Tag Archives: Economics

Visa and LINE announce new collaboration

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Visa and LINE announce new collaboration

Corporate June 06, 2019 14:02

By The Nation

Visa and LINE Pay Corporation on Thursday announced a strategic partnership that will see them create new financial services experiences for their user bases of millions of consumers and merchants worldwide.

The companies said in a press release that they will collaborate across multiple areas, including:

· Everyday consumer payments: LINE’s 187 million global monthly active users will be able to apply for a digital Visa card from within the LINE app, and over time, add any of their existing Visa cards to make seamless payments from their mobile phone. The companies will also offer consumers additional and enhanced experiences like integrated loyalty programs and tailored offers and new payment capabilities for users when they travel overseas.

Solutions for merchants: Through Visa, LINE Pay consumers will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations worldwide, enabling them to take advantage of LINE Pay offers and services. They will also be able to see these transactions in their LINE Pay digital wallet, even where LINE Pay is not directly accepted.

In addition, Visa and LINE Pay will collaborate on ways for merchants to interact with the LINE Pay service as well as LINE Pay digital wallet, supporting the continued growth of globally interoperable payments.

Fintech services: LINE Pay and Visa will develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions.

Marketing: Ahead of the Tokyo 2020 Olympic Games, Visa and LINE Pay will partner on exclusive marketing campaigns and promotions to contribute to Japan’s acceleration towards a cashless society in the lead-up to and after the Olympic Games.

This new partnership extends the existing relationship between Visa and LINE Pay, which includes co-branded LINE Pay Visa cards in Taiwan and to be launched later this year in Japan.

“The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally,” said Chris Clark, Regional President, Asia Pacific, Visa.

World Bank warns of Myanmar’s urbanisation challenges

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Judy Baker
Judy Baker

World Bank warns of Myanmar’s urbanisation challenges

Economy June 07, 2019 16:41

By KhineKyaw
The Nation
Yangon

With more people moving to Yangon and other key destinations for better opportunities, the World Bank has warned of the challenges related to urbanisation in Myanmar at the launch of its latest report on Thursday.

Judy Baker, lead economist for social, urban, rural and resilient global practice at the World Bank, said Myanmar must urgently address key challenges to meet the growing needs of citizens in cities.

The challenges include lack of access to piped water, traffic congestion, informal settlements, infrastructure needs, lack of inclusive growth and skilled workers, spatial inclusion, inequitable opportunities, lack of transparency and fair decision making.

“The increase in urban population has begun to put a severe strain on cities, particularly Yangon,” she said.

Baker stressed the need for affordable housing, infrastructure and services. She said urbanisation in Myanmar emerged from migration unlike many other countries.

“The key driver of urbanisation here is migration. The population density in Yangon is 10 times higher than the national average,” she said.

“About 30 per cent of the population lives in cities. In terms of migration, a lot of people are moving to Yangon and key destinations. When compared to other Asean countries like Indonesia and Thailand, Myanmar still has a way to go.”

She said the city’s population is expected to increase 34 per cent by 2030, as Yangon produces 25 per cent of the nation’s gross domestic product and is home to nearly 30 industrial zones.

“The coverage of basic services is quite low. Many people in cities have lack of access to basic social services,” she said.

She warned of a rise in the number of informal settlements, as new residents could not afford the existing supply of housing. If left unaddressed, this will lead to further congestion, slums, pollution, and put a drag on opportunities for growth, she said.

“Cities like Yangon and Mandalay present significant opportunities but some groups do not benefit from them, as inequality becomes higher,” she said.

According to the economist, more jobs are still needed in the formal sector, as only 20 per cent of Myanmar workers have permanent wage jobs.

“The majority do not have regular wages or benefits. Nearly 80 per cent of the workers in urban areas work in microenterprises,” she said.

Citing a survey conducted in 2016, Baker said the firms in Yangon and Mandalay considered finding skilled workers as the biggest obstacle.

She also stressed that Myanmar must tackle the shortage of affordable housing, as only 25 per cent of Yangon residents live in formal housing.

“With estimated 7 to 15 per cent of urban dwellers living in slums, high informality is a problem here,” she said.

“In Myanmar, a few subgroups are vulnerable to exclusion in the urban context _ internal migrants, the urban poor, people with disabilities, and some ethnic and religious minorities,” she said.

She underscored the need of strong institutions and good governance to build competitive and sustainable cities. The government should encourage public-private partnership projects and how they can be scaled up, she said.

“Local governance is often hampered due to limited implementation of policies, financial resources, and technical capacities,” she said.

The report highlights four key priorities for inclusive cities in Myanmar – to invest in sustainable urban infrastructure and upgrading, to build resilience to mitigate shocks, to facilitate access to legal documentation, to build capacity and new financing sources.

At the launch, Myint Naing, deputy director general at the Department of Urban and Housing Development, lauded World Bank’s support to addressing urban challenges in Myanmar.

“We fully recognise problematic urban challenges, and are trying to address traffic congestion, shortage of urban infrastructure with a focus on electricity and water, housing shortage and slum expansion,” he said.

“We are facing the lack of urban science in our education [system] and lack of capacity to address urban issues.”

The official said Myanmar’s economic pattern must be changed, shifting focus on agriculture to resources-based and services-based economy.

“Urbanisation is an inevitable phenomenon for Myanmar’s development pathway and we must prepare to ensure our readiness for urbanisation,” he said.

He said Myanmar needs to analyse the urban agenda and set up urban policies, strategies and plan to overcome urban issues. To this end, improving urban knowledge is a starting point for the road to urbanised Myanmar.

Investors seen voting for stability

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Investors seen voting for stability

Economy June 07, 2019 01:00

By The Nation

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FOREIGN capital is expected to move into the Thai bourse with the prospect of political clarity arising from the return of Prayut Chan-ocha as prime minister, the chief of the Stock Exchange of Thailand (SET) said.

SET president Pakorn Peetathawatchai said capital had already begun flowing into Thai stocks after a rebalacing by index compiler MSCI that had made them more attractive to foreigners.

That development, combined with the legislature’s vote for Prayut to keep his job and the increased likelihood that he can form a new government, will boost the confidence of foreign investors, Pakorn said.

Foreign investors have made net purchases of Bt29.64 billion in Thai stocks from May 28 to June 6, according to SET data. For the year to June 6, they made net purchases of Bt5.635 billion in Thai stocks, the data shows.

Separately, the stock exchange has been questioning its member brokerages in an effort to find deficiencies after a trading volume of as high as Bt200 billion was recorded on May 28.

Pakorn conceded that some brokerages had not been able to deliver securities on time, required under the SET’s T+2 schedule. He said that this problem was resolved on June 4.

The SET has been studying a plan to cope with any such situation which may occur in the future, he said, conceding that the exchange has never been confronted with a trading volume of as much as Bt200 billion in a day.

In response to a question on the naked short selling of stocks, Pakorn said that the exchange was looking into the situation and would fine those brokerages that failed to deliver purchased stocks within the scheduled time

“We expect to take a short time to carry out this examination. After that, we must look into the deficiencies uncovered, regarding who made mistakes and thus come up with prevention measures,” Pakorn said.

Viwat Techapoonphol, head of technical analysis at Tisco Securities, said that the SET Index is expected to swing in a range of 1,620-1,630 points in early June, before moving between 1,680 and1,690 points. The momentum could be driven by the formation of a new government.

On the other hand, gains in the SET Index could be constrained due to the US-China trade war and poor figures on key local economic gauges.

The building of mega-projects could also act as a spur for stocks, he said.

Globally, stocks may not drop sharply as bad news from the trade conflicts has already been priced in.

Additionally, the major central banks have begun more rounds of monetary easing. The Federal Reserve is expected to cut its benchmark interest rate by 0.25 of a percentage point at the Federal Open Market Committee’s June 19 meeting, he said, adding that it could follow that up with another rate cut late this year.

“If the Fed slashes its rate, the global liquidity will continue to flow into stock markets. But we want to warn investors to take caution in stock investments,” he said. “After the Fed’s estimated rate cut, for one to two days stock prices across the world could drop as the Fed’s rate cut will likely reflect the global economic slowdowns. But we’re not concerned over Thai stocks, thanks to clear political situation and domestic investment.”

The SET Index yesterday gained 4.95 points, or 0.3 per cent, to end at 1,653.41. Trading turnover was Bt49.88 billion.

Consumer confidence sinks for three moths in a row in May

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Photo by Korbphuk Phromrekha
Photo by Korbphuk Phromrekha

Consumer  confidence sinks for three moths  in a row in May

Economy June 07, 2019 01:00

By   THE NATION

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THAILAND’S political situation, the US-China trade war and low agricultural product prices have dragged down confidence of Thai consumers to its low in 19 months, according to University of the Thai Chamber of Commerce.

Thanavath Phonvichai, director of the university’s Centre for Economic and Business Forecasting, said that Consumer Confidence Index (CCI) in May headed down in a third straight month, sliding from 79.2 to 77.7, the lowest in 19 months since November 2017 .

The decline of the index for the past three months, from March to May, reflected downtrend of the Thai economy with no clear signal of a recovery.

As the CCI fell due to local political uncertainty, particularly stability of the government, the confidence index involving politics dropped to its 59-month low. Given the global economic uncertainties, amid the escalating trade war between US and China, Thai exports and crop prices remained low with consumers careful in their spending.

Thanavath said a Somkid Jatusripitak-led economic team is expected after the appointment of the next prime minister.

The Thai economy is projected to expand 2.8-3.2 per cent in the second quarter of this year, Thanavath said. For the local economy to grow 3.5 per cent this year, economic expansion must reach 4 per cent in the latter half of the year, he said.

A new Cabinet is expected to be sworn in next month with the private sector looking forward to a competent team on economic affairs under the new government in order to restore confidence and accelerate budget disbursement to stimulate the economy, he said.

The fiscal year 2020 budget is estimated to be delayed to early next year (2020 calendar year), which could lead to a vacuum in the second half of this year.

Thanavath said the government could use the balance of the central expenditure budget or budget for ministries for short-term economic stimulus measures

As initially assessed, every Bt10 billion in economic stimulus could push up the country’s gross domestic product (GDP) by 0.04 per cent and if about Bt30-Bt50 billion are injected into the economic system, the GDP is expected to rise 0.1-0.3 per cent, he said.

“ The top concern among investors and the general public is the present political situation. And if there’s a protest outside parliament, the centre may revise downward its GDP growth target of 3.5 per cent for this year. The trade retaliations between the United States and China may also lead to a revision of the centre’s GDP estimate given the impact |on Thai exports and tourism, he said.

Thanavath said all economic indices declined in May with the confidence indices for new homes and suitability for doing businesses sinking to a 20-month low, while that for future income reached a 9-month low.

The indices for new jobs and new cars also sank to a 18-month low.

WB report offers roadmap to next-level digital economy

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WB report offers roadmap to next-level digital economy

Economy June 06, 2019 14:43

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With the aim of ensuring that the economic and social dividends of technology can reach everyone, a new World Bank report, “The Digital Economy in Southeast Asia – Strengthening the Foundations for Future Growth”, analyses the opportunities and challenges facing the region to scale up digital development.

“Southeast Asian countries have made significant headway in the digital sector,” said Boutheina Guermazi, the World Bank’s director for digital development. “But even though the population has embraced digital services, adoption by businesses and governments has generally been slower.”

Guermazi in particular points to the regulatory bottlenecks and the lack of trust in electronic transactions that is stifling the growth of digital systems.

“This groundbreaking research can help Asean countries overcome these challenges to create strong, inclusive digital economies.”

The report identifies six main areas of focus for digital development in Southeast Asia, starting with the expansion of connectivity, the backbone of the digital economy.

Although half of the region’s population uses the internet – on par with the global average – this can continue to be expanded with policies and actions that will significantly lower prices, increase speeds and bring reliable broadband internet to underserved areas.

In the region’s middle-income countries only 2 out of 5 people have access to high speed (4G) mobile internet – and in lower income countries it’s only 1 out of 5. Active collaboration between the public and private sectors and proactive regulatory approaches will be critical to unlocking the needed investments in digital infrastructure and fostering greater competition across the telecommunications sector.

With digital technology transforming almost all sectors of the economy, the skills of the region’s workforce need to keep pace, the report said. Education systems will have a key role to play in developing the technical knowledge and soft skills that are required to compete in the global digital economy. Given the rate of technological change, adaptability and lifelong learning will be more important than ever, as well as more effective collaboration between the public and private sectors.

Digital payments are another essential underpinning of the digital economy, but the report finds that they remain underdeveloped in Southeast Asia compared to other parts of the world. In most countries in Southeast Asia, payments are currently overwhelmingly cash based.

The World Bank’s global financial inclusion (findex) data shows that only 19 per cent of financial account holders in the region access their accounts via the internet. Implementing robust regulations and modern digital identification systems can help create the enabling environment for digital finance. At the same time, the digitisation of government payments – for pensions, cash transfers, and other social programmes – can incentive more change and generate momentum.

The report stresses however that Southeast Asia’s digital development cannot rely solely on virtual foundations. A well-functioning logistics sector is crucial to the growth of the digital economy, especially e-commerce. In the region, a modernised regulatory framework for logistics could increase competition, reduce logistics costs and improve the quality of services. In particular, streamlining customs procedures could make shipping faster, cheaper, more predictable, and give e-commerce a major boost.

Likewise, regional integration, including harmonising regulations and facilitating transactions between Asean countries, could create an integrated digital market benefiting both businesses and consumers, the report found.

Finally, to address the risks and vulnerabilities that come with digital transformation, the report suggests prioritising effective standards and regulations for electronic transactions, cross-border data flows, cybersecurity, data privacy and consumer protection. Solid measures in these areas are essential to build trust in online platforms and create secure, sustainable digital economies.

Our greatest pride

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Our greatest pride

shopping June 08, 2019 01:00

By The Nation Weekend

Another Story reaches for the rainbow with an LGBT-themed collection of goodies from around the world

LIFESTYLE CONCEPT store Another Story celebrates LGBT Pride with a range of colourful home furnishings and accessories on the theme Rainbow.

French concept store All The Must offers surfing accessories and ecofriendly items made from recycled vinyl records in bright colours that make mixing and matching fun. Sorbet Bracelet from Australia uses soft fabrics featuring uplifting messages, fun colours and adorable fruit and animal motifs to add liveliness to your wrist.

Neko Neko has crafted a series of classic customisable bags with patches available in six colours to suit every occasion. Italian home decorative brand Seletti, meanwhile, presents its Canopie vases with removable heads representing women in five different styles from their hair to their clothes.

Spanish brand Fisura adds colour to any home with a line of creative doormats made from coconut fibre from the Indian state of Kerala where every part of the coconut palm is put to good use to reduce waste.

With connectivity so important and smartphones, tablets and laptops part of all our lives, USBPower from Belgium introduces a selection of charging devices and multi-socket adapters in modern and elegant designs.

Louis Vuitton City Guides by Louis Vuitton offer an insider’s look into each destination, told by well-known authors to help you navigate famous cities in style. There are also cool postcards of each destination to collect.

Another Story is on the fourth floor of the Helix Quartier building, The EmQuartier.

INVENTORY 80,839 condo units reported in market

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INVENTORY  80,839 condo units  reported in market

Real Estate June 05, 2019 01:00

By The Nation

The Agency for Real Estate Affair has reported an inventory of 80,839 condominium units in the market, worth a total of Bt332.07 billion.

Twenty-eight per cent of the total – 22,904 units – are priced between Bt1 million and Bt2 million each, 28 per cent or 22,902 units are tagged up to Bt3 million per unit, while the balance of 14 per cent have a sales price between Bt5 million and Bt10 million each, the survey found.

SINGLE HOUSES Property Perfect, Japan partner sign MoU

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SINGLE HOUSES  Property Perfect, Japan partner sign MoU

Real Estate June 05, 2019 01:00

By The Nation

Listed property firm Property Perfect Plc has signed a contract with its Japanese partner Sumitomo Forestry to jointly develop a single-detached house project, Lake Forestry.

Costing Bt6 billion, the 322-rai (51.5-hectare) project will be located on Ratchapruk Road, the company’s chief executive officer Chainid Adhyanasakul said yesterday.

Construction will start next year.

GSB strategies back Bt30 bn profit goal

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Chatchai Payuhanaveechai
Chatchai Payuhanaveechai

GSB strategies back Bt30 bn profit goal

Corporate June 06, 2019 01:00

By PHUWIT LIMVIPHUWAT
THE NATION
LONDON

THE Government Savings Bank (GSB) aims to maintain annual profits of at least Bt30 billion by applying three strategies for mortgage growth targeted at people in the grassroots economy.

“There are three mortgage projects which will be introduced to support members of the grassroots economy. These are people who cannot take out traditional mortgages due to their lack of financial credentials such as a stable income,” said the bank’s president and chief executive officer, Chatchai Payuhanaveechai, at a press conference in London on Sunday.

He said the projects will be discussed at the bank’s board meeting on June 18 and expects the new plans to be rolled out for the public shortly after.

In 2018, GSB made a profit of Bt30.8 billion. Chatchai said he aims to maintain the bank’s profits at a minimum of Bt30 billion this year through these new measures.

The first measure will be called “Save before Loan”, which will allow low-income earners to take out home loans if they have saved consistently with the state-owned bank for at least one year. “This way, the customers can demonstrate their ability to pay their mortgage interest by adding money to their savings consistently with the bank for at least one year,” Chatchai said.

For example, if the mortgage requires the customers to pay Bt7,000 a month, customers will first be required to save at least Bt7,000 every month with the bank for one year to demonstrate their ability to pay off the mortgage. If they do so, they will be able to take out a mortgage with the bank.

The second method involves the bank working with property developers. Under this strategy, Chatchai said, property developers can act as the middleman and take out loans for their customers. The customers then pay for the mortgage interest to their developers as rent for two years.

If the customers are able to pay for their rent consistently for two years, the ownership of the home will then be transferred to them and they will be able to start paying off their mortgage directly to the bank.

“The final method involves calculating the future level of income of customers based on their current occupation,” Chatchai said. “This will give customers more financial credentials and allow them to take out mortgages that they may have been previously denied.”

For the first quarter of this year, the bank reported a profit of Bt6.08 billion, with interest revenue of Bt13.9 billion. Its non-performing loans stood at 2.83 per cent, a slight increase from the fourth quarter of 2018, which was 2.81 per cent.

As of March 3, 2018, the bank’s total assets were Bt2.7 trillion, with total deposits of Bt2.3 trillion and total outstanding loans of Bt2.16 trillion.

The bank has 5.5 million users of mobile banking services, with electronic transactions making up 82 per cent of total transactions.

Consumers in Asean consider the excessive use of platics to be a serious problem

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  • Gordon Milne, Senior Client Director, Asia Pacific at Ipsos
  • Chukiat Wongtaveerat, Country Head for Thailand at Ipsos Business Consulting

Consumers in Asean consider the excessive use of platics to be a serious problem

Corporate June 05, 2019 18:45

By The Nation

Consumers in Southeast Asia are increasingly aware of the environmental issues facing their countries’ today, with waste being the top environmental concern, according to Ipsos Business Consulting, a global growth strategy consulting firm.

It spoke in detail about the challenge of plastic pollution in Asean at an event organised by the British Chamber of Commerce in Thailand on June 5.

Ipsos Business Consulting told the assembled audience that 49 per cent of respondents in an online survey of 3,928 consumers (across three countries) felt that dealing with waste is now the top priority for their country, with 55 per cent of respondents considering the excessive use of plastics to be a serious problem.

When asked who if anybody did they believe should take most responsibility for finding a way to reduce the amount of unnecessary packaging which is sold, over two thirds of consumers (67 per cent) agreed that responsibility needs to be shared equally between government, business and consumers.

Talking about the survey findings, together with his own team’s observations of what is happening across the region, Chukiat Wongtaveerat, Country Head for Thailand at Ipsos Business Consulting, noted that the Ipsos survey showed that consumers are in tune with what action is required if society is to have a meaningful impact on solving the plastic pollution crisis.

He said “what we see from this survey is that consumers are expecting more leadership and direction from government and business, whilst not overlooking their own important role in the process.

Whilst there are some good examples of plastic reduction from packaging companies, makers of packaged goods and retailers, consumers seem ready for, and expect, much more ambitious action. I believe that the general sentiment expressed by the Asean consumers is sensible and aligns with our belief that the region needs a 3-point action plan to reduce waste and plastic pollution, namely:

1 Government must bring forward policies and regulations which promote effective and efficient sustainable packaging practices across the entire value chain.

2 Brand owners must incorporate sustainability within the complete packaging lifecycle and put in place waste management processes that maximize recycling.

3 Consumers must practice responsible purchasing and consumption patterns, taking care to recycle at every opportunity and to minimize their use of single-use packaging.

“History shows that collective goals can be met when widespread awareness meets a will to take action. Issues surrounding plastic manufacture, use, and disposal offer excellent opportunities for leadership at every level of society. Asean stakeholders can deal with plastic waste issues by coordinating up and down the value chain, starting with optimizing their own practices for maximum sustainability” said Wongtaveerat.

Also speaking at the British Chamber of Commerce in Thailand event, Gordon Milne, Senior Client Director, Asia Pacific at Ipsos, talked about how his discussions at businesses operating around the Asia Pacific region.

In some cases, a gap between their corporate leadership’s stated aspirations on sustainable business and reduction of waste, and the initiatives being pursued at a strategic business unit level.

“Manufacturers must increasingly demonstrate to consumers tangible packaging outcomes which are understandable as a direct consequence of their CSR aspirations.

Undoubtedly there are some very good campaigns and initiatives being implemented around the region, which are having a positive impact on the reducing the consumption of plastic. Brand owners should be applauded for this” said Milne.

“But my sense is that much more can be done to seize the opportunity to position their brands in a very positive light with consumers, making the use of eco-friendly materials and sustainable packaging a feature that is strongly associated with the brand.

Packaging is a distinctive brand asset and requires careful management. My belief is that sustainable pack is a commercial imperative that shapes consumer sentiment and drives profitability. Brand owners need to act quickly if they are going to be able to turn this business imperative into an opportunity to enhance their brand image with consumers across Asean.”

Milne went on to acknowledge that there are some hurdles in the way of brand owners, specifically the need for government to set down in clear terms some guidelines on its expectations in relation to packaging, plastic and recycling, as well as the creation of a level playing field for all industry players, including those involved in the recycling business, which should not be under-estimated.