The company has recently signed contracts to purchase five shipments of 60,000 to 70,000 tonnes each, with the first cargo of LNG arriving in March this year.

The Energy Ministry has given PTT the job of developing Thailand into a regional LNG hub. The company has already tested the LNG reload and filling service for LNG-fuelled vessels in the first quarter of this year.

The artificial-intelligence program has come to recognize 60,000 coronavirus-related terms as customers seek to manage their cash flow, increase savings and watch their spending during the pandemic. David Tyrie, head of digital banking, sat down with a team in March to teach the app a couple hundred virus-related words and phrases. Since then, use of Erica on Bank of America’s mobile app and website has surged to a record.

“When corona hit, it turbocharged already-accelerating growth,” Tyrie said in an interview. “We expected that we were going to get a whole bunch of new customers. We really didn’t expect the magnitude.”

The pandemic has given a boost to digital banking, which involves less paperwork, greater use of electronic services and fewer in-person meetings. Online services have the potential to bring in new customers, help cut the number of costly branch locations and pare workforces, while making it harder for competitors to poach clients with the allure of better technology.

For Charlotte, North Carolina-based Bank of America, the digital push translated to more than 2 million customers using Erica for the first time since the beginning of March, bringing total active users to greater than 13 million. The virtual assistant handled 15 million requests from clients in April alone, accounting for about 10% of all queries received since its June 2018 introduction.

Customers are now asking Erica most frequently about monthly charges, credit scores and scheduling bill reminders. In April, they were most concerned with payment deferrals, stimulus checks and small-business loans. Erica has been used by 250,000 customers asking for payment delays since mid-March, accounting for a large portion of the 1.6 million deferrals granted by the bank by the end of last month.

Before the pandemic, most queries were basic ones involving such things as account numbers or transaction searches. The change in activity reflects a “dramatic shift” in use of the robot for more complex tasks involving customer finances, a trend the the bank expects to continue once the pandemic subsides, Tyrie said.

“What’s surprising to me,” he said, “was how fast that shift happened.”

The public health crisis has hit company earnings and forced many to change the way they operate. European competitor Royal Dutch Shell is said to be offering voluntary redundancies in a bid to become leaner, and U.S. rivals Chevron and Marathon Oil are among others laying off employees.

BP will let go of 14% of its workforce, Chief Executive Officer Bernard Looney said in an internal note. The move will mostly affect staff in office-based jobs and those holding senior roles, with the top 400 positions expected to be cut by one-third.

Looney, 49, told staff that the job cuts were in line with plans set out in February to prepare BP for deep reductions in carbon emissions. At the time, the Irishman said BP would dismantle its upstream and downstream businesses and replace them with 11 new teams. “I think it would be insincere not to suggest that there will be some staff layoffs as part of this program,” Looney said in an interview with Bloomberg in February. The pandemic and crude’s subsequent collapse have however accelerated the process, leading the company to “go deeper at this stage than we originally intended,” he said in the note to staff.

“Because of the changes in the reporting structure, BP was always more likely to make changes to headcount,” than its European peer Shell, which is largely continuing operations as before, Jefferies analyst Jason Gammel said. “I’m surprised it’s such a big cut.

Days after taking BP’s helm, Looney announced that the company would eliminate all emissions from its own operations and production by 2050, as well as slashing those produced by its consumers. Since then, oil prices have plunged as the coronavirus pandemic has cratered demand, forcing producers to reign in spending and put projects on hold. Looney is adamant that the crisis only reinforces the need to “reinvent BP” and press ahead with its new climate ambition.

Last month, BP began the second phase of its reorganization, reducing senior manager positions to around 120 people from 250. The new appointments will begin their roles from July 1 and continue the reorganization, which is expected to be finalized by the end of the year.

“We are spending much, much more than we make — I am talking millions of dollars, every day,” Looney wrote. “It currently costs around $22 billion a year to run the company — of which around $8 billion is people costs.” BP’s net debt rose by $6 billion in the first quarter of this year.

BP also spends about $8 billion a year in dividend payments to shareholders. The company has come under scrutiny for maintaining the payout even as its debt increased. While Looney has dodged repeated questions on whether a cut to its dividend is on the cards for the second quarter of the year, he has soften his language saying its a decision made by the board on a quarterly basis. That compares to previous comments in which he said it was BP’s job to maintain the dividend.

The move stands in contrast to European rival Shell, which slashed its dividend by two-thirds last quarter. The Dutch major is undertaking its own reorganization, but so far is offering voluntary redundancies, scaling back on external recruitment and reviewing expatriate staff contracts, according to people with knowledge of the matter. In a memo to staff, CEO Ben van Beurden said that over the coming months, Shell would “go through a comprehensive review of the company.”

BP had committed to a three-month freeze on job cuts during the peak of the pandemic, starting in early March. Promotions were also frozen but will resume in July “in a measured way,” the CEO said. Cash bonuses for the year will be “very unlikely,” he said, without clarifying whether that extends to BP’s trading division. Staff will be able to apply for voluntary redundancy starting June 15.

Senior management will also not receive pay increases this year, while junior and mid-ranking staff will only get them from October. Employees at filling stations won’t be included in the reorganization as they’re considered front-line workers. Their wages rose in April and will climb again in August.

The real impact of the job cuts and reorganization for the British supermajor is likely to become apparent in September, Gammel said. BP is set to hold a capital markets day then where it will outline details of its ambition to slash carbon emissions.

“They’ll certainly want to be ready to go in September,” Gammel said.

The NBTC proposed several methods of allocating the slots, as relevant regulations do not specify the need for auction or bids.

The NBTC will combine the slots and related satellite network filing into four packages, namely 50.5 degrees East and 51 degrees East; 78.5 degrees East; 119.5 degrees East and 120 degrees East; and 126 degrees East and 142 degrees East.

The airline had previously proposed EY Corporate Advisory Services Ltd, THAI chairman ACM Chaiyapruk Didyasarin and acting president Chakkrit Parapuntakul. The other members are independent directors Pirapan Salirathavibhaga, Boontak Wangcharoen and Piyasvasti Amranand.

The carrier has filed for restructuring under the bankruptcy law.

Big Motor Sale 2020, showcasing everything from small electric vehicles to multimillion-baht supercars, will run for nine days after the government eased lockdown measures to allow businesses to resume operations.

“We will organise this exhibition from August 21 to 30 this year at the Bangkok International Trade & Exhibition Centre (BITEC) to stimulate the automotive industry,” said its organisers, Yanyont Square Group (YSG).

“So far, 22 car companies, nine motorcycle companies, 12 premium used/imported car dealers, and 13 automotive equipment dealers have signed up for the exhibition, covering an area of 40,000 square metres.”

The organisers added they would implement disease-control measures to ensure staff and visitors’ safety.

Three of the eight companies have already completed the bond subscription. Berli Jucker (BJC) offered bonds worth Bt18 billion, Charoen Pokphand Foods (CPF) raised Bt25 billion and All Inspire Development (ALL) Bt104.90 million.

The five other listed companies issuing bonds are:

1 Major Development (MJD) will issue bonds worth Bt400 million with interest at 6.80 per cent per annum for two years and six months to institutional and large investors from June 22 to 24. The amount will be used to repay bills of exchange that will reach maturity in August worth Bt130 million, invest in new projects or use as circulating fund. The company’s credit rating is BB+.

2 Property Perfect (PF) will offer two-year bonds worth not more than Bt600 million at an interest of 6.25 per cent per year to institutional and large investors from June 8 to 10 to repay debt and use as circulating fund. The company’s credit rating is BB+.

3 East Coast Furnitech (ECF) will offer two- year bonds worth not more than Bt600 million with interest at 7.25 per cent per year to institutional and large investors from June 8 to 10. Issuer can redeem the bonds before reaching maturity. The proceeds will be used to repay or buy back ECF208A bond that will reach maturity on August 16 and use as collateral for issuing another bond. The company’s credit rating is BB+.

4 True Corporation (TRUE) will offer bonds for three years and three months at an interest of 3.60 per cent per year to institutional and large investors from June 15 to 17 to use as circulating fund. The company’s bond credit rating is BBB+.

5 Muangthai Capital (MTC) will offer bonds worth Bt4 billion: a one-year and five-month bond will offer 3 per cent interest and another for three years, five months and two days will offer 3.65 per cent. The proceeds from the bonds, to be issued from June 9 to 11, will be used to repay debt and use as circulating fund. The company’s and its bond credit rating is BBB+.

He said the national flag carrier owes Bt43 billion to 87 savings cooperatives and another Bt20 billion to local financial institutions, banks, investment funds and assurance companies.

The two have agreed to work together in order to increase the bargaining power of local creditors, he said.

The Central Bankruptcy Court in Bangkok accepted the bankruptcy protection case filed by THAI on May 27 while the Finance Ministry has reduced its holdings to below 50 per cent, resulting in THAI losing state enterprise status. THAI’s debts are estimated to be about Bt 200 billion, excluding debt owed to frequent flying air passengers.

Poramate said that cooperatives, banks, investment funds and assurance companies will appoint two sets of committees for the debt collection task.

The first committee will follow up on the rehabilitation of THAI. “We will oppose the rehab committee who have a bad record in financial matters or management ,” he said.

The second committee will seek redemption of THAI debentures. If the national carrier could repay savings cooperatives’ debts within a 10-year timeframe, it would be acceptable. If debt repayment could be made at Bt4 billion a year, then it will not financially hurt 3 million members of the 87 cooperatives, he said.

The cooperative is preparing its position and will send its options for discussions with THAI as the bankruptcy court is set to open its first hearing on THAI’s rehabilitation plan on August 17, he added.

Foreign investors have started to come back into the market while local institutional investors remain the driving force for the rebound. Local individual investors are also looking for mutual funds they can put their money in and expect high returns.

One open-ended fund is TISCO Strategic Fund (TSF), which has outperformed the market in the past one month, with a strong track record over the long-term.

Over the past 10 years, TSF — managed by TISCO Asset Management Co — yielded investment returns of 11.59 per cent on average annually. Over the past six years, it has outperformed the market for four years, one year it trailed the market and in one year it was close to market performance.

Its volatility is 15.51 per cent on average.

Over a one-year period, the TSF investment return is 7.89 per cent versus minus 12.2 per cent for the market.

Average return of TSF over the past five years is 6.83 per cent compared with market return of 0.57 per cent.

TSF’s strategy is to invest in 10 to 15 firms having strong fundamentals and growth potential. Net asset of the fund is not large, worth Bt1.4 billion. The fund also focuses on mid-small cap firms who have average market capitalisation lower than Bt50 billion.

The TSF management applies a bottom-up approach for picking shares, by looking at the financial statement, the business model, the management and at the bigger picture of the industry and economic conditions.

As of April 1, 2020, TSF had invested in three major industries, namely finance and securities, petrochemical, and energy and utility.

The top five listed companies’ shares held by STF at that time were GULF 9.20 per cent, MTC 9.14 per cent, IVL 8.95 per cent, INTUCH 8.58 per cent and BDMS 7.83 per cent.

The management of TSF collects an annual fee of 1.81 per cent and selling fee at 1 per cent from investors.

Its beta is between 1.15 to 1.18, reflecting higher volatility than the market. Currently, its net asset value (NAV) per unit is Bt53.19 as of June 4. The fund does not pay dividends; annual returns are accumulated and added to the NAV and its average returns is 10.8 per cent since its establishment 16 years ago.

The success of CPF’s bond issue showed investors’ confidence in the company, its performance and past record as a good bond issuer, the arrangers to the issue said.

The bond issue had five joint lead arrangers – Kasikornbank, Krungthai Bank, Siam Commercial Bank, CIMB Thai Bank, and Government Savings Bank.

Paisan Chirakitcharern, chief financial officer of CPF, which operates an integrated agro-industrial and food business under the vision to become the ‘Kitchen of the World’, disclosed that there had been impressive feedback from investors on the six series of bonds, offered to various groups of investors to raise Bt25 billion. The bonds were oversubscribed well above the targeted amount, he said.

“This bond issuance will enhance our financial position. CPF is determined to generate fair financial returns for all stakeholders and intends to grow our business sustainably and solidly under our vision to become the ‘Kitchen of the World’,” Paisan said.

The arrangers said that besides the satisfactory returns and credit rating of A+ from TRIS Rating Co Ltd, one significant success factor was investors’ trust in its leading position as a sustainable agro-industrial and food business operator. Apart from that, the strong financial performance has been a main consideration of investors to subscribe to CPF’s bonds, the arrangers added.