He said fourth quarter momentum last year into this first quarter is lower than expected.

However, the economy is expected to recover in the second quarter, propelled by the disbursement of the fiscal 2020 budget and the expected improvement of private consumption following the government’s continued stimulus packages.

Naris forecast economic growth of 1.8 per cent this year.

India, the world’s largest palm oil buyer, reportedly banned the import of refined palm oil from Malaysia last month. Many people view this as a response to Malaysian Prime Minister Mahathir Mohamad criticising New Delhi on Kashmir and a new citizenship amendment act after which buyers also slowed down purchase of crude palm oil from Malaysia.

The latest figures from Malaysia showed that in January, palm oil exports to India fell by 85 per cent year on year, down to 46,876 tonnes, the lowest since 2011.

In 2019, exports to India accounted for almost a quarter of all Malaysian palm oil exports. India has been Malaysia’s largest customer for five years. To make up for the lost market, Malaysia is increasing exports to other countries, including Pakistan, Saudi Arabia and Ghana, who rely mainly on palm oil from Indonesia. Total exports to all three countries last month jumped more than 100 per cent compared to the same period in 2019.

A palm oil trading company based in Mumbai revealed that the palm oil market is currently balancing out the situation. Buyers from Asia who mainly look at prices and European buyers are moving from Indonesia to Malaysia because it is cheaper.

Lee Yeow Chor, chairman of the Malaysian Palm Oil Council, said the reduced palm oil reserves helped to counter the effects of India’s cessation of purchases.

“Now the situation for Malaysia is not bad. Our stock is still tight. India may buy more from Indonesia but it provides an opportunity to create a demand vacuum in some markets,” said Lee. Malaysia’s palm oil depot is at the lowest in two years. Besides, Malaysia is expanding its market share in the Middle East, Africa and Southeast Asia.

According to the Malaysian palm oil board, in January Malaysia sold 170,802 tonnes of palm oil to Pakistan up from 80,660 tonnes in the same period of 2019, 12,527 tonnes to Bangladesh, up by 575 tonnes in the same period last year.

In 2019, Indonesia used to be the largest supplier to these markets.

Between July and December 2019, the reference palm oil price increased by 60 per cent but it has recently fallen amid concern about the needs of India and the spread of the new coronavirus in China.

India, which is a price-sensitive palm market, has dropped its purchase power in the past three months due to the higher palm price while other oils are not much different, encouraging Indians to use other types of oil instead.

India’s Solvent Extractors Association said that in January, India’s palm oil imports were down by 27 per cent, compared to the same period in 2019, to 594,804 tonnes, but import of soybean and sunflower oil rose by 40 per cent and 51 per cent respectively, reducing the proportion of cooking palm oil in India to 51 per cent, the lowest since June 2018.

The automaker also announced it would wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021. The company will focus its strategies on the GM speciality vehicle business.

“I’ve often said that we will do the right thing, even when it’s hard, and this is one of those times,” said GM chairman and CEO Mary Barra. “We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns, and prioritising global investments that will drive growth in the future of mobility, especially in the areas of EVs [electric vehicles] and AVs [autonomous vehicles].

“While these actions support our global strategy, we understand that they impact people who have contributed so much to our company. We will support our people, our customers and our partners to ensure an orderly and respectful transition in the impacted markets,” she said.

GM had undertaken a detailed analysis of production at its Rayong manufacturing facility. Low plant utilisation and forecast volumes have made continued GM production at the site unsustainable. Without domestic manufacturing, Chevrolet is unable to compete in Thailand’s new-vehicle market, the firm said.

GM senior vice president and president Steve Kiefer said these decisions build on the announcement in January that the automaker would sell its Talegaon manufacturing facility in India, conduct significant restructuring in Korea, and invest in South American operations.

“These are difficult decisions, but they are necessary to support our goal to have the GM International region on the pathway to growth and profitability,” Kiefer said.

In Thailand, Australia, New Zealand and related export markets, customers can be assured that GM will honour all warranties and continue to provide servicing and spare parts, the firm said. Local operations will also continue to handle all recall and any safety-related issues, working with appropriate governmental agencies.

As a result of these actions in Thailand, Australia and New Zealand, the company expects to incur net cash charges of approximately $300 million (Bt9.34 billion). The company expects to record total cash and non-cash charges of $1.1 billion. These charges will primarily be incurred in the first quarter and continue through the fourth.

On the production side, the agricultural sector decreased by 1.6 per cent, compared to a rise of 2.7 per cent in Q3 2019. Non-agricultural sector increased by 2 per cent, slowing down from 2.5 per cent in Q3 2019, due to the manufacturing sector declining by 2.3 per cent.

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Manufacturing was hurt mainly by a drop in output of motor vehicles and refined petroleum products. Nevertheless, the services sector increased by 4.1 per cent, compared to an expansion of 3.9 per cent in the previous quarter. The improvement was driven by expansion in accommodation and food service activities, wholesale and retail trade; repair of motor vehicles and motorcycles, and information and communication with growth rates of 6.8 per cent, 5.2 per cent, and 10.8 per cent, respectively.

On the expenditure side, private final consumption expenditure, and gross fixed capital formation grew by 4.1 per cent, and 0.9 per cent, compared to 4.3 per cent, and 2.7 per cent in Q3 2019, respectively.

Government final consumption expenditure, exports and imports of goods and services decreased by 0.9 per cent, 3.6 per cent, and 8.3 per cent, respectively. After seasonal adjustment, the Thai economy in Q4 2019 expanded by 0.2 per cent.

Private final consumption expenditure increased by 4.1 per cent, in comparison with a rise of 4.3 per cent in Q3 2019, contributed largely by an expansion of semi-durable and service items with a rise of 2.7 per cent and 8.5 per cent, accelerating from 2.4 per cent and 6.4 per cent respectively in Q3 2019. However, non-durable items grew by 2.6 per cent, slowing from 3.5 per cent in Q3 2019 whereas durable items declined by 4.1 per cent, in contrast to a rise of 1.6 per cent in Q3 2019.

General government final consumption expenditure decreased by 0.9 per cent, compared to a 1.7 per cent growth in Q3 2019. The contraction was mainly contributed by a 6.5 per cent decline in purchases of goods and services while compensation of employees increased by 1.4 per cent, slowing from 1.8 per cent in Q3 2019.

Meanwhile, social transfer in kind grew by 5.1 per cent.

Gross fixed capital formation grew by 0.9 per cent, slowing from 2.7 per cent in the third quarter of 2019, contributing largely to private investment with an increase of 2.6 per cent, compared to 2.3 per cent in Q3. The expansion was due mainly to a 3.1 per cent and 2.5 per cent investments in construction and machinery items, respectively. However, public investment dropped by 5.1 per cent, compared to a 3.7 per cent growth in Q3 2019, which contributed to a decrease in construction and machinery items. In particular, a contraction in government construction resulted from a delay in passing the FY2020 budget bill.

Changes in inventories at current market prices in this quarter increased with a value of Bt126.3 billion. Accumulation in stocks was mainly from paddy, gold, and wearing apparel.

Goods and services balance at current market prices recorded a surplus of Bt390.9 billion comprising surpluses of Bt180.1 billion in trade balance and Bt210.8 billion in service balance.

Among the planned developments is the construction of a new taxi way at Krabi airport, valued at Bt1.350 billion. This project will boost the airport’s capacity to serve 25 flights per hours from ten flights currently. The new taxi way is expected to be operational in 2022.

A new passenger terminal, worth Bt800 million, will be built at Narathiwat airport to raise passenger capacity from 800,000 to 1.7 million a year. Completion is expected in 2023.

Expansion of the departure area and installation of a jet bridge in Surat Thani airport at a cost of Bt200 million will also be up for grabs. This project will raise the airport’s total capacity from 2.3 million passenger per year to 3.5 million. Currently, the airport handles 2.16 million passenger a year.This project is scheduled for completion in 2022.

A second passenger terminal will be built at Buriram airport, costing Bt775 million, to raise its passenger capacity from 800,000 to 1.7 million a year. Construction is expected to complete in 2022.

He added that the term of reference for the projects at Krabi, Narathiwat, and Surat Thani airports will be available in March before the bids in April for construction to begin in August this year.

The bid for the project at Buriram airport is expected in May this year, said Tawee.

The Office of the Consumer Protection Board will propose a list this week to the permanent secretary of the Prime Minister’s Office for consideration.

Dechawat Chaeng-chuen, director of the Centre for Consumer Protection in Direct Selling and Direct Marketing Business, said the committee’s appointment responds to new legislation regulating direct sales, a type of retailing that’s playing an increasingly influential role in Thai life.

The committee will have eight members, with the chairman appointed by the Cabinet.

Members will include the directors-general of the departments of Internal Trade and Industrial Promotion, the chief of the Royal Thai Police and the secretary general of the Food and Drug Administration.

The Cabinet will appoint other members from associations and foundations involved in direct sales and marketing and consumer protection.

Dechawat said the committee will ensure consumers of fair treatment.

Five bidders took part in the much-awaited multiband auction, which is expected to give the country’s march towards 5G technology a big push. Advanced Wireless Network (AWN) of Advanced Info Service (AIS), dtac TriNet of Total Access Communication, TrueMove H Universal Communication (TUC) of True Corp, CAT Telecom, and TOT were in the fray for the licences.

AWN secured the most licences. It offered more than Bt17.154 billion to win one 700MHz licence, more than Bt19.56 billion to win 10 licences in the 2600MHz spectrum and Bt5.345 billion to win 12 licences of 26GHz.

AWN already has 2x10MHz bandwidth of the 700MHz. Clinching an additional 2x5MHz of 700MHz would mean it will have a total of 2x15MHz of the band.

CAT proposed Bt34.306 billion to clinch two 700MHz licences.

TUC offered Bt17.873 billion to win nine licences of 2600MHz and Bt3.577 billion to win eight licences of 26GHz.

TOT offered Bt1.795 billion to grab four licences of 26GHz.

Dtac Trinet offered more than Bt910 million to win two licences of 26GHz.

The NBTC started the auction early in the morning with three 700MHz licences, totalling 2x5MHz bandwidth each. All the licences were grabbed before noon after less than three hours of bidding.

This was followed by the auction of 19 licences of the 2600MHz spectrum, totalling 10MHz. All licences were grabbed.

Then it auctioned 27 licences of the 26GHz spectrum, totalling 100MHz each. Twenty-six licences were grabbed.

Overall, the auction of all the licences took five hours.

Only CAT, TUC and AWN bid for the both the 700MHz and 2600MHz bands, while all, except CAT, bid for the 26GHz band.

NBTC secretary-general Takorn Tantasith said the NBTC board will approve the bid results on February 19. The winning bidders can obtain the licences after that.

The watchdog is expecting the licence-holders to offer 5G service on these bands.

The NBTC had originally intended to auctionfour spectrums, including 1800MHZ licences. However, none of the bidders showed interest in the 1800MHz bandwidth. Therefore, the NBTC auctioned off only three bands today.