The biggest takeaways from the Big Tech antitrust hearing #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

The biggest takeaways from the Big Tech antitrust hearing

Biz insightsJul 30. 2020

Heather Kelly

Heather Kelly

By The Washington Post · Heather Kelly · NATIONAL, BUSINESS, TECHNOLOGY, CONGRESS 

They came for blood.

For more than five hours, lawmakers questioned the CEOs of four of the world’s largest technology companies about antitrust, anti-conservative bias and more. It was an aggressive, wide-ranging hearing that was held to determine whether the companies’ outsize power and influence was bad for competition and consumers.

And the lawmakers showed up with evidence – both in the form of documents and people – to hold the CEOs accountable. It was clear many had also done their research, navigating complicated tech jargon to try to pin the executives down.

Both Facebook’s Mark Zuckerberg and Google’s Sundar Pichai faced a flood of questions on whether their platforms are biased against conservatives. Apple’s Tim Cook, who received the fewest questions, was confronted on the company’s app store policies. Amazon CEO Jeff Bezos was quizzed on how the e-commerce site uses competitive data from third-party sellers, with real-life examples of people who said they were hurt by the company’s tactics. (Bezos owns The Washington Post.)

Lawmakers did not let up on the intensity just because the subjects were beaming in over video connections and in-person attendees were in masks. The hearing was peppered with interruptions of the CEOs, even as they tried to keep sharing their talking points.

Here are some of the biggest takeaways from tech’s big day on Capitol Hill.

– – –

Lawmakers came prepared

Not everyone stuck to the topic of the hearing, but the lawmakers who focused on antitrust questions had clearly absorbed the specifics from the committee’s year-long investigation. They also displayed a better understanding of the technology itself than in previous tech hearings.

It was evidenced out of the gate, as Rep. David Cicilline, D-R.I., chairman of the House Judiciary antitrust subcommittee, asked detailed questions about how Google has developed its business.

“The evidence seems very clear to me: As Google became the gateway to the Internet, it began to abuse its power,” Cicilline said. “It used its surveillance over Web traffic to begin to identify competitive threats and crush them. It has dampened innovation and new business growth, and it has dramatically increased the price of accessing users on the Internet, virtually ensuring that any business that wants to be found on the Web must pay Google a tax.”

A report on the companies’ investigation into the companies is expected to be released in August.

– – –

Republicans asked about anti-conservative bias

There were quite a few off-topic moments during the hearing, from complaining about emails going straight to spam, to asking each CEO to commit to not working with suppliers who use “slave labor.” But it was complaints of anti-conservative bias that popped up again and again throughout the hearing, often with a dramatic flair that seemed directed more at people outside the hearing than lawmakers or executives.

In his opening remarks, Rep. James Sensenbrenner of Wisconsin, the top Republican on the subcommittee, signaled that it would be a line of questioning for many members on the committee.

“Conservatives are consumers, too, and they need the protection of antitrust laws,” he said.

The CEO’s batted away most of the questions.

Bezos at one point, when questioned about “cancel culture,” described social media as a “nuance-destruction machine.”

– – –

CEOs were put on the defensive

Over the course of the more-than-five-hour hearing, the executives were interrupted and cut off repeatedly by lawmakers on all sides. While Republican and Democrats’ main issues with the companies varied, their unhappiness with the companies was consistent.

The CEOs have been trained to not give away too much and fill in the blanks with stock phrases, but with just five minutes on the clock for each question, lawmakers quickly cut them off when it was clear that they were not being direct.

It was a change of pace for the wealthy and powerful CEOs who are used to calling the shots at their own companies. The aggressive questioning often used the executives own past words against them as lawmakers quoted lines from old emails.

Rep. Pramila Jayapal, D-Wash., unearthed an email in which Zuckerberg told the founder of Instagram, in the process of negotiations to acquire the photo-sharing service in 2012, that he was building a copycat camera service. The Instagram founder confided in an investor at the time that he feared Zuckerberg would “go into destroy mode” if he did not sell Instagram to him.

“Facebook’s very model makes it hard for new companies to flourish,” Jayapal said.

Zuckerberg said he did not recall some of the exchanges she was referring to.

– – –

Even Bezos forgets to unmute

While most lawmakers were present in person for the hearing, the CEOs all appeared over video chat due to the pandemic. Classic teleconferencing high jinks ensued.

At one point, Bezos tried speaking without unmuting his line. Earlier in the day, a slow connection delayed Zuckerberg’s voice so his words were not in sync with his lips. The hearing paused early on to fix issues with Bezos’ video. And like any regular marathon video-call participants, Zuckerberg and Bezos grabbed a few snacks while on camera.

Overall, the distance did not alter the intensity of the process. Each executive seemed the proper amount of serious and under-pressure during questioning, and lawmakers did not hold back when it came to interrupting or talking over them to make a point or force the CEOs to get to the point.

– – –

Amazon was in the hot seat; Apple flew under the radar

The lawmakers took their time getting to questions for Bezos, but ended the day spending much of the time on the head of Amazon. Meanwhile, Cook received the fewest questions from the 15 member panel.

In one notable moment, Bezos said he could not guarantee that data collected from third-party sellers was not used to launch Amazon’s own options. The company’s relationship with – and power over – its third-party sellers was a frequent topic.

Jayapal, who represents the Seattle area where many Amazon employees work, pressed Bezos on whether Amazon ever used third-party-seller data to make business decisions.

“What I can tell you is we have a policy against using seller-specific data to aid our private label business,” Bezos replied. “But I can’t guarantee you that policy has never been violated.”

At one point, Rep. Ken Buck, R-Colo., asked all four CEOs to pledge to avoid using “slave labor.”

Cook said, “We would terminate a supplier relationship if it were found.”

—

Heather Kelly is a reporter covering the ways technology affects everyday life. Based in San Francisco, she joined The Washington Post in 2019 after seven years at CNN, where she worked as a writer and editor covering consumer technology trends and Silicon Valley.

Gold continues rise #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Gold continues rise

EconJul 30. 2020

By The Nation

The price of gold rose by Bt50 per baht weight in morning trade today (July 30), the Gold Traders Association reported.

As of 9.29am, the buying price of a gold bar was Bt29,000 per baht weight and selling price Bt29,100, while gold ornaments cost Bt28,470.48 and Bt29,600, respectively.

At close yesterday, the buying price of a gold bar was Bt28,950 per baht weight and selling price Bt29,050, while gold ornaments cost Bt28,425 and Bt29,550, respectively.

The Comex (Commodity Exchange) gold price to be delivered in August rose by US$8.8, or 0.45 per cent, to $1,953.4 (Bt61,388.72) per ounce at yesterday’s close.

Gold remained in positive territory as investors continued to purchase the metal as a safe-haven asset before the US Federal Open Market Committee began a key meeting.

The Chinese Gold and Silver Exchange Society said the Hong Kong gold price rose by HK$70, opening at $18,170 (US$2,344.52 / Bt73,674.75) per tael this morning.

Fed chief: New surge in cases is beginning to weigh on the economy #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Fed chief: New surge in cases is beginning to weigh on the economy

EconJul 30. 2020Federal Reserve Chair Jerome PowellFederal Reserve Chair Jerome Powell

By The Washington Post · Rachel Siegel · NATIONAL, BUSINESS, HEALTH, POLITICS, HEALTH-NEWS

WASHINGTON – The head of the Federal Reserve said Wednesday that rising numbers of coronavirus cases since mid-June are beginning to weigh on the economy, reinforcing that the fate of the recovery depends on containing the pandemic.

“On balance, it looks like the data are pointing to a slowing in the pace of the recovery,” Federal Reserve Chair Jerome Powell said during a news conference on Wednesday. “I want to stress it’s too early to say both how large that is and how sustained it will be.”

Job gains from May and June came “sooner and stronger” than expected, Powell said. But those encouraging signs were closely followed by a surge in coronavirus cases nationwide. Powell said that at the same time people’s lives depend on containing the public health crisis, it is also important to “deal with the economic ramifications.”

Powell said some measures of consumer spending, based on debit card and credit card use, have moved down since late June. Powell also mentioned recent labor market indicators that are pointing to slower job growth, especially for smaller businesses. Hotel occupancy rates have flattened out, Powell said, while Americans are not going to restaurants, gas stations and beauty salons as much as they had been earlier in the summer.

Powell said the upcoming jobs reports and other surveys will help flesh out the Fed’s economic outlook, cautioning that he did not “want to get ahead of where the data are on this.” But as he has for months, Powell again emphasized that the economy’s recovery depends on the country’s ability to stop the virus from spreading.

“The path of the economy is going to depend, to a very high extent, on the course of the virus and on the measures we take to keep it in check,” Powell said. “The two things are not in conflict. Social distancing measures and a fast reopening of the economy actually go together. They’re not in competition with each other.”

As expected, the Fed’s policymaking board decided to keep interest rates, which are already near zero, unchanged as it concluded two days of policy meetings this week. Markets responded optimistically to the news, with the Dow Jones industrial average ending up 160 points at Wednesday’s close.

The Federal Reserve signaled in its statement on Wednesday that the Fed would continue to use “its full range of tools” to steer the economy out of recession, even as the virus significantly shapes the future of the economy.

“The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” the Fed’s top panel of policymakers said in a statement at the conclusion of two days of meetings.

After sharp declines, economic activity and employment “have picked up somewhat in recent months,” the Fed said. Economists have been closely watching July indicators, which could help explain whether the recovery from earlier this summer is beginning to fizzle as some states and cities reimpose restrictions on businesses to combat rising coronavirus cases.

“Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses,” the Fed statement read.

To support the flow of credit to households and businesses, the Fed said it would increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace over the coming months. The Fed has said its support of the markets should remain in place to help safeguard the broader financial system during the pandemic.

At his news conference, Powell said the Fed was committed to keeping its lending facilities and other emergency measures in place not only during the shutdown and reopening, but also through the “long tail where a large number of people are struggling to get back to work.”

“We’re in this until we’re well through it,” Powell said.

Powell’s news conference comes as Congress clashes over another stimulus bill and an extension for enhanced unemployment benefits. On Tuesday, President Donald Trump brushed off the new $1 trillion Senate GOP coronavirus legislation as “sort of semi-irrelevant.”

Powell has repeatedly said that the Fed cannot heal the economy alone and that more help will be needed from Congress to ease the pain for millions of Americans. On Wednesday, Powell said funding from the Cares Act has been key to keeping people in their homes and jobs. He praised the Paycheck Protection Program, for example, for getting money directly to businesses that couldn’t necessarily have been saved through a Fed lending program.

“Lending is a particular tool, and we’re using it very aggressively, but fiscal policy is essential here,” Powell said. “As I’ve said, more will be needed from all of us, and I see Congress is negotiating now over a new package, and I think that’s a good thing.”

Powell has stopped short of telling lawmakers exactly what they should do, or how urgently they should act, saying it isn’t his role to tell other parts of government how to do their jobs. But on Wednesday, Powell pushed the success of Congress’s earlier programs as reason for lawmakers to act again, said Skanda Amarnath, research director of Employ America, a policy group that advocates for full employment and higher wages.

Amarnath said Powell’s framing could give some cover to Republican lawmakers who are less convinced more help is needed, or who dispute the connection between the virus and the recovery.

“[Powell] is trying to reiterate that you can’t think of this as ‘either or,’ ” Amarnath said, adding that when it comes to tackling the pandemic and the economy, “you’re going to have to tackle one to tackle the other.”

For months, Powell has insisted that the virus will dictate an economic turnaround, which he says can’t happen until Americans feel safe going about their daily routines. Since the Fed’s last meeting in June, rising case counts have forced states to reimpose restrictions on business activity. Minutes from the Fed’s June meeting showed officials were worried the United States could enter a much worse recession later this year if the pandemic is not contained.

At this week’s Fed meeting, Fed leaders were expected to discuss other policy tools, such as forward guidance and asset purchases, without necessarily coming away with any firm conclusions. Economists are also awaiting the release of the Fed’s long-term monetary policy review, which could change the way the Fed approaches its inflation target.

Stocks rally, dollar falls on dovish Fed remarks #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Stocks rally, dollar falls on dovish Fed remarks

EconJul 30. 2020

By Syndication Washington Post, Bloomberg · Rita Nazareth · BUSINESS, US-GLOBAL-MARKETS 

U.S. stocks climbed and the dollar fell after the Federal Reserve signaled continued stimulus to prop up the world’s largest economy. Treasurys were little changed.

The S&P 500 extended its July rally as the Fed kept rates near zero in a widely anticipated decision, pledging to use all of its tools to support a recovery from the coronavirus pandemic. Chairman Jerome Powell said there are signs the increase in infections is starting to weigh on activity while noting that the path forward for the economy is “extraordinarily uncertain.” The central bank repeated prior language that the outbreak “poses considerable risks” to the outlook over the medium term.

As the pandemic continues to rage in parts of the U.S., hot spots in Europe and across big emerging economies, governments are having to double down on the $11 trillion dollars worth of stimulus and unprecedented central bank support unleashed since the crisis began. The Fed has kept rates pinned near zero since the outbreak’s onset in March and rolled out several emergency lending programs geared toward fostering liquid trading conditions in financial markets.

“The Fed’s large, looming presence and ability to act more if needed has provided a backstop for risk assets over the near term,” according to Jason Pride, chief investment officer of private wealth at Glenmede. “The focus now shifts to the FOMC’s September meeting, when investors might expect more action,” he said, referring to the Federal Open Market Committee.

Meanwhile, Scott Minerd, chief investment officer at Guggenheim Partners, said a failure in Washington to agree to another covid-19 relief package could push unemployment higher, undermining the stock market and forcing the Fed to expand asset purchases.

“We are in a particularly vulnerable time of the year for risk assets,” Minerd said Wednesday in an interview on Bloomberg Television. “The markets could get easily rattled.”

Some 19% of S&P 500 companies that have posted results so far have reported per-share profits that beat or missed estimates by 50% or more. That’s the highest proportion of companies with surprises of this magnitude since at least 2010, data compiled by Bloomberg Intelligence’s Gina Martin Adams and Wendy Soong show.

Yet earnings may fail to deliver the kind of support needed to sustain the four-month rally in American stocks any time soon, according to Liz Ann Sonders, Charles Schwab Corp.’s chief investment strategist.

She compared the S&P 500 with its forward earnings, based on projected profit during the next 12 months, in a report Monday. While the S&P 500 made up 85% of the gap between this year’s high and low through Tuesday, the profit gauge only rebounded 20%, according to data compiled by Bloomberg. “Earnings will eventually need to do more than just beat an extremely low bar” to justify the surge in share prices, she wrote.

These are some of the main moves in markets:

Stocks

– The S&P 500 climbed 1.3% as of 4 p.m. EDT.

– The Stoxx Europe 600 Index fell 0.1%.

– The MSCI Asia Pacific Index decreased 0.2%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.3%.

– The euro increased 0.5% to $1.178.

– The Japanese yen was little changed at 105.04 per dollar.

Bonds

– The yield on 10-year Treasurys was unchanged at 0.58%.

– Germany’s 10-year yield increased one basis point to -0.50%.

– Britain’s 10-year yield climbed one basis point to 0.118%.

Commodities

– The Bloomberg Commodity Index rose 0.7%.

– West Texas Intermediate crude climbed 0.5% to $41.26 a barrel.

– Gold strengthened 0.4% to $1,965.93 an ounce.

Expert predicts gold will hit Bt30,000 this year #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Expert predicts gold will hit Bt30,000 this year

EconJul 30. 2020

By The Nation

Experts are divided over whether gold will hit the magic price of Bt30,000 per baht weight by the end of this year, as the global price nears US$2,000 per ounce.

Kritrat Hiranyasiri, chairman of MTS Gold said gold prices could rise further as investors react to the US-China trade war, Covid-19 pandemic, and central banks’ move to inject cash into the economic system.

“We expect the spot gold price to hit a new high of US$2,000 per ounce [soon],” he said.

“Also, we expect the SPDR Gold Trust, one of the world’s largest exchange traded funds, to buy more gold because it currently holds only 1,249 tonnes – lower than its holding during the 2008-11 financial crisis of 1,320 tonnes.”

He predicted the Thai price will hit Bt30,000 given that goldsmiths charge a Bt500 to Bt1,000 commission per baht weight and the price is currently at Bt29,550 per baht weight.

“Gold is considered a safe-haven asset because markets are volatile and the interest rate is low,” he added.

However, Gold Traders Association chairman Jitti Tangsitpakdee said the price may already be at its ceiling.

“There is only a small chance that gold will hit Bt30,000 per baht weight, because gold funds worldwide will sell gold to take profit resulting in falling prices,” he said.

The value of gold has rocketed by Bt7,000 per baht weight since the beginning of this year, generating returns of over 20 per cent.

“The price will only hit Bt30,000 if the global market price reaches US$2,020 per ounce,” Jitti added.

“However, we recommend that investors don’t place too much hope in gold and sell some to take profit, otherwise they face the same despair as eight years ago [during the last gold boom].”

New BOT governor faces historic challenges as Thailand plots recovery path #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

New BOT governor faces historic challenges as Thailand plots recovery path

EconJul 30. 2020Setthaput, an economistSetthaput, an economist

By Wichit Chaitrong
The Nation
Analysis

Key challenges await incoming central bank governor Setthaput Suthiwart-Narueput as the country seeks a path to recovery from an unprecedented global crisis.

The Cabinet on Wednesday (July 29) approved the appointment of Setthaput, an economist, as the next Bank of Thailand (BOT) chief, taking over from Veerathai Santiprabhob whose five-year term expires at the end of September. Setthaput is also economic adviser to Prime Minister Prayut Chan-o-cha.

He will need no introduction to the scale of the task ahead; the Thai economy is reeling as millions are laid off and small and medium-sized businesses go under amid the Covid-19 fallout and flaws in implementing monetary and fiscal policies.

The central bank has already cut interest rates three times this year, to a historic low of 0.5 per cent. In April it launched a soft loan scheme worth Bt500 billion to help businesses survive the virus crisis.

However, a smaller-than-expected Bt100 billion worth of loans have so far been approved, while small and medium-sized businesses continue to shut in large numbers. The challenge to help workers and rescue businesses is thus a steep one.

Meanwhile, despite a sharp slowdown in exports and almost no foreign tourist revenue, the baht remains strong relative to regional currencies. The strong baht is inconsistent with weakening economic fundamentals and has hit Thai exporters and farmers, whose products are less competitive in the global market and earn less money due to the exchange rate.

Veteran economist and ex-finance minister Virabongsa Ramangkura is among many who have criticised the central bank and government for failing to halt the baht’s appreciation.

Next on Setthaput’s list of challenges will be financial stability. 

Most observers expect bad debts in the banking sector to increase significantly post-Covid 19. Veerathai has already asked banks to halt payment of interim dividends and stop share buy-backs, to ensure they have enough capital. The good news is that the financial system was far more solid before coronavirus hit than the shaky state of Thai banks ahead of the 1997 financial crisis.

However, if the Covid-19 outbreak persists, more problems will emerge. 

“One of the biggest challenges for the new central bank governor will be dealing with bad debt in the financial sector,” said Pipat Luengnaruemitchai, assistant managing director at Phatra Securities.

Monetary policy has been blamed for widening income equality as central banks around the globe inject massive liquidity into the market, driving up financial asset prices. In stark contrast, workers are losing their incomes to layoffs and furloughs as companies struggle for survival. The low interest rate is also hurting savers, especially the elderly whose income depends on bank savings.

The BOT forecasts the Thai economy will shrink 8.1 per cent this year while the International Monetary Fund projects the global economy will contract 4.9 per cent. A slower global recovery would also delay the Thai recovery. The BOT calculates it will take about two years for the Thai economy to return to its pre-pandemic level.

The central bank along with the Budget Bureau, Finance Ministry and National Economic and Social Development Council have a key role in formulating the annual budget. The challenge is how the new central bank governor can influence overall macro-economy policies.

Voters and outsiders have voiced growing dissatisfaction with Thailand’s economic management since the military coup in 2014. Among them is respected economist Virabongsa, who has slammed the current government for its lack of expertise in economic policies.

Finally, new governor Setthaput will face the “integrity challenge”. 

The post of BOT governor demands high moral standards which were set by Puey Ungphakorn during his 12-year term in 1960s. Puey is credited as the founder of Thailand’s modern economy. At a time when the military enjoyed huge influence in Thai politics, he used his deep knowledge of economics along with personal influence derived from strong integrity to limit military meddling in economic management and stop generals plundering both state-owned and private enterprises. Given that the military still has a strong hand in national budget allocation – judging from the rise in defence spending since the 2014 coup – it will be interesting to see how the new governor deals with the issue.

SET dips as US govt squabbles over $1-trillion stimulus package #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

SET dips as US govt squabbles over $1-trillion stimulus package

EconJul 29. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,338.35 today (July 29), down 2.57 points or 0.19 per cent, while total transactions stood at Bt56.111 billion with an index high of 1,349.91 and a low of 1,337.03.

In the morning session, a stock analyst with Krungsri Securities said he expected the index to fall to between 1,325 and 1,330 points before rebounding due to the conflicts between the US Democrats and Republicans over the US$1-trillion economic stimulus.

“Uncertainty over the rising number of new Covid-19 cases in the US – which rose by 60,000 in just one day – will pressure investment,” he said. “However, the index will rebound from mass purchases of stocks whose second-quarter performance is expected to improve.”

The analyst also advised investors to monitor the US Federal Open Market Committee meeting today and tomorrow to see if it will maintain the interest rate at 0 to 0.25 per cent.

The top 10 stocks with the highest trade value today were KBANK, KCE, GULF, CBG, CPALL, IVL, OSP, STGT, BBL, and AOT.

As of 4.30pm, the price of crude oil rose by $0.43 or 1.05 per cent to $41.47 per barrel, while gold rose by $7.50 or 0.39 per cent, to $1,952.10 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 22,397.11, down 260.27 points, or 1.15 per cent.

China’s Shanghai SE Composite Index closed at 3,294.55, up 66.59 points, or 2.06 per cent, while Shenzhen SE Component Index closed at 13,557.44, up 410.09 points, or 3.12 per cent.

Hong Kong’s Hang Seng Index closed at 24,883.14, up 110.38 points, or 0.45 per cent.

South Korea’s KOSPI Index closed at 2,263.16, up 6.17 points, or 0.27 per cent.

Taiwan’s TAIEX Index closed at 12,540.97, down 45.76 points, or 0.36 per cent.

Price of electronic shares skyrocket in morning trade #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Price of electronic shares skyrocket in morning trade

EconJul 29. 2020

By The Nation

The price of electronic shares surged by 8 per cent this morning (July 29) in response to strong second-quarter performance by Delta Electronics (Thailand).

The price of Delta’s shares rose by 11 per cent, KCE Electronics 8 per cent, Hana Microelectronics 5 per cent and SVI 5 per cent.

Delta, in its second-quarter performance announcement on July 24, said the company’s net profit was Bt2 billion, up 130 per cent year on year as its operating costs dropped by 4.2 per cent while sales increased by 3.5 per cent.

A stock analyst at UOB Kay Hian Securities said Delta’s gross profit margin was 27 per cent, better than the expected 22.

“We expect Delta’s gross profit margin to increase further in the second half of this year, so we increased the company’s profit forecast this year and next year to 61 per cent and 45 per cent, respectively,” the analyst said.

“Also, we advise investors to buy this stock at Bt124 per share.”

The analyst added that the strong performance in electronic stocks helped boost the Stock Exchange of Thailand Index in morning trade.

GPSC eyes power business expansion with parent PTT #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

GPSC eyes power business expansion with parent PTT

CorporateJul 29. 2020

By The Nation

Global Power Synergy Plc (GPSC), the power flagship of PTT Group, expects to reach a conclusion in the third quarter on joint investment with PTT in the power business, GPSC chief executive Chawalit Tippawanich said.

The investment aims to produce 8,000 megawatts in the next 10 years, starting from this year, of which 3,000MW will be achieved in the first five years.

He added that the company was still looking for a merger and acquisition deal in the renewable energy business in foreign countries.

The company recently outlined strategies to boost its growth under a five-year investment plan from 2020-24. The strategies include seeking investment opportunities for power projects with the PTT Group.

Acquisition of Wuttisak Clinic double-edged sword for EFORL #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Acquisition of Wuttisak Clinic double-edged sword for EFORL

CorporateJul 28. 2020

By The Nation

E for L Aim (EFORL) needs to work on recovery after investing approximately Bt4.5 billion in the acquisition of Wuttisak Clinic in 2014.

After the takeover, EFORL’s revenue rose to Bt4.53 billion from Bt1.49 billion in 2014, but dropped sharply to Bt1.994 billion in 2019 after Wuttisak Clinic filed for bankruptcy due to performance losses since 2015.

As of December 31, 2019, EFORL’s accumulated loss was over Bt2.035 billion, while shareholders’ equity contracted by approximately Bt104 million.

The reasons behind this loss were organisational restructuring and arguments between EFORL and the Wuttisak Clinic International Group, which resulted in unstable business operations.

Though EFORL’s medical equipment business is still profitable, the loss from investment in Wuttisak Clinic has caused the company to suffer tight liquidity and debt-to-equity ratio of 7.8 times. The company’s shares dropped to 0.03 per share from the highest of Bt1.98 per share.