The price of gold was unchanged in morning trade on Monday, the Gold Traders Association reported.
As of 9.20am, the buying price of a gold bar was Bt27,650 per baht weight and selling price Bt27,750, while gold ornaments were priced at Bt27,151.56 and Bt28,250, respectively.
At close on Saturday, the association announced the change in the precious metal’s price for one time, causing the price to rise by Bt100 per baht weight.
Spot gold price moved to US$1,882 (Bt58,619) per ounce in the morning after the price rose by $11.9 to $1,879.9 per ounce at close on Friday.
Gold price rose technically after falling in previous days. Meanwhile, it gained positive sentiment from mass buy-ups of the metal as a safe-haven asset in response to uncertainty over Covid-19’s impact on the economy.
Hong Kong gold price rose by HK$10 to $17,340 (Bt69,651) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
The Department of Business Development will ask the Cabinet to remove restrictions on three business types so that foreign firms no longer have to apply for investment permits from the Commerce Ministry.
The three types fall under the Foreign Business Act’s “List Three” – areas where Thai nationals are not ready to compete with foreigners, said the department’s director-general Tossapon Tangsubut.
The first area is Type 1 telecom licence services provided via another telecom operators’ network.
The second are treasury centres for managing foreign currencies for businesses and affiliates in the same group.
The third is software development related to Big Data, cyber security, advanced technology, business process management and industrial production.
All three business types already have related agencies where foreign investors could apply for permits without the need to ask the Commerce Ministry, said Tossapon. This would cut redundancy in the process and improve the business investment environment, he added.
The department has already withdrawn several business types from List Three in a bid to woo more foreign investment.
The number of firms registering in the Eastern Economic Corridor (EEC) dropped 14.04 per cent to 4,879 in the first nine months of this year.
Their registered capital was Bt13.947 billion, down 29.70 per cent, said Department of Business Development director-general Tossapon Tangsubut.
The decline is due to Covid-19’s impact on the global economy, he added.
The property sector tops the rankings of new EEC registrations with 772 firms and total registered capital of Bt2.709 billion. Next comes the construction sector with 396 firms and Bt665 million in capital, and real estate agencies 189 firms and Bt508 million.
As of September 30, the EEC hosted a total 72,185 companies with combined capital of more than Bt1.944 trillion, up 1.91 per cent from the same period last year.
Of the total, 52,524 are located in Chon Buri with capital of Bt1.147 trillion, 13,810 are in Rayong with capital of about Bt609 billion, and 5,581 are in Chacheongsao with capital of Bt188.199 billion.
Meanwhile, the number of foreign businesses in the EEC rose one per cent over the past nine months to 526, with investment of Bt88.282 billion.
Foreign investment in the EEC via joint ventures with local partners is worth Bt790.205 billion. Japan tops the chart with Bt381.075 billion invested, followed by China at Bt90.298 billion, Singapore (Bt43.263 billion), the United States (Bt25.353 billion), and South Korea (Bt24.08) billion). Rayong boasts the largest share of foreign investment at 52.71 per cent.
Small businesses to bear brunt of cut in US GSP privileges, but all eyes on US presidential election
EconNov 01. 2020Biden VS Trump: US presidential election
By The Nation
The US decision to cut GSP privileges for Thailand would hit some small businesses hard but not impact overall Thai exports, while the US presidential election would significantly impact Thai exports and the economy, an economist said.
The latest round of the US cutting trade privileges under the Generalised System of Preferences would not hurt Thailand’s economy much, but it would have a large impact on small businesses depending on the US market, said Anusorn Tamajai, former dean of Rangsit University’s Faculty of Economics.
Although the US government announced on Friday the cut in tax privileges under the GSP programme for Thailand starting from December on 231 products, Thai exporters actually applied for GSP for only 147 products worth about $600 million to $700 million a year, he said.
With a 4 to 5 per cent tax rate added on those products, the value of export is estimated to be $640-960 million a year. Small businesses who export auto parts, car gears, rubber-made products, chemicals and thin aluminium sheets will be hit hard. They have to find alternative markets, he said. The share prices of listed firms engaging in these products may face a decline when the market opens on Monday, he predicted.
Anusorn believed that President Donald Trump had made his decision in order to gain popularity among American farmers, especially swine farmers. The Trump administration had cited Thailand’s lack of openness in the pork meat market for US products as reason for the GSP cut.
Thailand should brace for more GSP privilege cuts as Thailand currently received trade privileges on 638 products, he warned.
If Joe Biden wins the presidential election scheduled for November 3, his administration may use issues related to human rights, labour rights and democracy for bargaining on trade with Thailand, he said.
Biden has pledged to increase corporate tax from 21 per cent to 28 per cent and personal income tax for the top bracket from 37 per cent to 39 per cent, as well as introduce a capital gains tax on those who earn income of $1 million and more. The tax hike will be used to provide welfare for lower-income groups. The tax will impact large businesses. Biden, however, is unlikely to continue the trade war, and extreme nationalism of President Trump, so Biden’s policies will benefit the global economy as a whole. Biden will support renewable energy and clean energy. His policy to increase the minimum wage to $15 per hour will encourage more US firms to relocate labour-intensive manufacturing to Asia, he forecast.
Biden is expected to revive the Trans-Pacific Partnership initiated by former president Barak Obama. Or he may join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, said Anusorn.
Biden’s “Buy America” would not result in trade restrictions like Trump’s “America First” or “America Great Again” does, he noted, referring to Trump’s trade restrictions on China, Europe as well as Thailand.
If Trump wins the election, large corporates will benefit in the short run due to tax cuts. But Trump will intensify trade wars, which will hurt the global economy as a whole.
If the election is very close and results in a recounting of votes by a court order, the global market would be subjected to high volatility until early next year, he predicted.
If Biden wins, the US dollar is likely to weaken, and more money will flow to emerging markets and there will be a correction in the US stock markets. The rising cost for business stemming from Biden’s tax increase policy will be compensated by overall freer global trade. Rising income of labour will boost domestic demand. Investment in infrastructure projects will contribute to US growth. Biden is unlikely to engage in trade conflicts with Europe, as he did not show strong opposition to Europe’s attempt to collect digital taxes which will adversely impact US tech companies.
“The central bank should review its policy rate currently at 0.5 per cent and prepare for unconventional measures to deal with potential volatility in the global financial market,” said Anusorn, a former director at the Bank of Thailand.
If there is chaos in the US due to lack of clarity about the presidential election winner, it could worsen the global economy. And the Thai economy would suffer if the ongoing political crisis is not resolved peacefully. Therefore, preparing for an unconventional monetary policy is necessary, as the country’s fiscal position has been weakening, he added.
Myanmar CP Livestock donates 1 million surgical masks
Oct 31. 2020
By THE NATION
Myanmar CP Livestock Co Ltd has donated 1 million surgical masks to the Myanmar Ministry of Health and Sports to support frontline medical professionals in the effort to combat the global Covid-19 pandemic.
Uthai Tantipimolphan, vice chairman of Myanmar CP Livestock, presented 1 million medical-grade masks from CP Surgical Mask Factory in Thailand to Professor Zaw Than Htun, director-general, the Department of Medical Research, Ministry of Health and Sports, at a ceremony in Yangon.
“As Myanmar experiences the outbreak of the Covid-19, we would like to extend our support to the Myanmar government and Myanmar people, especially the frontline workers by contributing 1 million medical-grade surgical masks to Myanmar. The surgical masks were produced at our factory in Thailand,” remarked Uthai Tantipimolphan, vice chairman, Myanmar CP Livestock.
Uthai added that CP Group operates its business by adhering to the “Three-Benefit Principles”. The business should benefit not only the company, but also the country that the business operates in, and the communities and society as a whole. CP Group has been operating in Myanmar since 1996.
Professor Zaw Than said “Myanmar has recorded a growing number of Covid-19 cases. To effectively prevent and control the spread of the virus, we must cover our nose and mouth. Surgical masks are essential for the people and healthcare professionals to fight the pandemic. We would like to sincerely thank Charoen Pokphand Group for the donation of the masks and we will distribute the masks to the hospitals in need and to Myanmar people.”
Prior to the donation of the surgical masks, CP Group had provided financial support, eggs, chickens, lunch boxes, and processed food to the Myanmar government.
CP donates one million surgical masks to help with Myanmar’s battle against Covid-19
Oct 30. 2020
By The Nation
Charoen Pokphand Group’s Myanmar CP Livestock has donated one million surgical masks to the Myanmar government to be distributed among frontline medical professionals in an effort to combat Covid-19.
The masks were presented to Prof Zaw Than Htun, director general of Myanmar’s Department of Medical Research, by Uthai Tantipimolphan, vice chairman of Myanmar CP Livestock in a ceremony at the Health and Sports Ministry in Yangon. The masks were produced by CP in Thailand. the CP Social Impact
“Thanks to support from Thailand’s Foreign Ministry, Charoen Pokphand Group and Myanmar CP Livestock have been able to extend a helping hand to Myanmar in its fight against the Covid-19 pandemic,” Uthai said.
He added that CP Group has always adhered to the principle that business should not just benefit the company, but also benefit the country it operates in, communities and society.
CP Group has been operating in Myanmar since 1996 and for the past 24 years, it has not only created job opportunities for locals, but has also contributed to the national and economic development of Myanmar.
Thanking CP Group for the donation, Prof Zaw Than Htun said: “Surgical masks are essential for people and healthcare professionals to fight the pandemic and we will distribute the masks to the hospitals in need and to Myanmar people.”
The masks will be distributed by Health and Sports Ministry, office of Yangon’s chief minister and the Union Enterprise for Humanitarian Assistance, Resettlement and Development.
Before this, CP Group had provided not just financial aid to the Myanmar government, but had also delivered food packages to the authorities for distribution.
AEON to offer glittering promotions at Money Expo Chiang Mai 2020
Oct 30. 2020
By The Nation
AEON Thana Sinsap (Thailand) is offering exclusive deals and promotions at the Money Expo Chiang Mai 2020 next week. During the three-day event, customers can learn more about AEON products such as Your Cash loan, Cash Advance by AEON Credit Card, Plan for gold product purchases, Instant Member Card, Instant Credit Card (Big C, Gold, Classic Card), AEON Royal Orchid Plus Platinum Card, AEON membership card and more.
Customers who apply for financial services at the booth will get a chance to win a 64GB iPhone XS worth of Bt39,900, a Samsung Galaxy Tab S6 128GB (Bt25,900), a 15.16-gram gold necklace (Bt20,000), a Valentino Rudy’s Tote Bag or Big C Gift Voucher and more.
Exclusively for gold purchases, AEON is offering a special zero interest rate for 10-month installments.
Money Expo Chiang Mai 2020 runs from November 6-8 at Chiang Mai Hall, Central Plaza Chiang Mai Airport. For more, visit www.aeon.co.th
Prime Minister Prayut Chan-o-cha is satisfied with the government’s efforts to reduce poverty after a report by the National Economic and Social Development Council (NESDC) said the number of poor people in the country had declined last year, government deputy spokeswoman Traisuree Taisaranakul said on Saturday.
According to the NESDC report on poverty last year, the number of poor people dropped to 6.24 per cent (4.3 million) from 9.85 per cent (6.7 million) in 2018, she added. The report attributed it to the economic expansion and the government’s measures to help low-income people.
She said that the figure suggested that Thailand had met its goal in the 12th national economic and social development plan, which targets reducing the number of those below the poverty treshold to 6.5 per cent at the end of next year.
However, it remains to be seen if Thailand can maintain this pace until the end of next year as this year Thailand is suffering the severe impact of the Covid-19 pandemic outbreak, she added.
The United States is suspending $817 million in trade preferences for Thailand under the Generalized System of Preferences (GSP) programme due to a lack of sufficient progress in providing the US with “equitable and reasonable market access” for pork products.
The USTR said that despite 12 years of bilateral engagement, Thailand had yet to provide the US with equitable and reasonable market access for pork products, as outlined in a 2018 petition from the National Pork Producers Council requesting removal of GSP benefits.
GSP eligibility will be revoked for approximately one-sixth of Thailand’s GSP trade, representing $817 million in US imports under the GSP programme in 2019. The decision is effective from December 30, and will close the review option for Thailand.
The price of gold rose by Bt100 per baht weight in morning trade on Saturday, the Gold Traders Association reported.
As of 9.23am, the buying price of a gold bar was Bt27,650 per baht weight and selling price Bt27,750, while gold ornaments were priced at Bt27,151.56 and Bt28,250, respectively.
At close on Friday, the buying price of a gold bar was Bt27,550 per baht weight and selling price Bt27,650, while gold ornaments were Bt27,060.60 and Bt28,150, respectively.
The Comex (Commodity Exchange) gold price to be delivered in December rose by US$11.90, or 0.64 per cent, closing at $1,879.90 (Bt58,477) per ounce on Friday. However, the metal price dropped by 1.3 per cent this week and dropped by 0.8 per cent this month.
Gold price rose technically after falling in previous days. Meanwhile, it gained positive sentiment from mass buy-ups of the metal as a safe-haven asset in response to uncertainty over Covid-19’s impact on the economy.
Biden VS Trump: US presidential election 
Government deputy spokeswoman Traisuree Taisaranakul 
