Insurance head poised to increase fundMr Suttipol says insurance companies continue to be battered by surges in claims from the Covid policies with lump-sum payments. "With support from insurance companies, the OIC will back the fund capital increase to raise public trust in the market and confidence in the insurance system." "If the risks can be assessed correctly, insurance companies will not sell more policies than they can afford. Mr Suttipol said a stress test suggested the insurance industry is still in a strong position. He said two other non-life insurance companies with severe liquidity issues -- Syn Mun Kong Insurance (SMK) and Thai Insurance (TIC) -- also recently showed signs of recovery.

Weerasak Sunthornsri, who died on Friday, was one of the pioneers of the songs for life movement in the 1970s. (Photo from legends of song for life Facebook account)Weerasak Sunthornsri of the acclaimed "songs for life" band Caravan has died at the age of 71. Fellow musician Surachai Chantimatorn posted a Facebook message on Friday saying Weerasak had died peacefully in the bedroom of his house in Bangkok earlier that day. “A lone warrior lives a lonely life and dies lonely,” Surachai wrote in a tribute message. Kham Long was one of the signature songs of Weerasak Sunthornsri (right).

Awarded by the Department of Industrial Works, the CSR-DIW award was presented to 63 companies from a total of 75 applicants in Thailand. Mr. Tanant Suwanraks, General Manager of URC (Thailand) Co., Ltd. said, “We are pleased to be recognised and presented the CSR-DIW award. This year, the company has put together some initiatives to embrace the welfare of Thai employees, communities, and environments. URC Thailand has announced the Solar Roof project, which will be able to produce around 8.3 million kWh of electricity in one year. The CSR-DIW award featured the 7 major dimensions of measurement, including Corporate Governance, Human Rights, Labor Practice, Environment, Fair Operating Practice, Consumer Issues, and Community Involvement and Development.

At last month's United Nations Climate Change Conference (COP26) in Glasgow, nearly 40 countries and institutions pledged to end public finance for oil, gas, and coal projects overseas. Unfortunately, similar progress on the demand side for coal, oil, and gas has been lacking. The current surge in fossil-fuel energy prices reflects a multitude of highly idiosyncratic factors. Hydrocarbon lobbyists have been quick to exploit the recent uptick in fossil-fuel energy prices to advocate for renewed government financing and subsidies. That means focusing on the inevitable, well-managed decline of coal, oil, and gas and their substitution by sustainable clean energy.

Govt parties to file voting law changesThe government coalition is planning to submit draft amendments next week to two organic laws to reflect constitutional changes in the election system, according to Chinnaworn Boonyakiat, Democrat MP for Nakhon Si Thammarat. Mr Chinnaworn, who is also deputy chief government whip, said the bills -- one involving the election of MPs and another on political parties -- deal particularly with the reinstatement of the two-ballot system. Party leader Cholnan Srikaew said the drafts seek to change the calculation and distribution of party-list MPs and the primary voting system, but these proposed revisions are in line with the charter. As for the primary voting, he said the party's draft does not seek to scrap primary voting, which is required under the charter's Section 45. The proposed change is aimed at cutting steps involved in the candidature process and making it easier for political parties to field constituency candidates, he said.

The Tourism Authority of Thailand (TAT) is planning a massive marketing campaign engaging 26 global and regional influencers to promote the country's reopening, including Thai-British Formula One driver Alex Albon among the candidates. The campaign will be launched at ITB Berlin, a virtual international travel trade show, in March 2022 with 26 influencers from different fields who have more than 1 million followers on their social networks, he said. The goal of the project is to reach at least 26 million people globally. Part of the gimmick is the 26 influencers will be selected based on the 26 letters in the Roman alphabet, said Mr Yuthasak. Mr Albon has 1.3 million followers on Instagram and around 427,000 Twitter followers, as well as 325,000 followers on Facebook.

The requirement is in line with government efforts to maintain Thailand as a regional auto hub, said Mr Arkhom. The price subsidy measure will also be launched next year to support consumers wanting to buy full EVs, he said. For the price subsidy, the money will be drawn from the existing fund for promoting the country's competitiveness, he said. Mr Arkhom said many foreign car makers, such as US firms, are keen to produce EVs in Thailand. Thailand plans to support EV production throughout the supply chain, including the production of car bodies, batteries and spare parts, he said.

People shop for gifts for the festive season at Sampheng market in Samphanthawong district, Bangkok, last Friday. The rule relaxation by the Centre for Covid-19 Situation Administration (CCSA) was welcomed by tourism operators and other businesses in these major tourist destinations. A meeting was called on Wednesday to brief business operators on what they can and cannot do during the New Year festival, said Bun-anan Phatthanasin, president of Pattaya City's business and tourism association. Sa-nga Ruangwatthanakul, president of the association of business operators on Khao San Road, now expects some 10,000 people, twice the usual number of visitors on a busy night. Phuket aims to offer revellers the maximum time limit in terms of celebrating New Year's Eve with alcohol.

Arkhom launches SME lending initiativeFinance Minister Arkom Termpittayapaisith (Bangkok Post file photo)The government is ready to relax the rules to help small and medium-sized enterprises (SMEs) access loans from financial institutions more easily, says Finance Minister Arkhom Termpittayapaisith. His ministry also supports the use of digital technology to help SMEs expand their businesses, Mr Arkhom said on Thursday at an event launching a digital supply chain finance project. Mr Arkhom said the digital supply chain finance platform will be a key driver of economic growth next year. The central bank, in collaboration with the private sector, launched the digital supply chain finance project for businesses to provide them with greater access to finance. Payong Srivanich, chairman of the TBA, said the digital supply chain finance solution would open up opportunities for SMEs to access more bank loans via information-based lending.

Tourism ministry unveils portal to assist visitorsEntry Thailand, a new tourism websiteThailand has launched a new tourism website, aiming to make travel to the country easier for the 8-15 million tourists expected to visit next year. Phiphat Ratchakitprakarn, the tourism and sports minister, said the ministry created the portal website as a part of its e-service roadmap between 2022 and 2024 to facilitate tourists who face more difficulties due to complicated requirements during the pandemic. The ministry wants this platform to help reduce their difficulties when planning trips to Thailand," said Mr Phiphat. According to the ministry, the portal website will help centralise the scattered information regarding travel experiences in Thailand, such as attractions, transportation and food. The first phase of the website has been allocated a 49.6-million-baht budget and the ministry hopes the system can help connect Thailand with 7 billion tourists globally.

Mr Buranin said PTT Group is synergising its energy and engineering know-how with the expertise of its business partners in the life sciences field. Innobic (Asia) is also keen on developing Thailand's first pharmaceutical factory to make cancer treatment drugs. FIGHTING CANCERInnobic (Asia) teamed up with the Queen Sirikit Center for Breast Cancer in September to further develop modern treatments for patients. The centre earlier announced it is the first in the world to successfully use immunotherapy to treat a breast cancer patient who is now in remission with minimal side effects. A team of doctors, led by Kris Chatamra, gave the patient new hope, taking her back to a healthier life after the invasive breast cancer previously caused her to stop treatments.

Pictured from left are Mr Nattakit, Mr Chart and Mr Eguchi at a press conference held yesterday to announce plans to open the second phase of the Central Village luxury outlet on Jan 28, 2022. Central Village Co, a joint venture between SET-listed retail and property developer Central Pattana (CPN) and Mitsubishi Estate (Thailand) Co, plans to develop five new luxury outlets in the provinces to tap high purchasing power and international tourists in the area. He said few details about the investment have been decided, though a second luxury outlet is projected to be opened in two years. In a related development, the company yesterday announced its plans to open the second phase of the Central Village luxury outlet on Jan 28, 2022. Central Village opened in August 2019.

(Photo: Varuth Hirunyatheb)The World Bank predicts Thai economic activity will return to 2019 levels by the end of 2022, helping support GDP growth of 3.9% next year, up from 1% this year. The World Bank left its estimate for 2021 Thai GDP growth unchanged at 1%. However, Mr Kiatipong said the Thai economy still faces downside risks based on several uncertainties both internationally and locally. The sustained reopening of international borders will undoubtedly affect the country's tourism and GDP growth, said Mr Kiatipong. However, a recent 2021 World Bank household phone survey indicates the impact of the pandemic has been particularly severe on vulnerable groups.

Airlines Association of Thailand seeks visa waiver for global travellersForeign tourists arrive at Suvarnabhumi Airport during the first day of the country's reopening campaign on Nov 1, 2021. (Reuters photo)The Airlines Association of Thailand (AAT) is urging the government to consider implementing a visa waiver for international travellers to attract more demand as global competition is getting intense. Visa exemption is a measure that will help increase the number of international tourists next year to the goal of 10 million. Speaking at the "Thai Aviation Industry Conference 2021: flying to the new era of Thai aviation" seminar, Mr Puttipong said Thailand's aviation industry will return to 20-30% of the pre-Covid level despite the Nov 1 reopening. However, they were not adequate to shore up business until Thai Airways submits its rehabilitation plan.

World Bank keeps Thai growth outlook at 1% this year, sees better 2022FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, Oct 12, 2018. "A major surge in Covid-19 cases severely slowed economic activity in Thailand during Q3 of 2021, but a recovery is now underway," the World Bank said in its latest Thailand Economic Monitor. Growth risks, however, are skewed to the downside due to uncertain variables, the World Bank said. The new Omicron variant is one such risk and if there were new containment measures and border closures, the economy could contract 0.3% in 2022, Kiatipong Ariyapruchya, senior World Bank economist for Thailand, told a briefing. Monetary policy is expected to remain accommodative to support the recovery, with the policy interest rate still seen unchanged at a record low of 0.50% in 2022, the World Bank said.