FAA gives preliminary approval to design fixes to Boeing 737 Max, moving plane closer to resuming flight #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

FAA gives preliminary approval to design fixes to Boeing 737 Max, moving plane closer to resuming flight

CorporateAug 04. 2020File photo of Boeing 737 MaxFile photo of Boeing 737 Max

By The Washington Post · Ian Duncan, Lori Aratani · NATIONAL, BUSINESS, TRANSPORTATION, US-GLOBAL-MARKETS

 WASHINGTON – The Federal Aviation Administration said Monday that it has given preliminary approval to design changes for Boeing’s 737 Max that should prevent a repeat of two crashes that killed more than 300 people in five months. 

In a new report and a proposed directive to airlines, the agency said it would require the installation of a software patch that introduces several new safeguards and require that key sensors on the planes be checked before they are flown.

The public will have 45 days to comment on the proposed directive. The FAA must then analyze the feedback and respond to it, so it’s unlikely the Max will be ungrounded before October. But the steps taken by the agency Monday are the clearest sign yet that the jets will soon be ready return to the skies.

“Through a thorough, transparent, and inclusive process, the FAA has preliminarily determined that Boeing’s proposed changes to the 737 MAX design, flightcrew procedures and maintenance procedures effectively mitigate the airplane-related safety issues,” the agency said in a report on its work so far.

In a statement, Boeing said it was continuing to work with the FAA on getting the Max safely back in the air.

“While we still have a lot of work in front of us, this is an important milestone in the certification process,” the company said.

The first Max crash occurred Oct. 29, 2018, when a Lion Air flight crashed into the Java Sea shortly after takeoff, killing all 189 people onboard. Five months later, on March 10, 2019, a Ethiopian Airlines 737 Max bound for Nairobi crashed shortly after takeoff, killing all 157 people onboard.

Investigators say an automated feature on the Max known as the Maneuvering Characteristics Augmentation System, or MCAS, contributed to both crashes. The system repeatedly engaged based on faulty data from a single sensor that investigators say had probably been poorly repaired. The noses of both planes were pushed down repeatedly as the pilots struggled to regain control.

After the second crash, aviation safety authorities around the world declared the jet unsafe and ordered it grounded. The FAA said Monday that since then a team of 40 agency employees have been working full-time to ensure the Max is safe to fly again.

When the Max does return to the air, a jet that was seen as crucial to Boeing’s financial success and airlines’ operations will come back to an aviation industry ravaged by the coronavirus pandemic. 

In the United States, demand for air travel collapsed almost completely by early April and airline leaders say they’re uncertain when it will return to pre-pandemic levels. That has led airlines to rethink plans for how they will use the Max in their fleets. 

Boeing says it lost 373 orders for the Max in the first half of the year. And that doesn’t include plans to cancel an order for almost 100 of the jet by a Norwegian carrier that was an important early customer for the aircraft.

While the directive is a significant step in the eventual ungrounding of the Max, the FAA said that several other tasks remain. A group of international pilots must assess the training requirements for the jet and a document issued as part of that process will also be submitted for formal public comment.

Once the grounding order is lifted, airlines must ensure they are complying with all the new rules for operating the plane. In addition, the FAA has said it will sign off on all newly manufactured planes before they are allowed to fly, a job that was previously delegated to Boeing.

Southwest Airlines, which has 34 Max jets, the most of any U.S. carrier, said once the FAA recertifies the plane, it would take several months to return the jets to service. In addition to meeting requirements laid out by the FAA, including updates to MCAS, the airline will have to train thousands of pilots. Airline executives said they continue to work closely with the FAA and Boeing on efforts to return the aircraft to service.

Southwest said the plane has been removed from its schedule through mid-December.

The FAA agency emphasized the thoroughness of the review, noting that the work took more than 18 months and included more than 40 engineers, inspectors, pilots, and technical support staff. In all, the effort, “represents more than 60,000 FAA hours of review, certification testing, and evaluation of pertinent documents.”

The FAA said the review included approximately 50 hours of flight or simulator tests and analyzed more than 4,000 hours of flight and simulator testing undertaken by Boeing.

The evaluation also included input from flight crews from Boeing and from pilots working at U.S. and international airlines that fly the 737 Max. The crews selected were designed to represent a cross-section of pilots expected to operate the plane once it returns to service.

The redesign work has focused on the MCAS. The system was designed to counter changes in how the jet handled because of its larger engines, which are positioned differently on its wings than older 737s.

The proposed directive calls for four fixes to the Max.

It says the software patch would require MCAS to rely on two sensors that determine the angle at which the plane is flying, rather than just one. And if the sensors disagree by a certain amount, the system would be disabled for the rest of the flight. MCAS will also be gentler in how it pushes the plane’s nose down and allowed to engage only once, to avoid overwhelming pilots.

Wiring in the jets that was found not to comply with FAA rules during the safety review will also have to be changed.

The FAA estimates the changes will affect 73 planes registered in the United States and that complying with the directive will cost operators a total of $1 million. Other planes still in production will be updated before their first flights.

Michael Stumo, whose daughter Samya died on the Ethiopian flight, said he remained unconvinced that the Max was safe, calling it an old design that had been questionably updated.

“Obviously there is economic pressure to get the plane up in the air,” he said. “Safety isn’t first.”

While the design fixes focus on MCAS, investigations since the crashes have revealed how Boeing sought to downplay the significance of the feature in an effort to ensure regulators wouldn’t require existing 737 pilots undergo more intensive and expensive training to qualify to fly the plane. A reference to MCAS was stripped from a manual approved by the FAA and even an FAA warning after the first crash it was not identified by name.

Boeing and the FAA have repeatedly faced questions about the closeness of their relationship since the crashes. U.S. regulators were the last to decide to ground the jet in March 2019.

Last November, Boeing issued a statement predicting that the Max would be ready to fly again by early this year. In return regulators quickly took steps to show that they were in charge of the timeline and would hold the company accountable.

Within weeks, Boeing ousted its chief executive and said it would halt production of the Max.

Boeing’s effort to minimize the importance of MCAS and the FAA’s subsequent failure to properly scrutinize the system has led lawmakers to propose revamping the safety certification process for planes. Much of the work is handled by Boeing employees acting on behalf of the government, which critics say leaves them exposed to pressure to meet the corporation’s financial goals rather than serving the public.

AOT share price plummets 8.7% after move to assist King Power Duty free #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

AOT share price plummets 8.7% after move to assist King Power Duty free

CorporateAug 04. 2020

By The Nation

Almost Bt80 billion was wiped off the value of Airports of Thailand (AOT) today when its stock price dropped 8.7 per cent to Bt49.75 per share following the board’s move to assist King Power Duty Free (KPD) without first consulting shareholders.

AOT’s board of directors approved King Power’s minimum guaranteed payment method based on the number of passengers at Suvarnabhumi Airport, which remains lower than the estimate of the duty free giant.

Also, AOT extended the duty free area renovation period from September 28 this year to March 31, 2022, because KPD and its Suvarnabhumi operation were unable to contact trade partners to prepare for reopening of duty free outlets.

After the board approved both plans, investors sold a total of 6.5 million stocks via non-voting depository receipts (NVDR) on July 30-31. However, investors made net buys of 9.2 million stocks if considering transactions via NVDR throughout July this year.

A stock analyst said AOT’s share price was under pressure because the company had not followed the bidding contract, while the number of tourists visiting Thailand would return to normal in 2022 or 2024. The analyst said his brokerage would change its investment recommendations if the stock price drop lower than the target price.

“We do not agree with AOT taking the move without first hearing shareholders’ comments,” the analyst said. “AOT should find better ways to relieve KPD’s pressure from the Covid-19 pandemic.”

The analyst said AOT’s move to extend the duty free area renovation period would not affect the brokerage’s net profit forecast, but the company’s move to change the minimum guaranteed payment method would cause its 2022 net profit forecast to drop by 5.3 per cent.

“We advise investors to sell AOT stocks,” the analyst added.

Meanwhile, a stock analyst at Yuanta Securities said AOT’s move to change the minimum guaranteed payment method affected the market’s profit forecast because the company would recognise revenue from the bidding contract after 2022 when the number of foreign tourists returns to 66 million people, adding that this move would affect the market’s 2023 profit forecast if the number of tourists increases slowly.

“We expect the number of tourists to hit a new high between 2024 and 2025, five years after the Covid-19 pandemic emerged,” the analyst said.

The analyst said the securities company had maintained AOT’s profit forecast for 2019 to 2020 and for 2020 to 2021 at Bt2.3 billion and Bt5 billion respectively.

However, we cut the company’s profit forecast from 2021 to 2022 to Bt14 billion due to the abovementioned move,” the analyst said. “As a result, we cut the fair price at the end of 2019 and 2020 to Bt52.50 per share.”

Banpu acquires wind farm in Vietnam as part of plans for greener future #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Banpu acquires wind farm in Vietnam as part of plans for greener future

CorporateAug 03. 2020

By The Nation

Banpu Public Co Ltd, a leading integrated energy solutions company in Asia-Pacific, is acquiring the El Wind Mui Dinh Wind Farm, which marks a key milestone in the company’s long-term investment in Vietnam.

The US$66-million (Bt2.06-billion) acquisition, subject to adjustments outlined in the sales and purchase agreement, was made through BRE Singapore, an associate company in which Banpu holds a 50 per cent share through Banpu Next.

Banpu secured a feed-in-tariff of $0.085/kWh for a period of 20 years in a power purchase agreement with Vietnam Electricity.

The El Wind Mui Dinh Wind Farm went into commercial operation since April 23, 2019, at a capacity of 37.6 megawatts. Its 16 wind turbines, each with a capacity of 2.35MW, are designed and maintained by Enercon Partner Konzept (EPK), a leading wind-power company and turbine manufacturer. Banpu has a 20-year full-comprehensive agreement with EPK, which ensures operational reliability of the project in the long run.

The location of El Wind Mui Dinh Wind Farm in Ninh Thuan province on the coast ensures high-wind speed, and together with the Vietnam government’s supportive policy, 80 per cent of the country’s renewable power is generated in the province.

Somruedee Chaimongkol, chief executive officer of Banpu Public Co Ltd, said investment in the wind asset in Vietnam is a testament to Banpu’s continuous commitment to a greener, smarter future.

She added that the El Wind Mui Dinh Wind Farm will help expand the company’s portfolio of renewable energy and generate more revenue and cashflow.

Somruedee Chaimongkol, chief executive officer of Banpu

Somruedee Chaimongkol, chief executive officer of Banpu

Recently, Vietnam government approved 7 gigawatts of new wind projects to be built and by 2025, the country is looking at a total wind-power generation capacity of nearly 12GW.”

The Banpu Group aims to achieve a power-generation capacity of 6,100MW within 2025 by focusing on markets with growing power demand with BanpuNEXT spearheading the development of renewable energy and energy technology.

Inclusive of the El Wind Mui Dinh Wind Farm, the company’s total committed capacity of renewable business will be reaching 919MW.

Lord & Taylor, oldest department store chain in U.S., files for bankruptcy #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Lord & Taylor, oldest department store chain in U.S., files for bankruptcy

CorporateAug 03. 2020A shopper wears mask while passing in front of a Lord & Taylor Store in Novi, Mich., on June5. (Emily Elconin/Blomberg News)A shopper wears mask while passing in front of a Lord & Taylor Store in Novi, Mich., on June5. (Emily Elconin/Blomberg News)

By The Washington Post · Abha Bhattarai · BUSINESS, RETAIL 

Lord & Taylor, the country’s oldest department store chain, filed for bankruptcy on Sunday, joining about a dozen iconic retailers that have sought Chapter 11 protection during the pandemic.

The once-storied institution, founded in New York in 1826, had in recent years fallen out of touch with high-end customers and younger shoppers. Le Tote, the clothing-rental start-up that bought Lord & Taylor last year for about $100 million, also filed for Chapter 11 bankruptcy on Sunday.

The filings come weeks after two other department store chains – Neiman Marcus and J.C. Penney – also filed for bankruptcy protection. The pandemic has wreaked havoc on already struggling retailers that have temporarily shuttered thousands of stores and furloughed more than 1 million employees since mid-March.

Le Tote had hoped to revive the flagging brand by adding makeup subscriptions, try-on boutiques and other services aimed at busy millennial shoppers. 

Lord & Taylor has about 40 stores across the country, many of them in shopping malls.

In its filing, the company said it had $100 million to $500 million in both assets and debts. Its largest creditors include well-known brands such as Polo Ralph Lauren (owed $3.5 million), Michael Kors (owed $2.2 million) and L’Oreal Lancome (owed $1.2 million).

CPF rides pandemic boom, expects 10 per cent revenue surge #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

CPF rides pandemic boom, expects 10 per cent revenue surge

CorporateAug 01. 2020Prasit Boondoungprasert, CPF chief executive officer Prasit Boondoungprasert, CPF chief executive officer

By The Nation

Charoen Pokphand Foods (CPF) expects revenue this year to grow by up to 10 per cent as the company has benefited from the Covid-19 pandemic and African Swine Fever (ASF).

CPF chief executive officer Prasit Boondoungprasert said the company’s first-half revenue and net profit was very good as the Covid-19 pandemic worldwide had boosted consumers’ demand for safe food, boosting the company’s sales.

“The company has won the confidence of consumers worldwide because Thailand was able to contain the spread of Covid-19,” he said.

“In addition, CP Pokphand, a CPF subsidiary, revealed that the company’s first-half net profit was expected to be at US$330 million (Bt10.230 billion), compared to US$82 million during the same period in the previous year, as the price of pork in Vietnam was high during the previous six months due to ASF, but the company was able to effectively contain the spread of the disease,” he said.

He believes that the ministries of Commerce and Agriculture and Cooperatives would achieve success in promoting Thailand to be the world’s centre for food products and the world’s top 10 food-exporting countries.

“However, it depends on cooperation between parties,” he added.

Triumph ‘not involved’ in layoffs, says has no production unit in Thailand #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Triumph ‘not involved’ in layoffs, says has no production unit in Thailand

CorporateAug 01. 2020

By The Nation

Triumph Holding AG has denied reports about the company laying off workers, saying it has no production site in Thailand and had no involvement with the case covered by Thai media.

In a statement on Friday, Switzerland-headquartered Triumph said it had handed over its Thai production network, Body Fashion Thailand, in January 2016 to Malaysian textile and apparel entrepreneur, Robert Ng.

Ng is the owner of an internationally represented textile group consisting of around 30 companies and brands. At that time, the Malaysian’s network had been a strategic and reliable supplier of Triumph for many years. The network comprised two plants located in Bang Plee (Bangkok) and in Nakhon Sawan, Triumph said.

Triumph’s decision to divest its production centres in Thailand in 2016 was part of its long-term strategy to restructure the company’s overall global supply chain, allowing the company to focus more on its customers and market challenges, the company said.

As part of this measure, Triumph had also disengaged from all its European productions sites. In Thailand, all 2,757 employees and management were taken over, and there were no lay-offs of personnel or management, the statement said.

Triumph has a successful local sales business in Thailand. The company conducts sales and marketing activities via a local office in Bangkok, coordinating all respective activities for the Thai market.

Demand for lower-end rental condos sees big jump #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Demand for lower-end rental condos sees big jump

CorporateAug 01. 2020

By THE NATION

Rental condos priced at under Bt15,000 a month are seeing over 20 per cent growth while there is a big drop in demand for rental units priced at above Bt25,000, an industry executive said.

Wathayut Thongphorm, managing director at Primo Service Solution, a subsidiary of Origin Property, said that the rental condominium market is growing in the price range of Bt10,000-Bt15,000 per month while condos in the range of Bt25,000 to Bt150,000 per month are seeing significant drop in customers.

“Rental condos priced lower than Bt15,000 per month are growing at over 20 per cent, especially in the BTS-MRT zones,” he said. “The reason behind this is financial institutions’ loan-to-value regulations, which limit the loans granted to each buyer. When people cannot get loan to buy property, they go for rental options instead.”

“In contrast, luxury rental condos in the range of Bt25,000 to Bt150,000 per month are suffering from a drop in customers, as their main target groups are foreign travellers and executives of multinational companies, who are not able to enter Thailand at the moment due to the Covid-19 lockdown measures,” Wathayut added. “Sales of units in this sector have plummeted by more than 50 per cent, prompting some property owners to drop their prices by 20 to 30 per cent to attract other groups of customers.”

Wathayut said that an estimate of 40 condominium projects under its management showed that the return on investment (ROI) on condos in the range of Bt10,000-Bt15,000 per month could rise to 4-5 per cent in the second half of 2020, while the ROI of luxury condos could fall from 5 per cent to 3 per cent in the same period.

“It could be the second quarter of 2021 before foreigners are allowed into the country and this segment jumps back up again,” he said.

Strong sales in China boost Apple blockbuster quarter #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Strong sales in China boost Apple blockbuster quarter

CorporateJul 31. 2020

By Syndication The Washington Post, Bloomberg · Bloomberg News

Apple Inc. pulled off a strong quarter in China by switching up retail tactics and pushing a cheaper iPhone, becoming one of the few U.S. tech giants to ride the country’s post-pandemic recovery despite Washington-Beijing tensions.

IPhone shipments there surged a surprising 35% in the April to June period, research firm Canalys estimates, driving a 2% rise in Greater China revenue to $9.3 billion. Chief Executive Officer Tim Cook said sales actually grew 6% on a constant-currency basis, propelled by demand for Macs and iPads from millions now accustomed to working from home. Its outperformance in Greater China — Apple’s single biggest international market — drove quarterly revenue well above Wall Street’s forecasts.

Apple’s strength in the world’s No. 2 economy surprised analysts who’ve seen local consumers turn increasingly to homegrown brands, at a time Washington accuses the likes of Huawei Technologies Co. and ByteDance Ltd. of spying or jeopardizing national security. Huawei — the company most squarely in Trump’s crosshairs — eclipsed Samsung Electronics Co. in global smartphone sales for the first time last quarter, thanks in large part to an upswell of home-crowd support.

Apple, whose Chinese-based suppliers employ upwards of a million people, was swift to adapt its tactics after Covid-19 emerged in February, turning to third-party distributors after shutting most of its stores. It also focused on marketing and selling online, tapping the surge of internet activity that followed a rolling nationwide lockdown.

The iPhone maker jumped aboard a plethora of online sales promotions hosted by Alibaba Group Holding Ltd. and JD.com Inc. in June, traditionally one of several peak spending months. Apple moved more than $72 million (500 million yuan) of devices in a single day during JD’s “6.18” shopping marathon, the Chinese company said. It probably also benefited from the introduction of a lower-cost smartphone, the iPhone SE.

“Apple defied expectations in Q2. Its new iPhone SE was critical in the quarter,” Canalys analyst Vincent Thielke said. “Apple is also demonstrating skills in new user acquisition.”

THAI says 80% of creditors support rehab plan #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

THAI says 80% of creditors support rehab plan

CorporateJul 31. 2020Cap: The THAI annual general shareholders' meeting on Friday.Cap: The THAI annual general shareholders’ meeting on Friday.

By The Nation

Thai Airways International’s acting president Chansin Treenuchagron said on Friday that 80 per cent of local and foreign creditors he had talked to supported the carrier’s move to enter debt restructuring under the bankruptcy court.

He said he was confident creditors would approve THAI’s rehabilitation plan following their positive response to it during negotiations.

“We have business models that I believe will help revive THAI business operations,” he said.

The Central Bankruptcy Court will begin hearing THAI’s restructuring case on August 17.

THAI, which has total debts of around Bt244 billion, has grounded most of its fleet but is still operating cargo and repatriation flights.

THAI’s annual general shareholders’ meeting on Friday acknowledged results for 2019, with total operating revenue for THAI and subsidiaries of Bt184.046 billion representing a 7.7-per-cent drop from the previous year.

However, the company made ground in cutting costs to Bt196.470 billion – Bt12.088 billion or 5.8 per cent down on the previous year.

THAI and its subsidiaries incurred a net loss of Bt12.017 billion, 3,9 per cent higher than the previous year.

At year-end 2019, THAI and subsidiaries’ total assets were Bt256.665 billion, a fall of Bt12.056 billion (4.5 per cent) on year-end 2018. Total liabilities were Bt244.899 billion, a drop of Bt3.366 billion (1.4 per cent) on December 31, 2018.

Shareholders at the meeting approved suspension of dividend payments in line with the company’s financial performance in 2019.

Homebuilding market slides amid Covid-19 impact, economic uncertainty #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Homebuilding market slides amid Covid-19 impact, economic uncertainty

CorporateJul 31. 2020

By THE NATION

The self-built home market has taken a hit as people have become uncertain about the Thai economy and are avoiding spending large amounts of money since March, after the Covid-19 outbreak, a top executive said.

Manu Trakulwattanakit, managing director of Seacon, a homebuilding company, said:

“In the first half of 2020, the company had accumulated sales of only Bt500 million, down 12.5 per cent from Bt650 million in the same period last year,” he said.

“Our survey found that office workers tend to put off building houses in the range of Bt2 million to Bt5 million because they are uncertain about their job security during economic contraction and would avoid creating long-term debt.

“Thankfully, the company’s largest customers are those who build houses in the range of Bt5 million to Bt10 million, accounting for 48.27 per cent of customer base, and they are still proceeding with their home-building plans despite the pandemic,” he added. “The same goes for those who build houses worth over Bt10 million, accounting for 13.8 per cent of company’s customers.”

Manu added that the company had also put off investment projects with partners in Eastern Economic Corridor areas, as many of them have been affected by the outbreak and lockdown measures. “The company estimated that it could lose around 10 per cent of revenue due to the postponement of these projects,” he added.

“We have set the revenue target for 2020 at Bt1.4 billion, the same as last year,” added Manu. “In the second half of the year, Seacon will focus on event exhibitions and working with the Home Builder Associations, which should help us achieve the target, or miss by less than 5 per cent.”

Manu also said the homebuilding market this year would see a drop of 10 per cent from Bt12 billion to Bt13 billion last year, if Thailand doesn’t face a second wave of infections.