The Stock Exchange of Thailand (SET) Index dropped further on Friday to close at 1,279.96, down 10.93 points or 0.85 per cent. Total transactions amounted to Bt44.155 billion with an index high of 1,296.13 and a low of 1,279.33.
In the morning session, an analyst from Krungsri Securities said he expected the index to fall to between 1,280 and 1,285 due to lack of positive sentiment.
“The index is also under pressure from the direction of foreign indices, the low oil price and uncertainty over domestics politics after student protesters vowed to go ahead with their September 19 rally,” he said.
The 10 stocks with the highest trade value on Friday were JMART, JMT, STGT, MINT, SUPER, KBANK, SCC, GPSC, AOT and CRC.
As of 4.30pm, the price of oil rose by US$0.03 or 0.08 per cent to $37.33 per barrel, while gold dropped by $10.70 or 0.54 per cent, to $1,953.60 per ounce.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 23,406.49, up 171.02 points or 0.74 per cent.
China’s Shang Hai SE Composite Index closed at 3,260.35, up 25.52 points or 0.79 per cent, while the Shenzhen SE Component Index closed at 12,942.95, up 200.10 points or 1.57 per cent.
Hong Kong’s Hang Seng Index closed at 24,503.31, up 189.77 points or 0.78 per cent.
South Korea’s KOSPI Index closed at 2,396.69, up 0.21 points or 0.0088 per cent.
Taiwan’s TAIEX Index closed at 12,675.95, down 15.80 points or 0.12 per cent.
Muji Thailand is continuing to revise its prices so the brand becomes more affordable for Thai consumers, said Akihiro Kamogari, managing director of Muji Retail (Thailand).
He said the company has been able to reduce prices by eliminating unnecessary processes and improving its operating efficiency.
This year, the brand adjusted its retail price of more than 604 items sold in Thailand, 127 of which are in garment category and 477 in the household category. The brand plans to revise the price of 55 furniture items this month.
Last month, Muji opened its 20th store in Thailand at the Mall Ngamwongwan in Nonthaburi. This new store is the second biggest branch after the one at Samyan Mitrtown in downtown Bangkok.
eBay pitches its Global 24/7 programme to boost Thai product sales across the world
Sep 10. 2020
By The Nation
eBay, a leader in international e-commerce, today (September 10) launched its Global 24/7 programme, designed specifically to help SMEs in Thailand and other markets across Southeast Asia to leverage its platform for global exports as the economy gradually enters a recovery phase from the Covid-19 pandemic.
The programme is available to any business entity that is new to eBay and wants to start a global online business by joining eBay’s marketplace of more than 182 million active buyers, the platform said.
“Global e-commerce is experiencing exponential growth due to a shift in consumer behaviour resulting from the Covid-19 pandemic,” said Tam Yong Sheng, head of Business Development, eBay Southeast Asia. “Thai SME exporters on our platform have seen a corresponding increase in sales, especially in categories such as vitamins and dietary supplements, guitars and bass parts and accessories, fine jewellery, motorcycle parts, and garden & outdoor living, where volumes have shown strong growth compared to the same period last year,” he added.
“This shows e-commerce is a key driver for SMEs, helping them to recover from the economic downturn. Our aspiration with the eBay Global 24/7 programme is to empower businesses by helping them move online more quickly and giving them the opportunity to participate in an international marketplace with approximately 1.5 billion live listings at any given time across 190 markets,” Sheng said.
According to eBay, the programme, which runs from now until December 31, 2020, offers new sellers a range of benefits, including:
• New business seller incentives: eBay will waive 100 per cent of eBay Store fees at the basic subscription tier and 50 per cent of fees for businesses to use the platform’s Promoted Listings to advertise their products. Total rebates for each seller can be as high as US$1,000 (Bt31,290 baht). These benefits will significantly reduce the costs for SMEs, allowing them to grow their businesses online.
• Educational webinars: eBay offers webinars for business owners to gain insights on cross-market selling opportunities on eBay, best practices to optimise listing rankings and visibility, and tips on developing a traffic generation plan for their virtual storefront.
• Free Access to Product Listing Tools worth up to $700: Sellers will have full access to Viewider, enabling easy store set-up on eBay and building on the strengths of their existing online selling channels. Those in the Automotive category will be entitled to additional listing assistance to map their items to eBay’s Master Vehicle List, enhancing visibility through eBay’s fitment finder. These tools will reduce the amount of manual work SMEs need to complete and accelerate their go-global journey.
• Special Offers from DHL Express: eBay sellers who register a new account with DHL Express will get a Bt500 discount voucher, an additional Bt300 when using the service at least once a month for three consecutive months, special shipping rates, 30-day credit (juristic persons), and the chance to collect more discounts every quarter with accumulated shipping with DHL First Promotion.
• Special offers from Fastship: eBay sellers can enjoy a 5 per cent discount when registering a new Fastship account at https://app.fastship.co/joinus/ebay2020 and completing a transaction via Fastship’s API called “eBay Feed”. Sellers can also enjoy a Bt300 discount by using the ebay300 discount code at checkout.
• Dedicated business development manager: Each business owner with more than 100 products listed on eBay will also be assigned a dedicated adviser, who offers personalised guidance and consultation to ensure the owners make the most of their online stores.
• Market intelligence: To help business owners make better-informed decisions and strategies, eBay offers local market intelligence reports for their specific product categories and industries.
SMEs operating an existing business that does not have an eBay account are eligible to apply for this programme.
To get started, they need to apply at eBaySEAforbusiness.com/th and follow the instructions that are provided in subsequent emails. The application period for the eBay Global 24/7 programme is from now until September 30.
Thai products sold on eBay
The United States, the United Kingdom, Germany, Australia, and Canada were the top five export destination markets for Thai sellers on eBay in the first quarter of 2020.
Guitar and bass parts and accessories, vitamins and mineral supplements, fine earrings and rings, motorcycle parts, and plants, seeds & bulbs were among the leading items sold globally.
According to eBay, retail exports by Thai sellers on the platform for the first quarter show a strong growth trajectory year-on-year for the following “hot-selling” categories:
> Parts and accessories for guitars and basses saw a growth of roughly 38 per cent in the US market.
> Thai sellers recorded growth of 53 per cent in vitamin and mineral supplements to the UK.
> Thais also recorded massive growth of 98 per cent in vitamin and mineral supplement sales to Australia.
> Thailand’s trade with Germany for fine rings and fine earrings recorded more than 50 and 110 per cent growth, respectively.
> Sales to France, Italy and Spain of motorcycle parts and plants, seeds & bulbs grew 44 and 32 per cent, respectively.
THAI brings its top-class Royal Orchid Dining Experience down to earth
Sep 10. 2020
By The Nation
Thai Airways International’s catering department has launched the Royal Orchid Dining Experience, making meals from its Royal First and Royal Silk in-flight menu available to general customers on the ground.
Following the success of a gourmet event held from July to August, with high-quality meals being prepared by international chefs, another event was held at THAI headquarters’ employees’ canteen, which was converted into a Royal Orchid Dining Experience by volunteer staff from the airline’s technical, operations, and ground equipment services departments, THAI Catering managing director Varangkana Luerojvong said.
To generate a passenger cabin atmosphere on the ground, plane seats and furniture are made from discharged aircraft engines, engine fans have been converted into table legs and rubber wheels made into tables. Some engine parts including the spinner core are on display. Customers can get to climb a ladder car similar to real embarking, before scanning a QR code to receive an e-boarding pass on their smartphones.
Menus served at the latest dining experience were bestsellers from the previous event, such as pasta, shawarma, chicken tikka, yakisoba, cheesecake, macaroni, salad, roasted beef with nam jim jaew, and kanom chin nam prik, with prices starting at Bt65.
There were also special menus made of high quality ingredients by international chefs from THAI Catering, which has over 60 years of experience in serving THAI and customer airlines.
These special menus are now being rotated every month.
Local and imported ingredients used in preparing inflight meals, mixed fruit juice, tamarind tea and lime butterfly pea are sold in the TG Market Zone.
The Royal Orchid Dining Experience is now open every Wednesday to Sunday. Coffee, tea and baked goods are sold from 7am, while international meals are available from 9am-2pm.
Self-service set menus are also on sale at the main level of the Royal Orchid Dining Experience, while full service set menus for a group of customers are served on the mezzanine level. For reservations, please call 0-2356-1666 from 8am-5pm. Those interested need to book three days in advance.
THAI Catering also aims to introduce the Royal Orchid Pop-up Dining Experience at its THAI Silom and Larn Luang offices later this year.
Standard Chartered completes first cross-bank letter of credit using blockchain technology
CorporateSep 11. 2020Plakorn Wanglee, president and CEO, Standard Chartered Bank (Thai)
By The Nation
Standard Chartered Bank announced on Friday (September 11) that it has successfully completed the first cross-bank letter of credit (LC) transaction between Vietnam and Thailand using blockchain technology. The transaction involved Asian Development Bank (ADB), Bank for Investment and Development of Vietnam and Standard Chartered Bank (Thai).
Completed over the Contour network, a blockchain-based platform focusing on digitising trade finance, it involved a US$50,000 shipment of plastics from Thailand’s SCG Plastics to Vietnam’s Opec Plastic Joint Stock Company.
Compared to the paper-intensive and time-consuming processes involved in traditional methods of trade finance, digitising LC issuance and confirmation reduced processing time from up to five days to about seven hours.
It also marks the successful completion of ADB’s first credit guarantee using distributed ledger technology, as well as the first of such LC comprising a sell-down feature to be conducted on Contour.
This transaction paves the way for more banks and corporates to rely on innovative technology that can support the growth of trade.
Carl Wegner, CEO of Contour, said: “With this new functionality to support bank guarantees, we’re able to further our goal of making global trade accessible, digital and secure for all. We will continue to strengthen these connections as Contour enters into production in fourth quarter this year.”
Steven Beck, ADB’s chief of trade and supply chain finance, said: “The coronavirus pandemic has shown that it is essential the trade finance industry quickly digitises operations to make global trade and supply chains more resilient and robust.
“This innovation makes trade more efficient, reduces risk and lowers barriers to entry for small and medium-sized businesses in developing Asia.”
Plakorn Wanglee, president and CEO, Standard Chartered Bank (Thai), said: “We are looking forward to working with all stakeholders to scale up this digital solution for many more of our Thai clients to improve international trade efficiency, particularly intra-Asean soon.”
Citi names Fraser as first female CEO of major global bank
CorporateSep 10. 2020Jane Fraser smiles during the Milken Institute Global Conference in Beverly Hills, Calif., on April 29, 2019. MUST CREDIT: Bloomberg photo by Kyle Grillot. Photo by: Kyle Grillot — Bloomberg Location: Beverly Hills, United States
By Syndication The Washington Post, Bloomberg · Jenny Surane
Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop a major Wall Street bank.
Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job. Fraser, who was named the company’s president last year in a move that marked her as the heir apparent, has run the bank’s consumer unit, private bank and Latin American operations in her 16-year tenure.
Corbat helped Citigroup shrink and return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis. Now, Fraser will be tasked with improving returns that trail industry leader JPMorgan Chase and using the bank’s global network in a world that’s seeing more nationalism and trade barriers.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” Corbat said in the statement. “There is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress.”
Fraser, a 53-year-old Scot, joined Citigroup in 2004 after a decade as a McKinsey & Co. consultant. Her promotion last year came after she was viewed as a potential candidate for CEO jobs at other banks, including Wells Fargo. She will join Citi’s board immediately and take on the CEO role once Corbat retires, the New York-based bank said in a statement Thursday.
Under Corbat, Citigroup has become a slimmer organization with just two main businesses: the institutional clients group and the global consumer bank. In the institutional unit, Corbat has focused the bank’s efforts on its “network” businesses, such as its treasury and trade solutions group, which he often refers to as the “backbone” of the bank.
Still, the firm has struggled to bring down costs and achieve its profitability targets. The shares have risen 43% in Corbat’s tenure, less than half the advance of the S&P 500 Financials Index. They climbed 1.1% at 10:40 a.m. in New York.
“A fresh look is good in our view, since the prior CEO failed to reach Citi’s targets and move the company enough strategically,” said Mike Mayo, an analyst at Wells Fargo.
Corbat, 60, is bowing out as Citigroup battles one of its biggest challenges ever with the coronavirus pandemic, which has forced the bank to keep much of its workforce home and craft widespread forbearance offerings for its customers around the world.
As the world’s largest credit-card issuer, Citigroup will soon see the global tidal wave of unemployment begin to make its way to its portfolio as those programs and government relief funds slowly run out. Citigroup said it would announce a successor for Fraser to run the consumer unit in coming weeks.
Fraser has led the bank’s response to the coronavirus pandemic in North America, including its plans for returning its workers to offices around the U.S.
“The way our team has come together during this pandemic shows what Citi is made of,” Fraser said in the statement. “I am excited to join with my colleagues in writing the next chapter.”
A Swiss company has expressed interest in investing in three-wheel electric vehicles in Thailand to promote clean energy, Yongyuth Nakdang, deputy director-general of the Department of Land Transport, said.
He was speaking after a meeting on Thursday with Helene Budliger Artieda, Switzerland’s ambassador to Thailand.
“This is the first time that the Swiss are interested in doing business in electric tricycles,” Yongyuth said. “Yesterday, they sought information on the approved tricycle models and found that some of their designs do not meet the legal requirements of Thailand. Therefore, the Swiss company would improve the blueprint for the next proposal,” said Yongyuth.
According to the latest report, 19,620 three-wheel vehicles have been registered in Thailand, comprising 1,512 petrol-powered vehicles, 11 diesel, 13,088 LPG, 3,639 LPG-petrol, 1,202 CNG, five CNG-diesel, and 166 electric.
Total car registration nationwide as of August 2020 was 41 million. Of the total, 177,000 are electric cars, divided into 4,799 electric, 161,000 petrol-electric, 11,470 diesel-electric, 30 LPG-petrol-electric, and 75 plug-in petrol-electric.
In 2017-20, there were 16 companies and 26 projects seeking investment promotion benefits from the Board of Investment, totalling production of 560,000 vehicles, of which about 120,000 are electric vehicles. The government aims to produce 750,000 electric vehicles by 2030.
Stock prices of Jaymart (JMART) and its subsidiary JMT Network Services (JMT) fell sharply in the morning session on Friday after they announced they were increasing their capital.
As of 11.01am, JMART’s stock had dropped by Bt1.30 or 8.44 per cent to Bt14.10 per share, while JMT fell by Bt2 or 6.20 per cent to Bt30.25.
JMART will offer 362.64 million additional ordinary shares to existing investors and a limited group, as well as issuing up to Bt3 billion in bonds, while JMT will offer 464.31 million ordinary shares, 107 million of which will be offered via warrants to existing investors and a limited group of investors.
An analyst at Capital Nomura Securities said JMART’s move to boost capital will pressure its stock price in the short term.
“JMART’s Interest-Bearing Debt to Equity Ratio (IBD/E) is currently 2.6 times, but we expect the company will be able to generate revenue from a joint venture with Korean partners in J fintech within this year.”
The analyst said their securities company had not adjusted its forecast for JMART’s performance, but it may be changed next week.
Central bank urges market participants to be ready for end of Libor
EconSep 11. 2020Vachira Arromdee, assistant governor of the central bank’s financial markets operations group
By The Nation
The Bank of Thailand (BOT) has said that the Libor cessation process is both fair and transparent, adding that market participants should be ready for the upcoming change.
Libor, or the London Interbank Offered Rate, is a global key benchmark interest rate that indicates borrowing costs between banks.
Vachira Arromdee, assistant governor of the central bank’s financial markets operations group, said the termination of Libor at the end of 2021 will bring major change to global financial markets. For Thailand, the discontinuation of Libor poses a significant concern given that US-dollar Libor is used to calculate the Thai baht interest rate fixing (THBFIX), which is widely used as a reference rate for various financial products in Thailand.
As a result, the BOT will need to cease producing and publishing the THBFIX rates. Libor’s end will also affect the Thai financial market directly through Libor-referenced financial transactions and indirectly through the THBFIX-referenced financial transactions. Though there is a large volume of THBFIX-referenced financial transactions, both cash and derivative products, the impacts of THBFIX’s cessation is expected to be limited. This is because THBFIX-linked loans are proportionately small in comparison to the overall loans, and borrowers are normally capable of adapting to the transition. As for THBFIX-linked derivatives market, the key players are institutional clients which have the capacity to manage the change.
To prepare for THBFIX’s end next year, the BOT will produce the fallback rate for THBFIX (Fallback THBFIX), which it expects to be comparable to THBFIX and used mainly as the fallback rate in THBFIX legacy contracts. At the same time, the BOT has asked all commercial banks to set up a team to manage the transition in a planned and orderly manner. The BOT will closely monitor the progress of Libor-linked and THBFIX-linked contract amendments of all commercial banks. At the same time, the BOT will commence work in various areas to ensure smooth transition.
The central bank has also collaborated with market participants to develop Thai Overnight Repurchase Rate (Thor) as a new reference rate, which reflects local financial market conditions. Recently, Thor has started being used. Going forward, the BOT will put in place a phased development timeline to promote the widespread usage of Thor.
The BOT advises those who have THBFIX-linked loans, bonds or derivatives that will mature after 2021 to study and understand Fallback THBFIX and consult with their banks to amend the reference rate in THBFIX legacy contracts to Fallback THBFIX. It is recommended that contract amendments should be done before the end of 2021. Also, Thor should be studied as it will be the new reference rate of Thai financial market.
The Stock Exchange of Thailand (SET) Index fell by 0.27 points or 0.02 per cent, to 1,290.62 in the morning session today (September 11).
An analyst from Krungsri Securities said he expected the index to fall between 1,280 and 1,285 due to lack of positive sentiment.
“The index is also under pressure from the direction foreign indices are taking, falling price of oil and uncertainty over the political situation as student protesters vow to go ahead with their September 19 rally as planned,” the analyst said.
He recommended that investors buy:
• Stocks whose third-quarter performance will improve, such as TU, Asian, Com7, CHG, PTG, PlanB, Tasco and EPG.
• Stocks that benefit from the launch of a new iPhone model on September 15, such as Com7, Synex and SPVI.
SET Index closed at 1,290.89 on Thursday, down 2.51 points or 0.19 per cent. The volume of total transactions stood at Bt42.183 billion with an index high of 1,298.33 and a low of 1,286.15.
SET closed in negative territory yesterday due to uncertainty over the second Covid-19 wave and domestic political situation.
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Plakorn Wanglee, president and CEO, Standard Chartered Bank (Thai) 
Jane Fraser smiles during the Milken Institute Global Conference in Beverly Hills, Calif., on April 29, 2019. MUST CREDIT: Bloomberg photo by Kyle Grillot. Photo by: Kyle Grillot — Bloomberg Location: Beverly Hills, United States 
Vachira Arromdee, assistant governor of the central bank’s financial markets operations group 
