Hope Sparkles For Thailand’s Top Luxury Jewellery Brand In 2022
BY LINE : VARUNSUDA KARUNAYADHAJ
WED, SEPTEMBER 14, 2022
Pranda Glistens As Thailand’s Premier Manufacturer, Distributor, And Retailer Of Luxury Bling. Its PrimaGold Brand Is The Leading Exporter Of Thai Jewellery With A Customer Base That Spans North America, Europe And Asia.
Chanat Sorakraikitikul, who chairs the Finance & Risk Management Committee at Pranda, is optimistic that the market for luxury jewellery will grow this year despite global economic turmoil.
“Initially we only focused on manufacturing and selling our own designs, but now we are ODM [original design manufacturer], in that we produce pre-designed products for other brands,” Chanat said.
In line with the current trends, Pranda has continued to expand its market by using omni distribution channels to provide consumers with a seamless shopping experience. Its most successful brand has proved to be PrimaGold.
“Skilled craftsmanship is one of Thailand’s biggest strengths. Expert artisans cut and polish gemstones with accurate precision to create some of the most beautiful jewels. Thailand can easily be considered a regional and global gems and jewellery trading hub,” he said.
Watch the interview on the Business Story Programme on September 17, 10am, at www.nationthailand.com.
Centara Korat Opens To Guests With Eye On Invigorating Local Economy, Tourism
BY LINE : THE NATION
WED, SEPTEMBER 14, 2022
Central Pattana And Centara Hotels & Resorts Are Spreading Their Wings, Opening Centara Korat In Their Latest Venture In A Bid To Strengthen The Local Economy And Boost Tourism In Nakhon Ratchasima Under The Attractive Concept Of “Business + Leisure”.
Centara Korat features “complete facilities” to push the potential of the destination as a “MICE City”, promoting the capability to host MICE (meetings, incentives, conventions and exhibitions) events to stimulate Korat’s economy and tourism, the company said.
Centara Korat comprises:
217 hotel rooms that include a daybed for relaxation and a dining table – unique from other hotels. Standard rooms are available and all rooms include cutlery.
Dining destination: A “superior dining experience” at the House of Kin, an all-day dining restaurant that serves three-meal buffets and a rooftop bar with 360-degree views
Comprehensive meeting facilities: meeting rooms have a total combined area of 1,000 square metres and can seat up to 1,000 people. The ballroom can accommodate up to 650 guests for cocktail parties. Additionally, there are four smaller meeting rooms.
According to the company, Central Pattana is moving into “a new future with the purpose to create and develop quality sites with care for the community and environment while driving the economy”.
“Central Pattana has pioneered our first mixed-use development in Nakhon Ratchasim, a complete lifestyle centre comprising Central Korat shopping centre, Escent Korat condominiums, and Centara Korat hotel,” said Surang Jirattigalachote, head of Hotel Development.
“We are committed to strengthening the local economy and tourism and have equipped our hotel with facilities to meet the needs of every traveller with the goal of becoming the best international-standard hotel in Korat,” he said.
“Centara Korat will play an important role in attracting visitors to the destination, which is a key gateway to Isaan and the region’s main provinces,” said Centara Hotels & Resorts CEO Thirayuth Chirathivat.
“We see the potential and charm of the province and we have been committed to delivering Centara Korat so that everyone near and far can experience a locally inspired hotel of international standard,” said Phoom Chirathivat, head of Hotels and Alternative Investment at Central Pattana.
“We hope our project will help strengthen the Northeastern region as an economic centre of the country,” he said.
“We believe our hotel business can have a significant impact by creating jobs, bringing more opportunities and elevating the lives of people in Korat. Our hotel is ready to serve everyone and deliver an exceptional experience for every traveller,” he added.
Centara Korat is the latest offering from Centara, which continues to introduce its unique brand of Thai-style hospitality to new destinations across Thailand and the Middle East.
Further expansion is planned, with the company intending to open new hotels and resorts in Japan, Cambodia, China, Indonesia, Laos, the Maldives, Qatar, Turkey and the United Arab Emirates.
Bangchak Gets Major Earnings Boost From Norway Venture As Fuel Prices Soar
BY LINE : THE NATION
WED, SEPTEMBER 14, 2022
Thailand’s Petroleum And Oil Conglomerate Bangchak Corporation (BCP) Is Reaping The Dividends Of Investing In Natural Resources In Norway, The Company’s Results Show.
In the first half of this year, 30 per cent of BCP’s earnings before interest, tax, depreciation, and amortisation was attributed to investment in oil and gas exploration and production in the leading mid-to-late-life operator OKEA ASA on the Norwegian continental shelf.
BCP president and CEO Chaiwat Kovavisarach said OKEA is an important flagship for BCP to achieve its long-term strategy on energy security.
He added that OKEA has witnessed constant growth in the first half of this year, boosted by rising global fuel prices amid the ongoing Russia-Ukraine conflict and increasing global demand.
“In the first half of this year, OKEA recorded 10.23 billion baht revenue from the sale of crude oil and natural gas, up 148 per cent from 4.13 billion baht in the previous year,” he explained.
Chaiwat, who is also OKEA chairman, said BCP is paying attention to maintaining the balance of fossil fuels and renewable energy as natural gas and oil will continue to be the world’s crucial source of energy for many decades.
He said the role that renewable energy will play in people’s lives will depend on the development of renewable energy storage systems.
“BCP is placing high emphasis on balancing the energy trilemma — energy security, energy affordability, and environmental sustainability,” he said.
He added that BCP will draw experience and skills from its investment in Norway as a model to expand investments in the exploration and production business to strengthen organisational stability throughout the supply chain.
Meanwhile, OKEA CEO Svein J Liknes said BCP shared the same objectives as the company on maintaining the balance of fossil fuels and renewable energy.
He added that the transition from fossil fuels and renewable energy must be made step by step based on technologies and investment budgets.
“The demand for gas and nuclear energy will soon replace coal,” he said, adding that trends in renewable energy will come around 2030 and 2035.
He also vowed to make full use of the company’s assets along with applying new technologies for long-term sustainability in energy.
Presently, OKEA has four oil fields in Norway, namely, Draugen (44.56 per cent stake), Gjoa (12 per cent), Yme (15 per cent), and Ivar Aasen (2.77 per cent).
OKEA is continually developing new oil fields, which will increase the company’s petroleum production to about 25,000 barrels of oil equivalent per day compared to the current of about 20,000 barrels of oil equivalent per day by the end of this year.
In the first half of this year, OKEA’s production consisted of 61 per cent crude oil and 39 per cent natural gas, the latter being a critical component of the energy transition.
Council Of State Meets To Consider Telecom Watchdog’s Power Over True-Dtac Merger
BY LINE : THE NATION
TUE, SEPTEMBER 13, 2022
The Government’s Council Of State Legal Advisers Met On Tuesday To Decide Whether The Telecom Watchdog Has Authority To Halt A Planned Merger Between True Corporation And Total Access Communication (Dtac).
The meeting heard testimony from a National Broadcasting and Telecommunications Commission representative.
The NBTC has deferred its decision on the planned True-Dtac merger pending legal advice from the Council of State.
The meeting came after a second request by the NBTC for the council to interpret its power to regulate the merger deal.
The first request was rejected by the Council of State on grounds that the NBTC did have the power according to law but also that the watchdog was being sued in the Central Administrative Court. The lawsuit, which was filed by Napat Winitchaikul, a member of a committee overseeing the telecoms watchdog, asked the court to order the NBTC to nullify its regulations on telecom mergers.
The Central Administrative Court rejected the lawsuit on grounds that the NBTC had power to halt any merger it deemed as a threat to fair competition.
The Council of State called Tuesday’s meeting in response to an order from acting Prime Minister Gen Prawit Wongsuwan, who was petitioned by the NBTC after the first request was refused, according to sources.
The NBTC sent two deputy secretary generals, Trairat Wiriyasirikul and Sutthisak Tantayothin, to testify at the meeting.
The meeting was chaired by Meechai Ruchuphan and attended by government legal experts Aree Wongaraya and Asa Meksawan.
Civil society groups including the Civil Group for Liberal Communications have urged the NBTC to uphold its duty to protect the public from monopolies and reject the merger.
However, True and Dtac have insisted that the NBTC has no power to reject the deal. They argue that the telecom watchdog can only issue measures to mitigate its impact on consumers.
First Thai-Saudi Business Matching Webinar Expected To Launch THB10bn Annual Trade
BY LINE : NONGLUCK AJANAPANYA
TUE, SEPTEMBER 13, 2022
The Federation Of Thai Industries (FTI) Is Teaming Up With The Federation Of Saudi Chambers Of Commerce (FSCC) To Co-Host A Webinar That Will Connect Thai And Saudi Businesses To Boost Bilateral Trade And Investment.
The online event will take place later this month and follows Commerce Minister Jurin Laksanawisit’s trade trip to Saudi Arabia last month.
FTI chairman Kriengkrai Thiennukul hailed the trip as a success after it resulted in an agreement to forge a Joint Business Council.
The collaboration between the two nations’ private sectors is expected to boost Thai exports of agricultural products, food, electronics, automobiles, and services.
Mutual trade is forecast to exceed 10 billion baht within one year of the signing of the agreement to establish the Thai-Saudi Arabian Business Council, said Kriengkrai.
Meanwhile Saudi Arabia will need more cooperation from Thai investors and businesses to develop its ambitious US$500-billion Neom smart city project, he added. Neom is part of the Saudi Vision 2030 strategy to reduce reliance on oil and create a more diverse economic model.
Kriengkrai commented that Thai products have already gained a foothold in the Saudi market.
“I discovered that Thai goods and services are quite popular among Saudi Arabians, and this is a new opportunity after three decades to reconnect with a huge potential market,” he said.
Thai-Saudi relations were frozen for three decades amid the Blue Diamond affair after a Thai janitor stole gems from a Saudi palace in 1989.
The desert kingdom also pledged to facilitate visa processes for Thai businesses, and showed special interest in Thailand’s food, construction and air conditioner industries.
Saudi Arabia is currently Thailand’s 29th-largest export market. The value of trade between the two countries has increased by 46.42 per cent in the last seven months. Exports increased 14.79 per cent to $1.1 billion, while imports rose 56.83 per cent to $4.6 billion.
Business Sector Urges Government Support To Ease Power Bill Burden
BY LINE : NONGLUCK AJANAPANYA
TUE, SEPTEMBER 13, 2022
Thailand’s Industrial Sector Has Proposed A Short-Term Plan To Address Rising Electricity Bills, And Urged The Government To Provide More Assistance To Small And Medium-Sized Businesses.
The Federation of Thai Industries (FTI) revealed on Tuesday its proposal during the monthly press conference on Thailand Industry Sentiment Index (TISI) for August 2022.
FTI chairman Kriengkrai Thiennukul said businesses overall would tend to grow positively due to the easing Covid-19 pandemic situation. However, most entrepreneurs are concerned about the rising electricity cost right now because it will affect their overall costs and profits.
He noted that material prices were still high, so rising electricity bills would do more harm than good to businesses that are still recovering from the pandemic.
Meanwhile, FTI vice chairman Isares Rattanadilok na Phuket explained that electricity bills in Thailand are higher than in neighbouring countries as the kingdom is overly reliant on liquified natural gas (LNG) as the primary source of energy for power generation. The country lacks a free market system in the energy sector, resulting in the country having few players while having plenty of idle infrastructures that only adds to the cost burden, Isares said.
Thailand will need to reform its electricity system in the long run. However, because the business sector cannot wait, the federation has developed a short-term plan for the government to consider in order to reduce the electricity cost, Isares said.
“The first proposal is to import oil from Russia as an alternative source of LNG, and then the Energy Regulatory Commission should open a bidding round for purchasing electricity from idle small power producers rather than importing LNG to produce power,” Isares explained.
Kriengkrai also urged the government to take steps to mitigate the effects of the incremental increases in minimum wage and electricity charges, such as by granting an electricity subsidy to SME entrepreneurs and subsidising employment promotion to assist entrepreneurs in cost reduction.
The business sector requested that the government ease the import of foreign workers from neighbouring countries in order to alleviate labour shortages, including assisting entrepreneurs in using more machines for manufacturing.
Besides, the public and private sectors must work together to develop flood mitigation measures in economic areas, as well as systemic flood management plans to address the impacts of inundation and drought.
The FTI also revealed the latest TISI for August 2022, which increased from 89.0 in July to 90.5, as business returned to near normal with an improvement in domestic consumption while demand for industrial products continues to expand.
Meanwhile, the cancellation of the Thailand Pass and the implementation of a tourism stimulus measure called “We Travel Together” to promote domestic travel by Thais has given the tourism industry an additional boost.
Although fuel costs appeared to be improving in August 2022, entrepreneurs are still concerned about rising production costs such as logistics, and prices of raw materials such as animal feed, steel and aluminium, electricity fees, as well as a shortage of foreign labour in the manufacturing sector.
There are also some negative factors to be concerned about, such as the global economic slowdown, high inflation, and tensions between Russia and Ukraine.
The survey was conducted in August 2022 among 1,304 enterprises represented by 45 industry clubs affiliated with the FTI. The findings revealed more factors of concern for business owners, such as the global economy (75.9 per cent), domestic politics (42.8 per cent), the baht’s exchange rate against the US dollar from an export perspective (39.3 per cent), and loan interest rate (35.7 per cent).
The TISI for the next three months is expected to be 99.5, up from 98.7 in July 2022, because entrepreneurs believe the Thai economy will gradually expand due to recovery of the tourism sector, increasing domestic demand, and the government’s economic stimulus measures.
Entrepreneurs are concerned about an incremental increase in the minimum wage rate from October 1, 2022, as well as a new round of rising electricity fees from September to December 2022, which will result in higher production costs. Similarly, risks associated with economic slowdown and geopolitics may have an impact on the Thai export sector, Kriengkrai concluded.
Finance Ministry Upbeat As Annual Tax Revenue Beats Target For 1st Time Since Covid
BY LINE : THE NATION
TUE, SEPTEMBER 13, 2022
Tax Revenue For 2022 Has Already Surpassed The Target Of 2.4 Trillion Baht, In A Sign That The Economy Is Recovering, The Finance Ministry Said On Tuesday.
Ministry permanent secretary Krisada Chinavicharana said the target had already been exceeded by 70 billion baht. The 2022 fiscal year will end this month.
The surplus would be 130 billion baht had the diesel tax not been reduced to soften the impact of soaring fuel prices, Krisada added.
The ministry expects this month’s revenue collection to increase in line with rising consumption and tourism.
The Revenue Department collected 1.67 trillion baht during the first 10 months of fiscal 2022, which was 210 billion baht more than at the same period last year.
But the Excise Department failed to meet its own revenue target after the government reduced diesel excise tax three times.
The Finance Ministry expects the economy to expand 3.5 per cent this year from 2021.
This is the first year since the Covid-19 pandemic began that the government has reached its tax-revenue target.
It missed the target by 336 billion baht (12.3 per cent) in 2020 and 307 billion baht (11.5 per cent) in 2021.
Krisada said the government’s decision to extend the diesel tax cut for two months from September 20 to November 20 would cost the government about 20 billion baht in revenue.
The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month. Krisada said the Finance Ministry is confident that target will be met as well.
Thailand’s Unskilled Workers To Get A Raise From Oct 1
BY LINE : THE NATION
TUE, SEPTEMBER 13, 2022
The Cabinet On Tuesday Gave The Go-Ahead To The New Daily Minimum Wage Rate As Agreed Upon By The Tripartite Wage Committee. The New Wage Rate Will Go Into Effect From October 1.
At its weekly meeting chaired by acting PM Prawit Wongsuwan, the Cabinet gave the green light for the Labour Ministry to implement the new rates from next month.
Under the new rates, the daily earnings of unskilled workers will rise by about 5.02 per cent averaging about 337 baht per day.
Boonchob Suthamanuswong, permanent secretary for Labour Ministry, said the tripartite wage committee had agreed on the following minimum daily wage in different provinces:
• 335 baht: Phetchabun, Kanchanaburi, Bueng Kan, Chai Nat, Nakhon Phanom, Phayao, Surin, Yasothon, Roi Et, Loei, Phatthalung, Uttaradit, Nakhon Sawan, Prachuap Khiri Khan, Phitsanulok, Ang Thong, Sa Kaew, Buri Ram and Phetchaburi
• 332 baht: Amnat Charoen, Mae Hong Son, Chiang Rai, Trang, Si Sa Ket, Nong Bua Lamphu, Uthai Thani, Lampang, Lamphun, Chumphon, Maha Sarakham, Singburi, Satun, Phrae, Sukhothai, Kamphaeng Phet, Ratchaburi, Tak, Nakhon Si Thammarat, Chaiyaphum, Ranong and Phichit
• 328 baht: Yala, Pattani, Narathiwat, Nan and Udon Thani.
“Singha Soda” Showcases Winners From “Singha Soda Snap The Moment” Campaign With Prizes Worth THB1 Million
BY LINE : THE NATION
MON, SEPTEMBER 12, 2022
Singha Soda Announces The Winners In The PEOPLE And PLACE Categories Who Won Leica D-Lux In “Singha Soda Snap The Moment.” The Campaign Invites Participants To Take A Photo Of Singha Soda And Its New Label With The “Fizzy Moment” Concept, Which They Can Submit Until September 21 And Stand A Chance To Win A Leica M11 With Lenses And Other Prizes Worth Up To 1 Million Baht.
The “Singha Soda Snap The Moment” campaign, which recently passed its halfway point, is a photo-shooting campaign that invites everyone to find their “fizzy moment” with the new Singha Soda label through 4 categories; PEOPLE, PLACE, PLANET, and PEACE. The winners of each category will win the Leica D-Lux valued at over 50,000 Baht and stand a chance to win the grand prize, Leica M11 with lenses, and other prizes valued at over 1 million Baht.
The winners of Snap of the Week in each category are: PEOPLE is Mr. Worawut Chaikittikorn and his work ‘You fizzled my life,’ PLACE: Mr. Adisak Palasap and his work ‘Fizzle up the night with Singha Soda.’ In comparison, the winners of the PLANET category will be announced soon. And don’t forget to participate in the Singha Soda Snap The Moment activity under the PEACE category.
After announcing four winners, every submission will stand a chance to win three special prizes. The final winners will win Leica M11 with lenses kit, a new addition to the Rangefinder series with CMOS BSI sensor over 60 million pixels worth over 450,600 Baht, the 1st runner-up will win Leica Q2 Monochrome valued over 213,300 Baht, and the 2nd runner up will win Leica Q2 worth over 211,300 Baht. Participants can submit their work until September 21 and read more details at Soda Singha Facebook or www.SinghaSodaSnaptheMoment.com
Revenue Department To Come Up With Carbon Tax Plan Next Year
BY LINE : THE NATION
MON, SEPTEMBER 12, 2022
The Revenue Department Will Next Year Come Up With Clear Measures And Rates For Carbon Taxes On Goods That Emit High Carbon Dioxide During Production, Its Chief Said On Monday.
Ekniti Nitithanprapas, director-general of the department, said clear measures and rates for collecting the so-called carbon tax would be ready by next year.
He said the department is now studying effective measures to slap carbon tax on goods and services that emit high volume of greenhouse gases as several other countries have started collecting the tax.
“Thailand cannot avoid collecting carbon tax because many other countries have already started doing it,” Ekniti said.
He said European Union nations would next year start collecting carbon taxes on five goods whose production processes cause high carbon dioxide emissions. The five goods categories are: cement, steel, aluminium, chemicals and fertilisers, and electricity.
“If Thailand does not collect carbon taxes on these goods, exporters will have to pay the tax at the destination EU nations. If we collect the tax in Thailand, we will negotiate with the EU to exempt the goods from double carbon tax,” Ekniti said.
So far, the department is contemplating two methods – collecting on the goods or collecting tax on the production process at the factories.
For the first option, the tax will vary in accordance with amount of carbon dioxide emitted when the goods are made, Ekniti said.
For the second option, the department will collect carbon tax during the manufacturing process – at the start, the midway and the end of production. He said if the department chooses the second option, it will have to consult the Thailand Greenhouse Gas Management Organisation on the collection method and tax rates.
Ekniti said the carbon tax is being planned in accordance with the department’s goal to promote Environment, Social and Governance among businesses.
The goal is to support the government’s target of having carbon neutrality by 2050 and net zero emission by 2065.
“I discovered that Thai goods and services are quite popular among Saudi Arabians, and this is a new opportunity after three decades to reconnect with a huge potential market,” he said. 
The survey was conducted in August 2022 among 1,304 enterprises represented by 45 industry clubs affiliated with the FTI. The findings revealed more factors of concern for business owners, such as the global economy (75.9 per cent), domestic politics (42.8 per cent), the baht’s exchange rate against the US dollar from an export perspective (39.3 per cent), and loan interest rate (35.7 per cent).
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