Energy firm Scan Inter (SCN) should complete development of its 220-megawatt solar energy plant in Minbu, Myanmar ahead of the original deadline of late next year, said chief executive officer Littee Kitpipit.
Green Earth Power (Thailand) or GEP, in which SCN holds a 40 per cent stake, has revised the plan by developing phases 2, 3 and 4 at the same time.
Under phase 2, generation capacity will be 50 megawatts, increasing by 50MW and 70MW in phases 3 and 4.
GEP completed phase 1 development with 50MW capacity in September last year. The company estimates the plant will generate revenue of Bt2 billion per year once the full 220MW capacity is reached.
GEP (Thailand) owns 100 per cent of GEP (Myanmar), which has been granted a build-operate-transfer concession for the plant by Myanmar.
The State Railway of Thailand (SRT) plans to launch an asset-management subsidiary next year in line with a Cabinet resolution last month, SRT governor Nirut Maneephan said.
The SRT will register the subsidiary as a state enterprise this year with registered capital of Bt200 million. It will also appoint the subsidiary’s board and begin the selection process for its chief executive officer.
The subsidiary will initially be run by SRT personnel before recruiting its own staff of about 100 employees within three years. It will be tasked with managing the SRT’s off-track landholdings of 38,469 rai, worth a total Bt300 billion.
The subsidiary’s main revenue will come from the 15,270 existing land rental contracts and from leasing land where rental contracts have expired.
The Stock Exchange of Thailand (SET) Index fell by 11.80 points, or 0.96 per cent, to 1,221.88 in the morning session on Monday.
An analyst at Krungsri Securities expected the index to fluctuate between 1,225 and 1,245 despite hopes of US economic stimulus measures being launched before the presidential election.
“Uncertainty over Thailand’s political unrest, as anti-government protesters plan to hold rallies in many places nationwide, would pressure the index,” he said.
As an investment strategy, he recommended that investors buy:
▪︎ PTTGC, IVL and TOP that will benefit from the rising oil price.
▪︎ TU, STGT, CBG, SCC, IVL, COM7, ASIAN, DELTA and HANA, whose third-quarter performance is expected to grow.
The SET Index closed at 1,233.68 on Friday, down 9.28 points, or 0.75 per cent. The volume of total transactions was Bt44 billion with an index high of 1,247.89 and a low of 1,226.95.
The price of gold rose by Bt50 per baht weight in morning trade on Monday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt28,000 per baht weight and selling price Bt28,100 while gold ornaments were priced at Bt27,500.24 and Bt28,600, respectively.
At close on Saturday, the buying price of a gold bar was Bt27,950 per baht weight and selling price Bt28,050 while gold ornaments were Bt27,439.60 and Bt28,550, respectively.
Spot gold price moved to US$1,902 (Bt59,326) per ounce in the morning after the price dropped by $2.5 to $1,906.4 per ounce on Friday’s close due to strong US economic data.
Hong Kong gold price dropped by HK$90 to $17,560 (Bt70,680) per tael on Monday morning, the Chinese Gold and Silver Exchange Society reported.
Siam City Insurance rebranded as FWD after acquisition
Oct 16. 2020Siam City Insurance’s successful rebranding as FWD General Insurance was announced at a press conference led by Bob Wouters – CEO, second from the left.
By The Nation
Siam City Insurance (SCI) has changed its name to FWD General Insurance, after the latter acquired the insurer in December 2019.
SCI’s policies will now be underwritten and delivered by FWD General Insurance, with a strong focus on digital insurance to meet changing demand.
“We’re thrilled to build out our general insurance business with this rebrand and look forward to creating a new and exciting insurance experience to help more people in Thailand protect things they value,” said Bob Wouters, CEO of FWD General Insurance, Thailand.
Existing customers of SCI will not be affected by the rebrand and will continue to receive protection, benefits and customer services in accordance with the terms of their policies, said FWD.
Destination Capital launches DESCAP1 to invest in hotels in Thailand
CorporateOct 16. 2020From left: Destination Capital CEO James A Kaplan, senior vice-president Supakit Eimsamank, and Thitiphat Thaveesin.
By The Nation
Destination Capital, a Bangkok-based private equity real estate investment and asset management company, on Friday announced the launch of its DESCAP 1 Private Equity Trust, which will acquire hotels in Thailand targeting investor returns of up to 15 per cent per year.
KTB Securities (Thailand) will act as settlor and trust manager and MFC Asset Management as the trustee.
The trust aims to raise Bt2.5 billion by offering an alternative asset class for investor portfolios. It will acquire freehold four-star hotels of 150-250 rooms in Bangkok, Pattaya, Hua Hin and Phuket, which are expected to rebound the quickest after Covid-19.
The investment strategy is to acquire urban and resort hotels and then renovate, reposition, and rebrand them to increase value of the properties in order to generate annual returns of 15 per cent with a 5-7 year holding period.
“The Covid-19 pandemic has significantly affected travel and tourism to Thailand, yet it also created a ‘once in lifetime’ investment opportunity in prime hotels and resorts located in well-known global destinations through DESCAP1 Private Equity Trust. It is also a way to support and rejuvenate Thai travel and tourism industry,” said Thitiphat Thaveesin, KTB Securities’ executive vice president, Corporate Finance Solutions & REIT Dept.
The price of gold dropped by Bt100 per baht weight in morning trade on Saturday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt27,950 per baht weight and selling price Bt28,050, while gold ornaments were priced at Bt27,439.60 and Bt28,550, respectively.
At close on Friday, the buying price of a gold bar was Bt28,050 per baht weight and selling price Bt28,150, while gold ornaments cost Bt27,545.72 and Bt28,650, respectively.
Comex (Commodity Exchange) gold price to be delivered in December dropped by US$2.5, or 0.13 per cent, closing at $1,906.4 (Bt59,487) per ounce on Friday. The precious metal price dropped by 1 per cent this week.
Gold price closed in negative territory due to strong US economic data, causing interest in gold as a safe-haven asset to fade.
Gold heads for weekly loss with focus on stimulus talks, virus
EconOct 17. 2020A Twenty kilogram gold brick is handled by a worker at the ABC Refinery smelter in Sydney on July 2, 2020. MUST CREDIT: Bloomberg photo by David Gray
By Syndication Washington Post, Bloomberg · Yvonne Yue Li, Eddie Spence · BUSINESS, US-GLOBAL-MARKETS
Gold headed for its first weekly decline this month as investors weighed the outlook for fresh U.S. stimulus and rising virus cases in Europe.
Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi Thursday that President Donald Trump would personally lobby to get reluctant Senate Republicans behind any deal that they reach. The dollar has been supported during the stalemate, while surging virus cases in Europe have also helped lift the greenback as investors seek safety amid new lockdown measures.
The Bloomberg Dollar Spot Index headed for a weekly gain amid stimulus stalemate after two straight weeks of decline.
“The yellow metal is now tracking closely to other momentum-crash precedents, which suggest continued rangebound markets and consolidation until the next catalyst,” TD Securities analysts led by Bart Melek said in a note. Bullion may be prone to “a CTA liquidation” with the trigger to catalyze a modest liquidation now standing at $1,893 an ounce, they said.
“New offers or withdrawals of negotiations may just be window-dressing ahead of the elections,” said Avtar Sandu, a senior manager for commodities at broker Phillip Futures Pte. “The concern for precious metals traders, and other financial market players, is the size of the second fiscal stimulus package after the election.”
Spot gold was down 0.4% at $1,901.14 an ounce as of 10:53 a.m. in New York, on course for a 1.5% decline this week. Spot silver was little changed, palladium fell 1.3% and platinum added 0.7%. The Bloomberg Dollar Spot Index declined 0.2%.
Still, with the fundamental backdrop remaining positive for gold and silver, “a potential breakout may be on the cards in the not-too-distant future,” said Fawad Razaqzada, market analyst with ThinkMarkets.
Heightened concerns over the economic impact of the resurgent virus cases in Europe and elsewhere mean inflationary pressures will remain weak and that central banks will likely keep interest rates low for even longer, according to Razaqzada. “We have already seen benchmark government bond yields drop noticeably again, especially for European countries,” which boosts the appeal of lower-yielding or non-interest-bearing assets such as gold and silver, he said.
Traders will also keep an eye on trade talks between the U.K. and European Union. Negotiations are set to continue next week even after Prime Minister Boris Johnson said he believes a trade deal is now unlikely. He said the U.K. will now get ready to leave the bloc’s single market and customs union at the end of the year without a new agreement in place.
By Syndication Washington Post, Bloomberg · Rita Nazareth, Claire Ballentine · BUSINESS, US-GLOBAL-MARKETS
Stocks pared gains as giant technology companies dropped, tempering optimism with better-than estimated economic data.
The S&P 500 came off session highs and the Nasdaq 100 fell amid Friday’s expiration of equity options. Amazon.com Inc. slumped after Citigroup Inc. said its statement on a recent sales event lacked something that has been seen in past years: A “biggest day ever” notation. Boeing Co. rallied as Europe’s regulator said the 737 Max plane may return to the region’s skies by year-end. Pfizer Inc. jumped after saying it could seek emergency-use authorization for its covid-19 vaccine in the U.S. by late November if the shot is shown to be effective.
Earlier Friday, equities rallied as U.S. retail sales rose in September at the fastest pace in three months, while consumer sentiment ticked up in early October. Meanwhile, manufacturing production unexpectedly declined last month. The figures underscore the uneven pace of the economic rebound that’s being threatened by a new acceleration in coronavirus infections and Congress’s failure to agree on a fresh stimulus package.
“It’s encouraging we are seeing people willing to spend,” said Jeffrey Kleintop, chief global investment strategist for Charles Schwab, adding that the concern is “if we don’t get a stimulus deal, how much longer can that be sustained?”
House Speaker Nancy Pelosi told Democratic colleagues that a divide persists with the White House over a number of components of the fiscal stimulus she’s attempting to negotiate, even as an agreement nears on a coronavirus testing program. President Donald Trump’s economic adviser Larry Kudlow said in an interview with Fox Business Network it will be difficult for lawmakers to “execute” a relief package before the Nov. 3 election.
Investors also monitored negotiations between Britain and the European Union, which are set to continue next week even after Boris Johnson said he believes a trade deal is now unlikely.
These are some of the main moves in markets:
Stocks
– The S&P 500 was little changed as of 3:54 p.m. EDT.
– The Stoxx Europe 600 Index jumped 1.3%.
– The MSCI Asia Pacific Index fell 0.1%.
Currencies
– The Bloomberg Dollar Spot Index fell 0.2%.
– The euro advanced 0.1% to $1.172.
– The British pound climbed 0.1% to $1.2922.
– The Japanese yen was little changed at 105.40 per dollar.
Bonds
– The yield on 10-year Treasurys gained one basis point to 0.74%.
– Britain’s 10-year yield advanced less than one basis point to 0.182%.
– Germany’s 10-year yield dipped one basis point to -0.62%.
Commodities
– West Texas Intermediate crude fell 0.1% to $40.91 a barrel.
By Syndication Washington Post, Bloomberg · Andres Guerra Luz, Alex Longley · BUSINESS, US-GLOBAL-MARKETS
Oil clung to losses with signs of a shaky U.S. economic rebound and rising global coronavirus cases weighing on the prospect for a demand recovery.
Futures in New York fell as much as 2.2% on Friday and are on track for a 0.3% weekly decline. Record new virus cases from Germany to Portugal are raising the prospect of new lockdown measures, while the U.S. reported the most daily cases in two months. Meanwhile, manufacturing production in the U.S. unexpectedly declined in September following reports this week that applications for state unemployment benefits jumped to the highest since August.
“The covid news just keeps getting worse and worse out there,”said John Kilduff, a partner at Again Capital LLC. At the same time, “these manufacturing numbers go right to the heart of economic activity and energy demand.”
Brights spots in the oil demand outlook this week have done little to change the pandemic-driven malaise that has kept futures in New York stuck around $40 a barrel. Diesel sales in India surged in the first half of October, while a Chinese mega-refiner has been snapping up crude.
“Today’s decline is no surprise, in the same way that new bearish Covid-19 news isn’t unexpected any more,” said Rystad Energy AS analyst Paola Rodriguez Masiu. “Although we will not likely enter such deep lockdowns like in the pandemic’s first wave, we still see restrictions again, and they do have an effect in every aspect of our lives, including fuel consumption.”
As prices struggle to break free from the weight of pandemic-driven demand concerns, the pain is also being felt across the U.S. shale industry. Schlumberger, the world’s biggest oil services provider, expects it to take at least another year to rebuild one measure of profit to pre-pandemic levels.
Littee Kitpipit. 
Siam City Insurance’s successful rebranding as FWD General Insurance was announced at a press conference led by Bob Wouters – CEO, second from the left. 
From left: Destination Capital CEO James A Kaplan, senior vice-president Supakit Eimsamank, and Thitiphat Thaveesin. 
A Twenty kilogram gold brick is handled by a worker at the ABC Refinery smelter in Sydney on July 2, 2020. MUST CREDIT: Bloomberg photo by David Gray 
