Risk-off market may make baht fluctuate, even weaken

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https://www.nationthailand.com/business/econ/40019734


The baht opened at 36.72 to the US dollar on Monday, strengthening from Friday’s close of 36.74.

Risk-off market may make baht fluctuate, even weaken

The Thai currency will likely move between 36.65 and 36.85 against the greenback during the day and between 36.35 and 36.95 during the week, Krungthai market strategist Poon Panichpibool predicted.

He added that the baht might fluctuate and weaken as the market is in a risk-off state. The baht might also strengthen from a bearish divergence technical sign soon, he said and suggested monitoring foreign investors’ transactions and gold prices.

Meanwhile, the dollar could fluctuate and swing sideways due to demand for safe-haven assets.

He said that if the European Central Bank increases the interest rate and sends a signal to increase it continuously, it might support the euro and pressure the dollar.

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

In the previous week, investors were in a risk-off state due to concerns that the US Federal Reserve might increase the interest rate, the lockdown measure in China and the energy crisis in Europe.

He said the market is waiting for the result of the European Central Bank’s meeting this week and a statement from the Fed’s chair or officials, to predict the direction of the monetary policy of central banks.

Published : September 05, 2022

By : THE NATION

Constitutional Court judges to deliberate Prayut’s defence on Thursday

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https://www.nationthailand.com/in-focus/politics/40019758


A special meeting of Constitutional Court judges has been called on Thursday for deliberations on the defence statement of suspended prime minister General Prayut Chana-o-cha as well as statements of defence witnesses, a source said on Monday.

Constitutional Court judges to deliberate Prayut’s defence on Thursday

The source from the Office of the Constitutional Court said that Worawit Kangsasitiam, president of the court, had called a special meeting on Thursday to discuss the written statements of three defence witnesses.

The court had earlier scheduled a meeting on September 14 to issue a ruling on the status of ex-deputy interior minister Nipon Boonyamanee. The court was asked to decide whether Nipon should be suspended from the Cabinet now that he has been charged in the corruption court related to his duty as the head of Songkhla’s Provincial Administrative Organisation eight years ago. Nipon, however, pre-empted a ruling and decided to step down with immediate effect from Monday.

The source said Worawit had informed eight other Constitutional Court judges that he had received written statements from Meechai Ruchuphan, former chairman of the Constitution Drafting Committee, and from Pakorn Nilprapunt, deputy secretary-general of the Council of State.

The source did not state the name of the third defence witness, who might be Prayut himself as his defence team has also submitted a written statement to the court.

The court suspended Prayut from duty as prime minister after accepting a petition from the opposition for a ruling on whether Prayut might have completed his eight-year term limit. The petition pointed out that Prayut had become the prime minister on August 23, 2014 following the coup and the 2017 charter sets an eight-year limit on the PM’s term.

But Prayut’s defence team has argued that the “prime minister”, to face the eight-year limit, must be one appointed by the House of Representatives elected under the current charter. They pointed out that Prayut had assumed the premiership on June 9, 2019, following the general election in March that year so his eight-year term would be reached in 2027.

The source said if the judges considered on Thursday that they had enough information to make a ruling, the court would schedule a date for announcing a decision. Normally, the court would spend at lest 15 days for considering the information.

But if the court wants more information, the court will defer its ruling until it gets all the information it wants, the source added.

The source added that the court on Thursday might also consider dismissing the petition about Nipon’s status now that he has quit as deputy interior minister.

Published : September 05, 2022

By : THE NATION

Nipon quits as deputy interior minister to fight court case

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https://www.nationthailand.com/in-focus/politics/40019747


Deputy Interior Minister Nipon Boonyamanee resigned from his post on Monday to fight a case in the corruption court related to his tenure as head of Songkhla’s provincial administrative organisation (PAO) eight years ago.

Nipon quits as deputy interior minister to fight court case

Nipon submitted his resignation with immediate effect, addressed to General Prayut Chan-o-cha, the suspended prime minister.

He was appointed to the post on July 10, 2019.

Nipon went to the Central Criminal Court for Corruption and Misconduct Cases later in the day to enter his plea of innocence after the National Anti-Corruption Commission (NACC) got public prosecutors to charge him with dereliction of duty related to a bidding project when he was Songkhla PAO head eight years ago.

The NACC found grounds to charge him with nonfeasance after Nipon refused to approve the payment for two road maintenance trucks to the bid winner, Ponlavit Tech Plus Co Ltd, totalling 52 million baht.

Nipon came to the court with Wasant Sroypisut, former Constitutional Court president who is his defence lawyer, and Suthas Ngernmuen, former justice minister.

Nipon quits as deputy interior minister to fight court caseSpeaking to reporters at the court, Nipon said he had informed Prayut in the morning that he had decided to quit to fight his case in court and Prayut had given him his moral support.

“I didn’t want to use my political position to pressure the work of the judges,” Nipon explained on the reasons for his resignation.

He said no one had pressured him to resign and his leaving the job had nothing to do with the next election, which would be held after the current House completes its four-year tenure in March.

Nipon, a Democrat Party deputy leader, said he did not want to wait until the court had ordered his suspension from duty and he thought he had made the right decision to resign.

Nipon said it would be up to the Democrat executive board to decide who should succeed him as deputy interior minister.

Also on Monday, Nipon posted a long message on his Facebook wall to defend his decision not to pay the money to the bid winner eight years ago.

In the post, Nipon alleged that Ponlavit Tech Plus and a rival bidder had fixed prices and submitted falsified documents.

Nipon said had he paid the money, the Sonkhla PAO would have been damaged.

He noted that the Criminal Court for Corruption and Misconduct Cases Area 9 has issued arrest warrants against suspects over alleged collusion in price fixing, and most of the suspects had fled the country. The suspects who have been arrested have been charged in court, Nipon added.

Itthipon Duanduan, the owner of the company, reportedly fled to Qatar on June 14.

Ater Nipon refused to approved the payment, the company filed a lawsuit with Songkhla Administrative Court and has been fighting the case until the Supreme Administrative Court ruled on May 8 this year that the Songkhla PAO must pay 80 million baht to the company, plus interest accumulated during the eight years.

The Supreme Administrative Court reasoned that Ponlavit Tech Plus had won the bid and the allegation of price fixing could not be cited as a reason to delay the payment.

The NACC had earlier explained that the case of price-fixing was separate from the case of dereliction of duty against Nipon as he was required by the law to approve the payment.

In his Facebook post, Nipon maintained he had made the right decision to hold back payments and if he were given a second chance, he would still affirm his decision not to pay the amount to the bid winner.

Published : September 05, 2022

By : THE NATION

Tesla launches recruitment drive in Bangkok

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https://www.nationthailand.com/in-focus/national/40019762


Electric vehicle maker Tesla has launched a recruitment drive in Bangkok as part of plans to penetrate the EV market in Thailand.

Tesla launches recruitment drive in Bangkok

Tesla’s website on Monday was advertising 16 positions ranging from public policy & business development manager to store manager, service manager, vehicle technician and adviser.

The move comes after Tesla registered as a company in Thailand on April 25. Tesla said it will operate a Thai business related to EVs, mounted energy storage and energy generation with initial registered capital of 3 million baht.

Tesla launches recruitment drive in Bangkok

Tesla is one of the world’s most valuable companies and remains the world’s most valuable automaker with a market capitalisation of more than 30.4 trillion baht (US$840 billion).

The company leads worldwide sales of battery electric vehicles (BEV) and plug-in electric vehicles, capturing 21 per cent of the BEV (purely electric) market and 14 per cent of the plug-in market (which includes plug-in hybrids) in 2021.

Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3.99 gigawatt-hours installed in 2021.

Published : September 05, 2022

By : THE NATION

Elephant rescue mission launched after transport truck overturns

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https://www.nationthailand.com/in-focus/national/40019759


An elephant was knocked unconscious and injured after the truck it was riding in overturned in Mae Jam, Chiang Mai on Monday.

Elephant rescue mission launched after transport truck overturns

The truck driver and mahout managed to escape unhurt from the accident.

The Thai Elephant Alliance reported on Facebook that a male elephant named Pu Kham was being transported from Mae Jam to Chiang Mai city for the tourist trade.

“Shortly after leaving the elephant pen in Huai Phak Kood village, the driver noticed that the truck was wobbling so he parked it on the roadside and exited the vehicle,” said the post. “The truck then fell on its side and Pu Kham was knocked out by the impact.”

The elephant eventually regained consciousness but had difficulty walking.

Elephant rescue mission launched after transport truck overturns

Rescuers from the Thai Elephant Conservation Centre were called to the scene and, after examining the creature, diagnosed a suspected broken leg.

Elephant rescue mission launched after transport truck overturns

Officials then contacted the Elephant Hospital in Lampang province to dispatch a specialised vehicle to transport the animal to the hospital for diagnosis and treatment. It was due to arrive at the scene around 4pm on Monday.

The Centre of Elephant and Wildlife Health at Chiang Mai University has also dispatched a truck with drugs, saline and medical supplies to support the rescue mission.

Elephant rescue mission launched after transport truck overturns

Published : September 05, 2022

By : THE NATION

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

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https://www.nationthailand.com/in-focus/national/40019756


Chiang Mai’s Mon Jam community on Monday petitioned the provincial governor to halt the planned demolition of resorts in their Mae Rim district.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

The move came after the Natural Resources and Environment Ministry ordered five resorts in the mountain community to be torn down for allegedly encroaching on national forest.

The Mon Jam community is seeking to stop the demolitions, arguing that the case is still being considered in the Administrative Court.

Ekkarin Natheepraiwan, leader of the Mon Jam agro-tourism community enterprise, said the map that authorities used to back the encroachment allegation was inaccurate. He demanded that officials instead use aerial photographs to settle the dispute.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

He also denied that the community had sold the disputed land to resort developers.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

Ekkarin added that Mon Jam members would head to Bangkok on Monday evening to submit a petition at the Grand Palace.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

Meanwhile, Natural Resources and Environment Minister Varawut Silpa-Archa insisted the demolition operation was lawful, adding that land in the Mon Jam community could not be sold.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

“People must request permission before building and operating resorts as the government will be blamed if construction does not meet standards,” he said.

Mon Jam locals head to Palace to protest Chiang Mai resort demolition

He added that Mon Jam locals had the right to submit their petition to the Palace.

Published : September 05, 2022

By : THE NATION

Thai military teams up with space agency for ‘eyes in the sky’

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https://www.nationthailand.com/in-focus/national/40019752


Thailand’s space agency will support the Royal Thai Armed Forces under a technology-sharing agreement announced on Monday.

Thai military teams up with space agency for ‘eyes in the sky’

Under the agreement, the Geo-Informatics and Space Technology Development Agency (GISTDA) will share surveillance and other data to enhance national security and support missions by the military, GISTDA spokesman Siam Lawawirojwong said.

The space agency will also boost skills among military personnel to protect Thailand’s interests over land, sea, air and space, he added.

GISTDA is currently developing the THEOS-2 satellite to replace its earlier-generation THEOS satellites.

Thai military teams up with space agency for ‘eyes in the sky’

Under the collaboration, the geo-informatics and space databases of both agencies will be linked. This will “create a seamless and more comprehensive network of information to benefit Thai people’s daily life, especially in natural disaster protection and mitigation, and surveillance to prevent insurgent attacks in strategic areas”, Siam said, referring to conflict in the deep South.

He explained that the Royal Thai Armed Forces was engaged in missions to defend against various threats, both domestic and foreign.

“These missions require constant support from other agencies, especially in high technology, to maintain the efficiency of our national security at international standards in an ever-changing world,” he said.

Thai military teams up with space agency for ‘eyes in the sky’

Published : September 05, 2022

By : THE NATION

Steep new traffic fine rates held in abeyance for three months

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https://www.nationthailand.com/in-focus/national/40019748


Traffic police will not enforce the new hefty fines against traffic violators for three months while a public awareness campaigns is carried out about the new traffic law and the new fine rates, a senior police officer said on Monday.

Steep new traffic fine rates held in abeyance for three months

Pol Maj-General Preecha Charoensahayanon, deputy director of the Traffic Management Centre of the Royal Thai Police, said although the new traffic law took effect on Monday, he has instructed traffic police nationwide to use the old fine rates for three months.

During the three-month period, traffic police would also educate traffic violators about the heavier penalties that are actually designed to protect motorists against road accidents, Preecha added.

He said although the maximum fines for violating speed limits and traffic lights would be 4,000 baht, police would be fining the violators 500 baht during the three-month period, Preecha said.

“This will give enough time to motorists to adapt themselves and obey the new traffic law,” Preecha said.

After the three-month leniency period, they would use ladder-step fines for offences related to pedestrians’ safety, such as violation of the zebra-crossing sign, red light, and failing to use a safety belt or failing to wear crash helmets in the case of motorcyclists, Preecha added.

The step-fines would start from 500 baht and would increase to 1,000 baht for the second violation of the same offence, he said.

Steep new traffic fine rates held in abeyance for three monthsHe said police would record the number of violations of each type of offence on the online Police Ticket Management system. The system would state the fine rates for use nationwide, he added.

Preecha said records of drunk-driving before September 5 would not be counted in the new fine system but police would start counting the number of drunk driving occasions from Monday.

The new fine rates for traffic violations include:

– 5,000 to 10,000 baht and/or three-month imprisonment for racing on roads

– 10,000 to 20,000 baht and/or six-month imprisonment for organising road racing

– 2,000 baht for failing to use safety belts. Passengers in all seats must use safety belts.

– 5,000 to 20,000 baht and/or one-year imprisonment for first-time drunk driving.

– 50,000 to 100,000 baht and two-year imprisonment for repeating drunk driving offence within two years

– 4,000 baht for violation of speed limits

– 4,000 baht for violation of red light

– 4,000 baht for failing to stop for pedestrians at zebra crossing

– 2,000 baht for driving against the traffic flow

– 2,000 baht for violation of parking ban

– 2,000 baht for failing to wear crash helmet

– 5,000 to 20,000 baht and/or one-year imprisonment for reckless driving endangering others’ life.

Published : September 05, 2022

By : THE NATION

Pattaya wakes up to rivers instead of roads

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https://www.nationthailand.com/in-focus/national/40019745


Pattaya residents woke up to find many roads underwater on Monday morning after heavy rain and strong wind battered the city on Sunday night.

Pattaya wakes up to rivers instead of roads

People waded through floodwater up to 30 centimetres deep on roads such as South Pattaya, Pattaya Beach, Walking Street and Soi Buakhao. Many routes were impassable to traffic, cutting off some areas of the city. Meanwhile, officials deployed barricades at entrances to heavily flooded roads with signs barring entry to small vehicles.

Pattaya wakes up to rivers instead of roads

City authorities also warned people to look out for poisonous animals such as snakes entering their homes to escape the flood.

Many restaurants and businesses on South Pattaya Road were shut on Monday morning after being flooded overnight. Some managed to open after sandbag barricades around their entrances proved effective in keeping the water out.

Pattaya wakes up to rivers instead of roads

On Monday, the Thailand Meteorological Department forecast isolated heavy to very heavy rain for most of Thailand until Saturday due to a strong monsoon depression over the lower North, upper Central and Northeast regions. It said the southwest monsoon prevailing over the South is also strengthening.

Pattaya wakes up to rivers instead of roads

Published : September 05, 2022

Buffalo sculpture hits nail on the head about citizens’ plight

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https://www.nationthailand.com/in-focus/national/40019744


A sculpture of “a thin buffalo carrying a rice bag” went viral among netizens recently, as it was seen as reflective of Thailand’s economic situation when people are working hard for low income.

Buffalo sculpture hits nail on the head about citizens’ plight

The sculptor, Thanawat Pongkaew, a student at Rajamangala University of Technology Rattanakosin’s Poh-Chang Academy of Arts, said the inspiration for the sculpture was derived from the current economic situation when many people were struggling to earn a living.

He said the buffalo represents his childhood memory when buffaloes were forced to plough plantations for people, adding that the buffalo clearly reflects the oppression of labour over time.

“I want this sculpture to reflect the current economic situation that isn’t different from the past,” he said.

Buffalo sculpture hits nail on the head about citizens’ plight

He said many people were forced to work hard and bear a lot of expense burden for their family, but they were not happy at all.

Buffalo sculpture hits nail on the head about citizens’ plight

He revealed that he was working and studying at the same time as he believes that this way he would be able to improve his quality of life.

Buffalo sculpture hits nail on the head about citizens’ plight
Buffalo sculpture hits nail on the head about citizens’ plight
Buffalo sculpture hits nail on the head about citizens’ plight

Published : September 05, 2022

By : THE NATION