The price of gold dropped by Bt200 per baht weight in morning trade today (September 17), the Gold Traders Association reported.
As of 9.26am, the buying price of a gold bar was Bt28,650 per baht weight and selling price Bt28,750, while gold ornaments cost Bt28,136.96 and Bt29,250, respectively.
At close yesterday, the buying price of a gold bar was Bt28,850 per baht weight and selling price Bt28,950, while gold ornaments cost Bt28,334.04 and Bt29,450, respectively.
The spot gold price moved to US$1,947 (Bt60,731) per ounce this morning after the price rose by $4.30 to $1,970.5 per ounce at yesterday’s close.
The gold price closed in positive territory yesterday from mass buy-ups in the precious metal after the US announced weak economic data.
The Hong Kong gold price dropped by HK$110, opening at $18,080 (Bt72,808) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
Zyxel Networks unveils all-new USG FLEX firewalls series
Sep 16. 2020
By THE NATION
Zyxel Networks showcased their all-new USG FLEX firewalls series at an AI Solution & Cyber Security press conference organised by the Bureau of Foreign Trade in Taiwan recently.
Caroline Kuan, Product Line Manager, presented USG FLEX 100/200/500 firewalls featuring hardware and software upgrades that increase SMB Firewall security performance by up to 125 per cent and Unified Threat Management (UTM) performance by up to 500 per cent.
The AI-driven algorithm classifies and calculates the severity level of each threat, then helps businesses identify the most active threats and take appropriate countermeasures.
Integrated with the McAfee anti-malware solution, the USG Flex series firewall box fits today’s business security landscape by securing crucial business data against threats.
Impact promotes hybrid meeting services after sales plunge 58% due to Covid-19
Sep 15. 2020
By The Nation
In the fight against Covid-19, Impact has shifted its focus to hybrid meeting services for meetings and seminars as part of the plan to increase revenue in the third and fourth quarters.
The Covid-19 crisis has caused a 58 per cent plunge in sales since the beginning of the year. Impact said the sales and IT teams are working together to promote a new normal for meetings by introducing attractive packages for public, private, and international clients. “The new system can definitely bring in more customers, as it can accommodate up to 3,000 participants, with an experienced IT team and well-equipped facility,” Acharawan Suparngkarat, director of sales of Impact Exhibition Management Co Ltd, said.
The overall number of reservations for meetings at Impact in the first half of 2020 was 113, down 58 per cent compared to the same period in the previous year which was as high as 270, or 352 for the whole year.
The cancellations were mainly a result of the Covid-19 pandemic, leading to a temporary closure starting from the end of March to June 2020. Consequently, all the reservations for both national and international conferences had to be postponed or cancelled, Impact said.
“During the three-month closure, Impact has prepared the area to ensure the safety of visiting customers by following Covid-19 preventive measures and guidelines issued by the CCSA [Centre for Covid-19 Situation Administration] and Nonthaburi province,” Acharawan said. “We have invested in acquiring UVC sterilisers to sanitise the area and thermometers for temperature checks. We also provide a proper facility in response to the new normal by using a hybrid meeting or virtual system for any meetings or seminars. This makes it possible to meet the conditions required by the government to limit the density to one person per 4 square metres.”
The hybrid meeting system can accommodate participants in the meeting room and those who are interested in joining it online. Both groups can communicate with each other and participate in the meeting as if they were physically in the same room. This system can register 100-3,000 participants at one time. Apart from the hybrid system, cameras, and other meeting equipment, Impact technical staff will also be present to provide any necessary assistance from start to finish to save the customers the hassle of acquiring the system and equipment from outside sources.
The most recent hybrid meeting held at Impact was the “BCG Assembly: The New Sustainable Growth Engine”, hosted by the National Science and Technology Development Agency.
Besides organising meetings and seminars with the hybrid system, Impact can still offer regular meetings as its Muang Thong Thani facility covers an area of over 140,000 square metres, with 55 meeting rooms, and three large ballrooms as well as standard hotels, the company said.
In order to boost sales in the third and fourth quarters, Impact is marketing special packages for public, private, and international clients.
One of them is the “Simply Within Budget” package, starting at Bt470 per person, including two coffee breaks, lunch and standard meeting equipment. Another is the “Complete Meeting” package, which includes hotel accommodation at Novotel Bangkok Impact at Bt2,900 or at ibis Bangkok Impact for Bt2,100. Impact is also offering the “Government Premium Plus” package for government agencies or public sectors. This package includes a full-service meeting starting at Bt750 per person with a chance to get a maximum cashback of Bt45,000 to be spent for additional services such as virtual meeting system, hotel rooms, coffee breaks, lunch boxes, etc.
Those who are interested, can get further information at 0-2833-5252.
Rittee Chookhiatti, director of information Technology and Communication, added that before the Covid-19 situation, Impact had been the venue of choice for hosting a lot of international meetings such as ITU Telecom World 2016 and Asean Summit 2019. “With effective communication technology, we are well-equipped with the hybrid meeting system, which is accurate and precise when registering participants, taking notes, downloading information, and making questionnaires or assessment,” Rittee said.
“Lanna Expo 2020” from Friday onwards at the Chiang Mai International Exhibition and Convention Centre (CMECC) under the concept of “Eat Well, Live Well – A New Way of Life”.
Four provinces in the upper North have joined hands to hold the 10-day.
The provinces participating are Chiang Mai, Mae Hong Son, Lamphun and Lampang.
Chiang Mai governor Charoenrit Sanguansat said this expo has been organised for the eighth consecutive year, building on the success of every year to promote the potential of small businesses and expand their market base.
This year’s event is divided into four zones, namely furniture and decorative products, health and beauty zone, fashion and textile zone and food and beverage zone.
There is also a Lanna handicraft zone, where visitors can enjoy the distinctive identity of northern culture.
Home builder optimism hits record, fueled by low mortgage rates
Sep 17. 2020New homes under construction by Pardee Construction are seen in this aerial photograph taken over the Pacific Highlands Ranch master planned community in San Diego, California on Aug. 31, 2020. MUST CREDIT: Bloomberg photo by Bing Guan.
By Syndication Washington Post, Bloomberg · Craig Giammona · BUSINESS U.S. home builder optimism rose to a record in September, with low mortgage rates driving a housing boom that has boosted the pandemic economy.
A gauge of builder sentiment jumped five points from a month earlier to 83, beating estimates and hitting the highest level in 35 years of the survey, according to the National Association of Home Builders/Wells Fargo Market Index. It was 78 last month, which matched the previous record from 1998.
The index ended 2019 at a 20-year high but plunged in April after social-distancing measures froze home purchases. Builders have bounced back since then, with the housing market an unexpected bright spot in the pandemic-battered economy.
Record-low mortgage rates are driving demand for housing, particularly as millennials enter the market and Americans seek space in the suburbs for home offices and remote learning. With some sellers not eager to list properties, a shortage of inventory has propped up prices and fueled optimism about the home-building industry.
“The suburban shift is keeping builders busy, supported on the demand side by low interest rates,” Robert Dietz, NAHB’s chief economist, said in a statement.
An S&P index of home builder stocks has more than doubled since March 23 and is near a record high.
Builders still face challenges. With a new stimulus package stalled in Congress, the housing recovery could be threatened by mounting economic fallout from the coronavirus. And while low rates have fueled a surge in mortgage applications, potential buyers could struggle to find affordable properties.
Higher costs are also hitting profit margins for home builders. Lumber prices have surged, adding more than $16,000 to the price of a typical new single-family home, according to NAHB.
“Many in the industry are worried about rising costs and delays for building material, especially lumber,” said Chuck Fowke, chairman of NAHB.
Goldman CEO shops his sprawling Aspen estate as rich flee cities
CorporateSep 17. 2020David Solomon, chief executive officer of Goldman Sachs, looks on during a Bloomberg Television interview on the sidelines of the Bloomberg New Economy Forum in Singapore, on Nov. 7, 2018. MUST CREDIT: Bloomberg photo by Giulia Marchi.
By Bloomberg · Sridhar Natarajan · BUSINESS, US-GLOBAL-MARKETS David Solomon is taking another shot at unloading his expansive estate in the ski town of Aspen, Colorado, as wealthy Americans seek property away from urban areas.
The Goldman Sachs chief executive officer is seeking to sell the 83-acre spread, with an estimated value of about $25 million, and has been speaking with potential buyers over the summer, according to people familiar with the matter. The property boasts a 13,000-square-foot (1,200-square-meter) wood-and-stone mansion and panoramic views of the Aspen upper valley.
Solomon’s renewed attempts to sell the property come at a time when real estate nestled away from urban centers and their coronavirus risks are drawing increasing interest from fleeing city dwellers. The dollar value of single-family home sales in Aspen surged 440% in August from a year earlier, according to the Estin Report.
The 58-year-old CEO purchased the property, split across two lots, starting in 2005. Before Solomon, former senior Goldman Sachs banker Robert Hurst owned the estate, according to county filings.
Solomon, through a representative, declined to comment.
The Goldman CEO had previously listed the spread for $36 million in 2017, but failed to find buyers at that price.
Solomon is hoping to attract serious interest this time around amid rising demand for homes in less-densely populated areas. The National Association of Realtors said last month that picturesque Kingston, north of New York City, has the fastest-rising home prices in the U.S., and the Hamptons have seen a similar trend. Home sales in the resort town of Park City, Utah, doubled in July and August from a year earlier, according to the Salt Lake Tribune.
Solomon is the second-highest-paid CEO of a big bank after drawing a 20% pay jump at the start of the year. He’s known for his interests outside Goldman Sachs, including a controversial appearance as a DJ at a Hamptons concert earlier in the summer, and has stakes in high-end restaurants in New York City.
He was among business leaders last week who scolded Bill De Blasio, blaming the New York mayor for what they called “quality of life issues” that are keeping their workers from coming back to offices in the city.
FedEx surges as e-commerce demand sends profit climbing
CorporateSep 17. 2020A pedestrian wearing a protective mask carries FedEx boxes in the Diamond District of New York on June 10, 2020. MUST CREDIT: Bloomberg photo by Nina Westervelt.
By Syndication Washington Post, Bloomberg · Thomas Black · BUSINESS, US-GLOBAL-MARKETS FedEx Corp. surged as a wave of e-commerce demand bolstered pricing power and propelled earnings amid the coronavirus pandemic.
Sales at the ground-delivery unit jumped 36% to $7 billion and operating margins rose to 11.8%, the highest in a year, FedEx said in a statement Tuesday. That helped push the courier’s total earnings beyond Wall Street’s highest estimate in the fiscal quarter ending Aug. 31.
“Demand is so strong at this point that they’re emboldened to start taking price to a greater extent, which can be a very powerful driver of profitability,” said Matt Arnold, an analyst with Edward Jones.
FedEx is cashing in surcharges for big customers that are making home deliveries more profitable after years in which residential shipments weighed on margins. Like rival United Parcel Service Inc., which dazzled Wall Street with its results less than two months ago, FedEx is getting an early payoff on investments to boost efficiency and automation to handle demand spurred by the rise of online shopping.
“Our earnings growth underscores the importance of our business initiatives and investments over the last several years,” FedEx Chief Executive Officer Fred Smith said on a conference call with analysts. “In many ways, the world has accelerated to meet our strategies.”
FedEx surged 9.2% to $258.40 before the start of regular trading Wednesday in New York, on track toward the highest close since June 2018. The stock had gained 57% this year through Tuesday, outpacing UPS’s 38% advance and a 5.3% increase in the S&P 500.
An additional surcharge of 30 cents a package for large Ground customers is helping FedEx offset the extra costs of operating during the pandemic. Higher pricing pushed package yields to an increase of 2.2%, reversing declines in the previous three quarters.
At the Express air-cargo unit, revenue rose 7.8% to $9.65 billion. Operating margins more than doubled to 7.4% from a year earlier, showing more signs of pricing strength. FedEx is benefiting from the steep decline in passenger flights, which often carry cargo at lower rates.
The gains helped FedEx make up for revenue it lost after parting ways with Amazon.com Inc. FedEx’s total sales rose 13% to $19.3 billion. Analysts had expected $17.55 billion.
Adjusted operating profit margins climbed 2.4 percentage points from a year earlier to 8.5%, That helped lift adjusted earnings to $4.87 a share, topping the highest estimate compiled by Bloomberg. Analysts had predicted $2.69.
During the quarter, the company was helped by lower fuel costs, a $65 million reduction in aviation excise taxes under the U.S. Cares Act and an extra operating day that added $130 million of revenue. Coronavirus-related expenses cost the company an extra $100 million in the quarter, said FedEx Chief Financial Officer Alan Graf.
The courier expects higher revenue and operating income at its Ground and Express units for the remainder of fiscal year 2021, which concludes at the end of May, said Graf, speaking on his last earnings call before retiring. He will be replaced by Mike Lenz on Sept. 22.
FedEx already is preparing for the rollout of a potential coronavirus vaccine. The company has 90 “cold-chain” facilities worldwide for speedy distribution if and when a vaccine is ready, said Chief Operating Officer Raj Subramaniam.
Delta to borrow $9 billion in largest airline debt deal ever
CorporateSep 17. 2020Delta Air Lines Inc. aircraft sit parked at a field in Victorville, Calif., on March 23, 2020. MUST CREDIT: Bloomberg photo by Patrick T. Fallon.
By Syndication Washington Post, Bloomberg · Paula Seligson · BUSINESS, TRANSPORTATION, US-GLOBAL-MARKETS Delta Air Lines is raising $9 billion in the largest debt deal ever in the aviation industry, as the carrier garners massive investor support to make its way through the pandemic.
That’s up from an original $6.5 billion, which was comprised of $4 billion of bonds and $2.5 billion of loans. Both will be backed by Delta’s frequent-flier program, a popular collateral pledge inspired by United Airlines Holdings Inc.
The debt will help boost Delta’s liquidity as it burns about $750 million in cash a month, and passenger volumes are only 30% of what they were this time last year, according to a memo by Chief Executive Officer Ed Bastian on Tuesday. With the new financing, Delta doesn’t intend to take an additional loan backed by the U.S. government under the CARES Act.
Delta is looking to borrow bonds maturing in five years that may yield around 4.75%, and another portion due in eight years that is being marketed near 5%, according to a person with knowledge of the matter. They carry investment-grade ratings and are expected to price Wednesday, the person said, who asked not to be identified as the details are private.
Goldman Sachs is lead manager on the bond sale, while Barclays Plc s leading the loan component. Those commitments are due Wednesday.
CorporateSep 16. 2020Pinya Nittayakasetwat, Country General Manager, Gojek Thailand
By The Nation
Gojek, Southeast Asia’s leading mobile on-demand services and payments platform, officially launched its app in Thailand from 6am on Wednesday (September 16).
Now customers in Thailand can order food via GoFood, hail motorbikes via GoRide, send parcels via GoSend and make digital payments via GoPay. The app is available for download via iOS and Android systems.
The move follows GET app’s recent announcement that it was rebranding as Gojek as part of its long-term strategy.
GoViet, the company’s operation in Vietnam, was also relaunched as Gojek on August 5.
Gojek’s co-CEOs Kevin Aluwi and Andre Soelistyo, said: “Today marks a significant moment in Gojek’s journey, and in our long-term commitment to Thailand. We’re grateful to our incredible Thai team, headed by Pinya [Nittayakasetwat], who will lead us into this new chapter and for the many customers, partners and other valued stakeholders in Thailand who have supported us along the way.”
Pinya, who holds the post of country general manager for Gojek Thailand, said the company is delivering three new super apps – Gojek for consumers, GoPartner for drivers and GoBiz for merchants.
“We appreciate all who have continued to place their trust and support in us since the early days as GET. Joining us on this first day as Gojek are more than 50,000 driver partners and 30,000 merchant partners, as well as strategic partners like Siam Commercial Bank, The Mall Group and many more.”
Gojek is also introducing “GoFood Pickup”, which allows users to order in advance and pick up food from restaurants without having to wait. GoFood Pickup is in a pilot phase with more than 500 participating outlets in central Bangkok.
The Gojek app can be used in all countries where Gojek operates, including Vietnam, Indonesia, Singapore and Thailand.
The Bangkok Mass Transit System (BTS) is threatening to go to court after Mass Rapid Transit Authority (MRTA) changed its evaluation criteria for bids on the MRT Orange Line.
Surapong Laoha-Unya, chief executive officer of BTS, one of the bidders for the MRT Orange Line which runs from Bang Khun Non to Min Buri, said MRTA’s recent decision to change the bidding criteria is unfair because the change was announced after bidding papers were sold to bidders.
MRTA decided that instead of basing 100 per cent of the evaluation on bidders’ technical proposal, it would base 30 per cent of the evaluation on technical proposal and 70 per cent on the price proposed.
So far, 10 companies have bought bidding envelopes for this Bt142.7 billion project, namely Bangkok Expressway and Metro, Bangkok Mass Transit System, BTS Group Holdings, Sino-Thai Engineering and Construction, Italian-Thai Development, Ratch Group, Ch Karnchang, Gulf Energy Development, Sinohydro Corporation and Woranitath Development.
The project comprises the construction of a 13.4-kilometre track from Thailand Cultural Centre to Bang Khun Non stations as well as the installation and operation of a train system for the 35.9km from Min Buri to Bang Khun Non.
“We have filed an appeal with the State Enterprise Policy Office and MRTA board of directors to demand justice, as nothing like this happened in the past,” he said. “We are also thinking of taking this to court, but if in the end, the authorities say this change in criteria is within the law, then BTS will enter the bidding.”
Surapong also said the company is waiting for the Cabinet to approve the extension of its concession for the newly extended Green Line.
“Once the contract is signed, BTS will start adjusting the fare structure to a maximum of Bt65 for the line, while its extension from Lat Phrao to Khu Khot should be open to public within December,” he added.
New homes under construction by Pardee Construction are seen in this aerial photograph taken over the Pacific Highlands Ranch master planned community in San Diego, California on Aug. 31, 2020. MUST CREDIT: Bloomberg photo by Bing Guan. 
David Solomon, chief executive officer of Goldman Sachs, looks on during a Bloomberg Television interview on the sidelines of the Bloomberg New Economy Forum in Singapore, on Nov. 7, 2018. MUST CREDIT: Bloomberg photo by Giulia Marchi. 
A pedestrian wearing a protective mask carries FedEx boxes in the Diamond District of New York on June 10, 2020. MUST CREDIT: Bloomberg photo by Nina Westervelt. 
Delta Air Lines Inc. aircraft sit parked at a field in Victorville, Calif., on March 23, 2020. MUST CREDIT: Bloomberg photo by Patrick T. Fallon. 
Pinya Nittayakasetwat, Country General Manager, Gojek Thailand 
