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https://www.nationthailand.com/business/econ/40018943

The baht opened at 35.54 to the US dollar on Tuesday, strengthening from Monday’s close of 35.56.

The currency is expected to move between 35.45 and 35.65 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He reckoned that the baht will likely fluctuate and weaken to its resistance level at 35.60 as the dollar is strengthening because the market is demanding safe-haven assets due to concerns about the Chinese economy and other economic factors.

However, the baht’s weakening might slow down if foreign investors buy stocks and short-term bonds.

He suggested that investors should be cautious of the rising volatility of the Emerging Asia market which might pressure the baht because the market is worried about China’s Covid-19 situation.

Published : August 16, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40018918

Kla Party leader Korn Chatikavanij has reiterated his allegations against oil companies, accusing one oil refinery of making up to 1,000 per cent profit and two oil trading firms of over 100 per cent profit while consumers suffer from high petrol prices.

Korn, a former finance minister, posted on his Facebook wall on Sunday that the performance of four oil refineries and two oil trading firms for the second quarter was “shocking” or “saddening” for consumers.

He posted that the four oil refineries — Thai Oil Plc, Esso Thailand Plc, Star Petroleum Refining Plc, and Bangchak Corporation Plc – enjoyed a year-on-year profit of 1,088.9 per cent, 867.1 per cent, 825.3 per cent and 199.0 per cent respectively.

Korn said the refineries might argue that they had low profit last year so it could not be compared to this year, so his party had checked the profits in the second quarter of the four previous years.

“We found that the sum of profits of each refinery in four years did not amount to even half of the profits the refineries enjoyed in the second quarter of this year,” Korn wrote.

The Kla leader attributed the “extraordinary increase” in profits to the high gross refining margin (GRM) of the refineries.

Korn said the high GRM had inflicted high prices on the public and other business sectors and driven the Oil Fuel Fund to indebtedness.

Korn noted that the club of oil refineries in Thailand issued a joint statement two months ago that the GRM did not automatically mean profits because the refineries had to shoulder other costs. “But I’ll say the figures tell the truth clearly,” Korn wrote.

Apart from the profits enjoyed by the refineries, two oil trading firms also reported to the Stock Exchange of Thailand high profits during the second quarter, Korn wrote.

The two firms are PTT Oil and Retail Plc, and PTG Energy Plc, which enjoyed year-on-year profits of 103.7 per cent and 20.7 per cent, respectively. In the case of PTG, the firm enjoyed 275.3 per cent profit boost compared to the first quarter, Korn pointed out.

He said the oil trading firms enjoyed high profits because they collected the “unusually high” market price of 3 baht per litre for Gasohol 95 and Gasohol 91 petrol.

Korn said despite the excessively high retail price, the Energy Ministry had not taken any action to help the affected consumers.

“The profits of the giant oil firms clearly reveal which side the government chooses to stand by. All in all, the profits were reaped from the hardship of the people,” Korn wrote.

With the figures of “unusually high profits”, Korn repeated his call for the government to slap a windfall tax on the oil refineries.

He also called on Energy Minister Supattanapong Punmeechaow to speed up measures to alleviate the grievances of the people and business sectors suffering from high oil prices.

“Or is it that you no longer care about this after you have survived the censure debate?” Korn asked.

He said the high oil prices caused by high profit taking by refineries and traders impacted the country’s high inflation and rising prices of consumers goods, which also prompted the Bank of Thailand to increase its policy rate by 25 basis points to 0.75 per cent per annum.

As a result, Korn said, the high GRM and retail prices of refineries and oil trading firms were the first time bomb that the government must defuse soon before it could trigger other economic bombs.

Published : August 15, 2022

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https://www.nationthailand.com/business/econ/40018916

The overall economic outlook for Thailand this year remains positive, but inflation, global tensions, increasing interest rates and debt continue to pose a threat to the country’s growth, the National Economic and Social Development Council (NESDC) has said.

The NESDC announced that Thai gross domestic product (GDP) in the second quarter of 2022 had expanded by 2.5 per cent year on year, accelerating from a 2.3 per cent growth in the previous quarter.

After seasonal adjustment, the economy grew 0.7 per cent from the first quarter of 2021. In the first half of 2022, the economy grew by 2.4 per cent.

The expansion of private consumption expenditure and service exports, as well as the recovery of the tourism industry following the easing of Covid-19 control measures, have enabled economic activities and spending to return to normal levels, with support from consumption stimulus measures.

Meanwhile, there are some geopolitical risk factors to consider. The increasing tensions between China and Taiwan will have an impact on the country’s semiconductor imports. Semiconductors are key components in the country’s automobiles, integrated circuits and parts, electronic appliances, and computers, the NESDC said.

If China tightens sanctions and hinders shipments, Thailand’s automotive and electronics industries may suffer, slowing their growth, NESDC secretary-general Danucha Pitchayanun said.

Currently, Thailand imports 29 per cent of semiconductors from Taiwan, he said.

In addition, the prolonging Russia-Ukraine war, the risk of a Covid-19 pandemic and monkeypox, interest rate hikes, and China’s economic slowdown are the main factors to be closely monitored.

The council also suggested that the government monitor and accommodate market mechanisms to bring domestic prices in line with input costs, support agricultural production and farmers’ income, resolve retail debt in the face of rising interest rates, maintain momentum in the export sector, catalyse the recovery in tourism and related service sectors, and prepare for global economic and financial market volatility.

Besides, supportive policies for small and medium-sized enterprises (SMEs) are required to sustain Thailand’s long-term growth.

Overall, the NESDC projected that the Thai economy would grow by 2.7 to 3.2 per cent in 2022, owing primarily to increased domestic demand, the recovery of the tourism sector, and the continued expansion of goods exports.

Published : August 15, 2022

By : Nongluck Ajanapanya