More SMES given access to soft loans thanks to new credit guarantees: BOT #SootinClaimon.Com

Posted on October 30, 2020 by SoClaimon

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https://www.nationthailand.com/business/30397004?utm_source=category&utm_medium=internal_referral

More SMES given access to soft loans thanks to new credit guarantees: BOT

EconOct 30. 2020BOT assistant governor Jaturong Jantarangs

By The Nation

Many more small and medium-sized enterprises (SMEs) will be able to access the Bank of Thailand (BOT)’s soft loan scheme after the Thai Credit Guarantee Corporation (TCG) agreed to provide loan guarantees, said BOT assistant governor Jaturong Jantarangs on Thursday.

Much of the Bt500-billion in soft loans made available in April to support SMEs hit by the Covid-19 crisis has gone unused due to tight loan conditions.

To help SMEs, the TCG has stepped in to provide guarantees from the third to the 10th year of the loan term, he said.

The TCG will use its Bt57 billion fund to take on risk by agreeing to compensate up to 30 per cent of any loan that turns into bad debt.

As of October 19, banks had approved loans worth a total Bt119.7 billion for 71,284 SMEs.

More than three-quarters (76.1 per cent) took loans of up to Bt20 million. About 17.4 per cent took loans of Bt20 to Bt100 million, while 6.5 per cent borrowed Bt100 to Bt500 million.

The average loan is worth Bt1.7 million.

Rak Vorrakitpokatorn, president of TCG, said the new loan term of up to 10 years is very attractive compared with previous two-year repayment window under the soft loan scheme.

Surat Leelataviwat, executive vice president at Kasikornbank, said loan guarantees provided by TCG will encourage banks to lend more under the BOT’s soft loan scheme.

As of October 11, Kasikornbank had lent a total Bt21.7 billion to 6,800 borrowers under the soft loan scheme.

Since the Covid-19 outbreak early this year, Kasikornbank has extended credit worth Bt200 billion to businesses, including Bt120 billion of the bank’s own money.

Finance Ministry lifts growth forecast to -7.7% after signs of recovery #SootinClaimon.Com

Posted on October 30, 2020 by SoClaimon

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https://www.nationthailand.com/business/30397003?utm_source=category&utm_medium=internal_referral

Finance Ministry lifts growth forecast to -7.7% after signs of recovery

EconOct 30. 2020Adviser to the Fiscal Policy Office Pornchai Threeravej, centre, says the recovering Thai economy will grow by 4.5 per cent next year.

By The Nation

Seeing signs of recovery, the Finance Ministry has revised its economic forecast for this year, predicting a contraction of 7.7 per cent rather than the previous 8.5 per cent.

The move came after economic indicators for September released by the Fiscal Policy Office on Thursday showed improvement from the month before.

The economy is recovering in the second half of the year as Thailand’s major trading partners start to rebound from the Covid-19 crisis, while government spending shores up the local economy, said Pornchai Theeravej, adviser to the Fiscal Policy Office.

Optimism at the Finance Ministry is matched by the Bank of Thailand, which recently revised its forecast for the economy this year from -8.1 per cent to -7.8 per cent, he said.

Pornchai added he expects to see economic growth of 4.5 per cent next year.

This year, Thai exports are expected to fall by 7.8 per cent, better than the previous forecast of an 11 per cent drop. Private consumption and private investment are expected to contract by 3 per cent and 9.8 per cent respectively. Meanwhile, government consumption and investment are expected to expand 4 per cent and 10.5 per cent.

The current account surplus is projected at $14.1 billion, equivalent to 2.8 per cent of GDP, which would contribute to economic stability, he said.

September saw VAT revenue – an indicator of consumption – increase 0.1 per cent year on year and 3.3 per cent month on month after seasonal adjustment.

Also rising from August were car sales (32.6 per cent) and newly registered motorcycles (0.7 per cent), though they fell 12.2 per cent and 0.2 per cent from the same period last year. Consumer confidence, however, fell slightly to 50.2 from August due to political protests in September.

Among private investment indicators, sales of commercial cars rose 13.5 per cent year on year and 5 per cent from August. Imports of capital goods grew 4.4 per cent from August and contracted at a decelerating rate at 7.5 per cent year on year, suggesting rising private investment activity. Exports contracted at a slowing rate, at 3.9 per cent.

Sales of cement rose 0.9 per cent year on year. Tax revenue collected on property transactions rose 4.7 per cent from August with contraction decelerating, at 13 per cent year on year.

Looking ahead, downside risks are surging from a leap in Covid-19 infection rates in many countries, the US presidential election on November 3 and the Brexit deal.

Meanwhile, Fitch Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.

However, Fitch said it was closely monitoring Thailand’s rising household debt and political unrest for signs it may adversely impact effective policy implementation and economy growth in the mid-term.

MoU signed between Nepal Tourism Board (NTB) and Nepal Airlines Corporation (NAC) #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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MoU signed between Nepal Tourism Board (NTB) and Nepal Airlines Corporation (NAC)

Oct 21. 2020

Nepal Tourism Board ( NTB) and Nepal Airlines Corporation( NAC) signed Memorandum of Understanding (MOU) for exclusive Nepal promotion in the sectors NAC flies. The collaboration is expected to support the recovery of the ailing Nepalese tourism industry through various joint packages, B2B and B2C promotion and digital campaigns in coming days. As per the MoU, the two will join hands in partnership for international promotional programs abroad and in Nepal, familiarization trips, branding, digital promotion etc. CEO of NTB Dr. Dhananjay Regmi and NAC Managing Director Mr. Dim Prasad Poudel have signed together the MoU on behalf of the respective organizations.

Aspen Tech delivers new industrial AI solutions for ‘self-optimising plant’ #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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Aspen Tech delivers new industrial AI solutions for ‘self-optimising plant’

Oct 29. 2020

By THE NATION

Aspen Technology says its new aspenONE V12 software embeds artificial intelligence across the portfolio and uses the cloud to deliver enterprise-wide analytics and insights for increased safety, sustainability and improved margins. The Nasdaq-listed tech firm hailed its latest industrial AI solution as a vital step towards the self-optimising plant.

AspenONE V12 solutions boast the first AI hybrid model purpose-built for the process industries and other capital-intensive industries. Aspen Hybrid Models capture data from assets across the enterprise, and then apply AI, engineering first principles and AspenTech’s domain expertise to deliver comprehensive, more accurate models at enterprise speed and scale, said the firm.

“The process industries and other capital-intensive industries are experiencing new levels of volatility in supply and demand, and the need to be agile in response to all market conditions requires a new approach to asset optimisation,” said Antonio Pietri, president and CEO of Aspen Technology. “In addition, they face higher expectations for efficiency and profitability, and increasing pressure to meet sustainability targets. This next generation of Industrial AI solutions will change how process industries work. The self-optimising plant represents the future of operational excellence, and we continue our commitment to innovate and deliver solutions that can accelerate our customers’ journey toward it.”

Trade Dept partners with Huawei to offer tech courses for SMEs, Gen Z #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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https://www.nationthailand.com/biz-moves/30396989?utm_source=category&utm_medium=internal_referral

Trade Dept partners with Huawei to offer tech courses for SMEs, Gen Z

Oct 29. 2020

By THE NATION

The New Economy Academy (NEA), under the Commerce Ministry’s International Trade Promotion Department, on Thursday signed a deal with Huawei Technologies (Thailand) to develop digital courses to boost the business sector.

Overseeing the signing was Commerce Minister Jurin Laksanawisit, who said the collaboration with Huawei would boost the ability of Thai SMEs and start-ups to compete in both the regional and global market.

“This MoU is our response to the ever-changing world. To stay ahead, Thailand must act fast to implement digital technology in all aspects of the country’s development. We want to bring benefits of technology to everyone, to help accelerate the economy.” Jurin added.

Said Abel Deng, CEO of Huawei Technologies Thailand: This partnership with the Commerce Ministry is part of our longstanding mission to help the country achieve Thailand 4.0 through digital transformation. With our expertise in developing industry-leading technology courses that cover a complete range of ICT fields, we are confident that the knowledge and know-how we will impart can offer a competitive advantage for our course participants.”

Huawei will partner with the NEA to create tailor-made digital technology courses, starting with the “Empowering SMEs Through Digital Technology” English course for SMEs, start-ups, government agencies and private firms. It will also be open to the public, including Zoomers (Gen Z).

PTT Group signs MoU on Project ONE #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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PTT Group signs MoU on Project ONE

Oct 28. 2020

By THE NATION

PTT Group’s flagship businesses have signed a memorandum of understanding on Project One, aimed at boosting the company’s bargaining power in the global market.

Project One is considered a key strategy of PTT’s Downstream Petroleum Business Group to transform its international trading business toward an asset-backed trading model by synergising the expertise and diverse assets of each company. This will create added value for the PTT Group, leading to sustainable business growth and a strengthening of Thailand’s energy security and national competitiveness.

Overseeing the signing ceremony were Auttapol Rerkpiboon, president and chief executive officer of PTT, and Kris Imsang, chief operating officer of PTT Downstream Petroleum Business Group.

Co-signing the MoU were Wirat Uanarumit, chief executive officer and president of Thai Oil; Kongkrapan Intarajang, chief executive officer of PTT Global Chemical; Noppadol Pinsupa, president and chief executive officer of IRPC; Jiraphon Kawswat, president and chief executive officer of PTT Oil and Retail Business; and Disathat Panyarachun, senior executive vice president of PTT International Trading Business Unit.

Thailand’s first global Esports summit kicks off online #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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https://www.nationthailand.com/biz-moves/30396935?utm_source=category&utm_medium=internal_referral

Thailand’s first global Esports summit kicks off online

Oct 28. 2020From left: Sripathum University lecturer Napon Kunanitisarn, Thailand Esports Federation president Santi Lohtong, Digital Economy Promotion Agency COO Chatchai Khunpitiluck, AIS managing director of new business Alistair David Johnston, Techsauce Media CEO & co-founder Oranuch Lerdsuwankij, and Sea Thailand director Sarut Vanichpun.

By The Nation

Leading 5G operator AIS joined forces with Techsauce Media to host Thailand’s first accredited international Esports and games industry seminar on Wednesday (October 28).

AIS to host Thailand’s first global Esports summit next week

No longer just entertainment, computer games and Esports are increasingly seen as a key driver of Thailand’s digital economy, accelerating development and bringing new jobs and professions.

To harness this power, the online AIS x Techsauce Esports Summit is packed with content – as well as international games developers, publishers, policymakers, educators, leading international brands, professional players, and entrepreneurs at the forefront of the industry. All are sharing their knowledge with investors, Thai game developers seeking global expansion, gamers and others.

Representatives from global companies such as Facebook, Nexon, PwC, Razer, and Twitch are giving insights on the business throughout the day.

Every session is being live-streamed through the Techsauce Thailand and AIS Esports Facebook pages or via the AIS Play application, with replays available for those who can’t make it today.

CPF shareholders endorse Bt131bn China swine deal #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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https://www.nationthailand.com/biz-moves/30396934?utm_source=category&utm_medium=internal_referral

CPF shareholders endorse Bt131bn China swine deal

Oct 28. 2020

By THE NATION

Charoen Pokphand Foods (CPF)’s shareholders have approved the Bt131-billion planned acquisition of a swine business in China, which will turn CPF into a global leader in the pig industry.

CPF said 99 per cent of minor shareholders approved the plan acquire its parent Chareon Pokphand Group’s Chinese swine business at an extraordinary meeting on Tuesday.

Prasit Boondoungprasert, CEO of CPF, said that the acquisition marks a great opportunity to penetrate the Chinese swine market, the world’s largest.

CPF said it would expand its business by promoting modern disease-prevention measures to combat China’s outbreak of African Swine Fever.

CPF’s pig business currently covers seven countries – Thailand, Vietnam, Cambodia, Malaysia, the Philippines, Russia and Canada.

Mercedes-Benz appoints new CEO of Thai manufacturing #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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https://www.nationthailand.com/biz-moves/30396911?utm_source=category&utm_medium=internal_referral

Mercedes-Benz appoints new CEO of Thai manufacturing

Oct 28. 2020Axel Bense

By The Nation

Mercedes-Benz AG Germany has appointed Axel Bense as the new chief executive officer of Mercedes-Benz Manufacturing (Thailand). He succeeds Andreas Lettner, who was appointed new CEO of Mercedes-Benz Manufacturing (Russia), effective from October 1.

With this appointment, Bense is responsible for overseeing the assembly of Mercedes-Benz vehicles as well as producing auto parts that include lithium-ion batteries for the automaker’s electric vehicles at its Thai manufacturing facility.

Prior to his appointment, Bense was CEO of Mercedes-Benz Manufacturing (Russia).

THAI transforms old life vests, slide rafts into fashionable handbags #SootinClaimon.Com

Posted on October 29, 2020 by SoClaimon

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https://www.nationthailand.com/lifestyle/30396927?utm_source=category&utm_medium=internal_referral

THAI transforms old life vests, slide rafts into fashionable handbags

ShoppingOct 28. 2020THAI launches “Re-Life Collection” of handbags and totes made from old life vests and slide rafts.

By The Nation

Thai Airways International (THAI) has turned old life vests and slide rafts into the “Re-Life Collection” of limited-edition totes and handbags.

Advance orders can be placed online from Thursday onwards until stocks last.

Chansin Treenuchagron, THAI’s acting president, said the airline is operating in line with the UN Sustainable Development Goals (SDGs), which include waste management and up-cycling existing resources.

The bags come in six styles, with prices starting at Bt390. Some bags may even include the life vest’s serial number.

This “Re-Life Collection” is the first series under the Project: RE operated by THAI employees. THAI says it will continue offering more eco-friendly products to achieve the SDGs.

The bags can be pre-ordered via thaishop.thaiairways.com from Thursday afternoon onwards, until stocks last.