Australia earmarks 30% of its land mass to protect endangered flora and fauna
TUESDAY, OCTOBER 04, 2022
Australia will target to have “zero new extinctions” in a bid to protect plants and animals on the island continent famed for species found nowhere else in the world, Environment Minister Tanya Plibersek said on Tuesday.
The announced plan will deliver on the federal government’s target of “protecting 30 per cent of our land and 30 per cent of our oceans by 2030″ by setting aside at least 30 per cent of Australia’s land mass for conservation, Plibersek said. By prioritising 110 species and 20 places, Plibersek said the areas managed for conservation will be increased by 50 million hectares. The 10-year plan will be reviewed in 2027.
A five-year report released in July by the government showed Australia has lost more mammal species than any other continent and has one of the worst rates of species decline among the world’s richest countries.
The sixth-largest country by land area in the world is home to unique animals like koalas and platypus although their numbers have been dwindling. Australia has been battered recently by frequent extreme weather events including the devastating bushfires in 2019 and 2020 in the east that killed 33 people, and billions of animals, and burned an area nearly half the size of Germany.
Female commander of International Space Station inspires young girls from orbit
TUESDAY, OCTOBER 04, 2022
The first European woman to command the International Space Station (ISS) has answered young girls’ questions accompanied by her lookalike Barbie doll, to mark World Space Week (October 4-10).
Italian astronaut Samantha Cristoforetti took time to explain experiments conducted aboard the ISS and answer queries about her life as a spacewoman, as part of a project to inspire girls to study for STEM (science, technology, engineering and mathematics) careers.
Asked why she became an astronaut, Cristoforetti cited her twin passions of piloting planes and studying science. “Growing up I was fascinated by the night sky, and the idea of flying to space, and the sense of adventure and exploration. And then I became interested in science and technology, and then I really loved flying, I became a pilot. And being an astronaut kind of brings all those passions and interests of me together,” she said.
The initiative was organised by “Inspiring Girls”, a charity that connects girls in countries across the world to international female role models.
Dollmaker Mattel designed the Cristoforetti lookalike Barbie in 2019. It went on sale in 2021, with part of the profits donated to the charity “Women in Aerospace Europe”.
However, the first Barbie dressed in an astronaut suit was released in 1965 to mirror the outfits worn on the US “Mercury” orbital mission launched in the early ’60s.
Failure to renew UN-brokered truce spreads panic across war-ravaged Yemen
TUESDAY, OCTOBER 04, 2022
Xinhua
As a six-month humanitarian truce brokered by the United Nations expired without extension, the fear for a return of violence to Yemen is spreading among the people in the war-torn country.
Many said that their hopes and aspirations for ending their woes inflicted by the more than seven years of deadly fighting were dashed as peace efforts were hampered by Yemen’s warring factions and chaos gearing up for return.
“The Yemeni people were deeply disappointed with the decision of the Houthis who rejected the UN proposal for extending the truce which succeeded in ceasing the brutal conflict during the past period,” an official of Aden’s local authority told Xinhua on condition of anonymity.
“Millions of people fear a descent into a new cycle of deadly civil war as the Houthis began with their military preparations for launching attacks in and outside the country,” said the official.
He said that the Yemeni government made concessions and informed the United Nations about its agreement to extend the truce, but the Houthi militia’s constant intransigence aborted peace efforts exerted by international and regional powers.
On Sunday, UN Special Envoy for Yemen Hans Grundberg announced that no agreement has been reached to renew the expired truce between the Yemeni warring parties.
“The UN Special Envoy regrets that an agreement has not been reached today, as an extended and expanded truce would provide additional critical benefits to the population,” his office said in a statement.
Although the UN proposal for extending the truce has reflected the main terms that the Houthis have been demanding since the truce began on April 2, the Houthis have yet to make a statement on why they rejected the extension.
The Houthis on Saturday claimed that the government side did not remain committed to the previous six months of the truce, and warned foreign oil companies in the provinces controlled by the government to immediately cease operating or face missile attacks.
An official of Yemen’s Ministry of Oil and Minerals based in Aden confirmed to Xinhua that “the Houthi terror threats of attacking foreign oil companies operating in Yemen created a nationwide panic and badly affected the country’s deteriorating economy, particularly through pushing the national currency into further collapse just a day after failing to renew the truce.”
“The Houthi threats mainly aimed at creating an abrupt cessation of the government’s economic activities and loss of jobs, plunging the country’s people into mass famine,” said the official who asked to remain anonymous.
“Foreign teams working in limited oil sectors in the government-controlled provinces suspended their activities and started thinking about leaving Yemen over the fear that the Houthis would bomb their workplaces and oil facilities with missiles and explosive-laden drones,” he added.
Yemeni citizens living in the government-controlled provinces also expressed their anxiety as the Houthi group vowed to bomb the areas controlled by the pro-government forces with missiles and booby-trapped drones.
Earlier in the day, shelling attacks carried out by the Houthi militia targeted residential areas in the country’s southern regions just hours after the truce expiry, sparking sporadic fighting with the troops backed by the Saudi Arabia-led coalition.
The UN envoy on Sunday indicated that negotiations will continue to renew the UN-brokered truce, and reaffirmed his calls on the parties to maintain calm and refrain from provocations or any actions that could lead to an escalation of violence. “I urge them to fulfill their obligation to the Yemeni people to pursue every avenue for peace,” he said in a statement.
Breakthroughs in the past six months of the truce include the resumption of commercial flights to and from the Sanaa airport and the entry of fuel ships into the port of Hodeidah. However, the siege on Taiz city has not been lifted yet.
On April 2, the Yemeni government and the Houthis agreed upon a two-month truce brokered by the United Nations. The truce was later renewed twice through Oct. 2.
Yemen has been mired in a civil war since late 2014 when the Iran-backed Houthi militia seized control of several northern cities and forced the Saudi-backed Yemeni government out of the capital Sanaa.
Philippine president opens part of Metro Manila subway, promises ‘more ambitious endeavours’
TUESDAY, OCTOBER 04, 2022
Philippine President Ferdinand Marcos Jr on Monday inaugurated a portion of the Metro Manila Subway Project in Pasig City, vowing to pursue more infrastructure projects that will benefit Filipinos.
“Let the [groundbreaking] of this subway system signal our intention to the world to pursue even grander dreams and more ambitious endeavours that will bring comfort and progress to our people all over the country,” the president said in his speech at the event held at the Metrowalk Commercial Complex in Pasig City.
“Be assured that this administration will take the lead in identifying, pursuing and implementing projects as part of the ‘Build Better More Infrastructure Agenda’ that we have laid out,” he added.
The ceremony was for the subway’s 17.7-billion pesos (11.3 billion baht) Contract Package 104, which covers the construction of the Ortigas and Shaw stations that was given last April to the consortium of Megawide Construction Corp, Tokyu Construction Co Ltd, and Tobishima Corp.
The Department of Transportation is set to award two more contract packages for the project before the year ends.
Transportation undersecretary for railways Cesar Chavez said on the sidelines of the groundbreaking ceremony that the signing of Contract Packages (CP) 102 and 103 was expected to be held by the end of this month or the first week of November.
CP 102, which was won by Nishimatsu-DMCI Joint Venture, includes the construction of the Quezon Avenue and East Avenue stations. CP 103, which is set to be awarded to Sumitomo Mitsui Construction Corp, covers the works for the Anonas and Katipunan stations.
Half a million passengers a day
In his speech, the president said he looked forward to “brighter days” when the Filipino public would be enjoying the project’s benefits.
“Although it is a given that the construction of these structures will take time and cause disruption, let us be optimistic and just count these small inconveniences as a small price to pay for the fruitful results that this programme, this project will yield,” Marcos said, referring to the six-year closure of portions of Meralco Avenue.
The president said that once completed, people would be spared the perils of commuting, while the new infrastructure itself is expected to bring more business opportunities.
“As our people gain more time by cutting long hours of travel, they can now engage in more worthwhile and productive endeavours, making time for greater self-improvement or, equally important, spending quality time with their families,” he said.
The 17-station, 33-kilometre project, which will benefit some 519,000 passengers a day once completed by 2028, is the first underground railway in the Philippines that will connect Valenzuela City to Pasay City.
It will reduce travel time between Quezon City and Manila airport from an hour and a half to 35 minutes.
The project is being constructed under the Official Development Assistance programme of Japan International Cooperation Agency, which will finance 76 per cent of the project via a 370.8-billion pesos loan package. The remaining 24 per cent, amounting to 117.7 billion pesos, will be paid for by the Philippine government.
The idea of building a Metro Manila subway was first proposed in 1973 during the administration of Marcos’s late father and namesake, Ferdinand Marcos Sr.
In August 2016, the Duterte administration revived the plan for a Metro Manila subway as part of a long-term public transportation network to fight the worsening road congestion.
Partial subway operations are expected to start in 2025.
“We are running at full speed on this project. We owe it to the commuting public,” Bautista said during the event.
The baht opened at 37.40 to the US dollar on Wednesday, strengthening from Tuesday’s close of 37.60.
The Thai currency will likely move between 37.25 and 37.50 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.
He said the baht is strengthening and even exceeding its support level as the market is in a risk-on state and pressuring the dollar while affecting the gold price.
If US economic data on Wednesday is worse than expected, the market might feel the US Federal Reserve will not increase the interest rate as it might pressure the financial market into a risk-on state, Poon said.
Also, it might pressure the dollar while supporting the baht to strengthen or swing sideways near its support level of 37.30 to 37.40, the level that importers are waiting for to purchase the US currency, he added.
Arkhom briefs PM on volatility in financial markets and their impact on Thailand’s recovery
TUESDAY, OCTOBER 04, 2022
THE NATION
The government is closely monitoring factors that could affect economic recovery, including in financial markets, government deputy spokesperson Traisuree Taisaranakul said on Tuesday.
She was speaking after Finance Minister Arkhom Termpittayapaisith reported to Prime Minister Prayut Chan-o-cha that many factors were pressuring financial markets.
She explained that uncertainty over decisions at the US Federal Reserve meeting on Monday had caused the Stock Exchange of Thailand (SET) Index to drop by 31 points in opening trade on Tuesday.
“However, the SET Index rebounded by almost 20 points at the end of the morning session, as there was no signal on changes in interest rate,” she said, adding that this negative sentiment would not affect Thailand’s economic recovery.
She said the Finance Ministry and Bank of Thailand are monitoring international factors and capital flow closely.
She also confirmed that the government would continue to monitor factors that affect economic recovery.
The SET Index closed at 1,578.00 on Tuesday, up 19.95 points, or 1.28 per cent. Transactions totalled 64 billion baht with an index high of 1,584.57 and a low of 1,567.48.
PTT expects energy prices to fall next year, easing pressure on economy
TUESDAY, OCTOBER 04, 2022
THE NATION
National energy conglomerate PTT expects oil prices to fall next year, boosting Thailand’s economic recovery.
PTT president and CEO Auttapol Rerkpiboon forecast that the price of a barrel of oil would fall from US$90-$100 this year to $85-$100 in 2023, easing pressure on the economy.
He also expects the LNG price to drop from early next year as demand declines after winter in Europe. A falling LNG price would cut electricity generation costs, as natural gas is used to fuel power stations.
Auttapol told the “Thailand Economic Outlook 2023” seminar held by Krungthep Turakij, that PTT must strike a fine balance between ensuring sufficient oil and gas to meet demand, minimising environmental impacts, and keeping prices as low as possible. He added that PTT is focusing on maximising refinery and transport efficiency and using carbon capture storage technology to reduce environmental impacts.
The energy giant is also switching its focus to cleaner energy such as natural gas as oil consumption is expected to drop over the next decade, he said.
However, PTT will diversify investment to avoid dependence on a narrow range of energy sources.
“We must not bet on a single horse. We have changed our vision from ‘Thai premier league multinational energy company’ to ‘powering life with future energy and beyond”, Auttapol said, highlighting the English terms in quotes.
As part of the change in direction, PTT would focus on future energies such as hydrogen.
The CEO said the conglomerate was focusing on future energies by dividing its investment into six areas:
– New energy
– Life science
– Mobility and lifestyle
– High value and businesses
– Logistics and infrastructure
– AI & Robotics Digitalisation.
Auttapol added that all companies under the PTT Group were committed to achieving net-zero carbon emissions by 2050, 15 years ahead of Thailand’s national goal. As such, PTT would increase its solar electric generating capacity to 12,000 megawatts and double its tree-planting mission to two million by 2050.
Despite recovery trajectory, Thailand’s economy expected to face challenges next year, experts tell seminar
TUESDAY, OCTOBER 04, 2022
Nongluck Ajanapanya
Economists, high-ranking officials and business leaders together shared their perspectives on the best practical strategies and solutions for Thailand’s economy to survive and thrive.
They expressed their opinions during the “Thailand Economic Outlook 2023” event hosted by Krungthep Turakij newspaper on Tuesday in Bankgok to commemorate its 36th anniversary.
The dialogue began with a keynote speech from Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput, who stated that despite the global economic slowdown and high volatility in the financial market, Thailand’s economy is gradually recovering due to a strong rebound in the tourism industry and domestic consumption.
However, he noted that high inflation and the US central bank’s monetary policy were still factors that Thailand needed to monitor closely.
He also defended the BOT’s monetary policy, claiming that it is on the right track because Thai economic conditions differ from those of other countries, hence Thailand did not need to adopt the same measures.
“Thailand’s economy requires a smooth takeoff rather than a smooth landing,” said Settaput.
Jon Penrice, president Asia Pacific of Dow Chemical Company, pointed out the possible strategies for the new world order in the coming year and beyond.
He predicted that volatility and uncertainty would become a normal part of doing business, so companies and agencies must be much more alert and resilient in the short term while still focusing on their long-term vision.
“None of the events are predictable,” he explained. “In this new world order, companies should focus on four key strategies: customer centricity, resilience and agility, a disciplined financial approach, and diversification.”
He warned businesses to brace themselves for several headwinds in 2023, such as the European energy crisis, the ongoing war in Ukraine, China’s slowdown, rising global inflation, and currency depreciation.
He advised businesses to invest in people and Environment, Social, and Governance (ESG) in order to sustain their growth because these two factors will help businesses reduce risk and costs in the long run.
Overall, Thailand’s economy will face more severe challenges in the coming year, particularly for monetary and fiscal policy, three economists from major banks and financial institutions said.
They attributed the situation to the US Federal Reserve’s commitment to bring down high inflation regardless of the risk of a hard recession.
Supavud Saicheua, economist and adviser at Kiatnakin Phatra financial group, pointed out that although the country’s economy is showing positive signs of growth, Thailand needs to improve its foundation and infrastructure, including embracing rapid changes in innovation and technology and caring more for the environment, in order to thrive in the long run.
Meanwhile, Bangkok Bank economist Kobsak Pootrakool is concerned about the country’s reserves, which needed to be increased to improve efficiency but not so much that the country cannot move forward. He urged both the public and private sectors to become more competitive.
Kiatipong Ariyapruchya, the World Bank’s senior economist for Thailand, added that the government should relax some finance and investment regulations.
Thailand has one of the toughest investment laws in the Southeast Asian region, he added, urging the government to amend the law, which would aid in unlocking Thailand’s manufacturing and services potential.
He also suggested that the Thai government develop a strategic plan to address the effects of extreme weather conditions, specifically water management and drought.
Despite the country’s difficult circumstances, two private-sector representatives were optimistic that Thailand’s economy will be able to handle and survive because Thailand’s private sector is capable and strong.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said that what is needed now is to find new business models — other than export and tourism — to drive Thailand’s economy.
Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, said that their federation focuses on seven new S-curve industries, including Bio Circular Green economy and climate change.
He insisted that S-curve will open up new opportunities for Thai businesses and help attract foreign investment in the coming years.
Sanan and Kriengkrai also had a message for the next government. They assured that regardless of which party forms the new government, the private sector is always willing to collaborate and work with them. They urged the next government to pay close attention to what businesses need, to change some outdated regulations, and to be consistent.
The fierce competition between Thailand and Vietnam was a frequent topic of discussion in today’s debate. While most speakers lauded Vietnam’s rapid growth, Jareeporn Jarukornsakul, chairman and group CEO of WHA Corporation, stated that Thailand is still in a better position than Vietnam.
Thailand, she claimed, had the most advanced infrastructure in the region. Many foreign investors continue to prioritise Thailand. Hence, the country must continue to invest and develop, particularly in mega-trends such as electric vehicles, renewable energy, and green economy.
Siam Piwat Group chief executive officer Chadatip Chutrakul revealed the company’s 63-year secret to achieving exponential growth and surviving every crisis to become the country’s No. 1 retailer and real estate developer.
The tactic, she explained, is simply to be mindful and sincere with customers, employees and business partners. Besides, she suggested that thinking outside the box, creating new possible business paths, and expanding network and connections would be useful strategies in this new business context.
FTI identifies 7 risks and offers 6 solutions for Thailand’s economic recovery
TUESDAY, OCTOBER 04, 2022
THE NATION
The Federation of Thai Industries (FTI) pinpointed seven risk factors for economic development in 2023 and offered six solutions to ensure recovery in the post-Covid era.
Speaking at the “Thailand Economic Outlook 2023” seminar hosted by Krungthep Turakij newspaper on Tuesday, FTI president Kriangkrai Thianukul said the Thai economy would face several risks next year due to the uncertain global situation, fluctuating finances and digital disruption.
“In 2023, Thailand’s industrial sector will be facing a ‘perfect storm’ fuelled by these seven risk factors, most of which are consequences of the Russia-Ukraine conflict,” he said.
The seven risk factors are:
• Inflation: Expected to continue rising next year. Thailand’s highest inflation in 17 years was recorded in August 2022 at 7.86 per cent
• Raw material shortage: Supply of products like microchips, animal feed, fertilisers, chemicals, etc, expected to drop.
• Rising energy cost: Cost of electricity rose 17 per cent this year, while the price of fuel hit a new high in eight years and the price of LPG rose 28 per cent year on year.
• Rising daily minimum wage: Daily minimum wage was raised by an average of 5 to 8 per cent nationwide.
• Weaker currency: The baht fell to its lowest in 16 years at 38 to 39 baht to the US dollar.
• Rising interest rate: The rate has been increased to 1 per cent with a tendency to rise further.
• Rising transport cost: 45 per cent hike in freight fees.
“These challenges could hinder the efficiency of our industrial sector. Meanwhile, our neighbour Vietnam has lower industrial costs and can be viewed by corporations as a better investment destination,” Kriangkrai said.
However, he said, industrial and private sectors could embrace these six solutions to gain a competitive edge globally. They are:
• Use BCG (bio, circular, green) economy as a framework for development
• Pre-empt implementation of new technology and innovation to avoid disruption.
• Enhance supply chain security to ensure uninterrupted production.
• Use renewable energy across all operations to reduce the cost of energy.
• Develop necessary skills among employees.
• Tackle climate change issues.
“The private sector may find it difficult to survive even after applying the six solutions without continued support from the government in driving economic growth in key areas,” Kriangkrai said. “We urge the authorities to ensure the continuity of economic policy implementation during the transition of power after the general election, which is scheduled in May next year. The survival of the industrial sector depends mainly on how well the public and private sectors work together for mutual goals.”
BOT governor reaffirms Thailand taking ‘gradual and measured approach’ to economic recovery
TUESDAY, OCTOBER 04, 2022
Bank of Thailand Governor Sethaput Suthiwartnarueput said on Tuesday that unlike many other countries, Thailand is taking a gradual and measured approach to the economy.
Speaking at the “Economic Outlook 2022” event held by Krungthep Turakij in Bangkok, the BOT governor said the Thai economy is in continuous recovery and the country’s monetary policy is on the right track.
He said Thai economic conditions differed from those in other countries, so Thailand did not need to adopt the same measures.
Sethaput also dismissed concerns that the BOT was raising the interest rate too slowly to rein in inflation, insisting “we are not behind the curve”.
He added that while Thailand has yet to recover to pre-pandemic levels, certain other countries had already met their economic targets.
Kobsak Pootrakool, chairman of the Federation of Thai Capital Market Organisations, said he was worried about the country’s exports.
Sanan Angubolkul, president of the Thai Chamber of Commerce, said China’s economic recovery next year would have a positive impact on Thailand apart from the return of Chinese tourists. He said Chinese tourists would definitely return as more than 90 per cent of China’s population has been vaccinated against Covid. Although the number of foreign tourists has not reached the pre-Covid level, revenues at shopping malls of the Siam Piwat Group have exceeded 2019 numbers, group CEO Chadatip Jutrakul said. Jareeporn Jarukornsakul, president and CEO of WHA Industrial Development, said Thailand still has plenty of investment opportunities although political changes could happen in the general election next year.
The other speakers are Jon Penrice Dow’s Asia-Pacific president, Kriengkrai Thiennukul Chairman of The Federation of Thai Industries, Arthid Nanthawithaya Chief Executive Officer SCBXNapat Jatusripitak, co-founder and CEO of ViaLink and managing director of Siametrics Consulting Co Ltd, Korawad Chearavanont, CEO and Founder of Amity Co Ltd, a social cloud company, Dermphan Yoovidhya, CEO and founder of Rapid Group, Pratthana Leelapanang. Chief Consumer Business Officer at Advanced Info Services Plc, Jirayut Srupsrisopa, founder and Group CEO of Bitkub Capital Group Holdings Co Ltd, Phichet Rerkpreecha, CEO at Line Company (Thailand)
Jon Penrice, president Asia Pacific of Dow Chemical Company, pointed out the possible strategies for the new world order in the coming year and beyond.
The fierce competition between Thailand and Vietnam was a frequent topic of discussion in today’s debate. While most speakers lauded Vietnam’s rapid growth, Jareeporn Jarukornsakul, chairman and group CEO of WHA Corporation, stated that Thailand is still in a better position than Vietnam.
Siam Piwat Group chief executive officer Chadatip Chutrakul revealed the company’s 63-year secret to achieving exponential growth and surviving every crisis to become the country’s No. 1 retailer and real estate developer.
Although the number of foreign tourists has not reached the pre-Covid level, revenues at shopping malls of the Siam Piwat Group have exceeded 2019 numbers, group CEO Chadatip Jutrakul said.
Jareeporn Jarukornsakul, president and CEO of WHA Industrial Development, said Thailand still has plenty of investment opportunities although political changes could happen in the general election next year.
