The baht opened at 34.44 to the US dollar on Friday, strengthening slightly from Thursday’s five-year low of 34.46.
The currency is expected to move in a range between 34.35 and 34.50 on Friday, said Krungthai Bank market strategist Poon Panichpibool.
Poon forecast the baht would fluctuate and likely test the resistance level of 34.50.
However, he did not expect it to drop much below 34.50 as risk-on market factors would support the currency.
He said the generally risk-averse market coupled with the Covid-19 situation in China could add downward pressure on the baht. The Thai currency is also being squeezed by dividend transactions and gold purchases, with investors buying more of the precious metal as the price drops.
However, foreign investors are currently making net purchases in the Thai stock market, meaning the baht may not breach the key resistance level, Poon added.
On Tuesday, the Bank of Thailand (BOT) said it would take action if the baht’s value became too volatile in the face of US rate hikes.
Poon advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.
Household debt in Thailand surged to around THB218,000 per household, the highest in 14 years, according to the University of Thai Chamber of Commerce (UTCC).
Thanawan Polvichai, director of the UTCC Centre for Business and Economic Forecasting, said that 99 per cent of people who earned a salary less than THB15,000 per month were in debt. He said the total household debt is 90 per cent of gross domestic product.
He said the indebtedness was caused by salaries not being enough to cope with the cost of living and increasing prices of products. Those who already have debts have to be careful when spending and repaying the debt. It is expected that spending on the Labour Day holiday this year will be only THB1.525 billion, down by 14.9 per cent from the previous year.
He said workers are requesting the government to increase wages to keep pace with the current cost of living. They also want the government to take care of unemployment and debt repayment. They believe the current wage is too low when compared to the increasing cost of living.
However, according to experts, increasing the daily wage to THB492 nationwide, as they have requested, might be too high because a 10-20 per cent increase in wages in a single time will be a huge burden, especially for small operators. They might lack the liquidity to increase the wages and may have to reduce the workforce instead.
He suggested that a tripartite committee in each province consider and adjust according to the situation.
Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said on Thursday that his ministry had not yet allowed instant noodle manufacturers to increase their retail prices.
Jurin said reports about certain brands of instant noodles raising prices were related to internal marketing systems of the manufacturers that affected wholesale prices.
“An increase in the retail prices of instant noodles for consumers has not been approved yet,” Jurin said.
The Commerce Ministry will try its best to handle this, he said, adding, “We will try to maintain the current retail prices as long as possible to minimise impact on consumers.”
Instant noodles are popular among low-income people, who are hardly able to make ends meet. Economic experts fear an increase in retail prices of instant noodles would further pressure inflation, which is already rising.
Jurin admitted that the rising oil prices had affected the cost of manufacturing, but the Commerce Ministry would try to maintain the current retail prices as long as possible.
“But we will have to make sure that the manufacturers do not suffer losses because if they stop manufacturing activities, there will be a shortage of products in the market,” Jurin said.
He said the ministry is trying to maintain retail prices of consumer goods in 18 categories but they will have to strike a balance among the manufacturers of the products, farmers who provide raw materials, and consumers.
Jurin was speaking to reporters in front of the passenger arrivals lounge at the Phuket International Airport as he arrived to attend the 4th Joint Trade Committee meeting at the ministerial level with Bhutan.
The meeting was held on Thursday at the Dusit Thani Laguna Hotel in Thalang district.
Jurin said Thailand was hosting the fourth meeting, which was crucial for establishing trade and economic ties between Thailand and Bhutan.
During the meeting, he would discuss with his Bhutanese counterpart cooperation in agriculture, manufacturing, and tourism affairs as well as other areas of cooperation.
Jurin said Bhutan could be a new export market for Thailand and tourists from Bhutan could also help boost the country’s economy.
Jurin said he would also preside over the opening of the E-Sport competition held by the Phuket Provincial Administrative Organisation (PAO) on Friday.
The deputy prime minister added that he would also represent the Cabinet to hand over a budget to the Phuket PAO for starting a sufficiency housing project, or repairing homes of underprivileged people in the island province.
Prime Minister Prayut Chan-o-cha asked truck operators on Thursday to be understanding, saying the government has run out of money after capping the diesel oil price at THB30 for months.
Government spokesman Thanakorn Wangboonkongchana quoted Prayut as saying he would like truck operators to understand that the government cannot afford to continue with the present diesel price cap after April 30.
Thanakorn said Prayut was referring to a demand by Land Transportation Association of Thailand members, who rallied in front of Government House briefly on Wednesday, that the government continue to cap the diesel price at THB30.
Thanakorn quoted Prayut as explaining that the government had spent tens of billions of baht from the Oil Fund until it had dried up. The government had also spent all of the loans borrowed for pegging the retail diesel price.
“As a result, this is the time everybody needs to cooperate and the government will try its best to take care of all sectors,” the spokesman quoted the prime minister as saying.
He also quoted Prayut as emphasising that the government would carefully use the remaining money to try to mitigate the impact of the oil price crisis.
Prayut said the Oil Fund had earlier used several measures to try to keep oil prices from rising and the government had also reduced the diesel excise tax by THB3 per litre to try to keep the price low.
Thanakorn said the government would start cutting the subsidy for diesel oil from May 1. The retail price would be adjusted to THB32 on the first day and be increased step by step until it reaches a cap of THB35. Without any subsidy, the price would be THB40 per litre, the spokesman pointed out.
He said the Fuel Fund Executive Committee and the Energy Ministry are now drafting measures to help blunt the impact from the rising diesel price. Other government agencies will also come up with solutions.
“The government will introduce measures to bring down manufacturing costs to minimise the impact on low-income people. I affirm that the prime minister and his government understand the grievances of all sectors and we will try our best to tackle the woes,” the spokesman added.
Kla party leader Korn Chatikavanij speculated that the reason why the price of bottled palm oil has increased so heavily is because Indonesia has banned palm oil exports.
Korn wrote on his Facebook page on Thursday that Indonesia, the world’s biggest palm oil manufacturer and exporter, had banned exports of the oil to keep prices down for its citizens, causing the price elsewhere to increase.
He said it was good news for farmers but not for consumers because the price of consumer products is already high.
Korn pointed out that the palm oil price increased drastically as sunflower oil was in shortage due to Ukraine being forced to halt manufacturing, while Indonesia had stopped exporting palm oil.
According to experts, the cost of bottled palm oil should be 75 baht. It is currently 64 baht.
Korn said manufacturers are able to retain the same price for now because there are still bottles left at earlier prices and they had gained a lot of profit in the past.
If the situation returns to normal quickly, the problem is not worrying, he noted. However, if the situation prolongs or worsens, the government needs to do something to help consumers.
Korn suggested the government use its reserve budget to insure the palm price for farmers is 4 baht per kg. The government could use this budget to compensate citizens to lower their burden, he wrote.
He said it’s not only money but also a question of health because Thais will have to reuse oil if the government allows the price of bottled palm oil to go too high.
“The world situation is always changing quickly. To manage the economy during these times, [the government] must not blink,” he added.
The Energy Ministry will announce on Thursday the new price structure for diesel oil that will be come into effect after the ministry ends the THB30 price cap.
The ministry will also announce details of price structure of other petrol varieties on Thursday.
The Energy Ministry decided to end the diesel price cap at THB30 per litre on April 30 as the Fuel Fund Executive Committee is running out of cash reserves.
The Cabinet had resolved to use the Oil Fund to subsidise half of the price above THB30. Currently, the real market price of diesel oil is about THB40 per litre, a source from the Energy Ministry said.
The source said the Oil Fund board has resolved to use a ladder price structure to minimise impact on the people once the THB30 cap is no longer used from May 1.
The source said the price is expected to be THB32 per litre when the global diesel price is about US$145 per barrel. The source added that the new price structure would cap diesel price at THB35 per litre.
The source said new diesel prices will be announced every week until it reaches the cap of THB35 per litre.
(PR News) Dr. Apisit Anantanatarat, Chief Executive Officer and President of Bangkok Insurance Pcl (BKI) on April 20 welcomed Suttipol Taweechaikarn, secretary-general of the Office of Insurance Commission (OIC) on his official visit to the company’s head office at Bangkok Insurance Building on South Sathorn Road in Bangkok.
The OIC’s secretary-general was accompanied by graduates of OIC’s Thailand Insurance Leadership Program in 10th batch, who visited BKI’s head office to learn about the direction and strategy in information technology of BKI, which aims to increase its digital competency and become a data-driven organization via the use of customer data platform and Big Data to design insurance products that suit customers’ lifestyle.
The visitors also took a tour to Bangkok Insurance Museum which houses several prehistoric artifacts and valuable antiques.
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(PR News) To celebrate the 90th anniversary of the Thai-Swiss relationship, the BJC Big C Foundation collaborates with the Embassy of Switzerland in Thailand in supporting the education of Lahu hill tribe children at the Ban Na Ma-un Border Patrol Police Learning Centre in Chiang Mai’s Mae Ai district.
The centre which has been opened since 2021 has been teaching the reading, speaking, listening and writing of Lahu language using Roman letters to hill tribe children.
BJC Big C Foundation by Aswin Techajareonvikul, CEO and president of BJC and Big C Group, on April 4 contributed financial support to the collaboration, which was received by the Swiss ambassador Helene Budliger Artieda at the Embassy in Bangkok.
Establish “Medicana Lab” and adopt state-of-the-art smart farming technology to rock the cannabis industry and make Thailand the cannabis hub of Asean
The heirs of Phornprapha and PraneenijFamily are investing 120 million baht in launching “Medicana Lab” with the aim of driving the upstream supply chain through CBD hemp flower cultivation and covering the midstream and downstream supply chain with medical products for export and tourism. This is to make Thailand the cannabis hub of Asean.
CEO Vorapattr Phornpraphaof Medicana Lab Co., Ltd., the producer of medical-grade cannabis, announced that Medicana Lab Co., Ltd is the first entity to be authorized by the Thailand Food and Drug Administration (FDA) as a CBD hemp producer in Bangkok in 2022.
The main objective is to produce medical-grade CBD flowers. To achieve the finest medical standards, instruments that facilitate the optimalenvironment factors for cannabis growth havebeen introduced along with IOT-based smart farming practices. To minimize any unprecedented errors and perpetually sustain optimal growing conditions, the IOT-based system requires meticulous attention to detail, namely temperature and humidity control, light intensity, CO2 in the air, Vapour-pressure deficit (VPD) and etc.
Employing an automated fertigation systemthat precisely manages predetermined nutrient dosing and feeding programs help to improve data collection, which is significant in the R&D process. Thanks to the automated system, personnels are abstained from laborious tasks, which allows for more focus on the plants.Monitoring and data comparison can be made through CCTV and sensors to facilitate the quality of the crop and yields.
Endorsed as South East Asia’s largest Fluence Bioengineering lighting solution cultivation facility, Medicana’s lab has adopted the artificial lighting solution, an innovation imported from the USA, that will enhance photosynthesis and energy management as well as maintaining ideal temperature for hemp , combined with our professional team, will maximize yields. The nature optimization concept enhances production of contaminant-free CBD flowers, with less than 1% of THC, thus cultivating consistent CBD flowers in strict compliance with the FDA’s high standards and regulations.
Medicana’s lab is home to a Cloning Room, Vegetative Growth Room, Mother Plants Room, Flowering Rooms and Biomass Vault. Nursery shelves have been installed to grow indoor-grade clones that have been carefully chosen and developed for more than two years. Our collaboration with the Cannabis Health Science Department of the College of Allied Health Science, Suan Sunandha Rajabhat University in genetics selection has given us a variety containing 22% of cannabidiol (CBD) and a unique terpene profile, which will be available for local cannabis business operators and growers.
We are also collaborating with TarateraCorporation Co., Ltd., a company specialized in cannabis whose experienced team has extensive knowledge of cannabis grown in Thailand and abroad. Their extractors can provide a range of CBD products, meant for medical use, that could help ease stiffness and muscle pain in patients with Multiple Sclerosis, help those suffering from Lennox-Gastaut syndrome, reduce anxiety and inflammation, improve insomnia, and benefit people with psoriasis. The CBD extracts can also be used in other wellnessproducts and cosmetics.
“Our goal is to be the leader in the cannabis industry and produce the finest-quality CBD hemp flowers to meet international standards. We started by selecting the finest genetics, which are imported strains that contain high Cannabidiol content. A perpetual harvesting technique has been applied to improve harvest management for the supply chain and improve the quality of CBD hemp flowers. Our lab is also home to a nursery for clone production, to produce only the finest quality hemp flowers.”
Medicana’s COO Sirasit Praneenij added that the company has planned to invest THB120 million to achieve the company’s mission, to create a cannabis network and drive Thailand as the cannabis hub of Asean. To achieve its goal, the company will work with partners to build a sustainable market for the cannabis industry, in terms of medical products, tourism and exports. The plan will be divided into two phases:
First phase, THB20 million will be spent on the facility and R&D. An indoor facility, equipped with smart farming technology and an IOT system, will be able to produce around 500kg of floral biomass per year. The R&D and laboratory space comprises a Flower Room, Genetics Selection Room, Nursery and Clone Production facility. The first batch of cannabis will be available in July 2022, targeting B2G and B2B models. Preliminary discussions are already being held with a number of potential customers.
Second phase , THB100 million will be invested in the expansion of cultivation and production to be able to provide the industry with an upstream to downstream supply chain. To achieve the goal, a collaboration with partners to build a turn-key business will be necessary. The use of cannabis in consumer products and cosmetics will be supported by state-of-the-art technology and efficient utility consumption to meet both the growing local demand and the export market.
The company is expecting exponential growth for this year. After cannabis products has been made widely available for the local market and export, together with the finest quality floral biomass and clones, will encourage growth by over 100%.
“What makes Medicana proud is we are not alone on this cannabis path. We have specialists, with wide-ranging experience in the industry both in and outside of the country, as our partners. Jesse C. Stalknecht, founder and management of leading cannabis-related companies in the USA for over 20 years, together with Taratera Corporation, a turn-key organization that combines experts in breeding ,R&D, and extraction . has made it possible for us to move forward with cannabis cultivationthat meets the international standard.”
Cannabis is a high value crop that brings many opportunities, be it medical and wellness products, food and beverages, or cosmetics. There is room to grow locally and abroad ,especially for the indoor-grade cultivars that are currently in high demand. If every grower helps to build a fine standard for the industry, the market for high-priced indoor-grade clones will certainly grow, Sirasit concluded.
Jurin was speaking to reporters in front of the passenger arrivals lounge at the Phuket International Airport as he arrived to attend the 4th Joint Trade Committee meeting at the ministerial level with Bhutan.
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