SAM seeks partners for joint venture AMCSAM is restructuring its organisation in all areas, says Mr Tharatporn. Sukhumvit Asset Management (SAM) Co wants to join with banks to set up a joint venture asset management company (AMC) to buy non-performing loans (NPLs) in the banking industry. SAM, the country's second largest AMC, has been in talks with both commercial banks and specialised financial institutions about a possible partnership to establish a joint venture AMC to manage bad debts in the banking sector, in line with the rising NPL trend. "This scenario opens more opportunities for AMC business, while banks are interested in setting up a joint venture AMC to manage and make profit from the business," he said. There are around 50 AMC players, and an AMC sets a unique strategy on the business operation focusing on loan products.

SET stages recovery despite Omicron, Fed concernsThe Stock Exchange of Thailand Index (SET) rebounded yesterday after declining by nearly 80 points, or 4.8%, over the previous three days, amid concerns over the Covid-19 Omicron variant and the US Federal Reserve's faster than expected tapering of quantitative easing (QE). As for medium- to long-term investment, he recommends stocks that were devalued because of pandemic pressures. Apichat Poobunjirdkul, senior strategist at Tisco Securities, said the SET Index would plummet to 1,500-1,520 points in the worst-case scenario. Tisco recommends stocks least affected by the pandemic for short-term investment strategies, such as communications, logistics and banking. The SET Index yesterday rose 1.41% to close at 1,590.81 points, with trade worth 93.9 billion baht.

Bitkup plots expansion in bid to be Asia’s CoinbaseJirayut Srupsrisop, chief executive officer of Bitkub Capital Group Holdings Co, speaks during an interview at the crypto exchange's office in Bangkok on Friday. While regulations in Southeast Asia are still not favourable to cryptocurrencies and non-fungible tokens, many sectors have already embraced them. “We have kept on going despite calls from the anti-money laundering agency and the central bank,” Mr Jirayut said. A 24-hour turnover of $549 million ranked Bitkub at 59th among more than 300 exchanges worldwide ranked by CoinMarketCap. Related stories:Bitkub rises up the rankingMall Group, Bitkub form digital community

Krungsri aims for 1m digital depositors by 2024Ms Damisa says the platform is able to attract young savers with financial discipline. Kept by Krungsri, a digital savings platform under Bank of Ayudhya, aims to increase its depositors to 1 million by 2024 after receiving a positive response in its first year of operation. Introduced more than a year ago, Kept now has 220,000 users depositing on the digital platform, with more than 500,000 accounts. Krungsri also aims to build up customers' wealth through both savings and investment in areas around digital assets and cryptocurrencies. A new feature on the Kept platform, the Together savings account, has been available since July.

BoT keeping close eye on impact of OmicronA man is tested for Covid-19 at Phuket airport on Monday. (Photo: Reuters)The Bank of Thailand has been closely monitoring the Covid-19 Omicron variant and could revise the country's economic growth rate this month in line with a recovery trend. The World Health Organization and scientists around the world would take weeks to analyse the Omicron variant and its impact, said Chayawadee Chai-Anant, the central bank's senior director for corporate communications. Global preparations for the Omicron variant appear to be taking place much faster than was the case for the Delta strain in the spring. In addition, the MPC would have more information about the Omicron variant and its possible impact on the Thai economy, Ms Chayawadee said.

Stop deporting Cambodian refugeesCambodian refugees pack in readiness for their return home from a camp at Ban Khao Plu in Muang district of Trat in this 1999 file photo. (Photo: Jetjaras Na Ranong)The recent deportation of three internationally recognised Cambodian refugees provoked an international outcry, much to Thailand's embarrassment. Such efforts to "push back" refugees have regrettably tarnished Thailand's generally commendable policy and practice of offering refuge to persons fleeing persecution and other dangers from foreign territories. It should not be forgotten that Thailand has a long history of offering refuge and protection to Cambodians. Political issues and Thailand's relationship with the countries the refugees have fled remains a key challenge.

Protesters call for lower cost of livingA network of labour groups and activists protested in front of Government House on Tuesday, demanding the government reduce the cost of living. The second demand is to increase relief funds for the elderly and handicapped to 3,000 baht per month. Their third demand was for a 50% reduction of tuition costs for the next three years for students of primary schools, high schools and universities. The fourth demand was that children up to the age of 12 be given 1,200 baht a month. The final demand called for reduced fares on mass rapid transit services and that electricity and water costs be controlled by the government.

B20bn loans to bolster diesel subsidyThe Oil Fuel Fund Office (Offo) is preparing to obtain loans worth 20 billion baht from 10 commercial banks, following the government's approval to seek loans to support its subsidy programme during the global oil price surge. Global oil prices rose rapidly after the easing of lockdown measures and the reopening of many countries to restore their economies, which led to higher demand for oil. If global oil prices continue to increase above $90 per barrel, the Offo may consider seeking another 10-billion-baht loan. Another measure to control retail oil prices in Thailand is a reduction in the proportion of palm oil-derived methyl ester to only 7% starting today. The subsidy programme is expected to keep diesel prices below 28 baht per litre.

Govt racing to hit 100m jab target by SundayPeople wait to get a Covid-19 vaccine at the vaccination centre at Bang Sue Grand Station on Nov 26. The Ministry of Public Health is counting down to Sunday when it aims to hit its target of administering 100 million doses, she said. The ministry has been running a weeklong vaccination campaign since Saturday, she said, adding that several provinces have come up with incentives for unvaccinated people. Those who are not satisfied with the provision of AstraZeneca for their first shot and Pfizer for their second can now request the Covid-19 vaccine of their choice provided they have a good explanation, he said. These reasons will be compiled and taken into account when the province decides on its next vaccination programme, he added.

(Photo: Wichan Charoenkiatpakul)The cabinet on Tuesday approved in principle a one-year Medical Treatment Visa to attract foreigners with purchasing power. Deputy government spokeswoman Rachada Dhnadirek said the Medical Treatment Visa, or Non-MT visa, would be available for patients who needed medical services in Thailand and include up to three supporters per patient. The one-year and multiple-entry Medical Treatment Visa will not be renewable. The Medical Treatment Visa targets visitors who need continuous medical treatment and their supporters, Ms Rachada said. Foreigners eligible for the new visa are patients who need medical services in areas that Thailand has mastered.

Barbados declared a republic, drops link to British thronePresident of Barbados, Dame Sandra Mason, stands after being sworn in at the presidential inauguration ceremony on Monday in Bridgetown, Barbados. BRIDGETOWN: Fireworks filled the sky over Barbados on Tuesday as the Caribbean island nation declared itself the world's newest republic, lowering Queen Elizabeth's flag as it severed colonial-era ties to the British throne to the sound of jubilant gun salutes. "Republic Barbados has set sail on her maiden voyage," Dame Sandra Mason said in her inauguration speech as the first president of the country, recognizing the "complex, fractured and turbulent world" it would need to navigate. For young activists such as Firhaana Bulbulia, founder of the Barbados Muslim Association, British colonialism and slavery lie behind the island's modern inequalities. Charles' visit to Barbados was clouded at the last minute by another race row over alleged comments about his grandson.

Chinese tourists arrive at Suvarnabhumi Airport during the first day of the country's reopening on Nov 1. REUTERSThailand will not take a step back from the reopening plan despite uncertainty over the Omicron variant and the Tourism and Sports Ministry will also propose more relaxation on alcohol sales from the afternoon to lift the festive sentiment. Our economy still suffers from the crisis, so there will be no more border seals unless we are in a very critical situation," said Phiphat Ratchakitprakarn, Tourism and Sports Minister. He said international travellers during the first 29 days of reopening numbered over 100,000, which doubled from three months of the Phuket sandbox. But if there's no threat from Omicron, the number of international arrivals this year should reach 500,000.

(Photo: Assawin Pinitwong)Deputy Prime Minister Prawit Wongsuwon has ordered relevant authorities to intensify efforts to combat human trafficking and forced labour as the country aims to improve the country's ranking in the US Trafficking in Persons Report next year. According to Gen Prawit, tackling human trafficking is a national priority and more work needs to be done especially in identifying and protecting victims, notably those subjected to forced labour. Identifying victims is substandard and alleged involvement of state officials in trafficking and the use of forced labour remains," Gen Prawit was quoted as saying. According to Gen Prawit, the government aims to upgrade the country's ranking from Tier 2 Watchlist to Tier 2 in 2022. A Tier 2 ranking means that the country is making important strides in tackling human trafficking and is well on the way to full compliance with international trafficking laws and standards.

114 car dealers face tax evasion caseThe Department of Special Investigation is coordinating with the Department of Land Transport to take legal action against 114 luxury car importers who were found to have evaded paying taxes on 854 imported cars. It was reported that the luxury cars were imported from the United Kingdom, he said. Each team will handle 83 cars and 12–13 importers, Pol Lt Col Phayao said, adding the DSI is aiming to complete its investigation within four months. Also, the Regional Special Investigations Divisions are reportedly investigating a tax evasion case involving 574 other luxury vehicles. The department had earlier permitted the DLT to return 20 luxury cars that were not taxed after the owners finally paid the import duty, according to a DSI source.

2021 exports expected to grow 17%, most in 12 years - Arkhom(Bangkok Post file photo)Thai exports are expected to grow 17% this year, the highest growth rate in 12 years, the country's finance minister Arkhom Termpittayapaisith said on Monday. Mr Arkhom also told an online forum that gross domestic product next year should grow around 4% or in a range of 3.5% to 4.5%. The economy shrank by 0.3% in the third quarter, as Covid-19 restrictions hit tourism and domestic activity, though the drop was less than expected. Thailand's tourism sector had started seeing a gradual recovery after the country reopened for vaccinated travellers. The agency expects five million foreign travellers next year, compared with 40 million in 2019.