Thai private sector ‘ready to host’ world business leaders at APEC CEO Summit
TUESDAY, NOVEMBER 01, 2022
Nongluck Ajanapanya
Thailand’s private sector said on Tuesday it will be ready to host the Asia Pacific Economic Cooperation (APEC) CEO Summit on November 16-18, revealing programme highlights and keynote speakers.
Poj Aramwattananont, chair of the business leaders’ summit, held a press conference on Tuesday to announce that 90% of preparations were complete, including the venue, hospitality, security, reception party, and the summit’s programme – which covers the economy, trade, investment and society.
He said the remaining 10% concerned the schedule for world leaders attending the summit as keynote speakers, including China’s President Xi Jinping.
“We invited economic leaders from 13 economies to attend the APEC CEO Summit 2022, and the PM [Prayut Chan-o-cha] intends to deliver a speech.”
Poj said three leaders had confirmed their attendance at the CEO Summit: Peru’s Pedro Castillo, Chile’s Gabriel Boric, and Vietnam’s Nguyên Xuân Phuc.
He pointed out that current economic challenges on all fronts – food shortages, power crises, inflation, and pandemic recovery – had put the private sector on high alert.
The APEC CEO Summit will offer a platform for exchanges on key global directions, as well as an opportunity for Thailand to revive its economy after reopening post-pandemic, Poj said.
The main agendas for world business leaders at the summit will be lowering barriers to free trade, measures to combat inflation, and the Bio-Circular-Green (BCG) economy model for sustainable development.
Business leaders will exchange ideas at a forum themed “Embrace, Engage, Enable” on November 17 and 18, said Kasemsit Pathomsak, executive director of the CEO Summit.
Leaders of economies would be joined by top CEOs and thought leaders from around the world, such as Prof Klaaus Schwab, founder and managing director of the World Economic Forum; Hooi Ling Tan, founder of Grab; Bob Moritz, PWC global chairman; and executives from Johnson & Johnson, Meta, Google, Exxon, and others.
Also present will be leading Thai CEOs such as Nualphan Lamsam, managing director and president of Muang Thai Life Assurance; and Suphachai Chearavanont, managing director of True Corporation.
Sanan Angubolkul, chairman of the Joint Standing Committee on Commerce, Industry and Banking and chairman of the Thai Chamber of Commerce said that the summit is seen as a great “opportunity” for the country to showcase its trade, investment, and competitive potential in multiple dimensions including food, tourism, healthcare, and automotive manufacturing.
The APEC CEO Summit 2022 will be held at the Athenee hotel in Bangkok on November 16-18. Some 500-600 business leaders from across the Asia-Pacific region will be joined by over 200 high-level Thai CEOs at summit events.
Illustrating the world-renowned brand’s commitment to innovative, groundbreaking luxury travel experiences, Evrima signifies the evolution of the hospitality icon while paving the way for a new era of yacht-style cruising.
BETHESDA, MD –- The Ritz-Carlton today announced the debut of The Ritz-Carlton Yacht Collection, marking a significant moment for the iconic hospitality brand as it makes its foray into the luxury yachting space. Envisioned to perfectly blend the lifestyle of The Ritz-Carlton resorts with the casual freedom of a yachting vacation, Evrima, the first of three custom-built yachts from The Ritz-Carlton Yacht Collection, delivers highly tailored getaways for travelers seeking to wholly immerse themselves in the culture of each destination.
“We are thrilled to introduce The Ritz-Carlton Yacht Collection and usher in an exciting new chapter for this beloved brand,” said Chris Gabaldon, Senior Vice President for Luxury Brands, Marriott International. “The Ritz-Carlton has long been rooted in innovation and service excellence, guided by a commitment to be at the forefront of delivering transformative travel experiences. As we continue to evolve our legendary brand, we could not be more excited to give our guests the opportunity to experience The Ritz-Carlton in a new way.”
Unveiling unique itineraries and immersive experiences, The Ritz-Carlton Yacht Collection carves out an exclusive space within the industry while exemplifying the brand’s forward-thinking approach to luxury hospitality. Stopping at both intimate and signature ports of call, most voyages range from seven to ten nights, with no two journeys alike so that guests can combine itineraries without repeating a destination. Depending on the season, Evrima visits the Mediterranean, the Caribbean, Central America, and South America. Destinations along the way range from Spain’s Balearic Islands and coveted havens along the French Riviera, to the aquamarine shores of Aruba and the tropical coastlines of Costa Rica. The intimate size of Evrima also allows unique access into some of the most sought-after ports of call, delivering yacht-style cruising in destinations such as Mykonos, Saint-Tropez, and St. Barts.
“The Ritz-Carlton Yacht Collection is revolutionizing the luxury cruising industry, creating an entirely unique category designed for those in search of unmatched getaways, highly curated itineraries, insider access and a level of personalization previously unseen in the space.” commented Douglas Prothero, Chief Executive Officer for The Ritz-Carlton Yacht Collection, “Every element of the luxury yachting experience was considered when designing and creating Evrima, and we are excited to deliver unforgettable journeys for both longtime cruisers and those who are new to the industry.”
The specially designed yacht measures 190-meters and can accommodate up to 298 passengers. The onboard experience reflects the sublime comfort and legendary service for which The Ritz-Carlton brand is renowned, with one of the highest staff and space ratios at sea. The design of the yacht’s 149 suites is one of the many tone-setting elements. In addition to offering a high percentage of large suites, Evrima also features several innovative two-story loft suites, a unique duplex accommodation. All rooms feature a private terrace and floor to ceiling windows, resulting in some of the most airy and expansive guestrooms at sea. Through a blind wall, select suites also have the option to be combined into larger, open-concept spaces allowing for more flexibility when selecting accommodations. All suites feature the luxurious amenities that visitors expect from Ritz-Carlton properties around the world, including a king bed, double vanity bathroom, luxury linens, and more.
Travelers enjoy a relaxed sense of freedom aboard Evrima, with access to a range of elevated programming and amenities including a thoughtfully curated menu of ESPA and 111SKIN spa treatments, a sauna and steam room, watersports from the yacht’s marina while at anchor, an infinity pool, a fitness studio and more. Guests can also select from a breadth of dining options including locally-inspired creations in The Evrima Room, creative interpretations of Southeast Asian Cuisine and a sit down sushi bar at Talaat Nam, a specialty dining experience in S.E.A., designed by chef Sven Elverfeld of Aqua, the three Michelin-starred restaurant at The Ritz-Carlton, Wolfsburg, and more. Enriching entertainment on board includes intimate performances by in-house jazz and classical musicians, discussions led by renowned experts, and partnerships with local arts and music communities. Families exploring the world together can enjoy a dedicated space on board for Ritz Kids. The Ritz Kids programming, tailored for young guests between the ages of four and twelve, has been crafted to appeal to children’s curiosity and innate love for discovery, with an emphasis on marine conservation.
In each destination, guests can choose from a selection of unique experiences within The Shore Collection that align with their interests or utilize the services of the Concierge Ashore to customize their own private tours. Experiences onshore range from a guided tour in a world-class museum with its curator, visiting a UNESCO World Heritage site, to yoga on a private beach, zip-lining through a rain forest, truffle hunting, and more. By working with local guides who were selected for their insider knowledge and subject matter expertise, guests enjoy a singular journey. On select itineraries, guests can deepen their experience mid-voyage through an overnight tour, promising an unforgettable and uniquely immersive cultural experience before rejoining the yacht at their next destination.
The yachts of The Ritz-Carlton Yacht Collection are also available for private charter. For more information, please visit www.ritzcarltonyachtcollection.com. For reservations, contact a Reservations Services Agent at (833) 999-7292 (U.S. & Canada) or contact your travel professional. Voyage prices vary based upon the itinerary and season. The Ritz-Carlton Yacht Collection is also a part of Marriott Bonvoy, Marriott International’s travel program.
‘SINGHA LEMON SODA’ and ‘SMILEY WORLD’ deliver happiness and freshness on limited-edition cans
TUESDAY, NOVEMBER 01, 2022
“SINGHA LEMON SODA” joins with SMILEY WORLD, the world-famous lifestyle brand to deliver 8 famous smile icon designs on limited-edition cans in the concept of “Keep Smiling, Smile for a Different Freshness” to spread happiness with smiling faces, fill the freshness in every day with a satisfying sourness to the end of this year via every 7-Eleven channel, and let the fans collect items to the most exclusive.
Mr. Titiporn Thammapimookkul, Chief Marketing Officer of the Boonrawd Trading Co., Ltd. revealed the success of the product “SINGHA LEMON SODA” by doing marketing for only 2-3 years. It creates growth that can dominate the cores of the target consumers remarkably well with its unique taste, which is to glorify the fizziness and perfect combination of real lemon sourness, with no sugar and 0% calories to fulfill the freshness, and it comes with being a healthy alternative drink for consumers.
Therefore, from the first product, SINGHA LEMON SODA comes with a commitment to fulfill the needs of target customers to serve a variety of new flavored beverages. In accomplishing this, The company has strengthened by releasing a new flavor ‘SINGHA YUZU LEMON SODA’, which brings a yuzu citrus scent which is a popular trend around the world and in Thailand to satisfy consumers. And recently, we also launched ‘SINGHA RED LEMON SODA’, to serve the most popular drink menus in Thailand with no sugar and calorie-free to fulfill the needs of customers.
This time, SINGHA LEMON SODA, has joined forces with the world-famous smiley icon “SMILEY WORLD” to bring a total of 8 cute designs with limited-edition designs on a can of SINGHA LEMON SODA, which is the first time to create a new taste of happiness with a smiling face, fulfilling the freshness that combines sour and satisfying every day with the style and uniqueness of the consumer. This product will be sold via exclusive convenience stores, only at 7-Eleven stores. Also, The fans can prepare and be ready to collect the exclusive items.
The highlight of SMILEY WORLD before it is the smiley face icon that resonates with the world today. Beginning in 1971, French journalist “Franklin Loufrani” painted a yellow smiling face with the slogan “Take Time To Smile”. It became an emoticon for the newspaper France-Soir, which symbolizes the appearance of good news. Later, SMILEY WORLD entered the digital world, continued to warmly welcome people with many new face designs, and became the emoticon that brings happiness and brightness that won the hearts of people around the world.
The campaign “SINGHA LEMON SODA X SMILEY”, will begin to bring happiness to consumers from today onwards. You can join the fun and get special awards from Smiley world, with T-shirts, hoodies, and bags. You can follow the details of the event at https://www.facebook.com/SinghaLemonSoda
Explore and play at Hong Kong’s newest attractions
TUESDAY, NOVEMBER 01, 2022
Some things just never get old and Hong Kong is definitely the perfect example of this. The ever-changing and dynamic world city always has new sights in store for visitors and families looking for a wholesome family vacation.
Hong Kong has been quite busy sprucing up its tourism offerings during the pandemic, and here are just a few of the new attractions Hong Kong has to offer:
Revel in the wonders of Castle of Magical Dreams at Hong Kong Disneyland
A favorite amongst kids and young at heart, the iconic Hong Kong Disneyland recently unveiled its newest castle – the Castle of Magical Dreams, inspired by the Disney Princesses and Queens and how these heroines pursued their dreams. Alongside this new castle is the breathtaking night-time spectacular entitled “Momentous,” where large-scale projections illuminate the castle, transforming it into an inspiring narrative featuring Disney’s beloved characters.
Filipino Hong Kong Superfan Caren White shares about her visit, “My family saw the fireworks in Disneyland last month and it was beautiful. We loved how they synchronized the music and the water fountains.”
Hop onto Exhilarating Escapades at The Peak
To fully appreciate Hong Kong’s iconic skyline, take a trip on the recently upgraded Peak Tram – the ultimate experience to get that Insta-worthy views of skyscraper-flanked Victoria Harbor, Kowloon peninsula, and green mountain peaks. The Peak Tower is also home to Madame Tussauds, Peak Galleria, and Monopoly Dreams – the first Monopoly-themed attraction in the world, sure to bring fun for every family member. Filipino Hong Kong Superfan Richard Juan regards The Peak as “one of the most iconic places in HK as you can see the Harbor at its most majestic angle!”
Dip and Splash at Water World Ocean Park
After four years in the making, Ocean Park’s Water World finally opened to the public late last year. Water World is Asia’s only year-round, all-weather water park, nestled between rolling hills and magnificent views of the South China Sea. Families can enjoy over 27 different attractions at the park, including a trio of thrilling body slides that can take you through 58-meter-long loops, daredevil free falls, and see-through slides to test your courage.
Experience Oodles of Fun and Flavors at the Nissin Cup Noodles Museum
Noodle lovers are sure to enjoy this fun-filled Nissin Cup Noodles Museum over at Tsim Sha Tsui. This interactive space features multiple exhibitions highlighting the classic and all-time favorite Nissin Cup Noodles. The museum also offers visitors a chance to make their own version at the My CUPNOODLES Factory – where guests can choose their ingredients, and even design their own packaging.
Jump into the Biggest Box of Bricks Ever at LEGOLAND Discovery Centre
The largest indoor LEGO playground in Hong Kong is home to 10 LEGO-themed play areas ranging from Kingdom Quest to LEGO friends and many more. This 30,000-square-foot playground boasts 1.5 million LEGO brick creations that feature Hong Kong’s iconic landmarks like Star Ferry and Central Pier! Families can also feast their eyes on their favorite film characters in 4D and build epic LEGO creations alongside master builders – all under one roof.
Learn through play at the Newly Opened Kiztopia
Singapore’s award-winning indoor “edutainment” theme park opened its first overseas flagship in Hong Kong this September. The award-winning 12,000 square feet mega playroom features eight original cartoon characters who will guide kids through the 15 major play zones where they can learn arts and crafts, speech and drama, roleplay, and many more!
A wholesome and exciting adventure awaits on your next visit to Hong Kong! Whether a first-time visitor or a returning one, experience Hong Kong and all its new delights through these fresh and fun attractions. Learn more about what Hong Kong has to offer at https://www.discoverhongkong.com/seasia/what-s-new/highlights/newadventures.html
CUVET’s “Saraburi Premium Milk” business model to promote Thai dairy farmers’ competitiveness in the global market
TUESDAY, NOVEMBER 01, 2022
Chula Veterinary Science Research supports dairy farmers to develop their product quality and brands as entrepreneurs of dairy farm businesses under “Saraburi Premium Milk” to stand competitive in the face of economic crisis.
The program hopes to increase Thai farmers’ competitive edge in order to address the looming threat of the Free Trade agreement (FTA) that will go into full effect in 2025 and reduce the economic impacts of the COVID-19 pandemic. Farmers have the opportunity to generate more income by producing high-quality raw milk and enhancing their farm’s production efficiency. This will provide an alternative for more than 16,000 Thai dairy farmers who need to be prepared for the impacts of the threat when dairy products from Australia, New Zealand, the United States and Japan flood the market in 2025 when tariffs are taken away by the FTA.
Production acceleration and diversification of marketing channels of fresh and high-quality milk are the key. So, the research project “the Development of Model Dairy Business and Premium Dairy products, Saraburi Province” was initiated. Funded by the Program Management Unit on Area Based Development (PMUA), Office of Higher Education, Science Research and Innovation Policy Council (NXPO) since 2021, the research team has been serving as mentor to the dairy farmers in upgrading milk quality, and developing their entrepreneurial skills, while creating prototype dairy farm business model and branding. As a result, three local brands were selected,” says Associate Professor Dr. Kittisak Ajariyakhajorn, Department of Veterinary Medicine, Faculty of Veterinary Science (CUVET), Chulalongkorn University.
“This is one of the viable ways Thai dairy farmers can survive. As the major milk-producing countries see the potential of the premium milk market in Asia, with the People’s Republic of China having as high as 26% of premium milk consumers, followed by the United States and Australia, we should also move into the premium milk market in both Thailand and neighboring countries. Production capability, the freshness of the products, and the ability for fast delivery to consumers will raise our competitiveness compared to the competitions from abroad.”
According to Assoc. Prof. Dr. Kittisak, Chulalongkorn University is well equipped academically to support dairy farmers — from farm management to product processing technology, marketing, and related research. This research project has been supported by the Dairy Research and Technology Transfer for Tropical Dairy Development of CUVET located at the Centre of Learning Network for Region (CLNR), Kaeng Khoi District, Saraburi Province, which serves as the main agency in the dissemination of industry knowledge in farm management, and construction of premium raw milk quality grading and sorting system. In terms of premium product development, the project partnered with the Chula Faculty of Science to develop product prototypes, and the Chula Business School in business model and marketing.
What is premium milk?
Assoc. Prof. Dr. Kittisak described the quality of premium cow’s milk as milk with a high fat content of no less than 4%, protein content of no less than 3.1%, and white blood cells and bacteria not exceeding the standards set by the Food and Drug Administration (FDA), which is above the regular milk standards. These qualities affect the taste of ready-to-drink milk, and when processed into products such as yogurt, cheese, butter, etc., they have a longer shelf life.
Unlocking Thai Dairy Farmers’ Potential
Thailand has about 600,000 dairy cows capable of producing an average of 3,000 tons of raw milk per day or over a million tons per year, totaling 2 billion baht in value. However, milk products only grow 1- 3% per year, so the research team aimed at developing prototype premium milk products that will generate at least 15% more value.
“Saraburi Province” was chosen for this prototype research location, not only for Chula’s learning and research center, but also because it was the origin of dairy cow farming, as well as the country’s leading milk producer. Currently, there are more than 4,000 dairy cow farmers, or a quarter of the country’s total who can produce about 20 percent of Thailand’s cow milk.
“Dairy farmers in Saraburi suffer from high production costs. The hot weather also reduces milk yields. In addition, the dairy farms in Saraburi are medium-sized farms that cannot sell raw milk directly to the factory,” Assoc. Prof. Dr. Kittisak revealed. So, the research project assisted the farmers with Precision Dairy Farm Management techniques, a heat reduction system that allow the dairy cows to have better appetites, hence higher milk yields, and quality control of raw milk according to the standards.
Milk Quality Screening
To build a network of high-potential farmers, the research team started by communicating with interested farmers. Assistant Professor Thanasak Boonserm, Department of Veterinary Medicine, CUVET stressed that “collectors of raw milk had no way to separate excellent-quality raw milk from average lower grade milk, so they pour everything together at milk collection centers or dairy cooperatives before it is sold to processing facilities.
“Farmers who produce premium quality whole milk thus lose the opportunity to fetch a better price for their premium output. Milk processing companies do not have access to premium quality raw milk to process into higher value-added dairy products, while consumers miss the opportunity to acquire premium milk.”
The project selected target farmers from among the 12 members of milk collection centers and dairy cooperatives. Based on the results of the six-month retrospective milk quality review, 114 dairy farmers (out of 4,008) were found to produce premium raw milk. However, they still lacked the ability to do so consistently. So, the team worked with these farmers to improve the quality of raw milk, and the farmers’ thinking process through various learning processes, to enhance their confidence in becoming premium dairy entrepreneurs.
Building 3 Prototype Brands under “Saraburi Premium Milk”
Too often, research and development often focus on the products and leaves the farmers to do their marketing, which is their weakness. But in this research project, we worked together in developing a business model, market test launch, market research, and service design that would promote product distribution that would link to urban consumers.
The project has selected 3 model farms under the “Saraburi Premium Milk” umbrella. The 3 brands have their uniqueness, namely, Petchpana Milk farm raises their cows with fresh and quality grass, NP Dairy is a zero-waste farm with Bio-Circular-Green (BCG) management, and Be More Milk operates a certified organic dairy farm. Most recently, the pasteurized milk and Greek yogurt from these 3 farms have been test-launched at CUVET, Chula Sports Center, Lido Connect Siam Square, and distributed through the Line application.
“The market test results are satisfactory and consumers got a new experience of consuming fresh milk, and they can feel the difference from the milk they had consumed before,” Assist. Prof. Thanasak said.
“Saraburi Premium Milk” business model for Thai dairy farmers
Assoc. Prof. Dr. Kittisak, Head of the project, hopes that the “Saraburi Premium Milk” business model will lead to the development of a new milk production value chain that will increase the household income of dairy farmers. The dairy processing business owned by the farmer groups will sustain Thailand’s dairy farming jobs, and consumers will also have more choices for healthy premium dairy products.
“The challenge lies in the farmers’ readiness to start new businesses. Each farmer and cooperative have different policies. The project, therefore, provides support to the farmers with promising potential to start a premium milk business to be a model and provide reassurance and confidence to other farmers.”
Assoc. Prof. Dr. Kittisak adds that the project is currently studying prototypes of small factories using inexpensive but efficient machinery, that can offer sustainability and expansion into the distribution channels through modern trade and online marketing channels. He also stressed that the sustainable success of the research project requires government support to formulate a clear policy and push this into the strategic plan of Saraburi Province.
The research project is looking for partners, investors, or farmers who are interested in developing a premium dairy business. For project updates, follow the Facebook page: the Dairy Research and Technology Transfer for Tropical Dairy Development, CUVET.
GULF wins ‘Deal of the Year Awards – Mergers & Acquisitions Deal’ for the tender offer for INTUCH and ADVANC
MONDAY, OCTOBER 31, 2022
Gulf Energy Development Plc (GULF) received the Business Excellence ‘Deal of the Year Awards – Mergers & Acquisitions Deal’ for the tender offer for securities of Intouch Holdings Plc (INTUCH) and Advanced Info Service Plc (ADVANC) at the 19 th SET Awards ceremony, held at The Stock Exchange of Thailand.
The ‘Deal of the Year Awards’ are selected based on outstanding financial transactions that have made significant impacts on or innovative developments in the capital market such as fundraising, M&As, or other securities offerings within the scope permitted by the Securities and Exchange Commission (SEC).
Yupapin Wangviwat, Chief Financial Officer, GULF, stated, “GULF is honoured tobe awarded the ‘Deal of the Year Awards – Mergers & Acquisitions Deal’ at the SET Awards 2022. This achievement demonstrates the company’s capability to expand into the Digital Infrastructure business as well as to drive earnings growth in the long term. The tender offer for securities of INTUCH and ADVANC marks another key milestone for the company in the past year. GULF, INTUCH and companies in INTUCH Group will continue to collaborate to grow the business together in the future in order to strengthen the business and create sustainable returns to shareholders.”
The SET Awards ceremony was organized by The Stock Exchange of Thailand in conjunction with Money & Banking Magazine to honour listed companies, top management, securities companies, asset management companies, financial advisory companies, and real estate investment trusts with excellent and outstanding performance in various fields, which play aa significant part in the development of the Thai capital market.
Restoring mortgage limit will delay Thai property market recovery: Condo Association
TUESDAY, NOVEMBER 01, 2022
The Bank of Thailand’s plan to restore the loan-to-value (LTV) mortgage limit is a blow to the condominium market just as it was recovering from pandemic impacts, the Thai Condominium Association (TCA) warned.
The LTV rule places limits on loans granted to buyers and deters purchase of condos for speculation, said Athip Pichanon, honorary president of the TCA and the Housing Business Association, on Monday.
The central bank announced recently it would restore LTV rules by year-end to prevent household debt from rising. The LTV has been suspended since October 2021 to soften Covid-19’s impact on the property market.
“The condominium market will likely remain in a slump next year as more than 90% of purchases are by domestic buyers,” Athip said.
“Next year will also bring several negative factors that could drag the market down even further, including rising interest rates and construction costs that could jump up by 10%.”
Athip, who is also vice president of the Chamber of Commerce and Board of Trade, sees Thai economic growth at less than 3% next year but expects the property sector to expand 5-10% as it gradually recovers from pandemic impacts.
Agreeing with Athip’s warning, Wichai Wiratkaphan, acting director of Government Housing Bank’s Real Estate Information Centre, said the resumption of LTV should be pushed back to the second half of 2023 to allow market recovery, especially in the low-priced and condo-speculation segments.
“Implementing LTV too early will disrupt growth of the condo market since only buyers with high purchasing power will be able to afford properties,” he said.
Wichai also urged the government to extend the cut in property transfer and mortgage fees to 0.01% until the end of 2023 to help the property market rebound.
Transfer fees have been lowered from 2% and mortgage fees from 1% for properties costing up to 3 million baht since 2019, but the measure is set to expire on December 31 this year.
The baht opened at 38.04 to the US dollar on Tuesday, strengthening from Monday’s close of 38.10.
The currency will likely move between 37.90 and 38.15 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.
Poon speculated the baht would swing sideways and not strengthen beyond 38 per dollar since the currency market has returned to a risk-off state.
The baht has emerged as Southeast Asia’s worst-performing currency in the second half of 2022, according to Bloomberg. The Thai currency has dropped 7 per cent in that period and hit a 16-year low against the dollar, which is being buoyed by aggressive US policy rate hikes.
The market is now a risk-off state with investors looking to buy gold as its price drops.
However, the baht’s weakening might be limited by the gradual return of foreign investors to the Thai stock market, Poon said.
He advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Excise Department considers subsidy for EV batteries to help lower prices of BEVs
MONDAY, OCTOBER 31, 2022
The Excise Department will hold talks with manufacturers of batteries for electric vehicles to discuss measures that could further help lower the prices of BEVs, the department chief said.
Ekniti Nitithanprapas, director-general of the Excise Department, said officials were studying subsidies for manufacture of batteries so that the prices of BEVs would go down and become competitive with vehicles using internal combustion engine.
Ekniti said batteries constitute about half the price of a BEV car, hence his department is considering subsidy measures so that the prices of BEVS would be further lowered.
The government had earlier approved subsidies for purchasing BEVs and electric motorcycles and the subsidy rates range from 70,000 baht to 150,000 baht per unit for BEVs depending on battery capacity and 18,000 baht for battery electric motorcycles per unit.
He said BEV battery-making is a key supply chain for BEV manufacturing and EV battery-making is a new S curve industry.
As a result, providing subsidies for the BEV batteries would support the government’s policy to promote S curve industries and promote the environment, social and governance concept, Ekniti added.
“But we’ll have to hold talks with the manufacturers first to consider what would be the best way to provide subsidy,” Ekniti said.
So far, the Excise Department is studying three options:
● Providing subsidies at the level of making BEV battery cells
● Providing subsidies in the process of packing cells into battery modules, or
● Providing subsidies in the process of packing modules in complete battery packs for installation in EVs.
Apart from studying the subsidy measures, the department will also study measures for disposal of used BEV batteries.
He explained that the government aims to have some 600,000 to 700,000 BEV units made in the country by 2030 or about 30 per cent of total vehicle production.
As a result, there will be some 600,000 to 700,000 BEV batteries to be disposed of after they expire.
“We must find ways to recycle these used BEV batteries,” Eknitit added.
GSB launches generous savings accounts to ease Thais’ retirement fears
MONDAY, OCTOBER 31, 2022
Nongluck Ajanapanya
The Government Savings Bank (GSB) marked World Savings Day by opening two high-interest saving schemes to help Thais through the cost-of-living crisis on Monday.
Vitai Ratanakorn, president and CEO of GSB, oversaw a ceremony to launch the two new proactive saving schemes.
The first scheme, for medium-term savings, offers annual interest of 4.50 per cent tax-free on money deposited for at least 13 months.
The second scheme, for long-term savings, offers 3.21 per cent annual interest tax-free on money deposited for seven years.
Vitai said that while the government is urging people to spend to boost the economy through domestic consumption, it is also important to set aside money for the long term.
“It is our responsibility to educate people how to balance their spending and savings,” GSB’s chief said.
He also vowed to raise interest on savings if the Bank of Thailand decides to hike the policy rate at its next meeting in response to similar moves by the US Federal Reserve. However, GSB loan rates would be kept low for as long as possible.
Thai household savings fell during the Covid-19 pandemic, but with the economy now showing signs of recovery it’s time to encourage people to start saving again, he said.
The new GSB strategy will respond to Thailand’s ageing society by focusing on medium- and long-term saving for retirement.
“These two new savings schemes currently offer the highest interest rate on bank savings accounts. We developed these savings plans not for the benefit of banks but for the benefit of all Thais,” Vitai said.
He added that the new schemes may reduce GSB’s margins but its finances and liquidity would remain strong.
GSB has also launched a new app called Coach Aom, which aims to help people on low income understand basic money management. Users will get saving plans tailored to their circumstances to ensure they have sufficient retirement savings.
The simple functions and features of the user-friendly app were developed in collaboration with Chulalongkorn University’s finance and accountancy faculty.
Coach Aom is available on Android devices, with an iOS version to be released soon.
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