Thailand hopes for 4% growth in US exports this year: DITP #SootinClaimon.Com

Posted on January 22, 2021 by SoClaimon

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Thailand hopes for 4% growth in US exports this year: DITP

EconJan 22. 2021Department of International Trade Promotion (DITP) director-general Somdet Susomboon

By The Nation

Thailand is targeting a 4 per cent growth in exports to the US this year, Department of International Trade Promotion (DITP) director-general Somdet Susomboon said.

Products with good growth potential include supplementary food, medical products and goods that can be used to work from home.

He added that US President Joe Biden’s trade policy is to not just lower dependence on foreign goods and strengthen domestic industries, but also to lure companies to bring their manufacturing facilities back to the US.

Thailand should closely monitor Biden’s fiscal and monetary policies, which will have an impact on the baht, he said.

Almost 5m workers hit by delayed economic recovery after new Covid wave: BOT #SootinClaimon.Com

Posted on January 22, 2021 by SoClaimon

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Almost 5m workers hit by delayed economic recovery after new Covid wave: BOT

EconJan 22. 2021Chayawadee Chai-Anant, senior director in the BOT economic and policy department. File photo

By The Nation

The new wave of Covid-19 will delay Thailand’s economic recovery and affect 4.7 million workers, a senior official at the Bank of Thailand (BOT) has warned.

Chayawadee Chai-Anant, senior director in the BOT economic and policy department, said though the second wave of infections is not as severe as the first, it would still delay economic recovery to pre-crisis levels – possibly till late next year.

“The recovery will be a K-shaped, not V-shaped, but if government measures are effective, it will be close to a V-shape recovery,” she told a seminar hosted by the World Bank yesterday.

The government has limited lockdowns and restrictions to specific locations after the fresh outbreak in December, while also launching new aid measures that are smaller in scale than in the first virus wave early last year.

The Thai economy showed signs of recovery in the third quarter last year, but the second wave of infections has disrupted that trend.

“Thailand’s economy could return to pre-crisis level in mid-2022, or the recovery may be delayed to late of 2022,” said Chayawadee.

Tourism-related sectors such as restaurants, hotels and transport would feel the brunt of the new outbreak as they have yet to recover from the first wave, she added.

The second wave will hit 4.7 million workers hard, costing either their jobs or reducing their hours along with their income, according to an initial assessment by the central bank and business sectors.

Chayawadee said three key factors needed to be closely monitored.

The first factor is how long the pandemic will last. Second is the effectiveness of government aid measures, and third is how Thailand will open the country to foreign arrivals. Linked with the third factor is the scale of vaccination in the country.

Tourism-related industries are now facing surplus capacity in transport and hotels after tourist arrivals fell to around 7 million, from 40 million before the pandemic. New aid measures must be targeted to reach people in need, she said.

Somprawin Manprasert, chief research economist at Krungsri Bank, said the urban poor are facing the biggest impact from Covid-induced crisis, while high-income groups have been only slightly affected. “The government does not have adequate policy tools to deal with the Covid fallout,” he added.

Pisit Puapan, executive director of the Fiscal Policy Office’s macroeconomic policy bureau, insisted the government has adequate financial resources to deal with economic impact. Thailand’s fiscal position is relatively strong given public debt was only 42 per cent of GDP as recently as 2019, he said. However, he acknowledged that this figure is now climbing, with Thai public debt now close to 60 per cent of GDP.

The government has set sustainable debt-to-GDP at 60 per cent, but that limit could be raised in the future if the country needs to spend more on productive projects, he said.

The World Bank projects the Thai economy will rebound to 4 per cent growth this year and up to 4.7 per cent next year, from an estimated 6.5 per cent contraction last year.

Birgit Hansl, World Bank country manager for Thailand, has called for more women to join the workforce. Thailand should also increase labour productivity, given the country is becoming an ageing society, she said.

Thailand can expect 4-5% growth this year, says Finance Minister #SootinClaimon.Com

Posted on January 22, 2021 by SoClaimon

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Thailand can expect 4-5% growth this year, says Finance Minister

EconJan 22. 2021Finance Minister Arkhom Termpittayapaisit

By The Nation

The Thai economy should expand by 4 to 5 per cent this year, Finance Minister Arkhom Termpittayapaisit said on Thursday at the World Bank’s Thailand Economic Monitor event.

He said the government has launched several economic stimulus measures and hopes the upcoming vaccine will also help revive the economy after the Covid-19 fallout.

Despite this year’s better outlook, the government will continue pushing economic growth by driving digital, eco-friendly as well as health sectors, he said.

The government is also restructuring the taxation system to ensure the country has sustainable revenue, the minister added.

The Cabinet on Tuesday approved the new “RaoChana” (WeWin) cash-handout scheme and another round of “Khon La Khrueng” (Let’s Go Halves) co-payment scheme, aiming to ease the burden on people hit by the new wave of Covid-19 infections.

Arkhom said on Wednesday that the new WeWin scheme and the first two phases of the Let’s Go Halves scheme should boost the economy by 1 per cent.

Thai stock market down slightly but inflows from US stimulus expected #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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Thai stock market down slightly but inflows from US stimulus expected

NationalJan 21. 2021

By THE NATION

The Stock Exchange of Thailand (SET) Index closed at 1,513.98 on Thursday, down 1.74 points or 0.11 per cent. Total transactions amounted to Bt91.98 billion with an index high of 1,529.27 and a low of 1,510.80.

In the morning session, Krungsri Securities forecast the SET would move between 1,510 and 1,530 points, supported by investors’ expectation of massive economic stimulus from new US President Joe Biden’s $1.9-trillion “American rescue plan”.

The 10 stocks with the highest trade value today were KBANK, CBG, BBL, PTT, KTC, SCGP, GPSC, CPALL, SCB and HANA.

As of 4.40pm, the price of oil was up to US$0.42 or 0.79 per cent to $52.89 per barrel, while gold rose by $3.30 or 0.18 per cent to $1,869.80 per ounce.

Japan’s Nikkei Index closed at 28,756.86, up 233.60 points or 0.82 per cent.

China’s Shang Hai SE Composite Index closed at 3,621.26, up 38.17 points or 1.07 per cent, while Shenzhen SE Component Index closed at 15,520.60, up 297.24 points or 1.95 per cent.

Hong Kong’s Hang Seng Index closed at 29,927.76, down 34.17 points or 0.12 per cent.

South Korea’s KOSPI Index closed at 3,160.84, up 46.29 points or 1.49 per cent.

Taiwan’s TAIEX Index closed at 16,153.77, up 347.59 points or 2.20 per cent.

SET index increases, ‘foreign fund inflows’ a factor #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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SET index increases, ‘foreign fund inflows’ a factor

NationalJan 21. 2021

By THE NATION

The Stock Exchange of Thailand (SET) index opened at 1,526.89 points on Thursday morning, increasing by 11.17 points, or 0.47 per cent, compared to the previous day’s closing.

Krungsri Securities forecast the SET would move between 1,510 and 1,530 points, while the market has been supported by investors’ expectation that the new US administration would come out quickly with an “American rescue plan”.

However, Krungsri Securities said fund inflows from foreign investors would influence the index’s performance.

It advised investors to purchase shares of BBL, PTTGC, Top, IVL, EPG, VNT, SCGP, CBG, Rojna, TVO, STGT, CPF, RCL, PSL, Synex, Com7, XO, Wice, JMT, MTC, Sawad and KCE as these companies were expected to announce growth in turnover. Among them, it said, BBL tended to grow the highest from quarter to quarter.

Krungsri Securities also recommended stocks with high dividends, such as Advanc, Intuch, AP, Siri and WhaUp, and suggested that the drop in new Covid-19 cases in the country was also advantageous to a company such as Erawan Group.

dtac processed close to 500k OTP SMS in first 9 minutes of Government’s 50:50 program #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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dtac processed close to 500k OTP SMS in first 9 minutes of Government’s 50:50 program

Jan 21. 2021

By THE NATION

On the request by the industry regulator, National Broadcasting and Telecommunications Commission (NBTC), dtac today shared further information regarding the company’s preparations and execution of operations in connection with the Government’s recent 50:50 program.

“dtac’s IT-systems were 100 percent ready for customers and performed very well on 20 January. The average response time was fast and delivery accuracy was according to our high standards”, said Sharad Mehrotra, CEO of dtac.

Among other things, the data shared in the meeting with NBTC mentioned that dtac’s systems processed close to 500k OTP SMS related to the 50:50 program, before it was closed by the Government at 06.09 am. The final number of eligible seekers will be confirmed later. In total, 1.34 million applicants will be granted the subsidy.

Commenting on the company’s preparations ahead of the event, CEO of dtac said:

“In line with request from NBTC and in order to meet the expectations of our customers, dtac had taken several measures to ready its IT-systems and network for the 50:50 program, including complete end-to-end technical readiness testing with key technology partners to simulate the full scope of the registration as closely to the real process as possible.”

BJC Big C, SOS collaborate to feed the needy #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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BJC Big C, SOS collaborate to feed the needy

Jan 21. 2021Left to right: Suree Chooratchareon, assistant vice president of BJC Big C’s Group Corporate Communications division; Vipada Duangratana, deputy chief executive officer, Big C; Scott Chang, Ford Fund for Asia Pacific director; James Leyson, managing director of SOS; Aswin Techajareonvikul, BJC Big C CEO and president; Boonsak Stitmannaithum, senior executive vice president, Logistics Business, Berli Jucker Logistics Company Limited; and Suwajchai Paoprayoon, senior vice president, BJC Move Company Limited.

By THE NATION

BJC Big C and Scholars of Sustenance (SOS) have teamed up

to give away daily food surplus from 20 Big C stores to feed thousands of hungry and needy people in communities around Bangkok and nearby provinces.

Big C is also providing logistical support for collection and depositing of food at BJC Distribution Centre in Chachoengsao for SOS to pick up at the end of each day.

Presiding over the official launch at BJC headquarters were BJC Big C CEO and president Aswin Techajareonvikul, as well as SOS managing director James Leyson and Ford Fund for Asia Pacific director Scott Chang.

Bangkok school wins challenge to cut down use of plastic #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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Bangkok school wins challenge to cut down use of plastic

Jan 20. 2021Angela Hunter, country president for Chubb Life Thailand, centre second row, is flanked by Pakpimol Suthammanas, representative of Teach for Thailand, on the left, and Romtham Khumnurak, co-founder of Environman page, on the right, as the present the top prize to students at Bangkok’s Wat Dao Kanong High School.

By The Nation

Chubb Life Assurance recently joined hands with Teach for Thailand Foundation (TFT) to launch its “Say Yes to Less Plastic” competition, in which students were told to come up with sustainable solutions to reduce plastic waste in their school.

Also collaborating as project adviser and judge was Romtham Khumnurak, an environmental columnist known as “Environman”.

More than 200 students from grades 7 to 9 under the TFT network nationwide submitted ideas and received certificates and scholarships worth a total of Bt170,000.

Angela Hunter, country president for Chubb Life Thailand, said: “We also aim to enhance the livelihood of their communities by educating students about the importance of preserving the environment.

“We worked with the Teach for Thailand Foundation to invite students from across their network to develop and present their ideas under the ‘3Rs’ concept: Reducing, Reusing or Recycling, and then apply this concept to plastic waste in their schools.”

The top three winners of the contest were:

• ‘Plastic Sorting and Transforming Machine’, Wat Dao Kanong Secondary School, Bangkok

The proposed solution is to recycle plastic waste by sorting and then transforming into new products that can be used or sold. This project will be expanded to non-profit organisations and nearby communities.

The team was presented with awards, including scholarships, worth Bt130,000 in total.

Chiang Mai’s Samoeng Pittayakhom School wins second place for its ‘Plastic Bottle Broom’ idea.

• ‘Plastic Bottle Broom’, Samoeng Pittayakhom School, Chiang Mai

The idea was to convert plastic bottles into durable brooms that can be used to sweep up leaves in the school grounds as well as at temples and communities.

The students were awarded certificates, Bt30,000 for scholarships and five garbage separating bin sets for the school.

Kanchanaburi’s Huay Kra Jao Pittayakom School wins third place for its ‘Braided Rope from Plastic Bottles’ idea.

• ‘Braided Rope from Plastic Bottles’, Huay Kra Jao Pittayakom School, Kanchanaburi

The idea is to strengthen existing plastic ropes by reducing the size of each strand using an extrusion machine to bind them together. The new ropes will be used by the school as well as given to people in the community.

The students were awarded certificates and Bt10,000 for scholarships.

The proposed solution is to recycle plastic waste by sorting and then transforming it into new products that can be used or sold. This project will be expanded to non-profit organisations and nearby communities.

Ajinomoto signs MOU to protect against IP infringement on the Internet #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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Ajinomoto signs MOU to protect against IP infringement on the Internet

Jan 20. 2021

By THE NATION

Ajinomoto Co (Thailand) Ltd has signed a memorandum of understanding with the Department of Intellectual Property under the Department of International Trade Promotion on intellectual property infringement protection on online platforms.

Deputy Prime Minister and Commerce Minister Jurin Laksanawisit presided over the ceremony at the Office of the Permanent Secretary, Commerce Ministry. The MOU was signed by Ajinomoto managing director Varong Prayoonpong.

PTTOR to spend Bt74.6bn on 5-year expansion #SootinClaimon.Com

Posted on January 21, 2021 by SoClaimon

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PTTOR to spend Bt74.6bn on 5-year expansion

CorporateJan 21. 2021

By The Nation

PTT Oil and Retail Business has set aside a budget of Bt74.6 billion for the 2021-2025 expansion of its three core businesses, said acting CEO Jiraphon Kawswat.

Of the total budget, 34.6 per cent will be invested in its oil business, 28.6 per cent in its non-oil business and 21.8 per cent in international business. The remaining 15 per cent will be spent on other businesses and on exploring new business opportunities.

For its oil business, the company aims to increase the number of PTT filling stations in Thailand from the current 1,986 to 3,100 by 2025, Jiraphon said.

For its non-oil business, the firm has targeted expansion of its Cafe Amazon chain in Thailand from 3,186 to 5,800 outlets by 2025.

For its international business, it will focus on expansion of filling stations and Cafe Amazon branches in Cambodia, Laos, Myanmar, and Vietnam (CLMV), plus the Philippines. It will also open more Cafe Amazon branches in China.

PTT currently has 329 petrol stations in overseas markets.

Jiraphon said the company would also open more charging stations for electric vehicles on main routes throughout Thailand. It is currently piloting the service in 25 PTT filling stations.