#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

GE may face SEC sanction tied to accounting investigation

CorporateOct 07. 2020

By The Washington Post · Hamza Shaban · BUSINESS 
The Securities and Exchange Commission has warned General Electric that it faces legal action in connection with its troubled insurance business, according to a regulatory filing published Tuesday.

The SEC issued what’s known as a “Wells notice” on Sept. 30 to alert the conglomerate that it considering civil action for possible securities law violations.

Boston-based GE first disclosed the government investigation into its accounting practices in 2018, after a multibillion-dollar underestimate of its insurance business created a shortfall in its reserves. Then-Chief Financial Officer Jamie Miller said on a conference call with analysts, “There’s nothing here I’m overly concerned about.” The SEC also delved into how GE recognized revenue from long-term service agreements for the maintenance of industrial equipment, including power plants and jet engines.

In a statement Tuesday to The Washington Post, GE said it has “fully cooperated with the SEC’s investigation,” adding, “We strongly disagree with the recommendation of the SEC staff and will provide a response through the Wells notice process.” GE said it is providing documents and other information requested by the SEC.

The SEC declined to comment.

GE will be given an opportunity to make a case against enforcement. But if the government proceeds, it could seek an injunction against future violations of securities law and impose fines. GE acknowledged a level of uncertainty in the filing on what the investigation means for its business: “The results of the Wells notice and any enforcement action are unknown at this time.” 

Like other companies in the aviation business, GE has been battered by the coronavirus. In May, the company said it would cut 13,000 jobs from its jet-engine operation. Industry executives have said it will take years for the aviation business to return to pre-pandemic levels. From its recent peak in February, the value of GE shares has been cut in half.

News of the Wells notice shook investors further, and the stock slumped 3.7% to close at $6.17. But the broader market fell after President Donald Trump tweeted Tuesday afternoon that he was withdrawing from stimulus negotiations until after the Nov. 3 election. He said he had instructed Treasury Secretary Steven Mnuchin to halt talks with Democratic leaders.

Investors have for months monitored the negotiations for signs of a breakthrough. Economic experts and government officials, including Federal Reserve Chair Jerome Powell, have tied the recovery of the U.S. economy to further government aid, highlighting the importance of a deal. Hours before Trump said he ended negotiations, Powell warned that insufficient support from policymakers could batter the economy further and imperil the recovery.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Digital token trader ERX to launch Thai trading platform by yearend

CorporateOct 07. 2020

By The Nation

ERX, a digital token trading service provider, will launch its digital trading platform in Thailand by the end of the year.

Pinpraaj Chakkphak, ERX chief executive officer, said the Finance Ministry and the Securities and Exchange Commission (SEC) gave the company approval for trading digital assets in July this year, and the company has allowed certain customers to open a trading account since October 1.

He said ERX is currently talking to some potential customers who want to use their assets, such as property, to raise funds in the form of digital tokens. The firm expects to get three assets by the end of this year.

Pinpraaj added that the company has negotiated with three security companies to help boost investor’s interest in digital tokens.

“ERX’s strongest point is its major shareholder is Elevated Returns, an American company that specialises in digital assets and is experienced in issuing Aspen Coins, a token that is linked to the assets of the St Regis Aspen Resort with a funding value of US$18 million,” he said.

He added that ERX aims to first create a platform in Thailand before expanding further in rest of Asia.

“We have decided to start in Thailand because many Thais use smartphones and the SEC has the potential of improving its regulations in line with changes in technology. Also, Thai financial institutions are ready to invest in this form of assets,” he said.

Pinpraaj went on to say that the strongest point of digital tokens is that it gives investors a chance to get high returns by investing in assets they would not have access to otherwise, like properties that that sell investment units at Bt100 million.

“It also enables asset owners to raise funds at a far lower cost than they would if they were raising funds via the Stock Exchange of Thailand,” he added.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Krungsri Bank to launch financial literacy programme for Obec schools in bid to break cycle of poverty

CorporateOct 06. 2020From left: Sanit Yamgesorn, Seiichiro Akita and Dr Kraiyos Patrawart 

By The Nation

Krungsri Bank and its business units have joined the Office of Basic Education Commission (Obec) and the Equitable Education Fund (EEF) to launch an animated series to promote financial literacy and discipline among youth in 28,000 schools nationwide.

The online financial literacy platform, titled “Simple to Learn – Stay Save during Covid-19” has been developed as part of Krungsri’s sustainable development goals (SDGs). It offers four basic concepts – think before buying, saving, young bookkeepers and recycling. It will also help students understand the “new normal” and other relevant financial precautionary measures in a post-Covid economy.

Seiichiro Akita, Krungsri president and chief executive officer, said: “The financial literacy project is one of Krungsri’s flagship missions to reflect the fact that financial institutions play an important role in socio-economic development of the country. Not only do we provide capital to the business sector and customers across all segments, but we also perform our mission of fostering a proper balance of economic, social, and environmental considerations.

“The series aims to cultivate financial discipline among youth and is expected to help build their immunity against potential problems emerging from personal and household indebtedness – a critical foundation of sound and sustainable economic growth,” Akita added.

Sanit Yamgesorn, Obec’s deputy secretary-general, said: “Cultivating financial discipline and literacy is crucial to ensuring sound money management and better quality of life for young people.

“We will disseminate the animated series among schools under the supervision of Obec. This series will be integrated into Obec’s learning project of cooperatives, developed by Obec’s Bureau of Student Activities Development,” he said.

Dr Kraiyos Patrawart, EEF’s deputy managing director, said: “The animated series aims to enhance financial knowledge and discipline among elementary students nationwide, including those from the underprivileged sector. With financial literacy, these students will be able plan and manage their personal finances both in terms of spending and saving, thereby boosting their financial immunity and advancing their own and their family’s quality of life, which is key to breaking the cycle of generational poverty.”

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

B Grimm teams up with provincial power agencies to pursue opportunities

CorporateOct 05. 2020From left: Khemarat Sartprecha, Sompong Preeprem, Harald Link, and Preeyanart Soontornwata 

By The Nation

B Grimm Power Plc (BGRIM) has teamed up with the Provincial Electricity Authority (PEA) and subsidiary PEA ENCOM International (PEA ENCOM) to pursue new business opportunities.

The memorandum of understanding (MoU) between the three entities will see them collaborating financially and technically in new ventures.

The MoU was signed by B Grimm Group’s chairman Harald Link, BGRIM’s chief executive officer Preeyanart Soontornwata, PEA governor Sompong Preeprem and acting PEA ENCOM president Khemarat Sartprecha.

Link said the collaboration will be instrumental in expanding the customer base for small power producers and boost the efficiency of private power generation projects that produce electricity for their own use or directly supply power to buyers.

In another move to strengthen the BGRIM-PEA ENCOM tie-up, subsidiary B Grimm Power Service (Laem Chabang) transferred a 5 per cent stake to PEA ENCOM for Bt200 million.

The chairman said forming such alliances is key to driving a secure, sustainable growth for BGRIM over the long term and helps it realise its target to achieve a combined installed capacity of 7,000MW. This linkup will also generate profits and dividends for shareholders consistently, he said.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

EGCO Group powers up Gangdong power plant in South Korea

CorporateOct 05. 2020

By The Nation

Electricity Generating Public Company (EGCO Group) kicked off operations at its 19.8-megawatt Gangdong fuel-cell power plant in South Korea on Thursday.

“The 19.8MW Gangdong power plant operated by Paju Energy Service, in which EGCO holds a 49 per cent stake while SK E&S holds the rest, commenced commercial operations on October 1,” said Thepparat Theppitak, EGCO Group’s president.

“The plant will sell electricity to the Korea Electric Power Corporation, the sole buyer of wholesale power generation in South Korea, through the Korea Power Exchange.

“The new power plant will continuously generate revenue for EGCO with its earnings to be realised in the fourth quarter of this year onwards,” Thepparat said.

“The power plant will also generate incremental revenue from selling thermal energy and also receive renewable credits in the form of renewable energy certificates in relation to its electricity generation output,” he added.

The Gangdong fuel cell power plant is located in Gangdong-gu in the South Korean capital Seoul.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Donki aims to have 20 more branches in next 5 years

CorporateOct 05. 2020

By THE NATION

Donki, or Don Quijote, a Japanese retail store chain, is joining hands with two partners — Sahapat and TOA Venture Holding — to open two more branches next year, aiming to achieve a total of 25 new branches in Thailand in the next five years.

“Donki (Thailand) Ltd, formerly Donki Thonglor, has recently signed an MoU with Sahapat Group and TOA Venture Holding for the cooperation to expand the company’s Donki retail stores that sell foods and consumer products imported from Japan,” said company president Yosuke Shimanuki. “We have also changed the company’s name and logo to emphasise the modernism with an aim to push Thailand to be the company’s manufacturing hub in Asia.”

The Donki chain in Thailand is 60 per cent owned by Donki (Thailand)’s parent Pan Pacific Retail Management (Thailand), while Saha Group owns 22 per cent and TOA Venture Holding owns 18 per cent.

“Currently our stores are responsible for less than 10 per cent of total retail market share, but we expect this number to increase in the near future, thanks to our unique products and experience in the field that will help create value to the brand,” said Shimanuki. “We will carefully select areas with high potential to open new stores, such as Phuket, Chiang Mai, Rayong and outer Bangkok.”

The company plans to open two new branches in 2021 and will open at least 20 stores by the end of 2025. “We estimate that 15 of these stores will be the new branch of ‘Don Don Donki’, while five branches will be under different names to introduce the company’s other products,” he added. “Throughout October, Donki is offering a 20 per cent discount on sushi and various food items to boosts sales via our food delivery service, which has become increasingly popular since the Covid-19 lockdown,” Shimanuki said.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

GPSC to start selling battery products early next year

CorporateOct 05. 2020CEO Chawalit Tippawanich 

By The Nation

Global Power Synergy Public Company (GPSC), the power flagship of PTT Group, will start marketing activities for its battery products early next year, chief executive officer Chawalit Tippawanich said.

GPSC has signed a Bt1.1 billion contract with Japanese construction firm, Thai Takasago, to develop Thailand’s first semi solid lithium ion battery plant on a 12-rai plot in Map Ta Phut Industrial Estate.

The plant, with an initial total capacity of 30 megawatt hour (MWh), is due to commence operations by yearend.

GPSC aims to penetrate the high-end energy storage market in Thailand and Asean with plans to expand its production capacity to 100MWh to support future demands.

Chawalit said the equipment required has already been brought in, but will have to be installed by experts from Japan and US, who are still unable to come to Thailand due to restrictions put in place to curb transmission of Covid-19.

He said the company has petitioned for concerned agencies to relax the rules for these experts, and hopes the plant will go into operation by the end of this year as planned.

The CEO also added that once the plant produces its first lot of batteries, it will begin to ramp up its capacity to up to 100 MWh in line with the government’s policy of promoting next generation automobiles that use clean energy.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

THAI launches economy-plus class in flights to London and Frankfurt until year-end

CorporateOct 03. 2020

By THE NATION

Thai Airways International Pcl (THAI) is offering a new economy plus class for passengers’ “superior comfort and to promote social distancing practice” amid the outbreak situation.

Wiwat Piyawiroj, THAI executive vice president of Commercial, said they would be available for booking from now until December on flights from Bangkok to London and Bangkok to Frankfurt. The flights will start from October 25.

Wiwat added that the new economy-plus class is the first four rows of the economy seats, featuring spaced out seats (middle seats are left empty) and special services such as express check-in, extra luggage weight of 5kg, same in-flight meal as business class, and free use of THAI special lounge at Suvarnabhumi Airport (terms and conditions apply.)

“THAI has also employed strict health measures in flights and at boarding areas to ensure the safety of all passengers and staff from Covid-19,” added Wiwat.

To reserve a flight, visit thaiairways.com or call THAI Contact Center 0-2356-1111 (between 8am-8pm).

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

THAI Airways planning to open dough-fritters franchise

CorporateOct 02. 2020

By The Nation

Debt-laden Thai Airways International (THAI) is aiming to franchise its dough-fritters operation as business soars at the snack stall it opened in Bangkok.

THAI began frying up the dough sticks, or “pa tong go”, in front of company headquarters on Silom Road last month, attracting long queues of customers from 5am every day.

To meet demand, staff have increased production from 200 to 1,000 portions per day and are generating revenue of about Bt10 million per month.

A portion of three fritters with condensed milk costs Bt30 – or an extra Bt20 with taro custard.

THAI acting president Chansin Treenuchagron said the company is now considering franchising the snack stall to meet demand.

The franchise plan is the latest effort to find new revenue sources after the THAI fleet was grounded by Covid-19 travel restrictions and the company began restructuring about Bt350 billion of debt last month.

The airline has also opened a restaurant at its head office on Vibhavadi Rangsit Road and opened its flight simulators to the public.

Meanwhile there are now seven outlets selling THAI’s dough fritters – five in Bangkok and two in Chiang Mai:

1. Puff and Pie outlet at Ortorkor Market in Bangkok every Friday, Saturday and Sunday

2. Puff and Pie outlet at THAI head office on Vibhavadi Rangsit Road in Bangkok every Monday, Wednesday, Thursday and Friday

3. Puff and Pie outlet at the Rak Khun Thao Fa building in Bangkok every day

4. THAI Catering restaurant at Bangkok’s Don Mueang Airport on Tuesdays and Thursdays

5. THAI headquarters on Silom Road Monday to Friday

6. Puff and Pie outlet on Phra Pokklao Road, Chiang Mai every Monday, Wednesday and Friday

7. Puff and Pie outlet on Suthep Road, Chiang Mai every Thursday

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Banpu subsidiary acquires US natural gas firm

CorporateOct 02. 2020

By The Nation

Energy company Banpu told the Securities and Exchange Commission on Friday that its subsidiary BKV Corporation has completed the acquisition of a US natural gas company for US$570 million.

BKV Corp was able to deduct $80.2 million, which accounted for the US company’s adjustment in income and other expenses since September 1, 2019, from the investment value and has paid a deposit of $170 million.

The remaining $319.8 million or Bt10.1 billion will be paid later this month.

This acquisition will help Banpu boost its natural gas production capacity in the US, while it will be able to realise cash flow from the US firm’s operation since September 1, 2019 immediately.

The acquired firm operates in the Barnett Shale area in Texas.