#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Goldman CEO shops his sprawling Aspen estate as rich flee cities

CorporateSep 17. 2020David Solomon, chief executive officer of Goldman Sachs, looks on during a Bloomberg Television interview on the sidelines of the Bloomberg New Economy Forum in Singapore, on Nov. 7, 2018. MUST CREDIT: Bloomberg photo by Giulia Marchi. 

By Bloomberg · Sridhar Natarajan · BUSINESS, US-GLOBAL-MARKETS 
David Solomon is taking another shot at unloading his expansive estate in the ski town of Aspen, Colorado, as wealthy Americans seek property away from urban areas.

The Goldman Sachs chief executive officer is seeking to sell the 83-acre spread, with an estimated value of about $25 million, and has been speaking with potential buyers over the summer, according to people familiar with the matter. The property boasts a 13,000-square-foot (1,200-square-meter) wood-and-stone mansion and panoramic views of the Aspen upper valley.

Solomon’s renewed attempts to sell the property come at a time when real estate nestled away from urban centers and their coronavirus risks are drawing increasing interest from fleeing city dwellers. The dollar value of single-family home sales in Aspen surged 440% in August from a year earlier, according to the Estin Report.

The 58-year-old CEO purchased the property, split across two lots, starting in 2005. Before Solomon, former senior Goldman Sachs banker Robert Hurst owned the estate, according to county filings.

Solomon, through a representative, declined to comment.

The Goldman CEO had previously listed the spread for $36 million in 2017, but failed to find buyers at that price.

Solomon is hoping to attract serious interest this time around amid rising demand for homes in less-densely populated areas. The National Association of Realtors said last month that picturesque Kingston, north of New York City, has the fastest-rising home prices in the U.S., and the Hamptons have seen a similar trend. Home sales in the resort town of Park City, Utah, doubled in July and August from a year earlier, according to the Salt Lake Tribune.

Solomon is the second-highest-paid CEO of a big bank after drawing a 20% pay jump at the start of the year. He’s known for his interests outside Goldman Sachs, including a controversial appearance as a DJ at a Hamptons concert earlier in the summer, and has stakes in high-end restaurants in New York City.

He was among business leaders last week who scolded Bill De Blasio, blaming the New York mayor for what they called “quality of life issues” that are keeping their workers from coming back to offices in the city.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

FedEx surges as e-commerce demand sends profit climbing

CorporateSep 17. 2020A pedestrian wearing a protective mask carries FedEx boxes in the Diamond District of New York on June 10, 2020. MUST CREDIT: Bloomberg photo by Nina Westervelt. 

By Syndication Washington Post, Bloomberg · Thomas Black · BUSINESS, US-GLOBAL-MARKETS 
FedEx Corp. surged as a wave of e-commerce demand bolstered pricing power and propelled earnings amid the coronavirus pandemic.

Sales at the ground-delivery unit jumped 36% to $7 billion and operating margins rose to 11.8%, the highest in a year, FedEx said in a statement Tuesday. That helped push the courier’s total earnings beyond Wall Street’s highest estimate in the fiscal quarter ending Aug. 31.

“Demand is so strong at this point that they’re emboldened to start taking price to a greater extent, which can be a very powerful driver of profitability,” said Matt Arnold, an analyst with Edward Jones.

FedEx is cashing in surcharges for big customers that are making home deliveries more profitable after years in which residential shipments weighed on margins. Like rival United Parcel Service Inc., which dazzled Wall Street with its results less than two months ago, FedEx is getting an early payoff on investments to boost efficiency and automation to handle demand spurred by the rise of online shopping.

“Our earnings growth underscores the importance of our business initiatives and investments over the last several years,” FedEx Chief Executive Officer Fred Smith said on a conference call with analysts. “In many ways, the world has accelerated to meet our strategies.”

FedEx surged 9.2% to $258.40 before the start of regular trading Wednesday in New York, on track toward the highest close since June 2018. The stock had gained 57% this year through Tuesday, outpacing UPS’s 38% advance and a 5.3% increase in the S&P 500.

An additional surcharge of 30 cents a package for large Ground customers is helping FedEx offset the extra costs of operating during the pandemic. Higher pricing pushed package yields to an increase of 2.2%, reversing declines in the previous three quarters.

At the Express air-cargo unit, revenue rose 7.8% to $9.65 billion. Operating margins more than doubled to 7.4% from a year earlier, showing more signs of pricing strength. FedEx is benefiting from the steep decline in passenger flights, which often carry cargo at lower rates.

The gains helped FedEx make up for revenue it lost after parting ways with Amazon.com Inc. FedEx’s total sales rose 13% to $19.3 billion. Analysts had expected $17.55 billion.

Adjusted operating profit margins climbed 2.4 percentage points from a year earlier to 8.5%, That helped lift adjusted earnings to $4.87 a share, topping the highest estimate compiled by Bloomberg. Analysts had predicted $2.69.

During the quarter, the company was helped by lower fuel costs, a $65 million reduction in aviation excise taxes under the U.S. Cares Act and an extra operating day that added $130 million of revenue. Coronavirus-related expenses cost the company an extra $100 million in the quarter, said FedEx Chief Financial Officer Alan Graf.

The courier expects higher revenue and operating income at its Ground and Express units for the remainder of fiscal year 2021, which concludes at the end of May, said Graf, speaking on his last earnings call before retiring. He will be replaced by Mike Lenz on Sept. 22.

FedEx already is preparing for the rollout of a potential coronavirus vaccine. The company has 90 “cold-chain” facilities worldwide for speedy distribution if and when a vaccine is ready, said Chief Operating Officer Raj Subramaniam.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Delta to borrow $9 billion in largest airline debt deal ever

CorporateSep 17. 2020Delta Air Lines Inc. aircraft sit parked at a field in Victorville, Calif., on March 23, 2020. MUST CREDIT: Bloomberg photo by Patrick T. Fallon. 

By Syndication Washington Post, Bloomberg · Paula Seligson · BUSINESS, TRANSPORTATION, US-GLOBAL-MARKETS 
Delta Air Lines is raising $9 billion in the largest debt deal ever in the aviation industry, as the carrier garners massive investor support to make its way through the pandemic.

That’s up from an original $6.5 billion, which was comprised of $4 billion of bonds and $2.5 billion of loans. Both will be backed by Delta’s frequent-flier program, a popular collateral pledge inspired by United Airlines Holdings Inc.

The debt will help boost Delta’s liquidity as it burns about $750 million in cash a month, and passenger volumes are only 30% of what they were this time last year, according to a memo by Chief Executive Officer Ed Bastian on Tuesday. With the new financing, Delta doesn’t intend to take an additional loan backed by the U.S. government under the CARES Act.

Delta is looking to borrow bonds maturing in five years that may yield around 4.75%, and another portion due in eight years that is being marketed near 5%, according to a person with knowledge of the matter. They carry investment-grade ratings and are expected to price Wednesday, the person said, who asked not to be identified as the details are private.

Goldman Sachs is lead manager on the bond sale, while Barclays Plc s leading the loan component. Those commitments are due Wednesday.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

GET officially transforms into Gojek today

CorporateSep 16. 2020Pinya Nittayakasetwat, Country General Manager, Gojek Thailand 

By The Nation

Gojek, Southeast Asia’s leading mobile on-demand services and payments platform, officially launched its app in Thailand from 6am on Wednesday (September 16).

Now customers in Thailand can order food via GoFood, hail motorbikes via GoRide, send parcels via GoSend and make digital payments via GoPay. The app is available for download via iOS and Android systems.

The move follows GET app’s recent announcement that it was rebranding as Gojek as part of its long-term strategy.

GoViet, the company’s operation in Vietnam, was also relaunched as Gojek on August 5.

Gojek’s co-CEOs Kevin Aluwi and Andre Soelistyo, said: “Today marks a significant moment in Gojek’s journey, and in our long-term commitment to Thailand. We’re grateful to our incredible Thai team, headed by Pinya [Nittayakasetwat], who will lead us into this new chapter and for the many customers, partners and other valued stakeholders in Thailand who have supported us along the way.”

Pinya, who holds the post of country general manager for Gojek Thailand, said the company is delivering three new super apps – Gojek for consumers, GoPartner for drivers and GoBiz for merchants.

“We appreciate all who have continued to place their trust and support in us since the early days as GET. Joining us on this first day as Gojek are more than 50,000 driver partners and 30,000 merchant partners, as well as strategic partners like Siam Commercial Bank, The Mall Group and many more.”

Gojek is also introducing “GoFood Pickup”, which allows users to order in advance and pick up food from restaurants without having to wait. GoFood Pickup is in a pilot phase with more than 500 participating outlets in central Bangkok.

The Gojek app can be used in all countries where Gojek operates, including Vietnam, Indonesia, Singapore and Thailand.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Sudden decision to change criteria for MRT bid infuriates BTS

CorporateSep 16. 2020

By THE NATION

The Bangkok Mass Transit System (BTS) is threatening to go to court after Mass Rapid Transit Authority (MRTA) changed its evaluation criteria for bids on the MRT Orange Line.

Surapong Laoha-Unya, chief executive officer of BTS, one of the bidders for the MRT Orange Line which runs from Bang Khun Non to Min Buri, said MRTA’s recent decision to change the bidding criteria is unfair because the change was announced after bidding papers were sold to bidders.

MRTA decided that instead of basing 100 per cent of the evaluation on bidders’ technical proposal, it would base 30 per cent of the evaluation on technical proposal and 70 per cent on the price proposed.

So far, 10 companies have bought bidding envelopes for this Bt142.7 billion project, namely Bangkok Expressway and Metro, Bangkok Mass Transit System, BTS Group Holdings, Sino-Thai Engineering and Construction, Italian-Thai Development, Ratch Group, Ch Karnchang, Gulf Energy Development, Sinohydro Corporation and Woranitath Development.

The project comprises the construction of a 13.4-kilometre track from Thailand Cultural Centre to Bang Khun Non stations as well as the installation and operation of a train system for the 35.9km from Min Buri to Bang Khun Non.

“We have filed an appeal with the State Enterprise Policy Office and MRTA board of directors to demand justice, as nothing like this happened in the past,” he said. “We are also thinking of taking this to court, but if in the end, the authorities say this change in criteria is within the law, then BTS will enter the bidding.”

Surapong also said the company is waiting for the Cabinet to approve the extension of its concession for the newly extended Green Line.

“Once the contract is signed, BTS will start adjusting the fare structure to a maximum of Bt65 for the line, while its extension from Lat Phrao to Khu Khot should be open to public within December,” he added.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Top Thai energy producers sign pact to develop power plant in Vietnam

CorporateSep 16. 2020From left: Egco Group’s president Thepparat Theppitak, acting president of Egat International Santichai Osotpavapusit and Ratch Group’s chief executive officer Kijja Sripatthangkura pose after signing the joint development pact. 

By The Nation

Egco Group, Egat International and Ratch Group signed a joint development agreement on Wednesday (September 16) to develop the Quang Tri 1 thermal power plant in Vietnam.

Santichai Osotpavapusit, Egat International’s senior executive vice president, said: “The thermal power project is fully supported by both Thai and Vietnamese governments, as well as Egat.”

The Quang Tri 1 plant is located in Quang Tri province’s Hai Lang district. Egat International will hold a 40 per cent stake in it, while the remaining 60 per cent will be equally divided between Egco Group and Ratch Group.

With an installed capacity of 1,320 megawatts, the project is expected to go into commercial operation by 2025.

The generated electricity will be sold to Vietnam under a long-term power purchase agreement.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

CIMB Thai to offer more investment opportunities to boost its financial market share

CorporateSep 16. 2020

By The Nation

CIMB Thai Bank (CIMBT) plans to launch more bonds, derivatives and loans based on the Thai Overnight Repurchase Rate (THOR) in order to boost its standing in the financial market to 30 per cent from 20 to 25 per cent.

Pao Chatakanonta, CIMBT’s head for treasury and markets, said after the Bank of Thailand (BOT) announced a new reference rate based on THOR, CIMBT and Kasikornbank completed their first Overnight Index Swap (OIS) derivative transaction based on THOR worth Bt800 million since August.

“So far, four banks have conducted derivative transactions with CIMBT, in which Bt8.3 billion worth of derivatives were based on THOR. Hence, we expect banks to launch more derivatives, loans and bonds based on THOR in the future,” he said.

He added that CIMBT used reference interest rates based on THOR in several different types of contracts, such as derivatives, interbank agreements and loans, and expects to gain 30 per cent of the financial market share by the end of this year based on Thai Baht Interest Rate Fixing (THBFIX) worth around Bt4 trillion per year.

“However, we expect CIMBT customers to make transactions based on fallback THBFIX by yearend and transactions based on THOR in the future,” he said.

“Meanwhile, we expect the business sector to launch more bonds, especially large businesses, utilities agencies and consumer groups.”

He added that CIMBT’s treasury management business is performing well and expects to exceed its revenue target this year by 15 to 20 per cent.

“Though the decline in import and export volumes has had an impact on CIMBT’s foreign exchange business, the bank has been able to generate revenue from other businesses,” he said.