Central bank looks for ways to control the rising baht
EconNov 19. 2020The central bank’s governor Sethaput Suthiwartnarueput
By The Nation
The Bank of Thailand is looking into ways of taming the strengthening baht, the central bank’s governor Sethaput Suthiwartnarueput said.
The Monetary Policy Committee (MPC) is concerned that the rapid rise of the Thai currency will further hurt the export sector, which is already badly affected by the Covid-19 pandemic, he added.
At a meeting on Wednesday, the MPC said it was worried that the rapid appreciation of the baht will affect the fragile economic recovery.
Hence, the committee said, it will closely monitor developments in foreign exchange markets and keep an eye on capital flows as well as consider the necessity of implementing additional appropriate measures.
Sethaput said the central bank was not ignoring businesses that are being adversely affected by the baht appreciation.
CP Foods promises to protect workers’ rights, maintain high standards at ILO training event
Nov 19. 2020
By THE NATION
Charoen Pokphand Foods (CPF) has pledged to ensure decent work in the poultry industry and bring Thailand’s chicken processing supply chain up to international standards.
This pledge was given at the launch of the “Train the Trainer” course for poultry supply chains organised by the International Labour Organisation (ILO), Employers’ Confederation of Thailand and Thai Broiler Processing Exporters Association.
At the launching ceremony in a Bangkok hotel, Siripong Arunrattana, CPF’s chief operating officer for livestock business, accepted ILO’s MNE Declaration (Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy) from Graeme Buckley, ILO’s director for Thailand, Cambodia and Laos.
Presiding over the launch, Vice Labour Minister Surachai Chaitrakulthong said the government and Labour Ministry have enhanced focus on labour protection and human rights. The Thai Broiler Processing Exporters Association and three leading companies – CPF, Betagro and Cargill – demonstrate that they have realised the importance of labour laws, the creation of decent work conditions and international standards.
Pimonrat Reephattanavijitkul, CPF’s executive vice president for human resources, said CPF has adhered to human rights principles and ensured that all workers are treated fairly and equitably, regardless of their nationality and title. CPF’s practices were also granted the Labour Ministry’s TLS 8001 standard.
Meanwhile, farmers at contracted farms have been encouraged to adopt Good Labour Practices since 2016 and are subject to annual assessment by CPF.
Once the training is complete, CPF’s trainers will employ the knowledge and international labour practices to ensure that CPF’s labour practices comply with international standards in a sustainable way.
Pimonrat added that CPF’s trainers will share their knowledge with relevant employees at four processing plants – three chicken processing plants in Nakhon Ratchasima, Saraburi and Minburi and a poultry processing plant in Bangkok’s Bang Na district.
The knowledge will be further extended to CPF’s animal farms and farmers to ensure that their labour treatments in CPF’s supply chain meet human rights principles.
Thai Airways operated five repatriation flights to fly home hundreds of Thai citizens from November 8 to 13, said Sqn-Leader Aniruth Sangrit, acting executive vice president of the Operations Department at Thai International Public Co Ltd (THAI), and head of the THAI Operations Control Centre.
The flights were operated under cooperation between THAI and the Foreign Affairs Ministry, the Royal Thai embassies in London, Copenhagen, Seoul and Beijing, the Royal Thai Consulate in Shanghai and the Thailand Trade and Economic office in Taipei.
Flight TG917 brought home 171 Thais in the UK from London on November 9.
Flight TG951 carried 120 Thais in Nordic countries from Copenhagen to Bangkok on November 9.
Flight TG659 flew home 87 Thais from Seoul on November 12.
Flight TG8109 brought 16 Thais in China back from Shanghai on November 12.
Flight TG633 carried 215 Thais from Taipei on November 13.
The airline also delivered cargo on round-trip flights.
“THAI is always prepared to operate special flights to fly Thais home with strict security and hygiene standards as well as Covid-19 preventive measures,” the airline said in a press statement.
Nov 18. 2020Kittiya Srisanit, head of Krungsri Auto Group, far right, at the launch event.
By The Nation
Bank of Ayudhya’s auto-finance arm Krungsri Auto on Wednesday launched the “GO Application by Krungsri Auto” app to meet financial and lifestyle needs of car users.
The platform offers a range of services including loan application, payment by instalment, insurance and useful information and privileges for car users.
Krungsri Auto is targeting 1 million downloads by the end of 2021.
The new app “offers services and information that answer car drivers’ lifestyle needs with real-time fuel price updates and wide-ranging privileges, such as discounts and premiums from partnered brands”, said Kittiya Srisanit, head of Krungsri Auto Group.
It also provides instant access to three of Krungsri Auto’s digital products: credit appraisal for new and used cars, motorcycles and big bike financing via Krungsri Auto PromptStart; auto refinancing via Car4Cash; and Krungsri’s online motor insurance services.
The GO App is available for download on Android and iOS.
Krungthai-AXA and Liverpool Football Club have invited the club’s fans to join “The Kop Run presented by AXA” – a virtual running experience stretching 100 kilometres.
The event, from November 22 to January 17, is reportedly the first virtual running competition in Thailand. Winners stand to receive medals and shirts from Liverpool and Krungthai-AXA.
The goal is to raise funds for the Right to Play “Side by Side” project, which aims to help disadvantaged children and their families fight poverty.
Registration for The Kop Run began on November 17 with 8,000 tickets available.
BEC World Plc’s chief executive officer has said a rumour that the Juangroongruangkit family plans to take over the business is not true.
Rumours have been doing the rounds in the past few days that the company will come under the administration of the Juangroongruangkit family, of which its most prominent member is Thanathorn Juangroongruangkit.
However, Channel 3, operated by BEC, confirmed in a news broadcast quoting the CEO that the family would not take over the media business.
The rumour has been circulating during this sensitive period of political unrest, when student-led pro-democracy protesters have urged mainstream media to report any anti-government moves.
GSB targets 1m customers in first year of auto-title loans business
CorporateNov 18. 2020GSB president Vitai Ratanakorn
By The Nation
The Government Savings Bank (GSB) has set a target of one million customers and Bt20 billion in loans for the first year of its new auto-title loan business, said bank president Vitai Ratanakorn.
The service will be offered through GSB’s joint investment in Fast Money, the auto-title lending arm of Srisawad Corporation (Sawad).
The boards of both companies have approved the deal.
GSB will jointly invest Bt1.5 billion with Sawad, purchasing Bt1.3 billion of FM’s newly issued ordinary shares and Bt198.9 million of FM’s existing ordinary shares.
Vitai said the auto title loan business is set to launch in the first quarter next year. GSB aims to list Fast Money in the stock exchange in next three years.
He estimates there are around 3 million existing auto title loan borrowers in Thailand and 3 million potential customers which GSB will tap. The bank will capitalise its 1,000 bank branches and Sawad’s 5,000 outlets to serve loan customers.
Srisawad Corporation’s (Sawad) board of directors has approved joint investment with Government Savings Bank (GSB) in Fast Money (FM), the company’s wholly owned subsidiary, to operate an auto title loan business.
According to Sawad’s notification to the Stock Exchange of Thailand (SET), the GSB intends to make a joint investment with Sawad of not more than Bt1.5 billion, with Bt1.3 billion being the value of subscription for FM’s newly issued ordinary shares, and not more than Bt198.9 million being set aside to purchase FM’s existing ordinary shares.
The value of FM’s new ordinary shares and existing ordinary shares are Bt306 per share.
After the joint investment, GSB will hold no more than 49 per cent of the total shares in FM and Sawad will hold not less than 49 per cent after a raised capital fund.
“The company, GSB and FM will enter into relevant contracts or agreements setting out conditions and details of the joint investment. This investment will not cause a conflict of interest between the company and its subsidiary because the group’s companies have explicit rules for segregating businesses, as well as having appropriate and sufficient measures to prevent or diminish conflicts of interest,” Sawad said.
The price of gold dropped by Bt100 per baht weight in morning trade on Thursday after the price was unchanged at close on Wednesday, the Gold Traders Association reported.
As of 9.26am, the buying price of a gold bar was Bt26,800 per baht weight and selling price Bt26,900, while gold ornaments cost Bt26,317.76 and Bt27,400, respectively.
At close on Wednesday, the buying price of a gold bar was Bt26,900 per baht weight and selling price Bt27,000, while gold ornaments cost Bt26,408.72 and Bt27,500, respectively.
The spot gold price moved to US$1,871 (Bt56,778) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in December dropped by $11.20 to $1,873.90 per ounce on Wednesday due to mass sell-offs of the precious metal in response to positive news of Pfizer’s Covid-19 vaccine.
The Hong Kong gold price meanwhile dropped by HK$120 to $17,290 (Bt67,680) per tael, the Chinese Gold and Silver Exchange Society reported.
The Stock Exchange of Thailand (SET) Index rose by 3.59 points, or 0.26 per cent, to 1,368.18 in the morning session on Thursday.
However, an analyst at Krungsri Securities expected the day’s index to fall in the morning session despite Pfizer saying its coronavirus vaccine is 95 per cent effective and the company would seek a regulatory review within days.
“The US move to impose fresh restrictions to curtail the spread of coronavirus after the number of virus cases increased sharply would pull down the SET to 1,340 points,” he predicted, adding that this is an opportunity to increase investment to speculate for profit when the index hits 1,400 points.
He recommended investors buy BTS, ERW, Ichi and Top, whose third-quarter performance was expected to improve.
The SET Index closed at 1,364.59 on Wednesday, up 14.78 points, or 1.09 per cent. Total transactions amounted to Bt66.93 billion, with an index high of 1,364.64 points and a low of 1,341.46.
The central bank’s governor Sethaput Suthiwartnarueput 
Kittiya Srisanit, head of Krungsri Auto Group, far right, at the launch event. 
GSB president Vitai Ratanakorn 
