Heinecke warns of more layoffs, closure of some hotels, as tourism continues to languish #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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Heinecke warns of more layoffs, closure of some hotels, as tourism continues to languish

CorporateOct 10. 2020William Ellwood Heinecke

By The Nation

Minor International (MINT) may have to lay off its employees for the second time and temporarily close some hotels that had previously resumed operations due to the impact of Covid-19 on tourism.

MINT chairman William E Heinecke told Bloomberg News that some hotels operated by the company were unable to pay monthly salaries to employees because there were no guests.

“MINT has faced net loss in the second quarter of this year and laid off thousands of employees to enable the company to operate its business amid the Covid-19 crisis that has caused an impact on tourism even in countries that have been able to contain the spread effectively, such as Thailand,” he said.

Last year 27,259,855 foreign tourists, mostly from China, Russia and India, visited Thailand, generating revenue of Bt1.1 trillion. The revenue from foreign tourists accounted for 11.9 per cent of the country’s gross domestic product.

Heinecke said that of the 526 hotels under MINT, 83 per cent of hotels were able to resume operations, while expecting that 90 per cent of the company’s hotels will be able to resume operations in the fourth quarter of this year. He added that 6 per cent of MINT hotels were located in Thailand.

“We expect the company’s performance in China to rise to the level before the Covid-19 outbreak, as the occupancy rate rose to 80 per cent in August, while the company’s food business has revenue growth per branch at 8 per cent,” he said.

Also, he expected that Thailand would be the first country to allow Chinese tourists to enter after the Chinese government allowed its citizens to travel overseas, as these tourists would help boost the country’s economy.

MINT’s second-quarter net loss was Bt10.22 billion, while its share price dropped by 43 per cent, lower than the Stock Exchange of Thailand Index that dropped by 20 per cent.

Meanwhile, NH Hotel Group SA, a leading hotel operator in which MINT holds a 94.1 per cent stake, is expected to announce its third-quarter results on November 9.

Weakening dollar, worries over US economic stimulus rollout push gold up #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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Weakening dollar, worries over US economic stimulus rollout push gold up

EconOct 10. 2020

By The Nation

The price of gold rose by Bt150 per baht weight in morning trade on Saturday, the Gold Traders Association reported.

As of 9.10am, the buying price of a gold bar was Bt28,200 per baht weight and selling price Bt28,300 while gold ornaments were priced at Bt27,697.32 and Bt28,800, respectively.

At close on Friday, the buying price of a gold bar was Bt28,050 per baht weight and selling price Bt28,150 while gold ornaments were Bt27,545.72 and Bt28,650, respectively.

The Comex (Commodity Exchange) gold price to be delivered in December rose by US$31.1, or 1.64 per cent, closing at $1,926.2 (Bt59,676) per ounce on Friday. The metal price rose by 1 per cent this week.

Gold price closed in positive territory from the weakening dollar and uncertainty over the rollout of US economic stimulus measures, resulting in mass buy-ups of the metal as a safe-haven asset.

BGRIM puts B40bn industrial power projects on launch pad #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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BGRIM puts B40bn industrial power projects on launch pad

Oct 09. 2020

By The Nation

BGrimm Power Plc (BGRIM) is pumping Bt40 billion into seven new power projects with the aim of cementing its status as Thailand’s leading private power producer.

The seven Industrial Power Producer schemes with combined capacity of 980 megawatts have secured financial support from five major banks and will be built by two international constructors.

BGrimm chairman Harald Link said everything was in place to complete the projects, which form part of the company’s plan to build capacity to 7,200MW in the next few years.

The five lenders to the BGrimm projects are Bangkok Bank, Siam Commercial Bank, EXIM Thailand, Kasikornbank and Government Savings Bank.

Construction will be carried out by Siemens Energy Co Thailand and Toshiba Plant Systems and Services Corporation.

Preeyanart Soontornwata, CEO of BGrimm, said that five of the seven power plant projects are replacement facilities under renewed power sale accords.

The two other schemes are new undertakings under the 25-year power sale contracts (PPA) signed with the Electricity Generating Authority of Thailand (EGAT) in August this year.

These projects are primarily aimed at generating quality electricity and steam supplies to promote and attract industrial investment for Thailand’s sustainable economic growth, she said.

Meanwhile, BGrimm said its financial position remains strong with Bt19 billion in cash on hand and robust cash flows derived from operations.

The company said it is exploring new energy investment opportunities at home and abroad to raise its total generation capacity to the targeted 7,200MW.

Krungsri launches cross-border QR payment for Thais in Japan #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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Krungsri launches cross-border QR payment for Thais in Japan

Oct 09. 2020

By THE NATION

Krungsri (Bank of Ayudhya) has teamed up with Japanese tech giant NTT DATA to launch MyPromptQR – a cross-border QR code payment platform for Thai consumers in Japan.

The collaboration marks another milestone in Krungsri’s “Digital First” strategy, after it last year became the first Thai bank launch a cross-border QR payment system in Japan.

“We are very pleased to work with NTT DATA which facilitates the largest card settlement network in Japan through its established business platform. The Krungsri- NTT DATA synergy has contributed to the success of Krungsri’s journey to capture business opportunities in Japan,” said Sayam Prasitsirigul, acting head of Digital Banking and Innovation Division.

“Equipped with innovative financial know-how together with NTT DATA’s collaboration and by leveraging comprehensive expertise and extensive networks of Krungsri’s parent company, Mitsubishi UFJ Financial Group [MUFG], which is Japan’s largest financial institution and one of the world’s leading financial groups, Krungsri is in a solid position to offer MyPromptQR, a state-of-the-art financial innovation, to better meet diverse demands of its customers internationally and to set a strong foothold in the QR payment in Japan.”

MyPromptQR, Thailand’s first business-scan-consumer cross-border QR code platform in Japan, can be accessed through the Krungsri Mobile App and other banks’ apps. It is designed to make payments faster, more secure and more convenient for both consumers and businesses, cutting out the need to handle cash. Users present their one-time QR code generated on a mobile banking app to merchants to scan for payment, without the need to enter the amount.

Apple’s new 5G iPhones may be left on the shelf #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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Apple’s new 5G iPhones may be left on the shelf

Biz insightsOct 09. 2020Shoppers stand in line at the Apple store at the Queens Center shopping mall in the Queens borough of New York, on Sept. 9, 2020. MUST CREDIT: Bloomberg photo by Peter Foley.

By Syndication Washington Post, Bloomberg Opinion · Tae Kim · OPINION, BUSINESS, TECHNOLOGY, OP-ED, US-GLOBAL-MARKETS, RETAIL
APPLE-COMMENT
Apple has been in the spotlight lately, between antitrust scrutiny of its mobile operating system and the legal battle it’s waging with Fortnite-maker Epic Games over its App Store.

Those developments pale, however, in comparison to the company’s main event next week: the unveiling of its latest iPhones.

For all the talk about Apple’s shift to services and subscriptions, the tech giant’s business is still dependent on its core hardware products, so Tuesday’s presentation will be a must-see for investors. There could be a problem this year, though. The lineup’s most vaunted feature — fifth-generation wireless capability — may not be ready for prime time.

The Cupertino, California-based company is expected to unveil four new iPhone models with 5G capabilities as well as a different physical design and a wider choice of screen sizes, Bloomberg News reported last month. Apple is already touting the new technology’s attributes: Earlier this week, it sent the press an invitation to Tuesday’s event with the cheeky pun “Hi, Speed” as the subject line, referencing the fast new 5G networks.

Investors are betting the iPhones will be a blockbuster success and spur consumers to upgrade. Shares of Apple have risen more than 50% this year and now trade at roughly 31 times the next four quarters’ earnings, nearly double its historical five-year average of 16. And those earnings estimates also have high embedded assumptions. To take one example, Morgan Stanley forecasts Apple’s iPhone sales will grow by 28% in its fiscal year ending in September 2021. That would mark a dramatic turnaround from the 14% sales drop in fiscal 2019 and the estimated 7% decline for 2020.

An elevated valuation would be fine if the new iPhones sell well, but the lackluster reality surrounding the current state of 5G networks could lead to underwhelming demand. PC Mag found the new wireless technology was often slower than 4G after it recently conducted tests in 26 U.S. cities, adding “5G results were disappointing all around on every carrier.” The Washington Post had similar conclusions and found no speed improvement for 5G phones and in many cases slower numbers. There are several technical reasons for the weak results, ranging from the more prevalent use of the slower “mid-band” 5G spectrum to the anemic coverage buildout of the faster 5G millimeter wave service. Bottom line, the 5G experience for U.S. wireless carriers in most circumstances isn’t better than 4G right now. It will take time, so why shell out hundreds of dollars for an upgrade now?

Key industry figures are already lowering expectations. A few weeks ago, AT&T CEO John Stankey said demand for the 5G iPhone may not be as strong as anticipated owing to the economic uncertainty from the pandemic and the less dramatic wireless speed improvements. Before that, Hock Tan — CEO of iPhone chipmaker Broadcom — answered a question on near-term trends for 5G on a call with the investors by saying, “To be honest about this, we don’t know how fast the ramp on 5G will occur.” It’s pretty telling when the leader of one of Apple’s largest wireless chip suppliers seems hesitant to extol the promise of his industry’s most-talked about growth driver.

Even if 5G network coverage was amazing, there is another problem. Almost all the most-used mobile apps, including TikTok, Instagram and FaceTime, work fine on 4G networks. There simply isn’t a need for 5G right now. Yes, there will be new killer apps some day that will require faster speeds, but they haven’t arrived yet.

Amid the anticipation and excitement going into Tuesday’s product event, Apple investors may want to reassess their risks.

– – –

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Tae Kim is a Bloomberg Opinion columnist covering technology.

Markets wrap: Stocks post biggest weekly increase since July #SootinClaimon.Com

Posted on October 10, 2020 by SoClaimon

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Markets wrap: Stocks post biggest weekly increase since July

EconOct 10. 2020

By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric · BUSINESS, US-GLOBAL-MARKETS

U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and the dollar slipped.

The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.

“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.

European stocks rose as a host of companies raised outlooks, from Denmark’s drugmaker Novo Nordisk A/S to German online clothing retailer Zalando SE. Stocks fell in Spain, where the government’s cabinet met to declare a state of emergency for Madrid to control Covid-19. Italy’s 10-year bond yield fell a record low.

Investors ended a volatile week with a risk-on attitude. With Trump recuperating from Covid-19 in the final stretch of the election campaign, they’re increasingly betting a Joe Biden victory is likely. Speculation is moving now to whether Democrats will sweep Congress too and then enact massive stimulus.

“There’s also the possibly you could see a Democratic sweep in the election and that raises the prospects for higher taxes, which would be a negative, but also for really pronounced stimulus and that could take some of the more extreme risks off the table,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management

Treasury Secretary Steven Mnuchin headed into talks with House Speaker Nancy Pelosi on Friday carrying a White House offer of $1.8 trillion for economic stimulus, according to people familiar with the matter. Senate Majority Leader Mitch McConnell said earlier it was unlikely an agreement could be reached in Congress before the election.

Elsewhere, Vanguard Group Inc. returned about $21 billion in managed assets to government clients in China as part of a global shift to focus on low-cost funds for individual investors, according to people familiar with the matter.

Oil in New York edged lower with Hurricane Delta’s top sustained winds weakening as the storm approached the U.S. Gulf Coast.

– – –

These are some of the main moves in global markets:

– The S&P 500 Index climbed 0.9% to 3,477.10 as of 4:01 p.m. New York time, the highest in more than five weeks.

– The Dow Jones Industrial Average rose 0.6% to 28,586.97, the highest in more than five weeks.

– The Nasdaq Composite Index increased 1.4% to 11,579.95, the highest in more than five weeks.

– The Nasdaq 100 Index jumped 1.5% to 11,725.85, the highest in five weeks.

– The Stoxx Europe 600 Index gained 0.6% to 370.35, the highest in more than three weeks.

– – –

– The Bloomberg Dollar Spot Index declined 0.7% to 1,162.56, the lowest in more than three weeks on the biggest drop in six weeks.

– The euro rose 0.6% to $1.1824, the strongest in three weeks.

– The Japanese yen appreciated 0.4% to 105.61 per dollar, the strongest in a week on the biggest advance in more than three weeks.

– – –

– The yield on 10-year Treasuries decreased one basis point to 0.77%.

– The yield on 30-year Treasuries dipped two basis points to 1.57%.

– Germany’s 10-year yield declined less than one basis point to -0.53%, the lowest in a week.

– Britain’s 10-year yield fell one basis point to 0.28%, the lowest in a week.

– – –

– West Texas Intermediate crude decreased 1.6% to $40.54 a barrel.

– Gold strengthened 1.8% to $1,928.68 an ounce, the highest in three weeks on the biggest climb in more than seven weeks.

– Copper gained 1.2% to $3.08 a pound, the highest in three weeks.

IRPC researching melt-blown fabric to make country self-reliant for face mask production #SootinClaimon.Com

Posted on October 9, 2020 by SoClaimon

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IRPC researching melt-blown fabric to make country self-reliant for face mask production

CorporateOct 09. 2020

By THE NATION

IRPC Pcl is now researching on specialised plastic bead which is used to manufacture melt-blown fabric, a key component that acts as air filter in sanitary facemasks, company president and chief executive officer Noppadol Pinsupa said.

“Currently only a few countries are capable of manufacturing melt-blown fabric, such as China, South Korea and Japan, while no country in Asean can do it,” he said. “If we succeed, Thailand could be the first country in the region capable of making sanitary face masks using all domestic components. We expect the research to be complete by early next year.”

“Melt-blown fabric is currently in high demand worldwide due to the Covid-19 outbreak, which should have an impact in several countries for years to come. This is therefore a good opportunity for IRPC to expand into medical equipment markets at the global level,” he added.

Noppadol Pinsupa

The company is also researching on ‘Kleanteq Mask’, or sanitary face mask capable of killing germs and preventing the building up of static electricity, which causes dust particles to stick to the mask.

“The Kleanteq Mask can be washed for reuse up to 10 times and is highly resistant against water damage,” he said. “We coat the fabric with graphene particle that would help kill the bacteria by blocking their cell wall. It can also block 70 per cent of 0.1 micron dust particle and 100 per cent of 2.5 micron particle [PM 2.5] without causing respiratory fatigue, making it perfect for protection against air pollution.”

IRPC is also a manufacturer of polypropylene spunbond fabric, which is used to produce PPE [Personal Protective Equipment] suit, a vital equipment for medical professionals working with Covid-19 patients, as well as medical grade plastic beads for the manufacture of IV wire, syringe, saline bag and eye cover. “These products are single-use and therefore are in constant high demand both domestically and globally. IRPC has greatly helped reduce the reliance on foreign manufacturers of these vital products,” added Noppadol.

IRPC recently won the second prize for best social and environmental innovation from the National Innovation Day 2020, for its research on polypropylene copolymer 3340H, a plastic bead used in the manufacture of prosthetic legs for disabled persons. It has been working with Prostheses Foundation of HRH the Princess Mother.

“Our new prosthetic leg is smooth, flexible and transparent, which enables doctors to see the contact surface with patient’s skin and therefore adjust the leg accordingly for a better fit,” he said. “This plastic innovation essentially helps disabled persons to have a better quality of life.”

Thailand targeting more FTAs next year #SootinClaimon.Com

Posted on October 9, 2020 by SoClaimon

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Thailand targeting more FTAs next year

EconOct 09. 2020Director general Auramon Supthaweethum.

By The Nation

Thailand is speeding up talks in order to reach free trade agreements (FTAs) with several territories next year, the Trade Negotiations Department said on Friday.

The department will push hard to complete separate FTAs with Turkey, Sri Lanka and Pakistan, said its director general Auramon Supthaweethum.

It will also press for revision of Asean free trade agreements with China, with India, with South Korea and with Australia-New Zealand, to open their markets to a wider range of Thai goods.

Meanwhile the department is planning to initiate FTA talks with other key economies, including the UK. A study of impacts of a Thailand-UK FTA is expected to be finished early next year.

A completed study on impacts of a Thailand-European Union FTA will be put to the Cabinet in December, Auramon added.

The EU has already signed free trade deals with Singapore and Vietnam and is in talks for a deal with Indonesia. It has suspended talks with Thailand, Malaysia and the Philippines. Talks with Thailand began in 2013 but were suspended in 2014 following the military coup.

Thailand has so far signed 13 FTAs with 18 countries – Asean partners, China, Japan, South Korea, India, Australia, New Zealand, Chile and Peru.

SET falls after mass sell-offs ahead of Bangkok protest #SootinClaimon.Com

Posted on October 9, 2020 by SoClaimon

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SET falls after mass sell-offs ahead of Bangkok protest

EconOct 09. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,267.14 on Friday, down 7.69 points or 0.60 per cent. Total transactions amounted to Bt51 billion with an index high of 1,280.81 and a low of 1,264.24.

In the morning session, a Krungsri Securities analyst expected the day’s index to fluctuate between 1,265 and 1,285 despite the rising oil price and progress in US economic stimulus measures.

The analyst warned of fallout from domestic anti-government protests on October 14.

“Investors should beware of mass sell-offs to mitigate risks from the political rally [in Bangkok] next week, as it would pressure the index,” he said.

The 10 stocks with the highest trade value today were NRF, NER, TASCO, PTT, PTTEP, AOT, KBANK, CPF, IVL and MINT.

As of 4.30pm, the price of oil dropped by US$0.46 or 1.12 per cent to $40.73 per barrel, while gold rose by $24.20 or 1.28 per cent, to $1,919.30 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,619.69, down 27.38 points or 0.12 per cent.

China’s Shang Hai SE Composite Index closed at 3,272.08, up 54.02 points or 1.68 per cent, while the Shenzhen SE Component Index closed at 13,289.26, up 381.81 points or 2.96 per cent.

Hong Kong’s Hang Seng Index closed at 24,119.13, down 74.22 points or 0.31 per cent.

South Korea’s KOSPI Index was closed for Hangul Day, while Taiwan’s TAIEX Index was closed for National Day.

Trading on Thai bourse normal after new rule on short sales, says SET chief #SootinClaimon.Com

Posted on October 9, 2020 by SoClaimon

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Trading on Thai bourse normal after new rule on short sales, says SET chief

EconOct 09. 2020

By The Nation

The Stock Exchange of Thailand (SET) has confirmed that the volume of short sales was normal after implementing the zero-plus-tick rule, while promising to monitor trading closely.

Previously, the SET used the uptick rule that allowed investors to engage in short-selling only when the share price was higher than the latest trading price, to mitigate market volatility. It announced recently that from October 1 onwards, it would use the old zero-plus-tick rule, which enables investors to engage in short-selling when the share price is higher or equal to the latest trading price.

SET president Pakorn Peetathawatchai said there was no change in investor behaviour, as the volume of short sales in the past eight days was 1-4 per cent from 4-8 per cent when uptick rules were in effect.

However, he said the SET would closely monitor investor behaviour and the volume of short sales to check if there were any abnormalities.

“Also, the SET would monitor the stock market situation closely because of the US presidential election next month, which may impact global stock indices,” he said.

He expected the market capitalisation of initial public offering (IPO) shares this year to hit the target although many large companies have postponed their issues.

“We believe that PTT Oil and Retail Business [PTTOR]’s move to postpone its IPO to next year was not due to the stock market situation, because several investors would be interested in buying PTTOR shares and many companies are offering IPO shares in the stock market,” he said.

“However, we want more large, medium, and small companies to list on the stock market although the market is not currently on the upside, because there are sufficient positive sentiments to boost investment.”

The president of the Market for Alternative Investment (mai), Prapan Charoenprawatt, said some companies had postponed their offerings in the market which may be due to Covid-19’s impact on their financial budget.

“Since the beginning of this year, six companies have been listed on the MAI, while expecting that up to five companies were ready to raise funds in the market,” he said.

Securities and Exchange Commission (SEC) assistant secretary-general Jomkwan Kongsakul said approximately 30 companies were waiting to launch IPOs, adding that medium and small companies had postponed their offerings as well.

“The postponement of IPOs may be due to market volatility and companies’ intention to set up an IPO share price. However, companies must inform the SEC if they want to update their filing information,” she said.