GSB offers savings, loan promotions at Bangkok expo #SootinClaimon.Com

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GSB offers savings, loan promotions at Bangkok expo

Oct 21. 2020

By The Nation

#The Government Savings Bank brings a wide array of financial solutions to the Money Expo 2020 in Bangkok from October 22-25.

Highlights include a 107-Day Savings Deposit Account with interest rising to 10%, and a mortgage loan with 0% in the first year. For more details:  https://www.gsb.or.th/promotions/money-expo-2020/

Tencent Cloud offers conference solutions for the ‘new normal’ #SootinClaimon.Com

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Tencent Cloud offers conference solutions for the ‘new normal’

Oct 21. 2020

By The Nation

Tencent Cloud, the cloud business of Tencent – a leading provider of value-added services on the net – continues to penetrate Thailand’s cloud market with the introduction of Tencent Cloud Conference (TCC), serving the needs of different organisations.

The TCC system supports virtual and hybrid conferences via the Tencent Cloud platform, with incorporated interactive elements that can be used to engage customers in different types of businesses.

Chang Foo, chief operating officer of Tencent (Thailand), said: “We are glad to introduce Tencent Cloud Conference, a high-performance online conference solution to meet the growing market demand including hosting business conferences, trade shows, seminars, forums and various types of meetings. This comprehensive solution can help manage virtual and hybrid conferences effectively, offering highlighted features to support a wide range of conferences from corporate to international levels. We aim to create opportunities for organisations to drive their business plans uninterruptedly to the highest potentials.”

IHG has big plans for Grand Sukhumvit Hotel in Bangkok #SootinClaimon.Com

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IHG has big plans for Grand Sukhumvit Hotel in Bangkok

Oct 21. 2020

By The Nation

InterContinental Hotels Group (IHG) has signed an agreement with Sukhumvit Centre Point to take on the management of Grand Sukhumvit Hotel Bangkok from next year.

After extensive refurbishment, the 386-room hotel will be rebranded as Crowne Plaza Bangkok Grand Sukhumvit by the end of next year. More rooms will be added to the hotel by 2023, making it the country’s largest Crowne Plaza hotel and the brand’s flagship.

Serena Lim, IHG’s vice president for development in Southeast Asia and South Korea, said: “The strength and breadth of IHG’s brand portfolio has led to some exciting growth and conversion opportunities here in Thailand and across Southeast Asia and Korea. We are seeing an appetite from owners, including our partner Sukhumvit Centre Point, to join the IHG family and benefit from the power of our enterprise.”

Some 30 kilometres from Suvarnabhumi Airport, the hotel is located near Nana BTS Station, offering guests easy access to embassies and corporate offices, as well as nearby shopping, dining and entertainment venues.

IHG has 31 hotels in Thailand operating under the brands Six Senses, InterContinental, Crowne Plaza, Hotel Indigo, Holiday Inn, Holiday Inn Express, and Staybridge Suites, with another 29 in the pipeline.

U.S. stocks slip with pre-election aid unlikely #SootinClaimon.Com

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U.S. stocks slip with pre-election aid unlikely

EconOct 22. 2020

By Syndication Washington Post, Bloomberg · Sarah Ponczek, Casey Wagner · BUSINESS 
U.S. stocks ended a volatile session slightly lower as the White House and Democrats neared an aid deal but signaled it’s unlikely to become law before the election. Treasury yields climbed and the dollar retreated.

The S&P 500 Index closed lower after an up-and-down session that saw the index whipsawed by takes on the progress toward a deal. House Speaker Nancy Pelosi, D-Calif., continued talks with White House representatives even as the odds remained long for a deal that could pass in the Senate. Small caps lagged behind.

“You look at the trading today and it’s almost like watching a cat with a laser pointer,” Mark Hackett, chief of investment research at Nationwide, said by phone. “Pelosi comes out midday and says she’s excited about the deal, and then two minutes later says she doesn’t think a deal will get done, and the market’s reacting. Investors are fixated on the shiny object, which is the stimulus deal.”

Energy producers were among the worst performers as oil fell toward $40 a barrel in New York. Social media firms fared better after Snap Inc. reported strong earnings, with Twitter Inc. and Facebook Inc. both up more than 5% at one point. Of the 84 companies in the gauge that have reported earnings this season, only 10 have missed analyst profit forecasts. Tesla Inc. rose ahead of financial results later Wednesday. Netflix Inc. sank the most since March after subscribers fell short of predictions. A surge in copper lifted materials producers.

The U.S. 10-year yield broke above 0.8% to the highest since June and European yields also rose after Pelosi expressed hope for political compromise on a bill this week. Rates came back from their peak as negotiations dragged on Wednesday.

European stocks slumped for a third day, with gold miners Fresnillo Plc and Centamin Plc falling after cutting production guidance. Telecom equipment maker Ericsson was a bright spot, climbing after a profit beat.

“Markets are pretty aggressively priced and we’re getting a lot information about earnings season,” said George Pearkes, global macro strategist at Bespoke Investment Group. “This is just stocks doing what stocks do, which is sometimes go up and sometimes go down, and whether it’s because of stimulus or something else is kind of irrelevant.”

Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the election. The administration said it hopes to get a deal in the next 48 hours and that its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for.

“The rise in yields suggests that the market thinks a stimulus deal will be forthcoming and that the Democrats are set to take both the presidency and the Senate at the Nov. 3 election,” said John Hardy, chief foreign-exchange strategist at Saxo Bank.

Elsewhere, the yen headed for its best day versus the dollar since August. The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal is within reach. Copper traded near a two-year high on supply disruptions in Chile.

Oil dropped toward $40 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.

Here are some of the main market moves:

Stocks

– The S&P 500 Index fell 0.2% as of 4 p.m. EDT.

– The Nasdaq 100 Index lost 0.1%.

– The Stoxx Europe 600 Index decreased 1.3%.

– The MSCI Asia Pacific Index rose 0.8%.

– The MSCI Emerging Market Index gained 0.4%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.5%.

– The euro increased 0.3% to $1.186.

– The British pound surged 1.6% to $1.3149.

– The Japanese yen strengthened 0.9% to 104.53 per dollar.

Bonds

– The yield on 10-year Treasurys jumped three basis points to 0.81%.

– The yield on two-year Treasurys climbed one basis point to 0.15%.

– Germany’s 10-year yield gained one basis point to -0.59%.

– Britain’s 10-year yield climbed five basis points to 0.242%.

Commodities

– West Texas Intermediate crude fell 4% to $40.04 a barrel.

– Gold futures strengthened 0.6% to $1,927.50 an ounce.

MRTA approves Phuket tram project study #SootinClaimon.Com

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MRTA approves Phuket tram project study

EconOct 22. 2020MRTA governor Pakapong Sirikantramas.MRTA governor Pakapong Sirikantramas. 

By The Nation

The Mass Rapid Transit Authority of Thailand (MRTA) board on Wednesday approved the findings of a study on Phase 1 development of a tram system in Phuket, said MRTA governor Pakapong Sirikantramas.

The first phase, costing Bt35 billion, will run 42 kilometres from Phuket Airport to Chalong intersection.

The MRTA will now forward the findings to the transport minister. He added that the findings are expected to be tabled in Cabinet next October.

If approved by the Cabinet, the MRTA will call bidding for joint investment in early 2022, with trams expected to start running in 2026.

The service will have 21 stations, of which 19 will be at ground level, one at elevated level and one underground. Fares will range between Bt35 and Bt140 per trip. The project is expected to yield returns of 13.11 per cent.

Vacationers on cruise ships will be allowed to disembark in Thailand, CCSA says #SootinClaimon.Com

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Vacationers on cruise ships will be allowed to disembark in Thailand, CCSA says

EconOct 22. 2020Dr Taweesin Visanuyothin

Dr Taweesin Visanuyothin 

By The Nation

The Centre for Covid-19 Situation Administration (CCSA) on Wednesday resolved to allow foreigners to disembark luxury cruise liners that drop anchor in Thailand, the centre’s spokesman Dr Taweesin Visanuyothin said.

The Tourism and Sports Ministry has said some 60 boats carrying 650 foreigners have asked for permission to enter the country. They are expected to generate revenue of up to Bt2.1 billion.

The travellers will have to undergo the mandatory 14-day quarantine and be tested for the virus three times. If they test negative, then they will be allowed to travel across Thailand.

CCSA is set to formally discuss the reduction of the quarantine period next week. It also decided on Wednesday to extend the state of emergency put in place nationwide to curb Covid-19 infections by another month to the end of November.

The centre will propose its resolution to the Cabinet on October 27, he added.

More big firms opting for sustainability bonds to raise funds #SootinClaimon.Com

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More big firms opting for sustainability bonds to raise funds

EconOct 22. 2020Securities and Exchange Commission secretary-general Ruenvadee Suwanmongkol.Securities and Exchange Commission secretary-general Ruenvadee Suwanmongkol. 

By The Nation

More firms, especially major listed companies, are showing interest in raising funds by issuing environmental, social and governance (ESG) bonds, said Securities and Exchange Commission secretary-general Ruenvadee Suwanmongkol.

Eleven major companies have issued green bonds, social bonds and sustainability bonds in the two years up to October 21, raising Bt90 billion. The upward trend for ESG bonds is continuing, she said.

This year is also the first year that state agencies and enterprises have issued ESG bonds, she added.

Delta expects higher net profit this year #SootinClaimon.Com

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Delta expects higher net profit this year

CorporateOct 21. 2020

By The Nation

Delta Electronics expects its net profit this year to hit a new high from the increase in purchase orders.

Director Anusorn Muttaraid said the company’s performance in the second half of this year would be better than the first half of Bt27.63 billion in revenue and Bt2.87 billion in net profit, thanks to the increase in orders, relief from the Covid-19 crisis and realised gains from the acquisition of Eltek Australia at the end of July.

He added that Eltek Australia can generate revenue from US$50 million (Bt1.56 billion) to $60 million per year.

“Therefore, we expect the company’s net profit this year to hit a new high from Bt2.95 billion in 2019 as the number of purchasing orders is increasing gradually, especially from data centre infrastructure solutions and businesses related to electric vehicles,” he said.

“Also, the company gained positive sentiment from a change in technologies to support the 5G network, and the weakening baht.”

Anusorn said Delta does not have any plans to acquire more businesses as it has to focus on management to cope with the Covid-19 situation first.

“We believe Delta’s financial status is still strong as the company’s cash flow was around Bt9 billion, so we have confidence it can support more investment in the future,” he added.

SET rises despite worries over political unrest, banks’ weak performance #SootinClaimon.Com

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SET rises despite worries over political unrest, banks’ weak performance

EconOct 21. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,216.48 on Wednesday, up 5.81 points or 0.48 per cent. Total transactions amounted to Bt54 billion with an index high of 1,222.62 and a low of 1,211.85.

In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,200 and 1,220 points despite news that the US is poised to issue a fresh dose of economic stimulus measures by the end of this week.

“Uncertainty amid Thailand’s political unrest, banks’ weak third-quarter performances, and the outflow of foreign funds will pressure the index,” the analyst said.

The 10 stocks with the highest trade value today were NER, KBANK, STGT, PTT, STA, PTTEP, AOT, SCB, BBL and SCC.

As of 4.30pm, the price of oil dropped by US$0.62 or 1.49 per cent to $41.08 per barrel, while gold rose by $5.90 or 0.31 per cent, to $1,921.30 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,639.46, up 72.42 points or 0.31 per cent.

China’s Shang Hai SE Composite Index closed at 3,325.02, down 3.08 points or 0.092 per cent, while the Shenzhen SE Component Index closed at 13,467.91, down 135.97 points or 1 per cent.

Hong Kong’s Hang Seng Index closed at 24,754.42, up 184.88 points or 0.75 per cent.

South Korea’s KOSPI Index closed at 2,370.86, up 12.45 points or 0.53 per cent.

Taiwan’s TAIEX Index closed at 12,877.25, up 14.88 points or 0.12 per cent.

SET rises on progress of US economic stimulus talks #SootinClaimon.Com

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SET rises on progress of US economic stimulus talks

EconOct 21. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 6.79 points, or 0.56 per cent, to 1,217.46 in the morning session on Wednesday.

An analyst at Krungsri Securities expected the index to fluctuate between 1,200 and 1,220 points despite news that Democrats and the White House could reach an agreement on a fresh dose of economic stimulus measures by the end of this week.

“Uncertainty amid Thailand’s political unrest, weak third-quarter performance by banks and foreign fund flows would pressure the index,” the analyst said.

He recommended investors buy shares of:

> PTTGC, IVL and Top that benefit from the rising oil price.

– TU, STGT, CBG, SCC, IVL, Com7, Asian, Delta and Hana, whose third-quarter performance is expected to grow.

The SET Index closed at 1,210.67 on Tuesday, up 1.92 points, or 0.16 per cent. Total transactions amounted to Bt59 billion, with an index high of 1,219.16 points and a low of 1,202.03.