Outgoing Bank of Thailand Governor Veerathai Santiprabhob has declined a post in Prime Minister Prayut Chan-o-cha’s Cabinet, according to a central bank press release on Sunday.
Reacting to local reports Veerathai said in the release that he had been approached to join the government’s incoming economic team, but he had told the premier recently that he could not take any post in the Cabinet. He also thanked the PM for trusting him and approaching him to join the Cabinet.
The five-year term of the current BOT governor will end in September. He took office on October 1, 2015.
Prayut has approached a number of high-profile persons to join his Cabinet, following the resignation of five key members.
Deputy Prime Minister Somkid Jatusripitak, Finance Minister Uttama Savanayana, Energy Minister Sontirat Sontijirawong, Minister of Higher Education, Science, Research and Innovation Suvit Maesincee and deputy secretary-general to the PM for political affairs Kobsak Pootrakool handed in their resignations on July 16.
The premier has reportedly approached Predee Daochai, president of the Thai Bankers’ Association, to join the Cabinet but he has yet to respond.
On Friday, the National Economic and Social Development Council issued a press release denying a local news report that its secretary-general, Tossaporn Sirisamphan, will take up a post in the Cabinet.
Tossaporn said in the release that he still worked as National Economic and Social Development Council secretary-general as usual and was engaged in a crucial mission of screening projects worth Bt400 billion, which are aimed at lifting the battered economy.
By Special To The Washington Post · Michael F. Harsch, Vlagyiszlav Makszimov, David B. Ramsey · OPINION, BUSINESS, TECHNOLOGY, OP-ED, US-GLOBAL-MARKETS Thursday, in a landmark decision, the European Union’s top court invalidated the Privacy Shield, a key mechanism that businesses use for transferring personal data across the Atlantic.
It also set clear limits on the other main tool that businesses use to transfer data: standard contractual clauses (SCCs). The Court of Justice of the European Union (CJEU) found that the Privacy Shield did not protect European citizens against U.S. surveillance, and suggested that contractual clauses would only work for transfers of data to jurisdictions that had equivalent privacy protections to the European Union. This means trouble for Facebook and other similar companies that rely on these data flows as part of their business model, as well as other big companies.
Here are three key takeaways from the ruling.
– Businesses can expect a turbulent time
The CJEU was deciding on a case that most people are calling Schrems II – after the Austrian privacy activist Max Schrems. The court ruled on the validity of the Privacy Shield, the U.S.-E.U. agreement which over 5,300 companies use to send sensitive data across the Atlantic, including tech giants such as Facebook, Twitter, Google and Amazon; and SCCs, which contractually oblige companies to follow E.U.-level privacy standards once they transfer personal data outside Europe.
The court annulled Privacy Shield, arguing that U.S. law does not limit surveillance programs to what is strictly necessary and that exposing the data of Europeans to U.S. intelligence agencies violates their privacy rights. In addition, the court found that the system offers insufficient legal recourse for Europeans to challenge U.S. practices. With transatlantic relations severely strained, the European Union and the United States face the daunting task of finding a new arrangement that satisfies the court’s concerns without disrupting the transatlantic economy. Recent history will loom large over these negotiations: when the CJEU quashed Privacy Shield’s predecessor, Safe Harbor in its Schrems I decision of 2015, regulatory chaos ensued.
SCCs could help in the short term, but they have problems, too. The court found that SCCs are generally sufficient for transferring personal data. However, the court said that E.U. data protection authorities are obliged to stop SCC-based transfers if they have concerns about data protection in the receiving country. The ruling thus creates significant uncertainty for any firm based in Europe that operates in countries such as China or India where governments have broad surveillance powers. Max Schrems’s nonprofit organization claims the court’s decision means that SCCs cannot be used anymore for data transfers to the United States, and Hamburg’s activist data protection authority seems to agree. Facebook says it will await guidance, putting pressure on the European Union and the United States to find a solution.
– The European Court is becoming more activist on fundamental rights
Schrems and other recent decisions suggest the European Court is becoming more sensitive to public opinion and hence emphasizing fundamental rights. In the wake of 9/11, Europeans broadly supported U.S. counterterrorism measures, but over the past decade, Europeans have begun to favor safeguarding fundamental rights over security concerns, and the courts have followed. For example, in the Kadi case, an E.U. court in 2005 first upheld the U.N. Security Council’s ability to freeze assets of alleged terror suspects. Yet in 2008, the highest court reversed course, ruling that blacklisted suspects deserve full judicial review and that governments must explain their reasons for imposing sanctions. The court ultimately upheld this decision in 2013, when only 1 in 50 Europeans still considered terrorism an important issue. That same year, Edward Snowden revealed that Facebook was affected by the National Security Agency’s mass surveillance programs, which led to the original Schrems case.
Public concerns in Europe about data protection remain high. In a 2019 E.U.-wide survey, over 80 percent of respondents said they had only “partial” or “no control at all” over the information they provide online – despite the introduction of the E.U.’s General Data Protection Regulation in 2018. The Kadi and Schrems cases both suggest that Europe’s highest court has become more similar to the U.S. Supreme Court, whose responsiveness to public opinion is well documented. As long as the CJEU does not face a public backlash, expect more bold rulings from the court defending fundamental rights.
– Europe and California are replacing Washington as standard-setters
With Schrems II, the CJEU has asserted its role as international standard-setter in data protection and privacy law. While Congress remains divided over establishing national standards, California’s Consumer Privacy Act came into effect in 2020. The regulations under that law are poised to lead to more stringent standards nationwide.
To advance privacy protection, both the European Union and California are using a powerful legal principle also used by the federal government, “extraterritoriality,” or the application of one country’s domestic laws in other countries. The United States has long sought to enforce certain domestic legal standards abroad. A key example is the Foreign Corrupt Practices Act of 1977, which resulted in U.S. sanctions against several European companies and led to the adoption of the 1997 OECD Anti-Bribery Convention. In the Schrems II case, the CJEU effectively asserts the extraterritoriality of E.U. data protection regulations. Some now raise concerns about a “balkanization of the internet.” But when faced with the choice of either complying with E.U. law or separating their European operations, U.S. tech giants previously stated they will comply. If the field of anti-corruption is any guidance, extraterritorial application of E.U. privacy rules could lead to stronger international standards and support the push for privacy rights in the United States.
Investors should keep an eye on the Covid-19 situation, tensions between the US and China, and commercial banks’ performance announcements, as they could affect the baht and the Stock Exchange of Thailand (SET) Index next week, experts said.
The baht this week (July 13 to 17) moved between Bt31.245 and Bt31.76 against the dollar before closing at Bt31.70, weaker compared to the dollar due to uncertainty among investors about a second Covid-19 wave in Thailand.
Meanwhile, the yen also weakened as Japan’s economy remains under pressure. The Bank of Japan expected Japan’s economy to shrink by 4.7 per cent, while Japan’s Consumer Price Index (CPI) is expected to fall by 0.5 per cent in fiscal year 2020, which will end in March next year.
A currency analyst at CIMB Thai Bank expected the baht next week to move between Bt31.40 and Bt31.80, advising investors to monitor the Covid-19 situation in many countries as the number of new cases continue to rise, as well as the conflict between the US and China that began to escalate.
The SET Index on Friday (July 17) closed at 1,359.58, down 11.72 points or 0.87 per cent. Total transactions amounted to Bt41.354 billion.
A stock analyst at Asia Plus Securities expected the index next week to fluctuate sideways or sideways up between 1,340 and 1,380.
“The index would be under pressure from commercial banks’ performance at the beginning of next week as their profit is expected to drop by over 30 per cent both year on year and quarter on quarter,” the analyst said.
“However, the decline in commercial banks’ profit would not cause much of an impact on the market because the proportion of bank shares to the market was less than in the past.”
The price of gold on Friday stood at US$1,802.49 per ounce, while the price in Thailand was Bt27,000 per baht weight.
A gold analyst at YLG Bullion International advised investors to trade gold in the short term when the price fluctuates.
“We advise investors to sell gold if the price rises to the resistance level between $1,808 and $1,818 per ounce,” the analyst said. “Meanwhile, investors should determine the stop-loss at $1,786 per ounce.”
By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric · BUSINESS U.S. stocks rose as investors digested this week’s initial burst of corporate earnings, economic data and coronavirus news. The dollar weakened and crude oil declined.
The S&P 500 withstood a late session swoon to register its third consecutive weekly gain for the first time since December. Trading volume was about 25% below the average over the prior 30 days. Intel Corp. and Cisco Systems Inc. helped the Nasdaq 100 avoid its first back-to-back daily decline since mid-May. A University of Michigan survey showed U.S. consumer sentiment slumped in July, missing all forecasts, after the resurgent coronavirus nearly wiped out any emerging optimism around reopenings.
“This pandemic is still vexing everybody,” said Lori Heinel, deputy global chief investment officer at State Street Global Advisors. “Until we have a clearer path toward more effective treatments or a clearer path to vaccination, we should just expect that we’re going to continue to have volatility.”
Investors were closely watching to see how the broader technology sector reacted to Netflix Corp.’s weaker than expected outlook. The Nasdaq Composite has managed to go two months without posting back-to-back declines, but that’s now under threat as investors question the resilience of tech’s searing rally.
Netflix Puts a Record Run of Resilience at Risk in Nasdaq
“We’re going to continue to see a bifurcated economy, bifurcated market, unless we get rid of this virus and everything goes away for some reason,” said David Yepez, a money manager at Exencial Wealth Advisors. “If we find a vaccine and, you know, that will be the point where value will start to outperform.”
In Europe, traders are holding out hope for policymakers to conclude a stimulus pact. German Chancellor Angela Merkel raised doubts on Friday that European Union leaders would be able to agree this week on a landmark 750 billion-euro ($855 billion) recovery fund to help their economies heal from the pandemic. Positive earnings from Daimler AG and Ericsson AB pulled carmakers and tech stocks higher.
Elsewhere, Chinese shares were steady after a more than 4% slide on Thursday, with investors assessing moves by policymakers to tame signs of exuberance.
These are the main moves in markets:
Stocks
The S&P 500 Index gained 0.2% to 3,224.78 as of 4:02 p.m. EDT.
The Dow Jones industrial average was little changed at 26,672.46.
The Nasdaq Composite Index increased 0.2% to 10,503.19.
The MSCI All-Country World Index rose 0.3% to 548.33.
Currencies
The Bloomberg Dollar Spot Index dipped 0.3% to 1,204.30.
The euro gained 0.5% to $1.1439, the strongest in more than four months.
The Japanese yen strengthened 0.2% to 106.94 per dollar.
Bonds
The yield on two-year Treasurys increased less than one basis point to 0.14%.
The yield on 10-year Treasurys increased one basis point to 0.62%.
Germany’s 10-year yield gained two basis points to -0.45%.
Commodities
West Texas Intermediate crude decreased 0.1% to $40.60 a barrel.
Gold strengthened 0.7% to $1,810.58 an ounce, the highest in almost nine years on the biggest advance in a week.
The Stock Exchange of Thailand (SET) Index closed at 1,359.58 today (July 17), up 11.72 points or 0.87 per cent. Total transactions amounted to Bt41.354 billion with an index high of 1,361.39 and a low of 1,350.10.
In the morning session, a stock analyst at Krungsri Securities expected the index to fall to 1,340 before rebounding slightly due to a lack of new positive sentiments to stimulate investment.
“The index is still under pressure from US-China tensions after the US imposed visa restrictions on Chinese technology company employees, claiming the companies supported the Chinese government in abusing human rights,” the analyst said.
“Also, the figure of more than 1 million US jobless claims will pressure the index.”
However, the analyst said the index would rebound via mass buy-ups of shares in companies whose second-quarter performance would improve.
“We advise investors to follow banks and financial institutions’ second-quarter performance announcements,” the analyst added. “We expect banks and financial institutions’ second-quarter performance to drop, both quarter on quarter and year on year.”
The 10 stocks with the highest trade value today were STGT, EA, STA, CPALL, PTT, CPF, KBANK, MINT, SUPER, and OSP.
As of 4.30pm, the price of crude oil had dropped by US$0.26 or 0.64 per cent to $40.49 per barrel, while gold rose by $2.70 or 0.15 per cent, to $1,803 per ounce.
Changes in Asian indices were mixed:
Japan’s Nikkei Index closed at 22,696.42, down 73.94 points, or 0.32 per cent.
China’s Shang Hai SE Composite Index closed at 3,214.13, up 4.03 points, or 0.13 per cent, while the Shenzhen SE Component Index closed at 13,114.94, up 118.60 points, or 0.91 per cent.
Hong Kong’s Hang Seng Index closed at 25,089.17, up 118.48 points, or 0.47 per cent.
South Korea’s KOSPI Index closed at 2,201.19, up 17.43 points, or 0.80 per cent.
Taiwan’s TAIEX Index closed at 12,181.56, up 23.82 points, or 0.20 per cent.
Khomgrich Tantavanich, secretary-general of the Energy Regulatory Commission (ERC), said that the Power Development Plan (PDP) has reviewed plans to purchase 400-megawatts of electricity from a community-based waste-power plant and is awaiting approval by the Interior Ministry’s Energy Policy and Planning Office (EPPO).
“The community waste-power plant purchase was included in the quota of the current PDP scheme. If the Energy Ministry sends the plan to the ERC, we may purchase 200MW this year and another 200MW next year,” Khomgrich said.
He added that the ERC is also open to purchasing power from public solar projects this year. So far, 78 have shown interest and have signed agreements with the state for the sale of 468.32 kilowatts of energy this year.
He added that the trend of power charges for 2021 depends on several important factors such as power consumption, GDP and other factors such as the direction of the currency. ERC reckons that a negative 1 per cent GDP growth rate will affect the use of electricity by about 0.7 to 0.8 per cent.
As for the rate of electricity in the last quarter of this year, ERC has decided to adjust the variable tariff by Bt0.83 per unit, resulting in the average cost of electricity to be reduced to Bt3.63 from Bt3.64 per unit excluding VAT.
Thaicom and ARV form drone technology joint venture
Jul 16. 2020Thaicom CEO Anant Kaewruamvongs, left, and Thana Slanvetpan, ARV general manager, at the signing ceremony.
By The Nation
Thai Advance Innovation Co Ltd (Thai AI), a subsidiary of satellite operator Thaicom, today signed a shareholders agreement with AI and Robotics Ventures (ARV), a subsidiary of PTT Exploration and Production (PTTEP), to collaborate on development of drone technology.
The initial phase of the partnership focuses on drones for smart farming solutions to strengthen Thailand’s agricultural sector.
The two companies are establishing ATi Technologies Co Ltd to develop the drones with registered capital of Bt20 million.
Thai AI and ARV will each hold a 50 per cent stake in the new firm. Under the agreement, ATi Technologies will develop advanced drone technology, helping farmers improve agricultural productivity and addressing development challenges in Thailand’s agricultural sector.
“ARV is an important strategic partner for Thai AI. In November last year, Thai AI and ARV entered into an agreement to cooperate on drone development for agricultural use,” said Thaicom chief executive officer Anant Kaewruamvongs.
The joint venture marks a big step forward to leverage advanced solutions and a full range of drone technology-enabled innovative agricultural services, and enhance the capability of drone technology in Thailand.”
Thana Slanvetpan, ARV general manager, said: “Our collaboration with Thaicom is a cornerstone of our partnership strategy for business growth. The new company, ATi Technologies Co Ltd, will develop drone solutions and conduct research for a wide variety of applications including data analytics and digital farming, as well as work together with companies in the agricultural industry. The company will also explore future drone-related opportunities to help drive the Thai economy with innovation.”
MEA launches campaign for use of electric tuk-tuks in tourism
Jul 16. 2020
By THE NATION
The Metropolitan Electricity Authority (MEA) has joined hands with Electric Vehicle Association of Thailand (EVAT) to promote the use of electric tuk-tuks in tourism businesses.
MEA deputy director Wilas Chaloeysat and EVAT president Krisada Uttamote on Wednesday (July 15) jointly presided over the opening ceremony of “Change Tuk-Tuks to New Normal” campaign at MEA Head Office in Bangkok’s Khlong Toei district.
The campaign aims to promote the use of electric tuk-tuks to reduce environmental impact, especially in tourism businesses, after the government has eased lockdown measures.
“Tuk-tuks are an iconic vehicle of Thailand that could help promote a positive image among domestic and foreign tourists,” said Wias. “To comply with the new normal standard, the MEA has supported 150 sets of clear canvass to help prevent passengers from catching Covid-19 virus while enjoying city views in tuk-tuks that run in crowded neighbourhoods such as Sukhumvit, Na Na, Khlong Toei and Sanam Luang.”
Meanwhile, EVAT will provide technical knowledge to tuk-tuk drivers participating in the programme on how to switch from an LPG-powered engine to an electrical one as well as the environmental benefits of using electric vehicles.
This campaign is part of MEA’s mission to promote the use of electric vehicles for both personal and business uses to ensure sustainable energy consumption in the metropolitan areas, the authority said.
RATCH Group ties up with Geleximco to invest in Vietnam power projects
Jul 15. 2020
By The Nation
RATCH Group, through its wholly-owned subsidiary RH International (Singapore), signed a partnership with joint stock firm, Geleximco Group, with the aim of investing in Vietnam’s An Binh Energy and Infrastructure Fund (ABEIF).
Under the agreement, RH International will acquire a 49 per cent stake in ABEIF, which is valued at US$78.5 million (about Bt2.5 billion), while Geleximco will hold 51 per cent equity in the fund.
Kijja Sripathangkura, RATCH Group’s chief executive officer, said Geleximco is Vietnam’s leading large-scale industrial conglomerate that has been playing an active role in different businesses including energy, infrastructure, industry, real estate, finance, trading and services.
ABEIF, whose portfolio comprises conventional and renewable power projects with a total combined capacity of 2,620 megawatts, will potentially drive the company’s investment in energy and infrastructure.
Of the four projects it has invested in, the 620MW project in northern Vietnam went into operation recently.
ABEIF’s current assets include:
• 620MW Thang Long power plant fired by anthracite coal,
• 650MW coal power plant project currently being built in northern Vietnam,
• 1,200MW coal power plant project in early stages of development in central Vietnam,
• 150MW hydroelectric power plant in early stages of development in northern Vietnam.
WHA launches online e-job platform to help employers and job seekers
Jul 15. 2020David Nardone
By The Nation
The country’s leading developer of industrial estates, WHA Industrial Development Plc. (WHAID), has launched the WHA E-Job Market, an online platform that will match its customers’ recruitment needs with the qualifications of job seekers.
As part of WHA Group’s CSR initiatives, the E-Job Market programme is easily accessible through the company’s website. It will enable job seekers, especially those from the neighbouring communities, to match their qualifications and skills with the needs of companies in WHA logistics facilities and industrial estates.
Since its soft launch in late June, the online channel has already received over 100 job openings posted by WHA customers.
WHA Group is currently running a marketing campaign to reach out to not only its customers, but also to its business partners, educational institutions, government agencies and communities around its industrial estates and logistics centres in the Eastern Economic Corridor.
WHA will hold an “E-Job Market Week” from July 15-31, to enable companies and their recruitment agencies to arrange online or face-to-face interviews with shortlisted candidates. By offering the opportunity to future employers and workers to “meet” and discuss, this online job fair will be an excellent way to match the right people with the right jobs.
“The Covid-19 situation has impacted a number of industries and affected many of their employees. But on the bright side, we also see companies that are looking forward to filling vacancies, specifically in their production lines,” David Nardone, Group Executive Industrial and International, WHA Industrial Development Plc, said.
“Through the WHA E-Job Market, we provide a platform to create a win-win situation for all, by matching our customers’ HR needs with job seekers’ expectations.”
WHA customers are invited to send in their job vacancies and employee requirements, while job seekers can post their applications on the WHA Industrial Estate website free of charge.
WHA’s website is also linked to the Vocational Education Commission’s website where vocational and/or technical graduates nationwide may visit and check job announcements.
Posting on the WHA Job Pool is quick, simple and efficient. By going to the website www.wha-industrialestate.com and clicking on the WHA Job Pool icon on the top of the page, companies can post their job advertisements while job seekers can fill and submit their job application forms online, free of charge.
Veerathai Santiprabhob
Thaicom CEO Anant Kaewruamvongs, left, and Thana Slanvetpan, ARV general manager, at the signing ceremony.
David Nardone
