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https://www.nationthailand.com/business/40012376

Tuesday’s reduction in diesel excise tax will cost the government around Bt17 billion in lost revenue, according to Finance Minister Arkhom Termpittayapaisith.

Arkhom told reporters the Cabinet-approved cut of Bt3 per litre for three months would see Excise Department revenue drop by Bt5.7 billion per month.

The minister said the Bt3 cut would be applied to 100-per-cent diesel while the reduction for biodiesel would be calculated on its ratio of pure diesel.

The Energy Ministry would cap the retail price of diesel at Bt30 per litre until May, after which global oil prices are expected to ease, he said.

The government expects loss of fuel tax revenue to be offset by higher income from other taxes as the economy improves, he added.

Arkhom said the Oil Fund is currently facing liquidity issues as it transforms from a legal entity under the Energy Ministry to a public organisation. However, once the switch is completed, the fund will be able to borrow up to Bt3 billion to solve liquidity problems, he said.

Deputy Finance Minister Santi Promphat denied the tax cut was a result of political pressure, saying it was approved to ease people’s burden from rising living costs.

Transport operators protesting the high cost of diesel had threatened to block Bangkok roads unless the price was reduced.

Published : February 15, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012375

The Cabinet on Tuesday approved subsidies of Bt70,000 -Bt150,000 on purchases of electric vehicles as part of a package to promote Thailand’s EV manufacturing industry.

The package was prepared by the National Electrical Vehicle Policy Board (EV board) and proposed to Cabinet by the Energy Ministry.

A subsidy of Bt18,000 on each EV motorcycle purchase was also approved.

Meanwhile the excise tax on EV cars was cut from 8 per cent to 2 per cent and on EV pickups from 8 per cent to zero.

The import tariff on complete EV cars was reduced to 40 per cent, 20 per cent and 0 per cent, depending on the engine size, until 2023.

The Cabinet also resolved to lift import tariffs on nine items of CKD (completely knocked down) EV cars.

To qualify for the reduced import tariffs, manufacturers must build three EV vehicles in Thailand for every two imported until 2024. The deadline could be extended to 2025.

If the retail value of each EV imported is under Bt2 million, manufacturers can build any EV model to compensate. However, they must compensate for importing pricier models by building the same models in Thailand.

Published : February 15, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012349

The Thai baht opened at 32.44 to the US dollar on Tuesday, strengthening from Monday’s close of 32.53, the highest in five months.

The Thai currency is likely to move between 32.35 and 32.55 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht may stop strengthening and swing sideways because it has risen beyond the estimated support level far too much due to Thai stocks and bonds transactions from foreign investors and the selling of gold.

He said the US Federal Reserve is likely to hike the interest rate more than expected and the conflict between Ukraine and Russia will pressure the market into a risk-off state and push the dollar to strengthen.

Poon said these factors will stop the baht from strengthening in the short term.

He suggested speculating on foreign investors’ transactions of Thai assets and the direction of gold price. He said if investors continue selling those assets, it will cause the baht to strengthen.

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The support level for the Thai currency will be from 32.40 – a level importers are waiting for so they can purchase dollars, while its resistance level will lie between 32.80 to 33 – a level eyed by exporters so they can offload their dollars, he said.

Published : February 15, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012344

The Stock Exchange of Thailand (SET) Index is expected to move between 1,675 and 1,680 points on Tuesday amid worries of Russia invading Ukraine, Krungsri Securities said.

Uncertainty over the US Federal Reserve’s move to raise the interest rate to combat rising inflation would also pressure the index, it said.

“However, higher oil price and mass buy-ups of company shares that are expected to grow based on their business turnover last year would help boost the index,” Krungsri Securities said.

It recommends the purchase of the following as an investment strategy:

• PTTEP, TOP, PTTGC, IVL, SPRC and BCP will benefit from the rising price of oil and gross refining margin.

• BBL, KBANK, KTB, SCB, TTB, BLA and THREL will benefit from news of the US interest rate hike.

• IVL, TOP, SPRC, GULF, BANPU, TU, CPF, SPALI, ORI, WHA, AMATA, HMPRO, CPN, CRC, BLA, NER, ITEL, XO, ASK, UBE, FORTH, TH and SNNP that are expected to grow based on their business turnover last year.

The SET Index closed at 1,684.69 on Monday, down 14.51 points or 0.85 per cent. Transactions totalled 86.37 billion baht with an index high of 1,694.19 and a low of 1,680.83.

Published : February 15, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012319

Thailand’s Commerce Ministry donated 10 tonnes of Thai jasmine rice to poor women and children in China’s Fujian province recently in a bid to raise awareness of Thai rice and penetrate the Chinese market.

Phusit Ratanakul, director-general of the Department of International Trade Promotion (DITP), said the activity was organised by the department’s Fujian branch in cooperation with the Xiamen Mifeng C&O Trading company.

Bags of Golden Rabbit brand Thai rice were delivered to two women’s and children’s foundations in Fujian, which will then distribute the rice to underprivileged people in Xinjiang, Ningxia, Tibet as well as within Fujian province.

Phusit said this CSR (corporate social responsibility) activity will take Thai jasmine rice to remote areas in line with DITP’s strategy to make inroads into the Chinese market.

He said DITP has also assigned Thailand’s trade envoy in Xiamen to negotiate the purchase of Thai rice with importers and supermarket networks.

Nannapas Ngamman, director of the DITP office in Xiamen, said the office is using CSR activities to promote Thai jasmine rice, which was once again named the best jasmine rice in the world last year.

DITP has also launched a campaign advising consumers to identify authentic Thai jasmine rice by looking out for the special green logo with two ears of rice.

During the CSR event, Nannapas also chatted with a businesswoman from Ningde who expressed interest in importing Thai jasmine rice and exporting local food products to Thailand in return.

Meanwhile, Phusit quoted Guo Xiao Hui, managing director of Xiamen Mifeng C&O Trading, as saying that his company has only imported 5,000 tonnes of jasmine rice over the past 12 months due to high shipping costs and lack of containers. The company plans to import some 8,000 tonnes of Thai jasmine rice this year.

Meanwhile, Yang Li Qing, chairperson of one of the foundations, said the donation has strengthened bilateral ties. She also thanked the Golden Rabbit company, Xiamen city and the Thai government for extending help to underprivileged people.

Published : February 14, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012312

Super Bowl commercials are more expensive than ever before but they are also offering a better deal for advertisers, according to CNN Business.

Super Bowl LVI broadcaster NBC said last week that all advertising spots have sold out, with some ads costing US$7 million (Bt22.81 million) for 30 seconds, which is a new record.

NBC said all the advertisers will run their ads across NBC, Telemundo and streaming, including its streaming platform Peacock, for the first time. In past years, some ads had been sold to different platforms separately.

The company added that 40 per cent of the advertisers – 30 companies – in the game are new.

The Super Bowl is watched by around 100 million viewers even though ratings for some other sporting events are dropping.

The NFL has been the most popular TV programme for a long time while the Super Bowl remains the most watched event in the US.

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It has been a place for giant companies to introduce new wares or launch brand campaigns while new companies with big budgets could also introduce themselves.

“The fractionalisation of attention because of streaming and social media makes the Super Bowl more important than ever,” Patrick Crakes, a former Fox Sports executive turned media consultant, told CNN Business.

“If you’re in business with the NFL and you’re advertising during the Super Bowl, you’re a real player,” Crakes said.

“You’re likely looking at about 70 ads, so you’re getting pretty close to $500 million in ad revenue from the game for NBC,” Tim Calkins, a marketing professor at Northwestern University’s Kellogg School of Management, was quoted as saying by CNN Business.

“And that, by the way, is just during the game. That doesn’t count before the game, after the game and all of the other opportunities there are to run additional advertising.” Calkins added.

According to research firm Kantar, the Super Bowl in-game ad revenue was $434.5 million.

“$500 million is a lot of money for anyone, but in the world of media, Super Bowl spots are on a whole other level,” Calkins explained.

“That is why the NFL is such a valuable sports franchise, because there’s this ability to charge advertisers this much to be on these events,” Calkins said.

Published : February 14, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012311

High inflation expected to last for the first half of 2022 is disproportionally affecting low-income workers, service staff and the self-employed, the Bank of Thailand (BOT) said on Sunday.

Inflation in January stood at 3.23 per cent as the price of oil and products such as pork rose in line with higher demand, said bank officials. The bank expects inflation to rise above its target range of 1-3 per cent in the first half of 2022 before falling back.

Inflation is hitting low-income people because they spend 45 per cent of their income on food and beverages, compared to just 26 per cent for high-income people, the bank said.

“Service sector workers and the self-employed are facing impacts from both high product prices and low incomes as their income is recovering more slowly than in the manufacturing sector,” BOT said.

It pointed out that the workers most vulnerable to inflation usually have household debts.

The BOT said it was mitigating the impact of inflation by keeping the interest rate low and launching soft loans, debt restructuring and debt clinics.

Published : February 14, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012300

The baht opened at 32.69 to the US dollar on Monday, unchanged from Friday’s closing rate.

The Thai currency is expected to move between 32.60 and 32.80 during the day and between 32.50 and 33.00 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to fluctuate and weaken, especially if the market is in a risk-off state. However, it will not weaken much if investors sell gold as its price continues to rise.

The support level for the Thai currency will be from 32.50 to 32.60 – a level importers are waiting for so they can purchase dollars. Meanwhile, the baht’s resistance level will be at 33 – a level eyed by exporters so they can offload their dollars, he said.

He added that the dollar might strengthen if the market is in a risk-off state and will be highly volatile if Russia attacks Ukraine. However, the dollar may strengthen due to demand for safe-haven assets. The currency may also be supported if the US Federal Reserve accelerates the tightening of its monetary policy.

Related News

Weakening baht shored up by foreign investors

Baht expected to fluctuate today as investors await US inflation results

Baht ‘likely to swing sideways’ as investors await US inflation results

Published : February 14, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012290

Thai Airways International (THAI) is planning to seek a new 25-billion-baht loan to pay off some of its debts ahead of the schedule set under the rehabilitation scheme.

Asource said THAI has been effective in cutting expenses as well as managing costs and has even been able to generate revenue despite the ongoing Covid-19 crisis.

“If THAI gets the 25-billion-baht loan, it will be able to complete its rehabilitation sooner,” the source said.

The airline has negotiated a longer repayment period and revolving credit line along with quarterly interest payment with five private financial institutions and 87 cooperatives who are owed 45 billion baht.

The new loan will be taken under the following conditions:

• The interest rate must not exceed the annual minimum loan rate (MLR).

• The loan period should be set at no less than six years with semi-annual debt repayments starting in the third year.

• Expenses related to the loan and other conditions should be based on a mutual agreement between THAI and the creditors.

• The loan granter will have the right to buy THAI stocks worth the loan amount at 2.55 baht per share from the par value of 10 baht per share.

For the loan, THAI is ready to offer the following assets as collateral:

• Land and THAI headquarters building on Vibhavadi-Rangsit Road in Bangkok.

• Land and buildings in Don Mueang

• Aircraft and related equipment

• All THAI-owned properties in Thailand and overseas

Piyasvasti Amranand, who is overseeing the administration of THAI’s rehabilitation, said the airline has enough assets to use as collateral, such as 42 aircraft and properties both here and overseas.

He said the airline has been holding discussions on rehabilitation operations and reporting to creditors every month, adding that the move to use assets as collateral will benefit all creditors.

He also said he expects THAI to receive the first instalment of the 25-billion-baht loan within March.

“These funds should be enough for the company’s rehabilitation as the aviation industry is recovering and THAI has been able to cut expenses and generate earnings,” he said.

Published : February 13, 2022

By : THE NATION