India celebrates overseas development success in Bangkok #SootinClaimon.Com

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https://www.nationthailand.com/business/40006290

India celebrates overseas development success in Bangkok


Thai beneficiaries of India’s overseas development programme shared their experiences at the country’s embassy in Bangkok this week.

Celebrating lndian Technical and Economic Cooperation (ITEC) Day 2021, Ambassador Suchitra Durai hailed the longstanding cooperation between India and Thailand in the area of capacity building.

Presented at the event were video messages from ITEC alumni, including the “Thai Solar Sisters” from the ground-breaking Mechai Pattana Bamboo School in Buri Ram. The “sisters” attended the “Training Rural Women on Solar Electrification & Rainwater Harvesting” course at the Social Work and Research Centre (SWRC or Barefoot College) in Tilonia, Rajasthan.

Launched in 1964, the ITEC programme has three components: short-term training courses of three weeks to two years, deployment of lndian experts abroad, and study tours for foreign officials in India. The programme operates in 160 partner countries and territories and offers around 14,000 training slots annually. Courses cover subjects ranging from rural development, governance, lT and banking to renewable energy and robotics. ITEC courses are offered to both civilian and defence personnel.

India celebrates overseas development success in BangkokIndia celebrates overseas development success in Bangkok

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The embassy said that more than 700 Thai officials have attended regular ITEC courses while 150 have taken online training.

Published : September 17, 2021

D-Day! XSpring announces subscription to “SiriHub Token” Thailand’s first Real Estate-Backed ICO #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40006277

D-Day! XSpring announces subscription to “SiriHub Token” Thailand’s first Real Estate-Backed ICO


Opens on Sep 21 8.0% ROI per year offered for 4 years of entire project. A limited number of digital tokens – 240 million – will be offered at only THB10 each on a first come, first served basis.

  • As it has received approval from the Securities and Exchange Commission of Thailand (SEC), XSpring announces that the subscription period for its SiriHub Investment Token will run from September 21 to October 4, 2021, with a minimum initial investment of only THB10 per token. This means that all investors now have a much broader opportunity to secure and build their wealth – by investing in the first SEC-approved real estate-backed ICO in Thailand.
  • The SiriHub Investment Token offers investment benefits far superior to the current deposit interest offered by commercial banks. Two tranches of tokens, SiriHubA and SiriHubB, will be available for all investors. SiriHubA offers a quarterly return of up to 4.5% per year, while SiriHubB offers a quarterly return of up to 8.0% per year. In addition, both tranches will get a revenue boost from the disposal of assets at the end of the project. The subscription volume is expected to meet its target due to the expected enthusiastic response from investors looking for alternative investments such as digital assets. A limited number of digital tokens – 240 million – will be offered on a first come, first served basis.
  • All investors are recommended to download the “XSpring” app to their smartphones to verify their identity and thus ensure that they can subscribe to the digital tokens on the day of the opening sale and can pay the subscription fee immediately via the app.

D-Day! XSpring announces subscription to “SiriHub Token” Thailand’s first Real Estate-Backed ICOD-Day! XSpring announces subscription to “SiriHub Token” Thailand’s first Real Estate-Backed ICO

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Thailand’s digital asset market is set to be bustling again after XSpring Digital ICO portal service provider (approved by the SEC) announced the subscription day for its SiriHub Tokens in what is Thailand’s first real estate-backed ICO that has Siri Campus Office Building, the headquarters of Sansiri Public Company Limited, as an underlying asset.

Investors from all levels of society will be able take advantage of the opportunity with a minimum subscription price of only THB10 per token and earn returns up to 8.0% per year. The subscription period will run from September 21 to October 4, 2021 via the “Xspring” application. In addition, ERX Co.,Ltd is collaborating with XSpring Digital in the distribution of SiriHub Token. ERX has outsourced its sale functions to 4 leading brokers: KTBST SEC, Finansia Syrus Securities, Krungthai Zmico Securities, and Asia Plus Securities, to support the sales of SiriHub Tokens.

Mr. Rathian Srimongkol, Chairman of XSpring Capital Public Company Limited (XPG), said: “XSpring Digital’s success in the launch of its SiriHub Token, Thailand’s first real estate-backed ICO, is an important step by XSpring Group to enable investors to access new investment innovations and is part of our commitment to develop a digital investment platform and create a financial services business ecosystem to connect the current financial world with the digital financial world. Such a ‘Digital Financial Service’, puts the group at the vanguard of being a complete, fully integrated financial services provider and will enable everyone to access the financial and investment world easily and cost-effectively.”

Mr. Att Tongyai Asavanund, Chief Executive Officer, XSpring Digital Company Limited, the company that has received approval from the SEC as a service provider for offering digital tokens in Thailand (as an ICO portal operator), said that the “SiriHub Investment Token is a new investment model that uses digital technology to connect elements of the capital market world. Its main goal is to provide opportunities for investors at all levels of society to access high-value real estate investments. It essentially broadens access as such investors can invest even with a small amount. We offer a minimum subscription price of only THB10 per token and provide investors with quarterly returns over four years at a much higher rate of return than current bank deposit rates. This is so that both the public and new investors interested in preserving and expanding their wealth, as well as all institutional investors, have equal access to the opportunity of understanding and investing in digital assets.”

Investors can choose to invest in either of the SiriHub Investment Token offerings, SiriHubA or SiriHubB. SiriHubA provides a quarterly return of up to 4.5% per year, while SiriHubB offers a quarterly return of up to 8.0% per year. In addition, both tranches will get a revenue boost from the disposal of assets at the end of the property project’s development. SiriHubA holders will receive a final revenue share from the disposal of assets at the end of the project to a maximum of THB1.6 billion. SiriHubB holders will obtain the final income from the sale of the property project that exceeds THB1.6 billion.

SiriHub Investment Tokens are based on the pending revenue stream from the Siri Campus Project, a modern mixed-use office building complex located within T77, a lifestyle community in the heart of Bangkok’s On Nut area, which has Sansiri Public Company Limited as the only tenant to have leased 100% of the space in the building under a long-term lease for up to 12 years. This means the project will have dependable and continuous income throughout the four-year project period. Analysis of the market value of both the Siri Campus land and building by the appraiser and approved by the SEC in two cases, puts the campus value at THB2.4 billion and it is predicted that in the next 10 years, the market value of this project could rise to as high as THB3.2 billion.

“We are confident that the SiriHub Token offering will receive an enthusiastic response from investors. The ICO price is interesting considering the fundamental factors of the asset and relates to the project Siri Campus, which has potential for continuous income and investor protection mechanisms at every step. Currently, XSpring Digital is finalizing steps for prospective subscribers to register and access the XSpring application with ease. Interested investors can register in advance starting today to save time when the subscription opens and will allay any ‘fear of missing out’ as subscriptions will open on a first come, first served basis with a limited token offering,” Att Thongyai concluded.

What you should know about SiriHub Investment Token before you sign up and verify on the XSpring app to prepare for subscription

Thailand’s first real estate-backed ICO

The SiriHub Investment Token is Thailand’s first digital token put up for a real estate-backed ICO under the Emergency Decree On Digital Asset Businesses B.E. 2561 (2018) regulation issued by the SEC.

Tokenization converts assets into an investment token

The SiriHub tokens convert revenue from leasing the Siri Campus office buildings into investment tokens. Investors will receive benefits identified in the Smart Contract that employs the Tesoz blockchain technology, which is: reliable and especially designed for ICO; stable; transparent; precise; verifiable; and has the most advanced security features.

SiriHub Investment Token

• The digital tokens are issued by SPV 77 Company Limited.

• The total fundraising value is THB2.4 billion.

• SiriHub Investment Tokens are the tokens offered and these are divided into two tranches: 1) SiriHubA offers 160 million tokens valued at THB1.6 billion and

2) SiriHubB offers 80 million tokens valued at a total of THB800 million.

• The proceeds from funding are invested in order to acquire revenue stream from the Siri Campus office building and 100% of the shares of Siripat Four Company Limited, which owns ownership of the Siri Campus office building, at which Sansiri Public Company Limited is currently the 12 years long term sole tenant.

• The issuer of the digital tokens will then allocate the income from the leasing of the Siri Campus project after deduction of costs quarterly during the entire project duration of four years to the holders of the digital tokens.

• When expire of the four-year project nears, the project property will be auctioned for sale in the third year, after which investors will get sharable revenue from the sale of the property at the end of the project (after expenses related to sales, marketing and other commitments are deducted).

• The tokens have a minimum subscription price of only THB10 for each token.

• A total of only 240 million tokens are available.

• Investors can choose to invest in both types but retail investors may hold a set of tokens to a maximum value of THB300,000. For ultra-high-net-worth (UHNW) investors, institutional investors, corporate joint investments, no maximum subscription value has been set.

• The digital tokens are allocated following successful payment on a first come, first served basis until the subscription is sold out.

• Retail investors must register and verify themselves via the “XSpring” application before the subscription day.

Investors interested in investing can learn about their investment options and should open an account, verify their identity and take a knowledge test starting today to prepare for subscription. Investors can download the XSpring app on both iOS and Android systems. This will save time and allow investors to complete their subscriptions quickly, conveniently and securely. The subscription period runs from September 21 to October 4, 2021

Five steps to take for convenient and secure registration

• Download XSpring application from App Store or Play Store or the link http://onelink.to/efumnu

• Sign up, fill in your email, set a password and wait for the approval email from the system. Upon receiving the approval email, open the application to log in.

• Log in to verify yourself (KYC/CDD). The step, Know Your Customer / Customer Due Diligence is required by Thailand’s Anti-Money Laundering Act of B.E. 2542. Just fill out the ID card information and personal information, and state that this is for investment purposes. Then take a photo of the ID card and take a face scan to reconfirm identity.

• Upload your bank account and follow the steps.

• Pass the Investor Knowledge Test

Remark: If prospective investors have any questions about registration and the use of the applications, they can watch the instructional videos here: https://youtu.be/bPSTTUTDgxI

Those interested can contact 02-038-5999 and follow news about digital assets and digital tokens at:

XSpring Digital Internet Resources

Website: www.xspringdigital.com

Facebook: https://www.facebook.com/XSpringDigital

Remark: Before making an investment decision, investors should study the information in the draft white paper to understand the nature of the product, return conditions and the risks involved.

The white paper can be downloaded at the SEC’s website: https://market.sec.or.th/public/ipos/IPOSTD01.aspx?TransID=319985

Published : September 17, 2021

KPMG in Thailand appoints new Head of Audit & Assurance and Head of KPMG Law #SootinClaimon.Com

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https://www.nationthailand.com/business/40006283

KPMG in Thailand appoints new Head of Audit & Assurance and Head of KPMG Law


Orawan Chunhakitpaisan as Head of Audit & Assurance and Kannika Boontaim as the Head of KPMG Law, effective from 1 October 2021.

KPMG in Thailand, a leading provider of audit & assurance, tax, legal and advisory services, has announced leadership changes with the appointment of Orawan Chunhakitpaisan as Head of Audit & Assurance and Kannika Boontaim as the Head of KPMG Law, effective from 1 October 2021.

“Guided by our strategy and values, I believe that Orawan and Kannika will lead and empower our people to confidently move forward and deliver forward-looking, value focused services that matter to our clients,” says Charoen Phosamritlert, Chief Executive Officer, KPMG in Thailand, Myanmar and Laos. “At KPMG, we believe that we can only achieve a strong foundation of growth if we promote diversity in the workplace and embrace change to consider all angles and find the best solution to deliver the most value to our clients. I am proud to work alongside strong female leaders and together we will continue to mentor and develop the next generation of business leaders and professionals.”

Orawan Chunhakitpaisan, who will head the firm’s Audit & Assurance practice, has a strong background in Audit quality and deployment. Her commitment to audit quality, client service and people development will allow her to guide the Audit & Assurance practice into the future, with an increased focus on quality and trust, as well as strengthen the firm’s Environmental, Social and Governance (ESG) agenda.

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“I am excited and honored to be trusted with leading KPMG in Thailand’s Audit & Assurance practice and the 1,200 professionals in the team,” says Orawan Chunhakitpaisan, Head of Audit & Assurance, KPMG in Thailand. “Moving forward, we will continue to invest in our evolving audit capabilities and further develop our smart, modular audit platform, as well as build up our people. Our commitment to audit quality remains unwavering and we will continuously promote best audit practices.”

Kannika Boontaim will lead KPMG in Thailand’s expanding Legal practice of more than 40 experienced legal professionals. She comes with extensive experience in legal planning and her knowledge of the local and international legal nuances will allow her and the lawyers in the practice to deliver greater value and insights to the clients.

“KPMG Law will continue to deliver high quality legal services to our clients,” says Kannika Boontaim, Head of KPMG Law, KPMG in Thailand. “We work hard to help our clients navigate these complicated and challenging times. With a strong team backed by a global network, I am confident that KPMG Law is well positioned to work shoulder to shoulder with clients as they prepare to thrive in the future.” 

Published : September 17, 2021

U.S. Fed expected to announce tapering asset purchases in November: survey #SootinClaimon.Com

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https://www.nationthailand.com/business/40006310

U.S. Fed expected to announce tapering asset purchases in November: survey


Two-thirds of economists expect the tapering announcement at the Feds Nov. 2-3 meeting, with more than half seeing the tapering starting in December, a Bloomberg survey showed.

The U.S. Federal Reserve will probably hint at its meeting next week that it is moving toward announcing a reduction in monthly asset purchases in November, according to a Bloomberg survey of economists released Friday.

Two-thirds of economists expect the tapering announcement at the Fed’s Nov. 2-3 meeting, with more than half seeing the tapering starting in December, the survey showed. The Fed will hold its next policy meeting on Sept. 21-22.

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The survey of 52 economists, which was conducted Sept. 10-15, also showed that the Fed would hold interest rates near zero through 2022 before delivering two quarter-point increases by the end of the following year.

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“The delta variant and some moderation in inflation should allow the Fed to be patient in tapering, with an announcement likely in November or December, depending on the economic data,” Scott Brown, chief economist with Raymond James Financial, was quoted as saying in a survey response.

The Fed has pledged to keep its benchmark interest rate unchanged at the record-low level of near zero, while continuing its asset purchase program at least at the current pace of 120 billion U.S. dollars per month until “substantial further progress” has been made on employment and inflation.

Many Fed officials have said in recent interviews and public statements that the central bank could begin reducing asset purchases this year.

The survey also showed that 89 percent of the economists expect U.S. President Joe Biden to renominate Jerome Powell for another four-year term after his current tenure as Fed chair expires in February.

Fed governor Lael Brainard, a Democrat, is seen as the most likely alternative, with 9 percent of economists predicting she will be chosen as chair, according to the survey. 

Published : September 18, 2021

SET Index suffers end-of-week dip after two days of gains #SootinClaimon.Com

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https://www.nationthailand.com/business/40006296

SET Index suffers end-of-week dip after two days of gains


The Stock Exchange of Thailand (SET) Index closed at 1,625.65 on Friday, down 6.05 points or 0.37 per cent. Transactions totalled THB105.67 billion with an index high of 1,635.04 and a low of 1,617.31.

The SET Index fell back on Friday after rising 0.26 and 0.22 per cent on Wednesday and Thursday.

The 10 stocks with the highest trade value today were KCE, PTT, KBANK, HANA, DELTA, GULF, CPALL, AOT, BANPU and TU.

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Other Asian indices were up with one exception:

Japan’s Nikkei Index closed at 30,500.05, up 176.71 points or 0.58 per cent.

China’s Shanghai SE Composite Index closed at 3,613.97, up 6.87 points or 0.19 per cent, while the Shenzhen SE Component Index closed at 14,359.36, up 101.23 points or 0.71 per cent.

Hong Kong’s Hang Seng Index closed at 24,920.76, up 252.91 points or 1.03 per cent.

South Korea’s KOSPI closed at 3,140.51, up 10.42 points or 0.33 per cent.

Taiwan’s TAIEX closed at 17,276.79, down 1.91 points or 0.011 per cent.

Published : September 17, 2021

Export industry making most of FTA, GSP pacts, says trade dept #SootinClaimon.Com

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https://www.nationthailand.com/business/40006287

Export industry making most of FTA, GSP pacts, says trade dept


The ongoing Covid-19 pandemic has not affected Thailand’s free trade agreements (FTAs) or the Generalised System of Preferences (GSP), the Department of Foreign Trade (DFT) said on Thursday.

In the first seven months of this year, deals under the pacts had risen by 36.23 per cent compared to the same period last year, while the industries using the privileges most were agriculture and food, DFT said.

Keerati Rushchano, DFT director-general, said the total value of deals made by Thai exporters under the FTA and GSP pacts between January and July this year stood at US$46.4 billion, up 36.23 per cent from the same period last year.

Between January and July, Thailand has increased its use of trade incentives under various FTA and GSP frameworks in a bid to boost exports. Besides, several markets have started recovering in the wake of the Covid-19 fallout. For instance, export to India has risen by 4.91 per cent, while Thailand’s shipments to Asean and Japan has expanded by 3.89 per cent.

Products benefiting the most from these pacts are industrial goods, food and beverage, as well as agricultural products such as processed coconut, seasonings, water/non-alcoholic beverages, processed food, canned pineapples, fish, rice and aromatics used in the food industry.

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Published : September 17, 2021

Gold price drops sharply in opening trade #SootinClaimon.Com

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https://www.nationthailand.com/business/40006276

Gold price drops sharply in opening trade


The price of gold crashed by THB250 in morning trade on Friday.

AGold Traders Association report at 9.25am said the buying price of a gold bar was THB27,550 per baht weight and selling price THB27,650, while gold ornaments cost THB27,060.60 and THB28,150, respectively.


At close on Thursday, the buying price of a gold bar was THB27,800 per baht weight and selling price THB29,000, while gold ornaments cost THB27,303.16 and THB28,400, respectively.

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Published : September 17, 2021

SET dips in Friday morning trade #SootinClaimon.Com

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https://www.nationthailand.com/business/40006273

SET dips in Friday morning trade


The Stock Exchange of Thailand (SET) Index fell by 0.46 points, or 0.03 per cent, to 1,631.24 on Friday morning.

The volume of total transactions was THB10.37 billion with an index high of 1,635.04 and a low of 1,630.97 in opening trade.

The 10 stocks with the highest trade value were KCE, PTT, HANA, KBANK, BANPU, SCGP, SIRI, DELTA, PTTGC and TU.

The SET Index closed at 1,631.70 on Thursday, up 3.66 points or 0.22 per cent. Transactions totalled THB79.59 billion with an index high of 1,636.01 and a low of 1,628.57.

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Published : September 17, 2021

Baht hits weakest level in almost a month #SootinClaimon.Com

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https://www.nationthailand.com/business/40006278

Baht hits weakest level in almost a month


The baht opened at 33.12 to the US dollar on Friday, weakening from Thursday’s closing rate of 33.04, the weakest in almost a month.

The Thai currency is likely to move between 33.05 and 33.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is still pressured more than strengthening in the short term. Foreign investors might sell more Thai bonds amid concerns that bond issues in the future might be more than expected.

Some investors have stopped speculating that the baht will strengthen, due to worries of a new Covid-19 wave. Foreign investors would sell Thai stocks if the situation clearly worsened.

Meanwhile, the US market is not in a mood for risk. The market is also worried that volatility will increase on Friday, which is the day when both future and options of stock shares and indexes are due. There might be a big change in asset possession, he added.

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Baht strengthens a tad on opening

Baht performance hinges on Covid situation: market strategist

Short-term weakening of baht possible amid new Covid wave worries

Published : September 17, 2021

Chevron CEO warns of high energy prices and supply crunches #SootinClaimon.Com

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https://www.nationthailand.com/business/40006252

Chevron CEO warns of high energy prices and supply crunches


The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.s top executive.

“There are things that are interfering with market signals right now that we haven’t seen before. Eventually things work out, but eventually can be a long time,” Chief Executive Officer Mike Wirth said Wednesday in an interview at Bloomberg News headquarters in New York. He expects strong prices for gas, liquefied natural gas and oil, at least “for a while,” without specifying a time frame.

Even though oil and gas prices have surged this year as the world recovers from the covid-19 pandemic, major producers have been reluctant to invest their cash in new projects, a shift in behavior from previous upswings. That’s leading to concerns of shortages. Already, Europe is facing its worst natural gas crunch in decades, with prices rising to record levels even before winter when demand is typically at its strongest.

One reason executives are wary to plow investment dollars into new supply is shareholders haven’t shown they’re in their corner. They want cash returned to them immediately rather than seeing it re-invested in new developments. Although soaring commodities markets are “signaling we could invest more,” equity prices are sending boardrooms a different sign, Wirth said.

“There are two signals I’m looking for and I’m only seeing one of them” right now, he said. “We could afford to invest more. The equity market is not sending a signal that says they think we ought to be doing that.”

Some investors are unwilling to back new projects after oil and gas companies wasted billions of dollars on low-return operations over the past decade. Others are watching signs of climate change and trying to gauge whether companies are making changes fast enough. The risks are real: Royal Dutch Shell was ordered to reduce carbon emissions by 45% by 2030 by a Dutch court earlier this year, and Exxon Mobil Corp. was forced to backtrack on an aggressive expansion plan amid covid-19 and shareholder unrest.

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“You’ve got some real new dynamics, whether it’s government policy, efforts to constrain capital into the industry, to make it harder for the industry to access capital markets,” Wirth said. “That in the short term could create some risk for the global economy.”

Chevron, the second-largest Western oil major, is unlikely to buck the trend and chase new production, despite having the strongest financial position among its peers. It slashed its capital spending by almost a third last year and, unusually, pledged to maintain it at low levels right the way through 2025. An announcement earlier this week to boost spending on energy transition technologies reverses just a portion of those cuts.

When new projects do come to the table, their future emissions are “a big part of our decision-making process,” Wirth said. Chevron has pledged to reduce its emissions intensity progressively over the coming decades, suggesting that higher-carbon operations such as oil sands may find it harder to receive the green light.

There may be some relief for oil prices, at least in the short term. OPEC’s ability to bring previously curtailed barrels back to the market will help stabilize prices over the coming months. But with production severely constrained outside of the cartel, medium-term pricing may stay strong, Wirth said. Shale producers, which have kept a lid on prices for much of the last decade with floods of oil, are now focused much more on harvesting profits rather than drilling new wells.

“Looking out for a few years if the global economy continues to grow and recover post covid, is there sufficient reinvestment in the energy that runs the world today?” Wirth said. “Or are we turning so quickly to the energy that runs tomorrow that we created an issue in the short term?”

Published : September 17, 2021