CKPower rushes aid to flood-stricken communities hit by Koguma around its power plant in the Lao PDR. #SootinClaimon.Com

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https://www.nationthailand.com/business/40003659

CKPower rushes aid to flood-stricken communities hit by Koguma around its power plant in the Lao PDR.


The downpour also caused the Nam Hung river, a tribulary of the Mekong River, to burst its banks, flooding Xayaboury Town and affecting 4,897 households in 39 communities along the river banks, leaving their houses and streets buried under the mud carried to the area by the floodwater which also caused difficulties for travelling.

Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited (CKPower), “CKP” on SET, stated that tropical storm Koguma struck Laos on June 13, 2021, bringing torrential rain that triggered flash floods across many areas. The downpour also caused the Nam Hung river, a tribulary of the Mekong River, to burst its banks, flooding Xayaboury Town and affecting 4,897 households in 39 communities along the river banks, leaving their houses and streets buried under the mud carried to the area by the floodwater which also caused difficulties for travelling.

After the floodwater subsided, Xayaburi Power Company Limited (XPCL), a subsidiary of CKPower, sent water trucks along with volunteers to the affected communities, located around 45 kilometers to the west of the Xayaburi Hydroelectric Power Plant in the Lao PDR, to clean the streets and surrounding areas as well as to deliver necessities, which were received by representatives of the administrative office of Xayaboury Province for distribution to the flood-stricken households.

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CKPower rushes aid to flood-stricken communities hit by Koguma around its power plant in the Lao PDR.CKPower rushes aid to flood-stricken communities hit by Koguma around its power plant in the Lao PDR.

“CKPower and its subsidiaries, along with all its employees, has always prioritized contributing to society and placed importance on the communities around our power plants. Following the heavy rainfall and ensuing floods, CKPower and its employees promptly provided assistance to the affected communities to alleviate the impact and to enable them to resume their normal lives as soon as possible,” said Thanawat.

The power production of the Xayaburi Hydroelectric Power Plant and the Nam Ngum 2 Hydroelectric Power Plant, located in Xaisomboun Province, was not affected by the incident and was able to carry on as usual.

Published : July 23, 2021

GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer. #SootinClaimon.Com

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https://www.nationthailand.com/business/40003654

GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.


GPSC kicks off operations at its ASEAN’ s first SemiSolid energy storage unit factory, which uses technology that is not only safe but is also reliable and environmentally friendly. Playing a major role in driving PTT Group’ s energy innovation, GPSC is ready to become the leader in battery technology and total energy management solutions. The company also aims to enhance its renewable energy power generation capacity to supply power plants, large industrial factories, and SMEs as well as further develop its production plan for electric vehicle batteries.

Global Power Synergy Public Company Limited or GPSC unveiled its G- Cell energy storage unit factory with a total initial capacity of 30 MWh ( megawatt- hours) , the first in South East Asia that employs the SemiSolid technology. Prime Minister and Minister of Defence, General Prayut Chan- o- cha graciously presided over the opening ceremony of the facility, which is located in Map Ta Phut Industrial Estate in Rayong Province. Also in attendance were Mr. Supattanapong Punmeechaow, Deputy Prime Minister and Minister of Energy, Mr. Dissatat Hotrakit, Secretary General to the Prime Minister, Dr. Tosaporn Sirisamphan, Chairman of the Board of Directors of PTT Public Company Limited, Mr. Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited, Mr. Pailin Chuchottaworn, Chairman of the Board of Directors of Global Power Synergy Public Company Limited, Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited and other executive members.

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GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.Mr. Worawat Pitayasiri, President and Chief Executive Officer of GPSC said that the company is prepared to support government policy to achieve net zero greenhouse gas emission, promote the electric vehicle industry, and reduce the renewable energy gap with the SemiSolid battery production technology developed by 24M Technologies Incorporation or 24M, a US-registered company. GPSC has been granted license to manufacture and sale of the technology, starting with the production of LFP ( Lithium- Ion Phosphate) G- Cells, which are not only highly safe and durable but also easily recyclable, environmentally friendly which are suitable for a wide range of applications. The plant now has an initial capacity of 30 MWh per year, and is able to expand the production capacity up to 100 MWh per year. Expansion plan to a 1- GWh ( gigawatt- hour) facility is under study and in the process of further investment planning.

GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.

“The project will ensure energy efficiency readiness for the future S-Curve business especially the electric vehicle industry, as well as for the rise in the generation and use of renewable energy and the development of smart cities, etc., which will increase Thailand’s competitive advantage and enhance the livelihood of Thai people as per government policy. We are also considering building a gigawatt- scale battery plant, which will pave the way for the company to become a leading service provider of a battery & energy storage system and the nation’s leading energy management solution provider,” said Mr. Worawat.“The project will ensure energy efficiency readiness for the future S-Curve business especially the electric vehicle industry, as well as for the rise in the generation and use of renewable energy and the development of smart cities, etc., which will increase Thailand’s competitive advantage and enhance the livelihood of Thai people as per government policy. We are also considering building a gigawatt- scale battery plant, which will pave the way for the company to become a leading service provider of a battery & energy storage system and the nation’s leading energy management solution provider,” said Mr. Worawat.

GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.The current facility covers three levels of batteries and energy storage system products which are 1. G- Cell, a basic battery pouch cell 2. G- Pack, or battery pouch cells assembled into a battery module and a battery pack and incorporate with a battery management system (BMS) for light-duty and heavy-duty mobility applications such as EV buses, boats, Tuk Tuks, compact cars and motorbikes as well as the stationary energy storage system manufacturing industry and 3. G-Box, a ready-to-use Uninterruptible Power Supply unit (UPS) and an Energy Storage System (ESS) with a capacity between 10-1,000 kWh. IoT (Internet of Things), AI (Artificial Intelligence) and Block-Chain technology could be also employed in creating service platforms that effectively meet customers’ various demands.

“ Our broad range of key customers include PTT group, clean energy power plants, large industries, small and medium entrepreneurs, businesses whose products require batteries. Initially, the focus will be on manufacturers and users of energy storage systems ( ESS) and small and large electric vehicles which are effectively compatible with our LFP ( Lithium Ion Phosphate) G- Cells. As for passenger electric vehicles, an industry with a potential for dramatic growth in Thailand, which aims to have electric vehicles account for 30% of its automotive production by 2030, may require NMC ( Lithium Nickel Manganese Cobalt Oxide) battery. GPSC can import products with the same technology for our customers from Anhui Axxiva New Energy Technology Co., Ltd. (AXXIVA), a company that we have invested in,” added Mr. Worawat.


GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.GPSC’s energy storage unit factory starts operations, solidifying the group’s position as a leader in total energy management solutions and ASEAN’s first SemiSolid battery producer.G-Cell batteries manufactured by GPSC employ an innovative manufacturing platform. The SemiSolid battery cells are highly safe and can effectively prevent short- circuiting in the cells where unit cells are covered with a special insulation film. With the SemiSolid platform, G- Cells are also environmentally friendly and more easily recyclable than conventional Lithium-Ion batteries. Therefore, customers can rest assured that GPSC’s G-Pack and G-Box will effectively address their needs.

Published : July 23, 2021

SET down as virus surge saps investor confidence #SootinClaimon.Com

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https://www.nationthailand.com/business/40003682

SET down as virus surge saps investor confidence


The Stock Exchange of Thailand (SET) Index closed at 1,545.10 on Friday, down 7.26 points or 0.47 per cent. Transactions totalled THB59.50 billion with an index high of 1,553.25 and a low of 1,540.35.

In the morning session, Krungsri Securities predicted the index on Friday would fluctuate between 1,540 and 1,560 points amid the rise in oil price in response to a drop in US oil storage.

It forecast that uncertainty over the Covid-19 outbreak, both domestic and overseas, would pressure the index. Thailand logged another daily high of 14,575 new infections on Friday.

“Hence, we advise investors to focus on stocks with positive sentiment, such as shares in exporters and companies whose second-quarter turnover is expected to improve,” Krungsri Securities said.

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The 10 stocks with the highest trade value today were STECH, KBANK, PTT, BANPU, PSL, 7UP, SNNP, RCL, TSTH and BBL.

Other Asian indices were mixed:

China’s Shanghai SE Composite Index closed at 3,550.40, down 24.34 points or 0.68 per cent, while the Shenzhen SE Component Index closed at 15,028.57, down 233.62 points or 1.53 per cent.

Hong Kong’s Hang Seng Index closed at 27,321.98, down 401.86 points or 1.45 per cent.

South Korea’s KOSPI closed at 3,254.42, up 4.21 points or 0.13 per cent.

Taiwan’s TAIEX closed at 17,572.92, up 0.59 points or 0.0034 per cent.

Japan’s Nikkei Index was closed for Health and Sports Day.

Published : July 23, 2021

By : The Nation

BOT sees no need to revise GDP forecast for the year as of now #SootinClaimon.Com

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https://www.nationthailand.com/business/40003657

BOT sees no need to revise GDP forecast for the year as of now


The Covid-19 lockdown will result in a 0.8 per cent contraction in economic activities in a best-case scenario where the new infection rate goes down by 40 per cent within August, said Chayawadee Chai-Anant, senior director at the Bank of Thailand’s Macroeconomic Department on Thursday.

“In the worst-case scenario that the infection rate goes down by less than 20 per cent, up to 2 per cent of economic activities will be lost as fear of the outbreak will force people to remain in self-imposed lockdown even after the government-imposed lockdown ends,” she added.

Chayawadee added that the projected loss of economic activities could not be used to directly subtract from the projected GDP, as the government could still use monetary and fiscal measures to mitigate the economic impact, while other factors, such as export and new investments, could also improve the economic outcome through the rest of the year.

Chayawadee said that herd immunity against Covid-19 would not happen in 2022 due to three factors. First is the mutated strains of the virus will result in increased requirement to achieve herd immunity from 70 per cent inoculation rate to 90 per cent. Second is the delay in vaccine procurement and delivery due to high demand at the global level. Third is people’s behaviour, such as those who are not willing to get a jab, or those who let their guard down after getting the jab and do not adhere to disease control measures.

The central bank has advised the government to focus on procuring and distributing effective vaccines to people comprehensively instead of imposing strict lockdown measures.

“Lockdowns maybe necessary in dealing with short-term problems, but it will eventually hinder economic recovery,” she said.

“As for long-term policy, the government must prepare adequate tools and measures, both monetary and fiscal, to help individuals and businesses who have been affected by the outbreak. These tools and measures must be in a form that are suitable for the current situation, such as having more online availability.”

Published : July 23, 2021

By : THE NATION

SET still under shadow of worsening Covid situation #SootinClaimon.Com

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https://www.nationthailand.com/business/40003656

SET still under shadow of worsening Covid situation


The Stock Exchange of Thailand (SET) Index fell by 2.86 points, or 0.18 per cent, to 1,549.50 on Friday morning.

The SET Index closed at 1,552.36 on Thursday, up 11.48 points or 0.74 per cent. Transactions totalled THB69.68 billion with an index high of 1,554.65 and a low of 1,546.26.

Krungsri Securities predicted the index on Friday would fluctuate between 1,540 and 1,560 points despite the rise in oil price in response to the fall in US oil storage.

It forecast that uncertainty over the Covid-19 outbreak, both domestic and overseas, would pressure the index.

“Hence, we advise investors to pay attention to stocks which gain positive sentiment, such as shares of exporters and shares whose second-quarter business turnover is expected to improve,” Krungsri Securities said.

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It recommended that investors buy:

▪︎ HANA, KCE, TU, CPF, ASIAN and EPG, which will benefit from the weakening baht.

▪︎ BCH, CHG, BDMS, HMPRO, GLOBAL, DOHOME, BEM, CKP, CBG, OSP, ICHI, GPSC, BEC, GUNKUL, JWD, WICE, SONIC and NER, whose second-quarter business turnover is expected to improve.

Published : July 23, 2021

By : The Nation

IMF executive board approves policy reforms to better support low-income countries #SootinClaimon.Com

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https://www.nationthailand.com/business/40003653

IMF executive board approves policy reforms to better support low-income countries


The centerpiece of the policy reforms that were approved by the IMF executive board last week is a 45 percent increase in the normal limits on access to concessional financing, coupled with the elimination of hard limits on access for the poorest countries, according to the IMF.

The executive board of the International Monetary Fund (IMF) has approved a set of policy reforms to the concessional lending facilities to better support the recovery of low-income countries (LICs) from the COVID-19 pandemic.

“These reforms are set to ensure that the Fund has the capacity to respond flexibly to LICs’ needs over the medium term while continuing to provide concessional loans at zero interest rates,” the IMF said Thursday in a statement.

The centerpiece of the policy reforms that were approved by the IMF executive board last week is a 45 percent increase in the normal limits on access to concessional financing, coupled with the elimination of hard limits on access for the poorest countries, according to the IMF.

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“The decision to raise access limits is not a directive to lend more across all IMF programs,” Sean Nolan, deputy director of the IMF’s strategy policy and review department, told reporters.

“It provides the flexibility to provide more zero interest financing for countries with strong economic programs to handle the pandemic and the path to full recovery,” Nolan said.

The IMF executive board also approved a two-stage funding strategy to cover the cost of pandemic-related concessional lending and support the sustainability of the Poverty Reduction and Growth Trust (PRGT), which is tailored to the diverse needs of low-income countries.

In the first stage, the IMF will seek to secure about 4 billion U.S. dollars in subsidy resources needed to finance zero interest lending from the PRGT. Meanwhile, the IMF will seek to mobilize about 18 billion dollars in new PRGT loan resources from PRGT lenders.

The move came as the demand from low-income countries for IMF financial support is expected to remain high over the next few years.

The IMF has provided financial support to 53 of 69 eligible low-income countries in 2020 and in the first half of 2021, with about 14 billion dollars disbursed as zero percent interest rate loans from the PRGT.

Published : July 23, 2021

By : xinhua

Worsening Covid situation in Thailand expected to maintain pressure on baht #SootinClaimon.Com

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https://www.nationthailand.com/business/40003651

Worsening Covid situation in Thailand expected to maintain pressure on baht


The baht opened at 32.88 to the US dollar on Friday, weakening from Thursday’s closing rate of 32.86.

The Thai currency is likely to move between 32.80 and 32.95 during the day, Krungthai Bank market strategist Poon Panichpibool said.

Poon said the baht was unlikely to strengthen anytime soon due to the worsening Covid-19 situation in the country. The situation is not grim, but foreign investors have already offloaded their assets, such as stocks in Thailand, leading to a weakening of the baht.

In the short term, the performance of registered companies will tend to surpass observers’ expectations, if the market feels relaxed about the Covid-19 situation around the world. This scenario would also weaken the dollar, since investors need not hold the currency in order to cushion against fluctuations in the market, Poon said. And if the dollar weakens, the baht could escape falling to 33 to the US currency, he added.

Published : July 23, 2021

By : The Nation

Gold reverses two days of losses in Thailand #SootinClaimon.Com

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https://www.nationthailand.com/business/40003650

Gold reverses two days of losses in Thailand


The price of gold in Thailand rose by THB150 per baht weight on Friday morning, rebounding after two consecutive days of decline.

The Gold Traders Association report at 9.21am showed buying price of a gold bar at THB28,000 per baht weight and selling price at THB28,100, while gold ornaments were priced at THB27,500.24 and THB28,600, respectively.

At close on Thursday, the buying price of a gold bar was THB27,850 per baht weight and selling price THB27,950, while gold ornaments were priced at THB27,348.64 and THB28,450, respectively.

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Spot gold price on Friday was US$1,804 (THB59,405) per ounce after Comex gold on Thursday rose by $2 to $1,805.4 per ounce on decline in US bond yield, the European Central Bank’s signal it would maintain the interest rate at a low level for two years, and mass buy-ups of the precious metal in response to the rise in US jobless claims.

Hong Kong gold price, meanwhile, rose by HK$110 to $16,740 (THB70,940) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : July 23, 2021

By : The Nation

Bitcoin hovers around $32,000 after boost from Musk, Arks Wood #SootinClaimon.Com

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https://www.nationthailand.com/business/40003633

Bitcoin hovers around $32,000 after boost from Musk, Arks Wood


Bitcoin steadied as traders mulled the largest cryptocurrencys next move following a rebound stoked by comments from Elon Musk, Jack Dorsey and Cathie Wood.

The digital asset was little changed at $31,820 as of 7 a.m. in New York on Thursday after jumping 6.5% a day earlier. Other cryptos, including Ether and Dogecoin, held onto gains, as did the Bloomberg Galaxy Crypto Index.

Tesla already owns bitcoin but Chief Executive Officer Musk revealed at a conference on Wednesday that his space exploration company SpaceX also does. He added he’d like to see the token succeed and that he personally has bought bitcoin, ethereum and dogecoin. Ark Investment Management’s Wood said corporations should consider adding Bitcoin to their balance sheets, while Dorsey described it as resilient.

“Yesterday’s debate did undoubtedly provide some comfort to the markets,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “However, the jury is still out on whether this positive spark will bring enough confidence to change the direction of the markets.”

Some $1.3 trillion has been wiped off the market value of cryptocurrencies since mid-May. Bitcoin has faced a range of obstacles, including stepped up regulatory scrutiny in China, Europe and the U.S. and concerns about the energy needed by the computers underpinning it. Investors have also generally become more cautious about speculative assets.

Billionaire Musk said bitcoin mining is “shifting towards renewable energy” and his company will likely resume accepting it as payment for electric cars.

The token has bounced back after sliding below $30,000 earlier in the week, a round number viewed as a key line of support by technical analysts. The latest bounce reflects the third time since late 2019 that bitcoin has found support at its 55-week moving average.

“The fear in the market was that if bitcoin breaks below the $30,000 mark, the price will move lower violently,” said Naeem Aslam, chief market analyst with Ava Trade Ltd. “In reality, that is not what we have seen. The bitcoin price has been stable, and we have not seen any panic selling.”

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Scott Minerd, chairman and chief investment officer of Guggenheim Investments, said bitcoin could yet fall toward $15,000. Steen Jakobsen, chief investment officer at Saxo Bank, said a sustainable break above $32,000 is needed for bitcoin “to dig itself out of a hole.”

Bitcoin’s advance this year has shrunk to about 10% following a slide from an April record of almost $65,000. That compares with a 16% jump in the S&P 500 Index in 2021.

Proponents argue the virtual currency offers an inflation hedge and will win wider institutional acceptance. Such narratives were always controversial and remain in question, though bitcoin’s most ardent fans continue to predict big long-term returns.

Published : July 23, 2021

By : Syndication Washington Post, Bloomberg · Eric Lam

Oil edges up with robust global demand tightening crude market #SootinClaimon.Com

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https://www.nationthailand.com/business/40003632

Oil edges up with robust global demand tightening crude market


Oil rose amid expectations that recovering demand from the U.S. to India and Spain will further tighten global crude markets.

Futures in New York climbed as much as 1.2% on Thursday after posting the biggest gain in three months on Wednesday. Gasoline demand is essentially back to normal in many of the biggest oil-consuming countries, with road traffic data showing a similar trend. The market recovery has spurred China to supply crude from its strategic reserves to local refiners in a bid to cool prices.

“The fundamental backdrop is bullish because of just the structural deficit that we’re in,” said John Kilduff, a partner at Again Capital.

Oil has rebounded after a nearly 8% loss on Monday as fears around the delta variant and its impact on economic recovery shook broader markets. The price plunge came just after a weekend meeting of OPEC+, at which the 23-nation alliance led by Saudi Arabia and Russia finalized plans to restore halted production.

“It’s just not enough oil,” said Kilduff. “The 400,000 barrel-a-day increase monthly is not going to get the job done and you’re going to see these inventories globally continue to tighten and tighten.”

West Texas Intermediate crude for September delivery rose 42 cents to $70.72 a barrel at 10:43 a.m. on the New York Mercantile Exchange.

Brent for September settlement added 40 cents to $72.63 a barrel on the ICE Futures Europe exchange.

Brent’s prompt timespread was 60 cents a barrel in backwardation. While that’s a bullish pattern — with near-dated prices above those further out — it compares with 70 cents a barrel a week ago.

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In the U.S., an inventory report released this week showed declining fuel and distillate supplies with the summer driving season well underway. Oil inventories at the nation’s key storage hub in Cushing, Oklahoma, fell to the lowest since January 2020.

China’s Strategic Petroleum Reserve supplied about 3 million tons, or 22 million barrels, to processors earlier this month, according to people familiar with the situation. The move was intended to cool prices, the people said. The operation might weaken Chinese demand for imported crude.

Published : July 23, 2021

By : Syndication Washington Post, Bloomberg · Jill R. Shah