Tag Archives: The Nation

US Fed opts for another interest rate hike as it tackles runaway inflation

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US Fed opts for another interest rate hike as it tackles runaway inflation

US Fed opts for another interest rate hike as it tackles runaway inflation

THURSDAY, NOVEMBER 03, 2022

The US Federal Reserve went in for a fourth straight 75 basis points interest rate hike – 3.75 per cent to 4% – to achieve maximum employment as it chases an inflation target rate of 2%.

The Fed cited recent indicators as pointing to modest growth in spending and production as job gains have been robust in recent months while unemployment was seen to be low.

However, it noted that “inflation remains elevated, reflecting supply and demand imbalances due to the pandemic, higher food and energy prices, and broader price pressures”.

Furthermore, the Russia-Ukraine war is causing “tremendous human and economic hardship as it creates additional upward pressure on inflation and weighs down global economic activity”.

According to a Fed statement on Wednesday, its Federal Open Market Committee (FOMC) anticipates “ongoing increases in the target range will be appropriate in order to attain a monetary policy stance that is sufficiently restrictive to return inflation to 2% over time”.

In determining the pace of future increases, the FOMC will take into account the cumulative tightening of monetary policy and economic and financial developments.

The committee said it would continue reducing its holdings of Treasury securities and agency debt as well as agency mortgage-backed securities, as described in the “Plans for Reducing the Size of the Federal Reserve’s Balance Sheet” that were issued in May.

The statement added that the FOMC will continue to monitor the implications of incoming economic data and would be “prepared to adjust its monetary policy stance appropriately if risks emerge”.

The assessments will take several aspects into account, including public health data, labour market conditions, inflation pressures and expectations, and financial and international developments, it said.

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Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

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Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

FRIDAY, NOVEMBER 04, 2022

The Commerce Ministry is negotiating with the United States to eliminate tariffs on exports of raw materials to Thai food manufacturers based in the US.

Minister Jurin Laksanawisit said on Thursday that Thailand’s manufacturers need to expand their production bases to make Thai food available at the global scale.

Jurin, who doubles as deputy prime minister, was speaking while visiting a factory owned by Overhill Farms, a Los Angeles-based food manufacturer under the Charoen Pokphand (CP) Group.

“Thai dishes highly popular among foreigners include Tom Yum Kung, Tom Kha Kai, Pad Thai, Massaman, Green Curry and Khao Soi,” said Jurin.

These foods meet the global trend for health thanks to their use of natural ingredients and herbs, he said.

“CP now has four food factories in the US, and large corporations need to increase the number of Thai food factories overseas to penetrate the market.”

Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

Jurin added that his ministry is negotiating with US authorities to reduce tariff barriers, to help Thai exporters and foreign importers deliver Thai ingredients to produce Thai foods in foreign markets – especially key ingredients like chicken, eggs and pork.

“The US has more stringent barriers, both tax and non-tax, than the European Union. We will keep negotiating with authorities to make sure that Thai food manufacturers here have the ingredients they need,” he said.

The aim, said Jurin, was for Thai foods to become global foods in line with the government’s policy of promoting Thailand as a “Kitchen of the World”.

Jurin on LA mission to cut tariffs for Thailand’s US-based food factories
Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

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Baht slide could slow after passing resistance level of 38/dollar: market strategist

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Baht slide could slow after passing resistance level of 38/dollar: market strategist

Baht slide could slow after passing resistance level of 38/dollar: market strategist

FRIDAY, NOVEMBER 04, 2022

The baht opened at 38.03 to the US dollar on Friday, unchanged from Thursday’s close.

The currency will likely move between 37.70 and 38.00 against the greenback during the day, forecast Poon Panichpibool, Krungthai market strategist.

Poon speculated the baht might weaken since the dollar is strengthening and the market remains in a risk-off state. Also, the lack of signals from China that it will ease its zero-Covid measure would place downward pressure on the yuan and affect the Asian currency market, he said.

However, the baht’s weakening will likely slow now it has passed the resistance level of 38 per dollar, Poon said.

He advised monitoring the gold price and foreign inflows to Thai stocks and bonds, saying that if neither changed significantly, the baht would not weaken much beyond its resistance level.

He forecast the baht’s support level at 37.50 to 37.70, at which point importers would buy the dollar.

He advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
 

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Thailand ready to strengthen economic ties with China, PM affirms

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Thailand ready to strengthen economic ties with China, PM affirms

Thailand ready to strengthen economic ties with China, PM affirms

THURSDAY, NOVEMBER 03, 2022

Prime Minister Prayut Chan-o-cha on Thursday confirmed the Thai government’s readiness to working with its Chinese counterpart to strengthen the partnership between the two countries.

He said Thailand is looking to boost its partnership with China for a future that is “strong, wealthy and sustainable — like a saying that China and Thailand are no strangers. We are brothers and sisters”.
The Thai premier was speaking during his special lecture given at the Thailand-China Investment Forum organised at the Shangri-La Bangkok Hotel.
The event was also attended by China’s Ambassador to Thailand Han Zhiqiang and Thailand’s Deputy Premier and Energy Minister Supattanapong Punmeechaow.
General Prayut said the forum was a good initiative by the Thai private sector to serve as “an important mechanism” in strengthening economic ties between the two countries.

Thailand ready to strengthen economic ties with China, PM affirms

“This is a good opportunity for both countries to work together in recovering the economies severely affected by the Covid-19 crisis and boosting bilateral cooperation for sustainable development,” the PM said.
He noted that this year marks the first decade of a comprehensive strategic partnership between Thailand and China.
The prime minister said that the Thai government is attempting to attract investments from other countries, particularly China, by improving Thailand’s infrastructure and developing new industrial zones such as the Eastern Economic Corridor.

Thailand ready to strengthen economic ties with China, PM affirms
He pointed out that Chinese companies have the potential and expertise in many industries, particularly involving electric vehicles and digital manufacturing.
He noted that in the first nine months of this year, about 45 billion baht of investment had come from China into the electronics, electrical appliances and EV industries.
Thailand ready to strengthen economic ties with China, PM affirms

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event

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Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event

THURSDAY, NOVEMBER 03, 2022

Commerce Minister Jurin Laksanawisit held talks with the Thai owner of a large wholesale store in Los Angeles and attended a film market event to promote Thai movies.

Jurin, also a deputy prime minister, told accompanying reporters on Thursday that the two missions during his Los Angeles trip were a “success”, according to the Department of International Trade Promotion (DITP).

Jurin and his delegation on Tuesday paid a visit to Anek Bholsangngam, the owner of Lax-C wholesale store, which the commerce minister said is the largest Thai goods wholesaler in the western United States.

The minister said he visited Lax-C because the store imports Thai goods worth 40 million to 50 million baht a year.

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM eventLax-C, which imports various types of products from Thailand, serves as a centre to distribute the products to Asians across the United States.

“Lax-C is a major importer in the US and it sells various types of Thai-made products, including food and consumers goods for daily use,” Jurin pointed out.

He said even Thais can’t imagine the variety of products available at Lax-C, which include Parrot-brand soaps and several types of fresh traditional sweets, such as khanom tan, which is a yellow small steamed cake flavoured with toddy palm sugar and coconut milk wrapped in banana leaves.

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event“Lax-C is an effective distribution centre of Thai products, which is owned by a Thai. It helps distribute Thai-made goods in Asian markets and is strategically located near China Town in Los Angeles,” Jurin said.

“I would like to thank its owner for playing a part in helping Thailand export goods to the US.”

The DITP said the wholesale store imports several brands from Thailand, including house brands AC and Pa Siam. The store is well-known as the “Thai Costco Market” of Los Angeles.

Jurin noted that the US is the second largest export market for Thailand, with exports to that country valued at a whopping 1.2 trillion baht in the first nine months of the year – a growth of 30.34 per cent compared to the same period last year.

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM eventThe DITP also said Jurin attended the American Film Market & Conference (AFM) 2022 at the Hotel Casa del Mar in Los Angeles on Wednesday.

Jurin witnessed the signing of cooperation between Epic Pictures Group and Hollywood (Thailand) to produce “Insee Daeng” (Red Eagle) 2024 with an investment of 200 million baht.

The DITP said Jurin also attended “Thai Night”, which was hosted by the Commerce Ministry, at the AFM venue. Thai Night was presided over by His Majesty the King’s sister, Princess Ubolratana Rajakanya.

The event provided a chance for Thai movie directors and Thai film circles to meet some 250 international movie producers and companies.

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM eventJurin said eight Thai digital content firms also accompanied him to the AFM. They were expected to sell products worth 800 million baht to international movie firms.

The eight were Benetone Films, Film Frame Productions, GDH 559, Hollywood (Thailand), Kantana Sound Studio, M Pictures, Right Beyond and Sahamongkolfilm International.

They presented some 50 films during the event, including “Haunted Dormitory”, “Home for Rent”, “5th Round”, “Faces of Anne”, “Immortal Species” and “Khun Pan 3”.

The Cabinet recently approved an expense rebate for international filmmakers to promote Thailand as a film shooting destination, Jurin said.

International movie companies would be given a 20 per cent rebate on expenses paid to Thais during film shoots in the kingdom, he added.

According to the minister, as many as 122 foreign films were shot in Thailand last year.

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Thailand’s House collapses for 21st time over lack of quorum

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Thailand’s House collapses for 21st time over lack of quorum

Thailand’s House collapses for 21st time over lack of quorum

FRIDAY, NOVEMBER 04, 2022

The House of Representatives failed to form a quorum yet again after only 183 of 475 MPs showed up in Parliament on Friday.

Regulations require at least 238 participants for a House meeting to go ahead.
The meeting had been convened to deliberate the results of a study by a House committee on the land, natural resources and environment in Krabi’s famous Maya Bay, which is now closed to tourists.
Pheu Thai MP Pichet Chuamuangpan suggested that the study’s approval be put up for a vote once lawmakers had finished debating on it. However, his proposal was dismissed by fellow opposition MPs from the Move Forward Party, who said voting with a lack of quorum would waste the panel’s work.
Deputy House Speaker Suchart Tancharoen, who was chairing the meeting, agreed and called a quorum count.

Thailand’s House collapses for 21st time over lack of quorum

MP Krumanit Sangphum from Pheu Thai put the lack of quorum down to provincial MPs flying back to their strongholds to woo their constituents for votes now that the general election is approaching.
The next general election has been tentatively set for May next year.
“It’s not that they are lazy. They just have to leave early to catch flights as they are afraid of losing the next election. Also, they don’t know when this House will be dissolved,” the opposition MP said.
He suggested that no House meetings be called on Fridays as this was the final session of the current House.
Someone in the chamber agreed, shouting “flights are full and it’s difficult to travel”.
Suchart adjourned the meeting 20 minutes later after the call for quorum revealed only 183 MPs were present.
This is the 21st meeting to collapse due to a lack of quorum since this House of Representatives convened for the first time in April 2019.

Overwhelming House backing for motion asking Cabinet to hold referendum on charter amendments

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Overwhelming House backing for motion asking Cabinet to hold referendum on charter amendments

Overwhelming House backing for motion asking Cabinet to hold referendum on charter amendments

THURSDAY, NOVEMBER 03, 2022

The House of Representatives on Thursday voted overwhelmingly to ask the Cabinet to hold a public referendum on whether the current Constitution, dubbed a half-baked democratic charter, should be amended.

During a meeting chaired by House Speaker Chuan Leekpai, the House took up a motion sponsored by MPs Natthaphong Ruengpanyawut (Move Forward-Bangkok) and Jullaphan Amornvivat (Pheu Thai-Chiang Mai) for reconsideration.

The motion, which proposed the referendum, was suspended from deliberations on September 15 because the House lacked quorum.

A total of 331 MPs inserted their electronic ID cards to report their presence before the vote and 323 of them voted “Yes” and none voted “No”. One MP abstained while seven others did not cast either a Yes, a No, or an abstention vote.

The motion is yet to be sent to the Senate for deliberation under the public referendum act. The act requires that any issue sent for a public referendum must be endorsed by both chambers.

Govt may drop or revise directive on land sale to foreigners: interior minister

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Govt may drop or revise directive on land sale to foreigners: interior minister

Govt may drop or revise directive on land sale to foreigners: interior minister

THURSDAY, NOVEMBER 03, 2022

The Cabinet may bury a draft directive on the sale of land and houses to wealthy and skillful foreigners following a public outcry, Interior Minister General Anupong Paochinda told the House of Representatives on Thursday.

He said the government would attempt to address issues of concern resulting from the controversial directive.
“We will do our best to address all the people’s concerns. I will relay to the Cabinet the concerns voiced by the public and the House of Representatives,” said Anupong, who represented Prime Minister Prayut Chan-o-cha in answering an opposition query.
“Additional steps are likely to make it more difficult [for foreigners to buy land]. Also, it’s possible that this law may collapse during a Cabinet meeting if it makes everyone worried,” the interior minister said.
Anupong, who oversees the Land Department, said during a House meeting that the new ministerial regulation was aimed at attracting investment from overseas, as well as highly skilled foreigners, following the Covid-19 crisis.

He said the directive was revised from an existing ministerial regulation that was issued in 2002, with stricter requirements and a time limit of five years.
The interior minister also dismissed criticism that the government was “putting the country on sale” by allowing four groups of foreigners to buy land at no more than 1 rai (0.16 hectare) each in exchange for an investment of 40 million baht for at least three years in Thailand.
“We have no intention of selling the country. And nobody is doing so. I am confident that everyone in this Parliament, both in the government and the opposition, has no such intention,” he said.
He added that the regulation would be revised to allow no purchase of unusually large clusters of land.
Anupong was responding to a query from senior opposition MP Suthin Klungsang from the Pheu Thai Party, who pointed out that the ministerial regulation has led to widespread concern as about 80 per cent of the population is still landless.
“Whether your move is intentional or not, property capitalists will benefit. I believe you don’t really want [foreign] experts. You mean to favour real estate groups with a lot of land. It’s the people who stand to lose,” said the opposition MP, mincing no words.

The directive was approved by the Cabinet on October 25 and forwarded to the Council of State – the government’s legal advisory agency – for scrutiny before it is published in the Royal Gazette.
On Tuesday, Deputy Prime Minister Wissanu Krea-ngam, who is in charge of the government’s legal matters, said the draft directive would be improved in response to concerns and proposals from critics.
The draft specifies that a foreigner must invest at least 40 million baht to be eligible to purchase land and a house. Critics want the government to increase the amount.
Foreigners are required to maintain their investment for at least three years, but critics are calling for a longer period.
They say foreigners should be prohibited from reselling the land they hold in bits and pieces. The draft allows them to sell the 1 rai of land in parts until the entire quota is used up.
Critics also say foreigners should be prohibited from buying plots next to each other because it would put a large cluster of land under foreign ownership. The draft does not prohibit this.

Thailand stops procuring Covid-19 vaccine

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Thailand stops procuring Covid-19 vaccine

Thailand stops procuring Covid-19 vaccine

FRIDAY, NOVEMBER 04, 2022

The Royal Gazette on Thursday published a Public Health Ministry announcement cancelling the decree dated October 9, 2020 that had allowed the ministry to procure Covid-19 vaccines to protect the public interest, control the outbreak or maintain national security.

The latest announcement, dated October 31, 2022 and signed by Public Health Minister Anutin Charnvirakul, said the Covid-19 situation was improving globally according to World Health Organisation data showing the mortality rate is now the lowest since March 2020.

The government revoked the pandemic emergency decree on October 1, while the ministry also downgraded Covid-19 from a dangerous communicable disease to a communicable disease under surveillance, said the announcement.

Thailand’s stock of Covid-19 vaccine is now sufficient to meet demand and there is no need to procure additional vaccine, it added.

Thailand logged 2,551 new Covid-19 infections and 33 associated deaths in the week from October 23-29. Infections since January 1 this year were recorded at 2,469,013 with 11,257 deaths.

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New bridge project across Songkhla Lake a threat to survival of endangered Irrawaddy dolphins?

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New bridge project across Songkhla Lake a threat to survival of endangered Irrawaddy dolphins?

New bridge project across Songkhla Lake a threat to survival of endangered Irrawaddy dolphins?

THURSDAY, NOVEMBER 03, 2022

A bridge construction project across Songkhla Lake in the South of Thailand has raised concerns over the impact on environmental resources, including the endangered Irrawaddy dolphins.

On October 18, the Cabinet approved a bridge construction project to link Krasae Sin district in Songkhla province with Khao Chaison district in Phatthalung province at a cost of 4.84 billion baht.

Even though the bridge would benefit the people through logistics, tourism and quality of life, some parties are concerned whether the project would affect the environment, especially the last 14 Irrawaddy dolphins there.

A bridge construction project across Songkhla Lake in the South of ThailandA bridge construction project across Songkhla Lake in the South of Thailand

The World Bank had asked the government to consider the project’s impact on the environment and the endangered dolphins. The government was securing 70% bridge cost from the World Bank.

Marine biologist Thon Thamrongnawasawat said the future of Irrawaddy dolphins is uncertain unlike dugongs or Bryde’s whales.

He also pointed out that the number of Irrawaddy dolphins in Songkhla Lake is likely to drop every year.

“The bridge construction across Songkhla Lake would cause unexpected impact on the ecosystem and dolphins, such as noise during construction and decline in dolphin foods,” he said.

Thon Thamrongnawasawat: Marine biologistThon Thamrongnawasawat: Marine biologist

He urged the government to consider the project’s impact on the ecosystem and Irrawaddy dolphins before commencing construction.

Thon, who is also deputy dean of Kasetsart University’s Faculty of Fisheries, added that the construction project would indirectly kill dolphins even though nobody wants that to happen.

“Hence, apart from a clear project plan, the government should offer cash to preserve dolphins,” he added.

Many freshwater dolphins, including Irrawaddy species, are facing various threats, such as wastewater pollution, habitat destruction, dam construction and overfishing.

About 7,000 dolphins exist around the world, which is low compared to tens of thousands of dugongs and hundreds of thousands of Bryde’s whales.

Irrawaddy Dolphins in Songkhla LakeIrrawaddy Dolphins in Songkhla Lake

Songkhla Lake was chosen as a protected area for the last 14 Irrawaddy dolphins. Thailand is one of five areas where Irrawaddy dolphins exist, along with India, Indonesia, Myanmar and Cambodia.

Even though the guidelines on cooperation with related agencies to protect Irrawaddy dolphins is included in the bridge construction project, Thon said such a guideline is quite difficult, especially artificial insemination.

“It would take many years for researchers to study artificial insemination for Irrawaddy dolphins,” he said.
 

Irrawaddy Dolphins in Songkhla LakeIrrawaddy Dolphins in Songkhla Lake 

The International Union for Conservation of Nature listed Irrawaddy dolphins among endangered species, raising questions regarding how the extinction of these dolphins affects humans apart from direct impact on the ecosystem.

Even though the death of one dolphin may be a little problem for someone, it is a big problem for the ecosystem, and the consequence could be severe. For instance, ecosystem deterioration would cause food shortage due to a decline in fish. It would also cause a decline in ecotourism revenue as locals would be unable to organise boat trips to greet dolphins.

Meanwhile, is it worth boosting the economy in exchange for the extinction of Irrawaddy dolphins?

New bridge project across Songkhla Lake a threat to survival of endangered Irrawaddy dolphins?New bridge project across Songkhla Lake a threat to survival of endangered Irrawaddy dolphins?