Covid-19 pandemic, the World Cup and other global sporting events drew more than 500 million baht in advertising, Pawat said.
Prawat said the game with the highest rating was the match between Germany and Japan. Even though it was a group-stage match, its ratings were high because it was broadcast at 8pm on a single channel.
The final between Argentina and France ranked second. It started at 10pm and was broadcast on two channels – True4U and Channel 7 – simultaneously.
True4U was the biggest beneficiary, earning slightly more than 93 million baht in advertising revenue from this year’s World Cup.
Channel 7 earned 350,000 baht per minute for advertising during the final match, but per minute advertising in most other matches earned only five-digit fees.
Pawat added that most advertisements came from those who helped buy the broadcasting rights.
Only a few brands actually paid for advertising during broadcasts of World Cup matches, Pawat said, adding that Euro Cake and Pepsi were the two highest spenders.
The World Cup did not live up to its record and failed to boost the advertising industry, Pawat said.
Baht gains against dollar, but experts see limited potential for further appreciation
WEDNESDAY, DECEMBER 21, 2022
The baht opened at 34.65 to the US dollar on Wednesday, strengthening from Tuesday’s close of 34.78.
The currency will likely move between 34.50 and 34.70 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said that the baht might strengthen due to the weakening dollar and gold sales, but it would not strengthen past its support level of 34.5 to the dollar because the currency market is fluctuating and foreign investors could sell more Thai stocks after net sales of 1.7 billion baht on Tuesday.
Moreover, foreign investors could also sell Thai long-term bonds as the global bond yield is increasing.
He believes that some of them might wait for the baht to reach close to its support level to short for profit following net sales of 8 billion baht of short-term bonds this week.
Poon also advised investors to use hedging tools, such as options, to manage risks in a highly volatile currency market.
SootinClaimon.Com 