#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Morgan Stanley joins Wall Street gold rush on record profit

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Jul 16. 2020The Morgan Stanley building stands in New York on Tuesday, June 9, 2020. MUST CREDIT: Bloomberg photo by Nina Westervelt

By  Syndication Washington Post, Bloomberg · Sridhar Natarajan · BUSINESS 

Morgan Stanley wrapped up a week of wins for Wall Street trading desks, capitalizing on the Federal Reserve’s extraordinary rescue measures with record profit.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations, according to a statement Thursday. That spurred firmwide revenue and earnings to all-time highs amid wild market swings caused by the coronavirus pandemic.

“It’s clear that a lot of people did well in light of client activity,” Chief Financial Officer Jonathan Pruzan said in an interview. While much of that has continued in the first few weeks of the third quarter, “we would expect a reversion to a more normalized level,” he said.

The gains brought the overall trading haul total for the five biggest U.S. investment banks to $33 billion, a windfall that helped all of them survive the brunt of the coronavirus pandemic with profits intact.

As the covid-19 outbreak intensified earlier this year, the Fed cleared the way for companies to access desperately needed cash with programs that effectively served as credit backstops, allowing markets to thaw. That, in turn, spurred demand for Wall Street’s trading and underwriting services.

“Our decade long business transformation was intended to provide stability during times of serious stress,” chief executive James Gorman said in the statement. “The second quarter tested the model and we performed exceedingly well, delivering record results.”

Morgan Stanley’s trading gains come at a critical juncture for the bank, which is leaning on the business to shore up earnings as it makes a bigger pivot toward managing money for others. The bank’s pact to purchase E-Trade Financial in February is set to be the biggest acquisition by a top U.S. bank since the financial crisis, and a sign of Gorman doubling down on the success of his firm’s Smith Barney purchase a decade ago.

Fixed-income trading revenue at Morgan Stanley came in at $3.03 billion, compared with the $1.81 billion analysts were predicting, based on estimates compiled by Bloomberg. Equities trading revenue rose to $2.62 billion, higher than the $2.27 billion average estimate.

Morgan Stanley’s stock is little changed since the start of the year, the best performance among the top five banks and a show of resilience that kept the firm’s market capitalization above that of Goldman Sachs – a perennial rival – for much of the year. Since July 9, shares of the company had gained 8.1% as of Thursday morning.

Investment bankers at the firm posted revenue of $2.05 billion on the strength of a 64% jump in underwriting revenue as the firm took its share of the surge in new stock and debt issuance by corporate America.

Wealth-management revenue, which typically accounts for about half of Morgan Stanley’s total, rose 6%, to $4.68 billion.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Warren Buffett sees natural gas sticking around

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Jul 16. 2020Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks during the virtual Berkshire Hathaway annual shareholders meeting seen on a laptop computer in Arlington, Va., on May 2, 2020. MUST CREDIT: Bloomberg photo by Andrew Harrer

By Syndication Washington Post, Bloomberg · Katherine Chiglinsky, Brian Eckhouse, Naureen Malik, Dave Merrill · BUSINESS

Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today.

As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan-the most ambitious climate package ever offered by a presumptive presidential nominee-Buffett’s recent deal to buy Dominion Energy Inc.’s natural gas assets is a stark sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight.

The deal is “a bet that the future doesn’t come as fast as some people think,” said Jim Shanahan, an analyst who covers Buffett’s Berkshire Hathaway Inc. at Edward Jones. “I think they want to be bigger in renewables, but it’s going to take time. In the meantime, they have to be able to provide power generation to their customers.”

On its face, Berkshire’s deal last week to buy gas assets including some 7,700 miles of pipelines seems risky even for a contrarian like Buffett. The energy industry is under increasing pressure from public officials and investors to abandon coal and natural gas. The use of natural gas for power generation, once hailed as a cleaner, cheaper alternative to coal, is now projected to drop to 36% in 2021 from 41% this year. In the last decade, prices for solar and onshore wind power have plummeted 90% and 70% respectively per megawatt-hour, according to BloombergNEF. Renewables now supply 20% of Americans’ power needs, up from 13% five years ago, according to the U.S. Energy Information Administration.

Biden’s plan, unveiled Tuesday, is an attempt to propel that surge, calling for spending $2 trillion for a clean-electricity economy and outlining a goal to have a carbon-free power sector by 2035.

But despite, or, more likely, because of those trends, Buffett is following his well-worn investing path-buying assets cheap in a buyers’ market. Natural gas futures in the U.S. dropped last month to their lowest point in 25 years. Plus, he’s one of the few buyers in a market where many utilities are searching for ways to get out. Political, regulatory and legal pressure have stymied the building of new pipelines and other infrastructure. Just last week, Dominion Energy and Duke Energy Corp. shelved a plan for a new gas pipeline crossing the Appalachian Trail in the face of stiff environmental opposition.

The prices and political pressure are likely to deter any new entrants, potentially allowing Buffett to reap natural gas’s historically good returns for some years coming.

“People assume we’re getting rid of coal, and then we’re getting rid of gas next,” said Noah Kaufman, a research scholar at Columbia’s Center on Global Energy Policy. But because gas is plentiful, cheap and provides round-the-clock electricity it’s “a lot harder to get rid of.”

The deal reinforces the idea that Berkshire, despite its expansive clean-energy portfolio, isn’t a friend to environmentalists, who want a quicker shift to renewable energy. Berkshire routinely faces criticism for the company’s ties to fossil fuels. Buffett comes in at No. 3 on Bloomberg Green’s list of billionaires whose fortunes derive largely from climate-damaging industries. He’s faced shareholder proposals from groups such as the Nebraska Peace Foundation urging Berkshire to disclose how climate change will affect its insurance subsidiaries, a significant chunk of the Berkshire empire.

“Berkshire has made some bad fossil fuel investments over the last few years and we expect this one to be a similarly bad investment, and ultimately a losing investment,” said Mark Kresowik, a regional director of the Sierra Club’s Beyond Coal campaign. (The Sierra Club has received funding from Bloomberg Philanthropies, the charitable organization founded by Michael Bloomberg, the majority owner of Bloomberg LP.)

Buffett has acknowledged the risks from the changing climate, saying in a shareholder letter in 2016 that it seemed “highly likely” that it would be a “major problem” for the world. But he has also previously said climate change can’t be a decisive factor in deciding investments.

Buffett didn’t respond to a request for comment. Berkshire Hathaway Energy declined to comment.

In explaining the Dominion Energy deal, Berkshire positioned natural gas as part of its strategy for sustainability. Its energy company called it a “reliable” and “less-carbon intensive” energy source in a slide show. Of the company’s generation capacity at the end of 2019, about 36% was from wind and solar, while 32% came from natural gas and 26% coal. The remainder came from hydroelectric, geothermal, nuclear and other sources, according to a filing.

Buffett has gotten caught flat-footed in the past by burrowing into a market that was soon to be upended. Last year, he invested $10 billion to help finance oil-producer Occidental Petroleum Corp.’s bid for Anadarko Petroleum Corp. But the investment has struggled since because of a volatile market. Occidental slashed its common dividend when oil prices crashed earlier this year and ended up paying the dividend on Berkshire’s preferred stock in Occidental shares.

And Buffett’s been burned by volatile natural gas prices before. Berkshire bought about $2 billion of the debt of Energy Future Holdings, but ended up suffering a pretax loss of $873 million as that business filed for bankruptcy in 2014, according to his annual letter in 2014.

For now, Berkshire is simply betting that controlling a wide swath of the natural gas transmission lines will be profitable for the immediate future, climate issues aside.

“It’s wrong to say that he loves fossil fuels,” said Jigar Shah, president of clean-energy financier Generate Capital. “He’s just indifferent.”

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Thai AirAsia’s plan to also fly out of Suvarnabhumi gets initial okay

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Jul 16. 2020

By The Nation

The Airports of Thailand (AOT)’s revenue committee has approved Thai AirAsia’s plan to start flying from Suvarnabhumi airport, AOT president Nitinai Sirismatthakarn said on Thursday (July 16).

The plan will be submitted to the AOT board for consideration on July 29, he added.

The carrier flies from many hubs, including Don Mueang Airport.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

‘Signs of recovery’ in business sectors, says Krungsri

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Jul 16. 2020Pornsanong Tuchinda, Krungsri Head of Commercial Banking

By The Nation

Krungsri (Bank of Ayudhya) has reported signs of recovery among some of its business customers.

The bank said it had so far provided debt payment holidays to more than 8,800 customers for outstanding loans worth Bt200 billion, while rolling out government soft loans worth Bt19 billion to more than 6,300 SME customers to help boost their liquidity.

Krungsri’s head of Commercial Banking Pornsanong Tuchinda reported that some of the bank’s business customers were bouncing back after the virus crisis.

“The healthcare sector has potential for faster recovery than other sectors due to growing health concerns, especially businesses related to hygiene and germ-prevention products. Meanwhile, our customers in the food sector are also recovering as they have adapted new distribution channels for delivery services. On the contrary, tourism and tourism-related sectors, such as airlines and hotels, have been severely affected by the lockdown measures and will take longer to recover. Therefore, the bank will keep a close watch and provide appropriate assistance measures to these sectors,” he said.

Krungsri’s commercial banking group has classified business customers into three groups: unaffected customers, for which the bank is providing additional loans; slightly or moderately affected customers, for which Krungsri is extending debt repayment periods, reducing interest rates and providing soft loans; and severely affected customers, who are being offered debt restructuring and soft loans to help keep them afloat through the virus crisis.

Krungsri said it will focus on offering total financial solutions to support liquidity and risk management in the second half of 2020 for businesses it called the backbone of the economy – food and beverage, healthcare, and tourism and hospitality, as well as infrastructure-related industries and investments in Eastern Economic Corridor (EEC).

“Krungsri continues to support customers with Krungsri Business Empowerment, knowledge-sharing and business networking activities via exclusive online platforms, which customers can access from anywhere,” Pornsanong added.

In the second quarter of this year, Krungsri organised a series of online seminars for its commercial banking customers. The bank is also organising Krungsri Virtual Business Matching from July 8-22, an online business matching activity to connect SMEs with large corporate customers. Meanwhile, it will launch Krungsri-MUFG Virtual Business Matching at the end of 2020 to create opportunities for business customers to link with Japanese and Asean companies. In addition, the annual “Krungsri Business Forum 2020 – Business Under Uncertainties”, will be held in late 2020, to share insights and perspectives on doing business in difficult times.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Tisco Cloud fund offers another Bt2bn of subscriptions after IPO snapped up

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Jul 16. 2020

By The Nation

Tisco Asset Management is seeking a further Bt2 billion capital investment for its Tisco Cloud Computing Equity Fund (TCLOUD) after investors snapped up the maximum Bt2 billion worth of subscriptions in the initial public offering (IPO). The fund will reopen for subscriptions tomorrow (July 16).

Saharat Chudsuwan, head of Marketing and Wealth Advisory, Mutual & Private Fund Business at Tisco Asset Management, said the fund focuses on investing in companies that benefit from cloud computing technology, via the Global X Cloud Computing Exchange Traded Fund (ETF). Minimum investment was Bt1,000, he added.

“The company launched the IPO on June 29, and it reached the maximum subscription value of Bt2 billion on July 10,” he said.

The TCLOUD fund was attractive because it was related to so-called megatrends, he said, adding that two megatrend related funds previously launched by the company had generated good returns for customers.

“Although the price of reopened subscriptions may be different from the IPO price, we advise investors to invest in megatrend-related funds in the long term to boost chances of good returns,” he said.

The cloud computing business would grow further as its role in people’s lives increased, he added.

“For example, the Internet of Things in the 5G era will see consumers control their electrical appliances and devices via the internet, while business sectors can use Big Data to trace consumer behaviour and change strategy according to ‘new normal’ lifestyles.”

The TCLOUD fund will invest in companies able to generate revenue from business growth, such as Zoom, Shopify, Zscaler and Twilio.

“Zoom, Shopify, Zscaler and Twilio’s 2019 revenue increased by 88 per cent, 47 per cent, 59 per cent, and 74 per cent, respectively, according to globalxetfs Fund Fact Sheet,” he said.

He also advised investors to study the TCLOUD fund before investing because it may contain foreign exchange risks from foreign investment.

“Investors can request more information or a prospectus at Tisco Asset Management or Tisco Bank branches nationwide,” he added. “They can also call Tisco at (02) 633 6000 ext 4 or visit www.tiscoasset.com or Tisco My Funds smartphone app.”

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Cabinet approves Asean-China transport plan for ‘new normal’

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Jul 15. 2020

By The Nation

The Cabinet today approved an Asean-China agreement on transportation and logistics to boost trade and combat the cross-border spread of Covid-19.

Ministers also agreed to receive free assistance from the World Bank on phase 2 of a project to reduce ozone-destroying HCFC gases.

Government spokesperson Narumon Pinyosinwat said the Cabinet green-lighted the draft of the Asean-China Transport Joint Statement ahead of the Asean-China Transport Ministers Meeting on Covid-19 on July 16.

The joint statement demonstrated Asean and China’s commitment to fighting the outbreak and its severe impact on the global economy, travel and tourism, manufacturing, retail, transportation, supply chains and financial markets.

Meanwhile the Cabinet also approved a World Bank draft agreement for a US$5 million (Bt198.8 million) grant to fund stage two of the HCFC Phase-Out Project. HCFCs are used in the spray-foam and freezer manufacturing industry but destroy ozone and cause global warming

Stage one of the project was successfully completed on December 31, 2019 after cutting HCFC use by 576.69 tonnes from the target of 209 tonnes.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Minor cuts share offering price in Bt25bn capital raising plan

Corporate

Jul 15. 2020

By The Nation

Minor International Plc (MINT) has cut the ask price in its offering of 563,293,276 new shares for existing shareholders from Bt18.9 to Bt17.5 per share, as part of plans to raise Bt25 billion in capital.

The cut rewards shareholders who have stayed loyal amid the volatile market environment, said the hospitality, restaurant and lifestyle multinational.

The share payment period runs from July 17 to 23 via Bangkok Bank. After payment, shareholders can subscribe for the shares at http://www.bualuang.co.th or at Bualuang Securities headquarters on Silom Road. In addition, Minor will allocate MINT-W7 warrants to shareholders at the ratio of 22 ordinary shares per one warrant at no offering price. The term of the warrants will be three years with an exercise price of Bt21.60.

Minor said it is confident that shareholders will fully support the rights offering.

MINT founder and chairman William E Heinecke has committed to subscribing for his full entitlement of shares, the company said.

As the Covid-19 pandemic subsides, MINT has reopened its hotels, restaurants, and lifestyle businesses both in Thailand and overseas. It sees positive signs of recovery, aided by government stimulus packages including the “We Travel Together” campaign to revitalise domestic tourism.

Nevertheless, MINT has launched a plan to raise Bt25 billion in capital as “a pro-active and comprehensive approach”. The plan also features an offering of perpetual bonds worth about Bt10 billion. The measures are aimed at strengthening MINT’s balance sheet during uncertainty over the Covid-19 pandemic, without the need for more capital increases over the next two years. MINT said its interest-bearing debt-to-equity ratio is expected to fall to its internal policy of 1.3x by the end of 2020, from 1.6x at the end of the first quarter this year.

“I believe the offering price of Bt17.50 per share is very attractive,” Pichet Sithi-Amnuai, president of Bualuang Securities, MINT’s financial adviser, said. “This price represents a 14.6 per cent discount from the volume-weighted average price of the company’s shares during the prior eight consecutive trading days.”

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Boeing lands $1.2 billion deal for eight F-15EX fighter jets

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Jul 14. 2020

By The Washington Post · Aaron Gregg · NATIONAL, BUSINESS, NATIONAL-SECURITY 

The Defense Department plans to spend $1.2 billion for eight Boeing-developed F-15EX fighter jets over the next three years, the company and the Air Force announced Monday, a contract that will boost the embattled aerospace manufacturer at a time when the market for commercial aircraft remains in turmoil.

The deal marks the first major purchase in a long-term, $23 billion program to update the Air Force’s aging fleet of fighter jets and provides a competitive option for Lockheed Martin’s F-35 Joint Strike Fighter.

Under the terms of the deal, Boeing will build a new version of its F-15, an older fighter jet developed in the 1960s, with new automated flight controls and electronic warfare capabilities. The newer model, known as the F-15EX, will be designed to carry heavier weaponry than smaller, stealthier jets such as the F-35.

“The F-15EX’s digital backbone, open mission systems, and generous payload capacity fit well with our vision for future net-enabled warfare,” said Will Roper, assistant secretary of the Air Force for acquisition, technology and logistics.

A Boeing news release published Monday boasted that engineers would be able to adapt from older F-15 jets to the new F-15EX in a matter of days. Its larger capacity will allow it to carry hypersonic weapons, a major recent priority for the Defense Department.

“We listened to our customer every step of the way when developing this exciting jet,” said Prat Kumar, Boeing vice president and F-15 program manager. “What we will soon deliver is a modern and robust aircraft that supports our nation’s defense by incorporating the latest systems, sensors and weapons.”

Although a purchase of this size was expected based on the Defense Department’s recent budget requests, it nonetheless comes as a massive win for Boeing at a time of historic vulnerability.

Boeing’s commercial aircraft division, once a cash-generating machine that enabled the company to underbid its rivals on major defense competitions, has lost billions due to equipment flaws in its signature 737 Max jet. Global travel restrictions imposed to combat the coronavirus pandemic has led many of Boeing’s airline customer to cancel orders.

The turmoil in commercial aviation has upped the profile of Boeing’s military sales divisions, which are coordinated by the company’s Arlington, Va.-based defense, space and security division. A majority of Boeing’s sales came from government contractors in the company’s most recent quarter, a mark of how the company’s dual crises have reshaped its business.

That division has been bolstered by a series of high-profile wins in recent years, including a $9.2 billion contract for Air Force training jets and an $805 million contract to develop aerial refueling drones.

The F-15EX program gives Boeing a stable source of short-term cash and a foothold in a lucrative Pentagon fighter jet business that is dominated by Lockheed Martin. The contract announced Tuesday carries a ceiling of $23 billion, and Pentagon planning documents call for purchases of about 12 per year.

But analysts caution that the long-term value of the program could hinge on political factors. If the defense budget were restricted by new leadership in Congress or the White House, the F-15EX might be at risk.

“There’s a very good chance that if the Trump administration ends, this program is going to end,” said Richard Aboulafia, an aerospace analyst with Teal Group.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

CP Group seeks permission to merge with retailer Tesco Lotus

Corporate

Jul 14. 2020

By THE NATION

Charoen Pokphand Group (CP), Thailand’s largest agribusiness conglomerate, last week filed a document with the Trade Competition Commission seeking permission to merge its retail business with Ek-Chai Distribution System Co Ltd, the operator of Tesco Lotus, the commission’s chairman Sakon Varunyuwatana said.

This move follows CP Group’s recenttakeover of the British retailer Tesco’s business in Thailand and Malaysia.

However, Sakon said the commission has yet to consider the application as the documentation is incomplete. He said CP Group has been asked for additional documents, including records on related business structures and market shares. Once all the documentation is filed, the commission will take 90 days to make a decision.

When considering the merger, the commission will check to see if it can be damaging for the economy or affect consumers.

CP Group also needs to submit its merger plan, shareholding structure, as well as documents on market share, sales and market analysis before and after the merger.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

BGrim included in prestigious FTSE4Good indexes

Corporate

Jul 13. 2020Preeyanart Soontornwata, Chief Executive Officer of BGRIM

By The Nation

BGrimm Power Plc (BGrim), an independent power producer in Thailand, has been chosen by FTSE Russell, the UK-based global index, data and analytics provider, to join the FTSE4Good Emerging Index and FTSE4Good Asean 5 Index, the company said in a press statement.

The index series is designed to measure the performance of firms by showing robust sustainability standards, and are used by investors when considering investment.

“We are honoured and very proud for being selected as a member of the FTSE4Good Index Series. This reflects BGrim’s commitment to sustainable business practices,” said Chief Executive Officer Preeyanart Soontornwata.

The company is committed to managing its business professionally by adhering to good corporate governance, being responsible for the economy, society and the environment, along with creating value for all stakeholders, Preeyanart said.

Furthermore, MSCI ESG Rating has given BGrim a BBB rating as it has been included in the Thailand Sustainability Investment index and listed in the ESG 100 group, the press statement said, adding that the firm has also received sustainability awards at home and abroad.

BGrim is one of the pioneers of private power generation in the country, with more than 24 years in operation. The company has been expanding its operations in Thailand and Asean, focusing on power generation based on clean energy using modern production technology that is environmentally friendly.