Govt extends help to cabbies, taxi cooperatives hit by lockdown
The Cooperative Promotion Department has tied up with several agencies to offer free parking spots as well as low-interest loans to help cabbies and taxi cooperatives survive the Covid-19 crisis.
Wisit Srisuwan, the department’s deputy director-general, said many cabbies were out of a job due to the lack of customers. Also, some 3,000 cabs are parked in protest outside several government offices such as Finance, Transport, and Agriculture and Cooperatives Ministries, CAT Telecom and Royal Irrigation Department.
Wisit said the department is urging the State Railway of Thailand to provide new free parking spots for taxi to help ease the cost of parking fees.
“Cabbies can also now borrow cash from the cooperative development fund at 1 per cent interest, so they can do other jobs to generate income during the ongoing crisis.
“The department has also cooperated with the Labour Ministry to help cabbies and drivers of other public-transport vehicles like motorbikes, three-wheelers and minibuses to get a 5,000-baht cash allowance under Article 40 of the labour law,” he said.
ADVERTISEMENTx
Govt extends help to cabbies, taxi cooperatives hit by lockdown
He said organisations and individuals requiring transportation can call taxi cooperatives to hire taxis. Thailand has 59 taxi cooperatives with 50,974 members and 19,555 vehicles.
Deposit protection slashed from THB5 million to THB1 million
The Deposit Protection Agency (DPA) will cut back protection from THB5 million to THB1 million per depositor from Wednesday, the Bank of Thailand (BOT) said on Monday.
The move aims to reduce inequality and make room for the government to allocate budget for economic activities, BOT deputy governor Ronadol Numnonda said.
Ronadol confirmed that financial institutions were still able to grant deposit protection to up to 98 per cent of depositors.
He added that this move was in line with Section 53 of Deposit Protection Agency Act BE 2551 (2008).
“Currently, each depositor is granted deposit protection of up to THB5 million, but the protection will be reduced to a maximum of THB1 million per depositor from Wednesday, which is suitable for the current situation and in line with laws,” he explained.
He said this move would encourage depositors and financial institutions to pay attention to risk management, reduce inequality and facilitate the government in allocating budget to support economic activities.
ADVERTISEMENTx
He said Thai financial institutions are in a strong position, which can be seen from the capital adequacy ratio of 20 per cent, higher than in other regional countries.
“They also have high liquidity to cope with volatility in the economy due to the Covid-19 crisis,” he added.
KCC Thailand provide ‘Online K-pop Academy’ and Korean puppet performance ‘Dallae’s Story’
The Korean Cultural Center in Thailand (KCC Thailand) provide the free online K-pop classes and Korean puppet performance in August, while many people need to spend their spare time during staying at home by the lockdown. There will be limitation for the number of participators as 1,000 people, due to the online meeting system. If you would like to learn K-pop singing or dancing by the famous expert in Korea, please be hurry up for the registration.
ADVERTISEMENTx
Enjoy K-culture while staying at home
1. Online K-Pop Academy
KCC’s ‘K-Pop Academy’ invited the professional K-pop trainer every year, and given free lessons to students in Thailand. However, due to pandemic, the class operation has been stopped from 2020. From this year, KCC launches ‘Online K-pop Academy’, which famous vocal/dance trainers in K-pop industry can teach Thai students by the online system. Ms. Park, Jun Hee, who choreographed for popular K-pop idols such as GFRIEND, IZ*ONE, Weki Meki, and appeared as a dance trainer in famous TV show ‘Idol School’, ‘UHSN’ by Mnet Korea, will teach the real K-pop dance. As a vocal teacher, Mr. Kevin Yoon who currently work as a vocal trainer in YG Entertainment, join to this online class. For K-pop fans, it is a rare chance to get lessons from big names in Korea.
Enjoy K-culture while staying at home
Pre-registration will be from 3rd to 12nd August at posting from KCC Thailand’s Facebook page(facebook.com/koreanculturalcenterTH), and class period will be from 16th August to 2nd September (Dance), 17th August to 3rd September (Vocal).
Enjoy K-culture while staying at home
2. Korean puppet performance ‘Dallae’s Story’
KCC Thailand also provide the free online nonverbal puppet performance ‘Dallae’s Story’, sponsored by Seoul Art Center(SAC), a big arts complex in Korea. The story would be about an ingenuous child named Dallae and her ordinary family whose lives are interrupted by Korean War (1950–1953). The piece does not directly discuss the war itself, but rather portrays the efforts of a family to overcome the hardships of wartime in a fairy tale-like fantasy along with Korean traditional music, glamorous sets, and a uniquely vivid combination of human performers and puppets for an exciting performance that appeals to both children and their parents. Look forward to a topical piece that graphically conveys the magnificence and importance of love between human individuals and family members. The performance will be opened by KCC Thailand’s Facebook page (facebook.com/koreanculturalcenterTH) on 20th August at 7PM.
Carabao Group and CJ Express Group recognized in Deloitte’s prestigious Thailand’s Best Managed Companies 2021 Awards
Carabao Group and CJ Express Group recognized in Deloitte’s prestigious Thailand’s Best Managed Companies 2021 Awards. With accolades emphasizing excellence in strategy, innovation and organizational culture
Carabao Group Public Company Limited and CJ Express Group Company Limited have won awards from Thailand’s Best Managed Companies 2021, the inaugural award program by Deloitte in Thailand. The award ceremony, which was held virtually via online channels, recognizes top privately-owned Thai companies with annual revenues over USD25 million for their organizational success as well as their contribution to industry and to the economy.
ADVERTISEMENTx
Carabao Group and CJ Express Group recognized in Deloitte’s prestigious Thailand’s Best Managed Companies 2021 Awards
The Thai awards are derived from Deloitte’s global Best Managed Companies awards programs – a well-regarded international awards program that applies a proven evaluation process to assess the businesses’ quality of management in areas including strategy, capabilities and innovation, culture and commitment, as well as governance and financial management. The evaluation of the Thai awards is based on more than 25 years of observed practice from the global awards program that has been rolled out to 37 countries worldwide.
The inaugural winners include Carabao Group Public Company Limited for Food and Beverage industry sector; Better Pharma Company Limited for the Industrial Products sector; CJ Express Group Company Limited for the Grocery and Convenience Store industry sector; Shera Public Limited for the Engineering and Construction industry sector; S.Khonkaen Foods Public Company Limited for the Food and Beverage industry sector and WICE Logistics Public Company Limited for the Transportation industry sector.
Mr. Sathien Setthasit, Chief Executive Officer of Carabao Group Public Company Limited, said that the Thailand’s Best Managed Companies 2021 award reflects the firm’s vision of “World class product, World class brand” and the determination to become a global organization.
Mr. Veeratham Setthasit, Chief Executive Officer of C.J. Express Group Company Limited, said that receiving Thailand’s Best Managed Company award from Deloitte confirms that the new generation have the power to move the company forward and in the right direction. He accepts this award on behalf of all the staff and management of CJ Express Group that have been working together through many challenges over the years.
Carabao Group Public Company Limited was established on 8 July 2014 and became a listed company on the Stock Exchange of Thailand on 21 November 2014. The company launched their energy drink, its first product, under the Carabao Dang trademark, onto the Thai market on 28 October 2002.
Throughout the operation, since its inception, Carabao Group has expanded gradually and steadily. Its business covers the procurement of main ingredients, manufacturing, marketing and distribution of energy dinks and other beverages, as well as manufacturing glass bottles and aluminum cans for packaging factories. Carabao Group also manages and oversees distribution through participating store networks and business partners both locally and internationally under the vision of World Class Product, World Class Brand.
CJ Express Group operates a new model of retail shops that offers comprehensive consumer packaged goods at affordable prices under the management of PSD Rakthai Company Limited, founded on 4 January 2005. The enterprise then changed its name to CJ Express Group Company Limited on 1 August 2013.
Throughout 15 years of operation, CJ Express Group Company Limited has grown exponentially, especially with the 2020 launch of the new business CJ MORE under the concept More Than Anyone, More Than a Supermarket to distinguish itself from competitors. The CJ MORE flagship store was launched on Silom Road to become the blueprint for the future expansion of CJ MORE. The venture is driving forward and developing its own retail brand to better cater to its customer segments, with a future plan to become a listed company.
An independent judging panel comprising of business and academia representatives determined the winners based on the leading practices of Best Managed Companies. This year’s jury members are Krittinee Nuttavuthisit, Associate Professor of Sasin Graduate Institute of Business Administration of Chulalongkorn University; Darutsakorn Wisootthisin, Assistant Secretary General of Thai Bankers’ Association; and Orawan Hoichan, Managing Editor at Forbes Thailand.
The contenders in the award program were evaluated for their skills and management direction, which included strategic analysis, business analysis and comparison with the same business evaluation framework used with 1,000 best private enterprises around the globe. Business owners can implement the knowledge, direction and know-how from the program to their own strategies and planning in order to further improve their ventures.
Ajinomoto debuts campaign “Ajinomoto, the Umami helper” to support food vendors through COVID-19 crisis
Ajinomoto Co., (Thailand) Ltd. supported all restaurants, especially SMEs, by creating the campaign “Ajinomoto, the Umami helper” via LINE OA as a community for food vendors to register.
Ajinomoto Co., (Thailand) Ltd. supported all restaurants, especially SMEs, by creating the campaign “Ajinomoto, the Umami helper” via LINE OA as a community for food vendors to register. This community provides many secret menu recipes and professional business management techniques that food vendors can take and adapt to their own restaurant, including entertaining activities for vendors to join and get rewards. In addition, the registered vendors will get promoted by Facebook: อายิโนะโมะโต๊ะ ผู้ช่วยร้านอร่อย as another way to get more customers.
Ajinomoto would like to encourage all food vendors who got affected from COVID-19 to get pass this crisis together. This is one of the Ajinomoto Group’s intentions to create various kinds of product in order to serve customers’ and food vendors’ need as creating “Eat Well Live Well society” in accordance with our Ajinomoto Group Creating Shared Value policy (ASV).
The campaign has received great attention and participation from a lot of food vendors. Therefore, Ajinomoto decided to continue this campaign in Phase 2. For food vendors who are interested can register in Line OA (Lind ID: @AjinomotoTH) to get a chance to Free Promotion in total value 5,000 Baht through Facebook อายิโนะโมะโต๊ะ ผู้ช่วยร้านอร่อย that will help promote within 5 KM. distance from your restaurant, together with other big rewards.
The Stock Exchange of Thailand (SET) Index rose by 3.98 points, or 0.26 per cent, to 1,544.17 on Tuesday morning.
The SET Index closed at 1,540.19 on Monday, up 18.47 points or 1.21 per cent. Transactions totalled THB69.89 billion with an index high of 1,543.71 and a low of 1,525.29.
Krungsri Securities predicted the index on Tuesday would fluctuate between 1,530 and 1,550 points amid hopes of the lockdown being eased as domestic Covid-19 cases are declining.
It added that mass buy-ups of stocks related to export, and stocks of companies whose second-quarter business turnover is expected to improve, would help boost the index.
“However, falling oil price and outflow of foreign funds would pressure the index,” Krungsri Securities said.
It advised investors to follow the US Consumer Price Index for July as consensus expectation is that it would rise by 4.3 per cent year on year.
ADVERTISEMENTx
It recommended selective buying as an investment strategy:
▪︎ HANA, KCE, TU, CPF, GFPT, ASIAN, EPG, SUN and NER, which benefit from the weakening baht.
▪︎ BCH, CHG, BDMS, DOHOME, CKP, CBG, OSP, ICHI, BEC, GUNKUL, JWD, WICE, SONIC, TTA, RCL, SINGER, JMT and JMART, whose second-quarter business turnover is expected to improve.
Amid weak sentiment, baht seen sliding towards 34 to the dollar
The baht opened at 33.46 to the US dollar on Tuesday, its lowest in three years, weakening from Monday’s closing rate of 33.41.
The Thai currency was likely to move between 33.40 and 33.55 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht might weaken further if importers accumulated dollars to hedge their risk from the baht sliding quickly and sharply.
Poon believed the Thai currency could easily fall to 34 to the US dollar in the short term, if the Covid situation worsens and dollar gains momentum. The dollar momentum would depend on the US Federal Reserve reducing quantitative easing or the US economy performing better than expected.
Poon did not expect the baht to strengthen soon as it continued to face downward pressure until the virus situation got better, which he expected to be in early September.
The price of gold in Thailand dropped by THB100 per baht weight in the morning trade on Tuesday.
The Gold Traders Association report at 9.23am showed buying price of a gold bar at THB27,450 per baht weight and selling price THB27,550, while gold ornaments were priced at THB26,954.48 and THB28,050, respectively.
At close on Monday, buying price of a gold bar was THB27,550 per baht weight and selling price THB27,650, while gold ornaments were priced at THB27,060.60 and THB28,150, respectively.
U.S. stocks dropped from record highs, and commodities slumped as investors weighed concerns about a pullback in stimulus and a resurgence in the fast-spreading delta virus variant.
The S&P 500 and Dow Jones Industrial indexes closed lower to start the week, with the energy and real estate sectors leading the declines. Moderna kept the Nasdaq Composite in the green. Treasury yields edged higher and the dollar strengthened. Crude oil touched the lowest in three weeks on concern the delta virus strain will hamper demand growth.
“Most of the sectors within the S&P 500 continue to trade above their long-term averages and while there is some deterioration in the technical picture, stocks still look to seesaw higher through the last dog days of summer, wrote Paul Nolte, a portfolio manager at Kingsview Investment Management.
Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank should move to taper its asset purchases with another strong month or two of employment gains, and proceed with that scaling-back process faster than in past episodes.
“His comments are another trial balloon preparing us for an end-of-year start to tapering,” said Sam Stovall, chief investment strategist at CFRA Research. “Investors in general would prefer a sooner and more drawn-out tapering, than a delayed one that would then require sharper action. The big concern is that a delayed tapering would put the Fed behind the curve — if they aren’t there already.”
Precious metals also sold off, with gold touching the lowest since March before paring losses. Silver dropped to its lowest since November. Strong U.S. payrolls data on Friday raised the prospect of higher rates, which would make precious metals less attractive relative to other assets.
Asian stocks were mixed, as shares rose in Hong Kong and China and fluctuated in South Korea. The U.S. 10-year Treasury yield climbed to about 1.32%, while the dollar pushed higher. Chinese bond yields gained after inflation data came in above expectations.
Friday’s payrolls report fanned expectations that the Fed may soon start paring back its massive monetary stimulus. Along with the rampaging delta variant, that’s hitting commodities as investors also keep an eye on rising price pressures. U.S. inflation data later this week will be a key marker ahead of the Jackson Hole symposium later this month.
Elsewhere, Chinese technology shares remained under pressure amid concerns about Beijing’s crackdown. Bitcoin rose to more than $45,000.
ADVERTISEMENTx
These are the main moves in markets:
Stocks
– The S&P 500 was little changed as of 4:01 p.m. EDT
– The Nasdaq 100 rose 0.2%
– The Dow Jones industrial average fell 0.3%
ADVERTISEMENT
– The MSCI World index was little changed
Currencies
– The Bloomberg Dollar Spot Index rose 0.2%
– The euro fell 0.2% to $1.1736
– The British pound fell 0.2% to $1.3848
ADVERTISEMENT
– The Japanese yen was little changed at 110.32 per dollar
Bonds
– The yield on 10-year Treasurys advanced three basis points to 1.32%
– Germany’s 10-year yield was little changed at -0.46%
– Britain’s 10-year yield declined three basis points to 0.58%
Commodities
– West Texas Intermediate crude fell 2.2% to $66.78 a barrel
– Gold futures fell 1.8% to $1,731.40 an ounce
Published : August 10, 2021
By : Syndication Washington Post, Bloomberg · Kamaron Leach, Vildana Hajric
Consumer inflation expectations hit eight-year high in Fed study
U.S. consumers expectations for inflation over the medium term rose to an eight-year high in July, according to a Federal Reserve Bank of New York survey.
The median survey respondent anticipated an inflation rate of 3.7% in three years’ time, the highest since August 2013 and up from 3.6% in June, the New York Fed said Monday. Expectations for inflation over the next year rose to a record 4.8%.
Fed officials follow measures of inflation expectations closely because they believe them to be key determinants of actual inflation. The New York Fed survey results are somewhat at odds with indicators of inflation compensation in financial markets, like the 10-year break-even inflation rate derived from inflation-protected Treasury bonds, which has moderated since reaching an eight-year high in May.
Consumers polled by the New York Fed said they expected rents to increase 9.8% in the coming year, the highest reading since the survey began in 2013. Expected changes in medical care costs over the next 12 months ticked up to 9.5%, while the expected change in gas prices moderated to 8.1%.
Older Americans and those with incomes below $50,000 reported the sharpest anticipated rise in prices over the medium term, the survey results showed.
Forecasters polled by Bloomberg expect the Labor Department’s monthly report on consumer prices, to be published Wednesday, will show that the annual inflation rate moderated slightly in July after rising to a 13-year high of 5.4% in June.
Published : August 10, 2021
By : Syndication Washington Post, Bloomberg · Alex Tanzi
Govt extends help to cabbies, taxi cooperatives hit by lockdown
Enjoy K-culture while staying at home
Enjoy K-culture while staying at home
Enjoy K-culture while staying at home
Carabao Group and CJ Express Group recognized in Deloitte’s prestigious Thailand’s Best Managed Companies 2021 Awards
SootinClaimon.Com 