The price of gold dropped by Bt250 per baht weight in morning trade today (September 3), the Gold Traders Association reported.
As of 9.23am, the buying price of a gold bar was Bt28,750 per baht weight and selling price Bt28,850, while gold ornaments cost Bt28,227.92 and Bt29,350, respectively.
At close yesterday (September 2), the buying price of a gold bar was Bt29,000 per baht weight and selling price Bt29,100, while gold ornaments cost Bt28,470.48 and Bt29,600, respectively.
The Hong Kong gold price dropped by HK$220, opening at $18,180 (Bt73,464.45) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$34.20, or 1.73 per cent, closing at $1,944.70 (Bt60,908.74) per ounce yesterday.
The gold price closed in negative territory due to a strengthening dollar and a rise in the US stock market, causing investors to turn to risk assets instead of safe-haven assets.
By Syndication Washington Post, Bloomberg · Claire Ballentine, Sarah Ponczek · BUSINESS
U.S. equities rose alongside European stocks as the nearly relentless rally in risk assets continued, but with a twist as tech shares underperformed.
The S&P 500 jumped the most in almost two months to an all-time high, with some of this year’s least-loved shares helping fuel the rally. The Russell 1000 Value Index rose 1.7%, beating its growth counterpart. Utilities and financial stocks — two of the three worst performing sectors in 2020 — each rose more than 1.4%. The Stoxx Europe 600 Index added the most in three weeks.
The dollar rose the most in almost two weeks as the euro slid further below $1.20, a level it breached for the first time in more than two years Tuesday. Oil fell with precious metals and Treasury yields dipped.
The rally in global stocks has pushed major indexes to record highs as traders bet that a flood of liquidity unleashed by central banks will make its way to equity markets. The rotation away from the tech titans that have led gains this year — with Apple, Tesla and Zoom Video all slumping Wednesday — could signal confidence in a broader economic recovery from the pandemic and a possible vaccine.
“We’ve seen all the major central banks stay very accommodative,” said Chris Gaffney, president of world markets at TIAA Bank. “Negative real yields across the globe are almost forcing people into finding investments that have a potential for gain.”
Amid the risk-on rally, key U.S. markets now appear to be pricing in chances of a delayed or inconclusive result from the November presidential election, JPMorgan Chase & Co. analysts said.
Elsewhere, 10-year bunds rose along with most of their sovereign peers across Europe, benefiting Germany, which took in $39 billion (33 billion euros) of orders for its first green bonds.
Here are the main market moves:
Stocks
– The S&P 500 Index gained 1.5% as of 4 p.m. EDT.
– The Stoxx Europe 600 Index jumped 1.7%.
– The MSCI AC Asia Pacific Index increased 0.2%.
Currencies
– The Bloomberg Dollar Spot Index gained 0.3%.
– The euro fell 0.6% to $1.1842.
– The Japanese yen fell 0.2% to 106.21 per dollar.
Bonds
– The yield on 10-year Treasurys fell two basis points to 0.65%.
– Germany’s 10-year yield sank six basis points to -0.48%.
– Britain’s 10-year yield decreased six basis points to 0.23%.
Commodities
– West Texas Intermediate crude fell 2.8% to $41.56 a barrel.
Paisan Chirakitcharern, chief finance officer of Charoen Pokphand Foods (CPF), has been named “Best CFO in Thailand 2020” at the Alpha Southeast Asia Magazine’s 10th Annual Institutional Investor Awards for Corporates.
The award was based on the magazine’s “Southeast Asia’s Institutional Investor Corporate Poll”.
“I’m delighted, not for myself but for the organisation,” said Paisan, attributing his award to support from “all CPF people around the world”.
He identified finance and human resources as the two keys to successful business operations.
A company could only succeed if it had both money and the right workforce, he added, giving credit to CPF management for emphasising these two in tandem.
“We need to know the business we are in and its key success factors. The finance department’s duty is to provide funding to help the organisation reach its targets. Meanwhile, as operational details change on a daily basis, we must stand ready for changes and dare to change.
He said it was also crucial to bridge the generation gap at work.
“Working with new generations, we must be their role models and understand them. Young people today perceive things differently from people my age. People my age find it very difficult to quit as they fret about criticisms. But young people are ready to change jobs. We must realise the difference and there must be a stage where they can show their capabilities. This is the most important.”
The poll saw CPF win four more awards: Best Senior Management IR Support, Strongest Adherence to Corporate Governance, Most Consistent Dividend Policy, and Best Strategic CSR.
Households urged to install solar panels, sell power back to MEA
Sep 02. 2020
By THE NATION
The Metropolitan Electricity Authority (MEA) is inviting households in Bangkok, Nonthaburi and Samut Prakan to install solar panels on their roofs to generate electricity for personal use or to sell back to the MEA.
“Users who wish to install solar panels for personal use should integrate their solar generators into MEA’s power grid, and the MEA will send out technicians to ensure their equipment is safe and the current is stable,” MEA public relations director Phasuk Sampunnachote said. Interested users can study the MEA’s power integration guidelines and register at https://www.mea.or.th/minisite/vspp/about/846 with no deadline.
“MEA has also created the Community Solar Power programme, which is available to type 1 customers [residential users] who installed solar panels for domestic use and have left over electricity to sell,” she added. “MEA will buy the electricity from users at Bt1.68 per unit, under a 10-year contract. Applicants can register at the website https://spv.mea.or.th before December 2020.”
For more information customers can contact the MEA at its call centre on 1130, via Twitter at @MEA_news, Line at @meathailand, and Facebook การไฟฟ้านครหลวง MEA.
Asia Pacific ranked top area for expansion by European, American companies
Sep 01. 2020
By The Nation
Research published today by Standard Chartered Bank reveals that while corporations in the West are prioritising their home regions of Europe (84 per cent) and North America (74 per cent) as a source of growth, Asia Pacific (55 per cent) remains a target for their international expansion strategies.
The survey of CFOs’ and treasurers’ ambitions, concerns and goals shows how the Covid-19 pandemic has reshaped many Western organisations’ focus. Over half (51 per cent) were worried about its impact on growth outside the home region, with supply chain failure identified as the top challenge to liquidity.
The most significant perceived challenge to expansion is the ability to understand and comply with local regulations (32 per cent), which was cited especially by technology companies (52 per cent).
When it came to financing international growth, equity capital markets (76 per cent) were the preferred choice of funding. Alternatively, 44 per cent of American respondents were inclined to use cash from across the business for funding, compared with 39 per cent among Europeans. Likewise, use of venture capital, such as private placements, was more common, with a more established private placement market in the United States than Europe.
Almost one-third (32 per cent) of respondents said their top supply chain priority was to diversify their supplier base beyond their home market. This was followed closely with the need to digitise trade (28 per cent). The lowest priority cited for trade and supply chains outside the home market was environmental, social and governance (ESG) criteria and sustainability issues. Only 2 per cent nominated it as their top supply chain priority.
“During what is a challenging time for corporations all over the world, expansion into new markets remains a key way for corporations of all sizes and industries to diversify and grow their business, both through new customer and supplier relationships,” said Tracy Clarke, Standard Chartered’s regional CEO for Europe and Americas.
“This research has shown, by exploring ambitions, concerns and priorities, how the Covid-19 pandemic has reshaped plans for today and the future, and with it, the knock-on impacts for liquidity, trade and even digitisation. What is clear though is that significant opportunities remain.”
Said Mike Vrontamitis, head of Trade for Europe and Americas: “International trade is a cornerstone of companies expanding their client base and increasing the resilience of their supply chains by diversifying outside of their home market creating prosperity and jobs.
“In a world where resilience is more important than ever companies are focusing on managing foreign exchange volatility as well as digitisation and vertical integration of their supply chains. It is no surprise given the increased geopolitical tensions that companies are also highlighting the need for local advice from experts. It is disappointing to see how few companies have ESG issues as a top priority given the opportunity of a ‘green’ recovery.”
The survey was conducted from May 25 to June 5 on 300 respondents equally split between Europe (UK, Ireland, France, Germany, Turkey, Sweden, Denmark, Finland, Norway) and the Americas (US, Canada, Brazil).
Indorama Ventures takes back used PET bottles to make PPE suits
Sep 01. 2020
By The Nation
Global chemical firm Indorama Ventures (IVL) is transforming PET bottles into PPE (personal protective equipment) to donate to local hospitals and help with the fight against Covid-19.
Initiated by Less Plastic Thailand in May this year, the “Separate PET Bottles to Help Doctors” project ensures complete end-to-end waste separation and PPE production process. As the world’s largest PET (polyethylene terephthalate) producer, Indorama’s plastic recycling expertise and infrastructure is key to the project’s operation.
Under the project, some 360,000 PET bottles were recycled and converted into high-quality yarn at Indorama’s recycling facilities in Nakhon Pathom and Rayong, before being cut to produce more than 16,000 PPE suits. The project’s aim is to provide these suits to more than 200 hospitals nationwide to help protect medical personnel working on the Covid-19 frontline.
Meanwhile, HSBC Thailand became the first commercial bank to participate in the project by calling on all its staff to collect and donate their used water bottles to the cause.
Richard Jones, senior vice president and chief of corporate communications at Indorama Ventures, said: “IVL is delighted to bring onboard key partners such as HSBC to take part in this much-needed recycling project during the Covid-19 crisis. The bottles collected by HSBC’s employees will be converted into recycled yarns to produce PPE suits made from 100 per cent recycled PET bottles sourced in Thailand. By utilising our facilities, IVL aims to minimise the amount of waste sent to landfills and promote the efficient use of resources through recycling, which is in line with the UN Sustainable Development Goals [SDGs] fostering sustainable consumption and production.”
HSBC has provided more than 200 kilograms of used bottles for the production of 650 recycled PPE suits that will be used when treating low-to-medium risk patients. This translates to a reduction of carbon emission by 300 kilograms.
Krisda Phatcharoen, chief of HSBC Thailand’s commercial banking division, said: “HSBC is one of many corporations that have been assisting people affected by the pandemic as well as working with partners to benefit the society constructively. We are thrilled to play a part in IVL’s efforts to create a circular value chain.”
To bring this end-to-end initiative to life, Less Plastic Thailand – a local environmental conservation network – has brought together a range of partners including Indorama Ventures, Thai Taffeta, Thong Thai Textile, TOA Paint and GoWith20.
Dusit International, a top hotel and property development company in Thailand, will begin rolling out its new ASAI Hotels brand this month with the opening of ASAI Bangkok Chinatown, followed by six more properties all operating under a new hotel concept Dusit believes will be key to sustainable and profitable growth in the new normal.
ASAI Hotels is Dusit’s sixth hotel brand and represents the company’s expansion into the affordable lifestyle segment of the lodging spectrum. Its other brands – namely Dusit Thani, dusitD2, Dusit Princess, Dusit Devarana and Elite Havens – cover upper-midscale through to luxury.
The ASAI brand will initially serve domestic travellers seeking authentic experiences in Bangkok’s historic Chinatown district and the culturally rich old Bangkok.
Another ASAI hotel will open within 12 months in the capital’s stylish Sathorn district, followed by one in the Philippine’s Cebu island, one in Yangon’s old Yankin area and one in Kyoto, Japan.
“With its agile management structure, streamlined design and limited personnel, the ASAI Hotels business model is compact, sustainable and efficient, and ultimately serves as a cost-effective, fitting solution for continuing to grow our business and expand our presence in the new normal,” said Suphajee Suthumpun, group CEO of Dusit International.
Opening on September 15, ASAI Bangkok Chinatown features 224 compact rooms (ranging from 18 to 26 square metres).
Located adjacent to Yaowarat Road, only 100 metres from Wat Mangkon MRT underground station, the hotel also puts guests in the heart of a vibrant neighbourhood renowned for its lively fresh markets, historic temples, traditional shophouses, coffee shops and a vast array of streetside eateries.
The Rattanakosin Island area, home to the Grand Palace and Wat Pho, is only two stations away on the MRT. The city’s major commercial districts can also be easily reached via the underground network.
Thai Smile Airways will launch a new flight from Bangkok to Nakhon Si Thammarat starting September 10, with two flights per day, chief executive officer Charita Leelayudth said.
“The new route follows the company’s flight expansion plan for the domestic market,” she said.
“Thai Smile realises the potential of Nakhon Si Thammarat as a hub for tourism and business in the southern region. We hope the new route will promote tourism there and in nearby provinces, which are known for their abundant marine resources and unique arts and culture.”
The Bangkok-Nakhon Si Thammarat flight will be a full service one, with onboard meals and free luggage of up to 30 kilograms. It will also have both premium and economy classes: “Smile Plus” will sport 12 seats while the economy class will comprise 150/156 seats on an Airbus A320-200. Fares will start at Bt1,300 per person per trip (all inclusive).
To reserve a ticket or for more information, contact call center 1181 or 02 118 8888, or visit www.thaismileair.com.
Gulf Energy Development is targeting annual revenue of Bt150 billion to Bt170 billion by 2027, said its chief financial officer Yupapin Wangviwat.
She added that the company expected to record revenue of Bt37 billion this year.
Gulf is expected to realise revenue from its wind power project in Germany in the fourth quarter this year.
More of its power plants in Thailand and overseas are scheduled to begin feeding power to grids in 2021 and 2022.
Meanwhile, its power plant in Pluak Daeng, Rayong province, and its Hin Kong plant in Ratchaburi province are set to begin commercial operation in 2023-2024.
The company is scheduled to start realising revenue from its infrastructure projects at about the same time, including the phase 3 development of the Laem Chabang deep seaport in Chonburi.
In 2025, it also expects to realise revenue from a liquefied natural gas-fired power plant in Vietnam.
Gulf plans to invest at least Bt100 billion over the next four years, of which Bt45 billion will be spent this year.
The Transport Ministry is reviewing double-track rail projects worth Bt270 billion that it says have been hit by fallout from the Covid-19 crisis.
The State Railway of Thailand will now study seven projects, headed by the Khon Kaen-Nong Khai link in the Northeast.
“We need to review phase 2 of all the double-track railway projects, as we have to assess economic returns amid rising public debt,” Sorapong Paitoonphong, director-general of the Department of Rail Transport, said on Wednesday after meeting with senior officials.
The review is expected to begin next month and conclude within three months before being sent to the Transport Ministry.
The SRT proposed investing a total Bt271 billion in the double-track projects back in May.
However, the National Economic and Social Development Council (NESDC), a state think-tank, has now asked more for details and investment priorities after the Covid-19 fallout triggered mounting public debt and big changes in logistics and transportation.
Sorapong said concerned parties have agreed that construction of the double-track link between Khon Kaen and Nong Khai provinces is urgent since it will connect with the China-Loas high-speed railway which is scheduled to begin operating in December next year.
The SRT has already completed studies on the environmental impact study and feasibility of the 167-kilometre route, which is expected to cost Bt25.84 billion.
According to the feasibility study, the route will transport about 12 million tonnes of goods per year until 2037, with estimated economic returns of 19 per cent. An inland container depot (ICD) has been added to the original plan to accommodate cross-border goods transportation.
The SRT has been given one month to study the project, with the outcome dictating whether or not next year’s investment can go ahead. If so, the Khon Kaen-Nong Khai project will be submitted to the Cabinet for approval this year and bidding for construction will be held next year, he said.
Investment in other double-track rail routes may be deferred, but they would not be cancelled, he assured.
The other six projects are the 285km Pak Nam Pho-Denchai route (Bt62.86 billion), 189km Denchai-Chiang Mai (Bt56.84 billion), 308km Chira Junction-Ubon Ratchathani (Bt37.53 billion), 186km Chumphon-Surat Thani (Bt24.29 billon), 321km Surat Thani-Songkhla (Bt57.38 billion) and the 45km Hat Yai-Padang Besar route (Bt6.66 billion).
