Japan’s Nikkei 225 index increased almost one per cent in early Wednesday trading and South Korea’s Kospi rose more than 1 per cent.

The United States Trade Representative (USTR) announced on Tuesday the next steps in the process of imposing an additional tariff of 10 per cent on approximately $300 billion of Chinese imports.

On May 17, USTR published a list of products imported from China that would potentially be subject to an additional 10-per-cent tariff. This new tariff will go into effect on September 1 as announced by President Trump on August 1. Certain products have now been removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 per cent, the USTR said in press release. Furthermore, as part of USTR’s public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain items including cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing. USTR intends to conduct an exclusion process for products subject to the additional tariff.

The USTR will publish in the Federal Register as soon as possible additional details and lists of the tariff lines affected by this announcement, the statement added. Following the announcement, US investors welcomed news of the exemptions , pushing the tech-dominated Nasdaq up 1.9 per cent, led by a 4-per-cent rise in Apple shares .The Dow Jones and S&P 500 rose 1.4 per cent.

Industry Minister Suriya Juangroongruangkit said the US Charge d’affaires Peter Haymond met him to discuss further investment and expansion of trade. Haymond also invited the Thai government to invest in ExxonMobil, which is interested in building a petroleum chemicals plant in the Eastern Economic Corridor (EEC). The petrol giant is eyeing 1,000-rai (160-hectare) of reclaimed land and plans to spend Bt200 billon on the project.

Suriya said he was pleased with ExxonMobil’s interest in expanding its investment in Thailand and will coordinate the discussion of details between the US company and the Industrial Estate Authority of Thailand (IEAT).

IEAT is currently studying the potential of the project and assessing its environmental impact.

“The process of land reclamation has improved greatly. Many developed countries like Japan and Singapore have done it without having any impact on the environment. If we study the project and plan carefully, it will be of great benefit for our country,” Suriya said.

Meanwhile, Haymond said many small entrepreneurs from the US were interested in investing in Thailand, especially in industries such as the manufacturing of parts of the interior of aircraft, such as kitchen gadgets and seats. If Thailand can produce such products, companies like Boeing will be interested and will support the business.

Meanwhile, listed companies in Thailand also announced financial results that were lower than estimated. SET index closed on Tuesday at 1,620.23, dropping by 30.41 points or 1.84 per cent from Friday with a trade value of Bt64.18 billion.

The Hong Kong Hang Seng closed at 25,281.31, recording a 543.42 drop or 2.1 per cent from Monday, over investor concern about the US-China trade war and protests.

Japan’s Nikki closed at 20,455.44, 229.38 points or 1.11 per cent lower compared to Monday.

The Singapore FTSE Straits Times Index closed at 3,146.73, 22.21 points or 0.7 per cent lower, while China’s Shanghai Index closed at 2,930.32, or 18.54 points or 0.63 per cent lower compared to Monday.

Siam Commercial Bank Investment Centre Concept said SET Index has continued to fluctuate because the ongoing US-China trade war is causing uncertainty, which is having a direct impact on regional currencies.

Such risks directly impact the business prospects of banks as well as their clients, thus presenting a threat to the country’s economic stability, Veerathai said at Tuesday’s Bangkok Sustainable Banking Forum.

As an example, he said commercial banks should intensify their regulations covering loans to unsustainable projects that might harm the environment.

Climate change and natural disasters resulting from environmentally unsustainable projects can directly impact businesses, leading to loan-repayment risks, he warned.

Financial institutions that provide capital for unsustainable projects have a responsibility to actively reduce ESG risks, he said.

Veerathai commended Thai banks such as Siam Commercial Bank and Kasikorn Bank for promoting sustainable investments in Southeast Asia and being included in the Dow Jones Sustainability Indices.

The Stock Exchange of Thailand compiled its own “Thailand Sustainability Investment” list for 2018, which included the Bank of Ayudhya, Bangkok Bank and TMB Bank.

Veerathai urged financial institutions to continue focusing on reducing ESG risks by increasing internal standards for loans sought by unsustainable businesses.

Jeanne Stampe, head of Asia sustainable finance at the World Wide Fund for Nature, noted that the Thai Bankers Association (TBA) has been working with her organisation on standardising sustainable banking throughout the country.

The TBA planned later in the day to release its official sustainable banking guidelines for commercial banks.

The Bank of Thailand (BoT) governor has guaranteed that the Fiscal and Monetary Committee to be appointed by Somkid “will not have any power” over the central bank’s monetary policies.

Somkid announced last week that he would soon appoint a committee to supervise the country’s financial stability. He was worried about a strong Baht hurting the economy.

Mainly created to maintain the Baht’s stability, the committee will be comprised of representatives from various financial and economic institutions such as the BoT, the Finance Ministry, the Securities and Exchange Commission (SEC) and the National Economic and Social Development Council (NESDC).

However, private sector representatives raised concerns after Somkid’s announcement, pointing to the need for the central bank’s neutrality and independence from interference, and noting that the committee’s duties seemed to overlap with the central bank’s role.

BoT governor Veerathai Santiprabhob brushed off these concerns early on Tuesday, stating that the Fiscal and Monetary Committee is only meant to play an advisory role and will not impact the central bank’s autonomy.

Veerathai was speaking today at the BoT’s annual “Bangkok Sustainable Banking Forum 2019”.

“The committee will be beneficial to the country, as it will allow different financial institutions in the country to work together to reduce income inequality and cope with global economic threats such as the on-going US-China trade war,” he said.

However, he claimed, the committee will not be able to dictate the central bank’s monetary policies and will only act as advisors to the different financial and economic institutions.

For instance, the central bank’s Monetary Policy Committee (MPC) will continue to base its policy interest rate decisions on the existing criteria, he continued.

The BoT recently cut the policy interest rate from 1.75 per cent to 1.50 per cent.

The key reasons for this decision included the negative impacts of the trade war on Thai exports, which has damaged the overall Thai economy, as well as the low level of inflation, the governor said.

Going forward, he said, the central bank will increase its focus on the country’s financial stability, especially given that interest rates have been lowered.

The first eight series of the international index warrants start trading that day.

SET president Pakorn Peetathawatchai called the listing a milestone in the exchange’s product development, linking to overseas and broadening investors’ trading opportunities in a foreign stock market.

The DW will be issued over HSI, which tracks the performance of the 50 largest market cap and most liquid stocks listed on the Stock Exchange of Hong Kong.

It is expected that more DWs linked with foreign underlying assets will be issued in the future.

DW has gained popularity among investors in the last three years.

During seven months of 2019, the average daily trading value surged 38 per cent year-on-year ato Bt5.4 billion (US$174 million), representing around 11 per cent of total market trading value.

In addition, there was a 39 per cent year-on-year rise in number of new series, to 2,197.

Most will be from Thailand, Taiwan, India and Hong Kong and the Chinese mainland, with buyers expected from around Asia, the United States, Europe, the Middle East, Africa and Oceania.

“Asia Lifestyle Expo is a new business platform for lifestyle products in the region,” said NEO project manager Panvisut Buranakarn.

For the first time in Thailand, Solmazer from Turkey will exhibit kitchenware, tableware and glass canisters. Kim Jim, a 90-year-old Japanese company, will show its popular “Tepra” printers and introduce “Hitotoki” stationery and label printers.

Gallucci will have its fashionable Italian watches inspired by the renowned Italian celestial scientist of the same name.

“The Thai Retailers Association is very pleased to support the launch of this new show,” said the association’s president, Worawoot Ounjai. “For buyers from the online and offline Southeast Asian retail sector, the expo will be an ideal platform to source lifestyle products from all over Asia right in Bangkok.”

Jirabool Vittayasing, president of the Thai Gifts Premiums & Decorative Association and chairman of the Asean Gifts Federation, predicted that the exposition “will become an important event helping to grow the sector in Thailand”.

There will be free seminars conducted by renowned speakers on topics including “Miracle Marketing: Invest a Small Amount Earning Millions”, “Partnership with Giant: China Opportunities”, “Online Marketing Genius” and “Lifestyle Trend 2020: Sourcing the Right Product”.

Visitors and exhibitors who are interested in networking can also participate in business-matching activities.

Suchai Kittinantasuk, the governor of the Office of Agricultural Economics in Chon Buri, has costed the economic benefits of off-season rice, Vannamei shrimp, and Marian plum citing payments that farmers would receive from cultivating the four crops as Bt538 per rai for in-season rice and Bt1,433 per rai for off-season rice on average, a maximum of Bt76,179 per rai for Vannamei shrimp and at average of 13,429 for Marian plums.

According to Agri-Map Online, the agriculture database that offers planting and geographic information, a Nakhon Nayok farmer could earn a decent living by converting his paddy fields to ornamental plant beds growing Gardenia collinsiae, Ixora, or Jasmine. Nakhon Nayok has long been known for its flower and ornamental plants, which are distributed all over Thailand and exported to many countries and remain in high demand.

Freshwater prawn and Tilapia fish farming are also interesting alternative choices for Nakhon Nayok farmers as demand from visitors is strong. The province is located near Bangkok and draws tourists for its many natural attractions. The governor also supports releasing small fish into the province’s waterways in order to preserve traditional fishing for locals which, he says, will be beneficial for the local economy and tourism. He said that the Nakhon Nayok’s agriculture area should be divided into 2 zones – agricultural planting zone and freshwater fishery zone.

For more information on agricultural information in Nakhon Nayok, contact the Regional Office of Agricultural Economics 6 at Chonburi at (038) 351 261 or email zone6@oae.go.th.