New app ‘to bridge wealth gap’ with stocks trading for low earners

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https://www.nationthailand.com/business/corporate/40019809


Kiatnakin Phatra (KKP) bank is launching a new app called Dime! as a way for middle-to-low income groups to invest in the stock market.

New app ‘to bridge wealth gap’ with stocks trading for low earners

Dime’s CEO Kampol Jantavibool said KPP wants to educate more Thais about financial management and encourage them to invest in equities and mutual funds.

Investment in these assets, combined with proper understanding and information, will yield worthwhile returns, said Kampol at Tuesday’s launch event.

He cited a recent study that found only 3 million Thais had equities accounts and 1.5 million had mutual funds. In comparison, more than 50 per cent of people in countries such as the United States and Singapore have stock market investments.

“More than 75 per cent of Thais save in cash, with only 3 per cent investing in the stock market. In this country, the limited options for saving money widen the gap between rich and poor,” said Kampol.

The study, conducted by the International Monetary Fund (IMF), found that countries with broad access to financial services have significantly lower inequality than other countries.

Although more than 50 million Thais out of the 70 million population now have bank accounts, access to other financial services remains limited.

New app ‘to bridge wealth gap’ with stocks trading for low earners

Dime! was created to bridge that gap and make investment services more accessible, particularly in international markets such as Wall Street, Kampol said.

Initially, the app will offer three services: savings, stocks, and mutual funds.

“The minimum rate for stock investment via Dime! is only 50 baht, while the saving service will collaborate with KPP bank to offer 3 per cent interest and no minimum opening deposit but a maximum limit of 30,000 baht,” explained Kampol.

The app will launch on Thursday, targeting 150,000 users by the end of the year with assets under management (AUM) of 150 million baht. KPP expects the number of users to reach one million by 2025.

“We want to first explore our customers’ behaviour before adding more financial services like insurance and credit loans,” Kampol added.

Published : September 06, 2022

By : Nongluck Ajanapanya

Key business body urges government to increase rates gradually

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https://www.nationthailand.com/business/econ/40019846


The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) on Wednesday pleaded with the Thai government to raise electricity bills, wages and interest rates gradually in order to mitigate the negative impact of the Covid-19 pandemic on businesses.

Key business body urges government to increase rates gradually

Upping all costs at once in October will do nothing but harm the country’s still fragile economy, said Payong Srivanich, chairman of the Thai Bankers’ Association and chairman of the JSCCIB.

His comments came following a monthly meeting with business representatives from across the country on Wednesday in Bangkok. The attendees all agreed that it would be difficult to avoid price increases in this period of high inflation.

They are concerned, however, that the government’s proposed method will only result in a vicious cycle of high inflation.

Payong noted that the current economic scenario is fraught with uncertainties, including tensions between Russia and Ukraine, rising global central bank rates, inflation and the risk of recession, the ongoing pandemic, and China’s slowdown.

These circumstances, he explained, have an impact on global logistics and energy prices.

Key business body urges government to increase rates gradually

Thailand’s businesses will have to incur this rising cost. Hence, it would be preferable for the government to gradually raise the prices so that the country’s economy and the consumers’ purchasing power can catch up with the hike.

Payong said that electricity bills were of utmost concern now.

“We propose that the government carefully and cautiously consider increasing electricity prices by separating it into two phases rather than a one-time hike,” said Payong.

Thailand’s Energy Regulatory Commission has approved an 18 per cent rise in the price of electricity for September-October, to a record-high 4.72 baht per unit.

The JSCCIB stated that the change will affect the cost of living and business operations because it accounts for 30 per cent of the total cost of producing goods and services.

Other JSCCIB concerns include interest rate and wage increases, said Payong. He revealed that the Thai Bankers’ Association has continued to consult with the Bank of Thailand, particularly regarding the rising fee for the Financial Institutions Development Fund (FDIF).

“Commercial banks must support both the country’s economic recovery and their customers, so rate increases may not be implemented immediately. We must devise a strategy to protect our vulnerable customer groups from the negative consequences of the FDIF increase,” Payong stated.

Poj Aramwattananont, vice chairman of the Thai Chamber of Commerce, said the wage increase is necessary, and all business operators have agreed to comply, but they want other measures to support them, such as allowing goods price hikes or low-interest rate business reform loans.

Meanwhile, there are more pressing labour issues to address than wage increases, such as a shortage of labour, particularly in the services sector. He stated that the hotel representative had requested the Ministry of Labour to relax more regulations so that they could hire foreign labourers.

The JSCCIB has maintained its GDP growth projection for the year in the range of 2.75 to 3.5 per cent, while export growth will remain at 6-8 per cent and inflation was as predicted previously at 5.5 to 7 per cent.

Published : September 07, 2022

By : Nongluck Ajanapanya

’Volatile’ baht expected to move between 36.65 and 36.85 during day

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https://www.nationthailand.com/business/econ/40019815


The baht opened at 36.72 to the US dollar on Wednesday, weakening from Tuesday’s close of 36.48.

’Volatile’ baht expected to move between 36.65 and 36.85 during day

The currency is expected to move between 36.65 and 36.85 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht might become highly volatile and weaken near its resistance level of 36.80-36.90 to the dollar amid concerns over Europe’s energy crisis, the Covid-19 situation in China and signs the US Federal Reserve may increase the interest rate.

However, Poon does not expect investors to “adjust” their possession of assets until the results of a key European Central Bank meeting on Thursday,

Poon said the baht could weaken during the day if the market is still in a risk-off state and investors offload more Thai stocks.

However, he expects stock sales to slow down as some investors are waiting for the index to drop and the baht to weaken before they purchase more shares.

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

Published : September 07, 2022

By : THE NATION

Constitutional Court chief orders probe into ‘leak’ of witness’ statement

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https://www.nationthailand.com/in-focus/politics/40019849


The Constitutional Court president has ordered a probe into the leaking of a “statement” of a key witness in the case of the tenure of suspended prime minister Prayut Chan-o-cha.

Constitutional Court chief orders probe into ‘leak’ of witness’ statement

Chaowana Traimart, secretary-general of the Constitutional Court, said on Wednesday that the court president, Worawit Kangsasitiam, was concerned over the circulation on social media of what appeared to be a written statement of Meechai Ruchuphan, former chairman of the now-defunct Constitution Drafting Committee (CDA).

Chaowana declined to confirm whether the leaked statement was a real copy of Meechai’s statement.

“I can’t confirm it because I saw only the copy circulated in social media,” Chaowana said.

The rumoured statement from Meechai was widely shared among Facebook users. In the “leaked” document, Meechai purportedly stated that Prayut’s PM tenure would count from April 2017 when the current Constitution was promulgated. If so, Prayut’s eight-year tenure would expire in April 2025.

On August 24, the court accepted the opposition’s petition for a ruling on whether Prayut’s eight-year tenure ended on August 24. The opposition argued that Prayut had become the prime minister of an interim government on August 24, 2014 following the May 22, 2014 coup.

Meechai was among three persons the court had demanded written statements from for consideration in the case. The two other statements came from Prayut and Pakorn Nilprapun, former secretary of the CDA.

Chaowana said the probe would focus on how a document has been leaked after it was submitted to the court and it did not focus on the authenticity of the document.

“The Constitutional Court president is extremely sorry about the leaked document although the court does not know how it happened. The court president saw that the leak affected the person who gave the view and affected the parties in the conflict,” Chaowana said.

Chaowana confirmed that the court has scheduled a special meeting on Thursday but the meeting would not result in a ruling in the case.

He said the judges would simply decide whether statements from the three persons would be adequate for deliberations in the case.

He said the fact that the court had scheduled a special meeting on Thursday did not mean that the judges were speeding up the case to help anyone as speculated by certain critics.

Chaowana said the meeting was scheduled in accordance with normal procedure that started when the court accepted the petition for review.

“I hereby affirm that the nine Constitutional Court judges are free in their work. No one knows how the ruling will be and no one knows whether the submitted documents are adequate or not. It’s too early to say the judges already have a ruling on their mind,” the secretary-general added.

Published : September 07, 2022

By : THE NATION

Over 50% of Suan Dusit Poll respondents feel Parliament likely to be dissolved

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https://www.nationthailand.com/in-focus/politics/40019839


Almost 54 per cent of respondents in a Suan Dusit Poll believe there is a possibility Parliament would be dissolved and a fresh general election called.

Over 50% of Suan Dusit Poll respondents feel Parliament likely to be dissolved

In the September 3-6 online survey titled “General election signals”, which was made public by Suan Dusit Poll on Wednesday, 1,128 people nationwide were asked for their opinions.

The intensity of the current political situation forced 50.45 per cent of respondents to closely follow the situation, while 53.92 per cent said there was a possibility of Parliament dissolution, according to the survey.

Meanwhile, 52.75 per cent felt opposition parties would gain an advantage in the next general election, while 56.56 per cent believed there would be more vote buying.

Most respondents said political parties’ promises and candidate personality are factors that would influence their decision during voting, while 68.29 per cent felt the political situation would intensify.

Asked what they would most like to see, 24.35 per cent of respondents said they want politicians to work for the country and its people, 19.56 per cent said fair competition, 18.27 per cent felt there must be cooperation among parties, 16.61 per cent wanted transparent politicians, and 13.28 per cent said they preferred strong leadership.

Suan Dusit Poll researcher Pornphan Buathong said even though people will pay attention to political parties and their promises in the next general election, it would not be easy for the parties to gain popularity as voters would also take into account other factors, such as the work done by candidates and their personality.

“Hence, these poll results are also the signals that people are sending to politicians,” she added.

Published : September 07, 2022

By : THE NATION

NBTC monitoring panel member accused of abusing authority

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https://www.nationthailand.com/in-focus/politics/40019806


A lawyer on Tuesday filed a complaint with the National Anti-Corruption Commission (NACC), accusing a member of a panel monitoring the telecom watchdog of abusing his authority.

NBTC monitoring panel member accused of abusing authority

Trairong Tanthasuk submitted his complaint against Napat Winitchaikul to the NACC at its head office in Nonthaburi province. Napat is a member of the committee monitoring the National Broadcasting and Telecommunications Commission’s work.

Trairong’s complaint accused Napat of committing malfeasance and nonfeasance. He handed over the complaint to Phairoj Niyomdecha, director of the NACC Investigation and Operations Division 2.

In the complaint, Trairong alleged that Napat’s behaviour had caused damage to the state because he liked to act beyond his authority as a member of the NBTC monitoring panel and former chairman of the panel.

The complaint cited an incident of Napat wearing a shirt with the logo of his monitoring panel to submit a letter to the NBTC opposing the merger of True Corporation and Total Access Communication.

NBTC monitoring panel member accused of abusing authorityTrairong said Napat’s actions had caused misunderstanding among the public that his panel was opposed to the merger, although the panel had never made an official decision on the issue. He said Napat was supposed to maintain his neutrality in the case.

“Initially, when I saw the report, I thought Napat was acting on behalf of the panel,” Trairong said.

Trairong said Napat also had asked the NBTC to cancel its regulations earlier announced on the merger of telecom firms although the regulations have been enforced to permit other mergers.

This has led to a question as to whether Napat was abusing his authority, Trairong said.

NBTC monitoring panel member accused of abusing authorityThe lawyer added that when Napat was chairman of the monitoring committee, he had signed an order to appoint an adviser to the chairman although there was no law or regulation that empowered him to do so.

Trairong said Napat had also proposed a budget for fiscal year 2020 for the monitoring panel to visit 371 radio stations nationwide, although he had no legal power to do so.

Napat was approved as a member of the NBTC monitoring panel by the National Legislative Assembly on March 13, 2019. The panel voted on April 1, 2019 to make him its chairman but he was deposed as chairman on March 20, 2020 with a majority votes that appointed Pansak Chanpanya as a new chairman.

Published : September 06, 2022

By : THE NATION

Military trucks on standby at 11 Bangkok districts to transport commuters

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https://www.nationthailand.com/in-focus/national/40019850


The Royal Thai Army has deployed modified military trucks to 11 flood-prone districts in Bangkok to transport commuters if the capital’s roads get flooded again on Wednesday evening.

Military trucks on standby at 11 Bangkok districts to transport commuters

Colonel Sirichan Ngathong, spokeswoman of the Royal Thai Army, said the military trucks, which have been modified for transporting people, were sent to be on standby to Din Daeng, Saphan Sung, Chom Thong, Klong Toey, Para Khanong, Vadhana, Sathorn, Bang Bon, Bang Kae, Wang Thong Lang and Bueng Kum district offices.

Roads in the 11 districts were expected to be flooded again in case heavy downpours occur on Wednesday evening as forecast by the Thailand Meteorological Department, Sirichan said.

Sirichan said the military trucks would transport people from flooded main roads to a spot where they could conveniently continue their travel back home.

She said soldiers would be on standby to help commuters return home as soon as possible in case heavy downpours happen, resulting in floods again.

The soldiers will work in coordination with district offices and traffic police. The Royal Thai Police has instructed all police stations in Bangkok to be on standby Wednesday evening to help motorists on flooded roads.

Military trucks on standby at 11 Bangkok districts to transport commutersSirichan said the operation on Wednesday evening would be similar to what the Army had done on Tuesday evening and Wednesday morning.

Hours of heavy downpour caused flooding on several roads in Bangkok, Nonthaburi and Pathum Thani provinces on Tuesday night. The First Army Area deployed modified military trucks and troops from major mass transit stations to their communities or sois or to secondary roads, which helped transport commuters throughout Tuesday night until Wednesday morning.

Military trucks on standby at 11 Bangkok districts to transport commutersAmong several places, the military trucks operated from Lak Si Roundabout, Bang Khen and Wat Phra Si Mahathat stations of the BTS Green Line, Chaeng Wattana-Pak Kret Road and Muang Thong Thani.

She said four military trucks were sent to help transport commuters to work on Wednesday morning from the Lak Si roundabout, Saphan Mai Market and Soi Ram Indra 39, where roads were inundated.

Apart from providing trucks to transport commuters, the Army also provided teams from the engineering corps to help fix vehicles, whose engines broke down because of the floods. The teams also helped remove vehicles, which could not be fixed at the spot, from the roads as soon as possible.

Military trucks on standby at 11 Bangkok districts to transport commutersSome teams of soldiers were also dispatched to help Bangkok city officials to drain floodwater from roads as soon as possible, the spokeswoman added.

She added that the Army has also been cooperating with the Bangkok Metropolitan Adminstration and volunteer groups, and the Marine Department to help dredge some canals and get rid of weeds so that floodwaters could flow into the sea faster.

On Wednesday, troops helped get rid of hyacinths at the Bang Na Watergate and dredged a canal in Bang Kae district, she said.

During the past two days, troops were deployed to collect garbage and get rid of weeds at several waterways in several Bangkok districts, including Klong Jullanak in Pom Prap district, a waterway in front of Lak Si Temple in Lak Si district, Klong Lad Yao and Klong Thung in Chatuchak district and Klong Nong Bua Ban in Bang Khen district, Sirichan said.

Published : September 07, 2022

By : THE NATION

Public wants governor to crack down on corruption in BMA procurement: poll

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https://www.nationthailand.com/in-focus/national/40019845


The majority of respondents want Bangkok Governor Chadchart Sittipunt to first tackle corruption in procurement, according to a poll survey conducted from August 29 to September 5 by Bangkok No Corruption Group.

Public wants governor to crack down on corruption in BMA procurement: poll

The group, which consists of six networks including Nation TV, aims to rid Bangkok of all types of corruption.

Most respondents agreed that corruption in the Bangkok Metropolitan Administration (BMA) had gone after the Bangkok governor election in May; 50.56 per cent of respondents had voted for Chadchart during the election.

Asking what graft-related issues the governor should tackle first, 48.03 per cent said procurement, followed by bribes to City Law Office (32.24 per cent) and construction project bribes (8.55 per cent).

Earlier on Tuesday, Chadchart noted that corruption often started as a small irritant before growing into a cancer that consumes an organisation. However, effective suppression of corruption depended on the actions of leaders.

“Leaders are important because when they refrain from initiating corruption, they set an example for their subordinates to follow,” he said.

Published : September 07, 2022

By : THE NATION

Mother wants hospital in Pathum Thani to take responsibility for death of baby

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https://www.nationthailand.com/in-focus/national/40019843


A mother has asked a public hospital in Pathum Thani to take responsibility for the death of her baby, believing that the boy died when she was in labour during the “extraction” process.

Mother wants hospital in Pathum Thani to take responsibility for death of baby

Facebook page Sai Mai Tong Rod (Sai Mai District Must Survive) posted on Tuesday that the mother went to the unnamed public hospital after she could not afford treatment charges by a private hospital, which she had been visiting for prenatal care.

The mother said she tried her hardest to give birth naturally, but some nurses at the unnamed hospital “spoke badly of her, saying she did not use her full power”.

She then told them she wanted a caesarean section as she had already tried her best to give birth naturally, but the hospital allegedly replied that it was unnecessary.

After three hours, a doctor via video call decided to use vacuum extraction instead of a caesarean section.

According to the page, nurses as well as practical nurses performed the operation via the video call by the doctor who was not physically present. During the extraction, the baby allegedly choked on amniotic fluid and was left unconscious.

Mother wants hospital in Pathum Thani to take responsibility for death of baby

The baby was rushed to Pathum Thani Hospital but after two weeks this hospital informed the parents that it could not save their baby.

The mother told Nation Online that she could not accept what had happened as this was her first child.

She blamed the unnamed hospital that conducted the extraction, claiming her child died during the process, not after.

She added that no executive or doctor from this hospital had come forward to take responsibility or conduct an investigation. Only the head nurse apologised and attended the funeral.

The heartbroken mother said she wanted the hospital to take responsibility and compensate her. She hoped her case would be the last.

“He was my first child and I really tried my hardest to give birth naturally, so I want the hospital to tell me what they plan to do now,” she said.

“I was pregnant for nine months, but I have been robbed of the chance to raise him. During the labour process, there were only 5-6 nurses and practical nurses but there was no doctor,” she claimed.

Published : September 07, 2022

By : THE NATION

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

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https://www.nationthailand.com/in-focus/national/40019841


Phayao province has been named an official member of Unesco Global Network of Learning Cities, along with Sukhothai and Hat Yai.

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

Poon Thiengburanathum, deputy director at Program Management Unit on Area Based Development (PMUA), an agency under the Office of National Higher Education Science Research and Innovation Policy Council, said that Phayao had begun efforts in November last year with the launch of the Phayao Learning City project.

“The project is a cooperation between Phayao University, Phayao Provincial Administration Organisation, and PMUA, with the aim to promote the adoption of university-level knowledge, innovation, research and development to local economic and social development through working with partners from public and private sectors,” he said.

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

Poon said for almost a year, the Phayao Learning City project is focusing on important issues, such as economic recovery from the impact of the pandemic, urban planning and eliminating socio-economic disparity to ensure that every Phayao citizen is entitled to equal opportunities in education, career, public health service and a better quality of life.

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

Poon added that on September 2, the United Nations Educational, Scientific and Cultural Organization (Unesco) approved three Thai provinces — Phayao, Sukhothai and Hat Yai — as members of the Unesco Global Network of Learning Cities. He said it was an outstanding achievement, especially for Phayao, a northern province that is rich in both historical heritage and natural beauty.

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

Supphakorn Phongbangpho, rector of Phayao University, said: “This achievement is a result of integrated efforts in urban development by all related parties, made possible by the Phayao Learning City project. This project has created an opportunity for us to receive funding and to initiate the exchange of knowledge, technology and personnel with other cities around the world. We have adopted techniques of global leaders in city planning and have adjusted them to suit Phayao’s status in several aspects, including economy, tourism, education and community development. It is exciting to see how Phayao will continue to improve after joining the Unesco Global Network of Learning Cities.”

Unesco names Phayao, Sukhothai, Hat Yai in network of learning cities

Published : September 07, 2022

By : THE NATION