(Photo: Somchai Poomlard)The Energy Policy Administration Committee (Epac) has decided to have the price of liquefied petroleum gas (LPG), which is used as household cooking gas, gradually increase over the next three months. The price which consumers pay will be allowed to approach its market price, as authorities are struggling to control huge spending to support an LPG price subsidy programme. The LPG price was fixed at 318 baht for months before the government decided to have the price increase to 333 baht in April and gradually rise to 363 baht this month. It eventually becomes part of the retail oil price that drivers pay at petrol stations. Crude oil is also turned into different types of refined oil, including diesel, gasoline, jet fuel, LPG and fuel oil.

US Fed announces biggest interest rate hike since 1994US Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee at the headquarters of the Federal Reserve on Wednesday. (AFP photo)WASHINGTON: The Federal Reserve announced the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points on Wednesday as it battles against surging inflation. The Fed's policy-setting Federal Open Market Committee reaffirmed that it remains "strongly committed to returning inflation to its 2% objective" and expects to continue to raise the key rate. Committee members now see the federal funds rate ending the year at 3.4%, up from the 1.9% projection in March, according to the median quarterly forecast. Kansas City Federal Reserve Bank President Esther George, a noted inflation-hawk, dissented from the committee vote, preferring a smaller, half-point increase.

The Whiteley will be home to the flagship Six Senses London, the brand’s first entry into the UK. It will feature 110 rooms, lobby bar and lounge, all-day dining restaurant, and Six Senses Spa with a fitness studio, 20-metre indoor swimming pool, steam room and sauna, relaxation room and Alchemy Bar. Originally named William Whiteley Limited, and later Whiteleys, this landmark building housed London’s first luxury department store which opened its doors in 1911. The major restoration and refurbishment of Whiteleys into a new residential, retail, dining and hotel destination marks the beginning of a new era for Bayswater. The Whiteley is a joint venture development between MARK and C C Land, with Finchatton acting as development manager.

The department forecast that from June 16-18, the southwest monsoon will weaken while the monsoon trough will shift across Myanmar and upper Laos. During the period, less rain with isolated thundershowers are likely mostly in western Thailand. However, from June 19 to 21, the southwest monsoon will strengthen and the monsoon trough will move down from across Myanmar and upper Laos. More rains are then likely in western Thailand along with isolated heavy showers in the North, the upper Northeast, the East and the South. During the period, people in upper Thailand should beware of severe conditions that may cause flash floods and overflows, the department said, adding that all transport should proceed with extra caution.

Govt at odds with Bank of Thailand over raising ratesDeputy Prime Minister and Energy Minister Supattanapong Punmeechaow, centre, discusses soaring energy prices at the Ministry of Energy on March 11, 2022. Energy Minister Supattanapong Punmeechaow on Tuesday warned about risks to economic growth from higher rates. The government can ease the pressure on the central bank to raise rates by additional fiscal measures to cool inflation. The public calls for low rates by ministers also raise questions about central bank independence, according to Toru Nishihama, an economist at Dai-ichi Life Research Institute in Tokyo. “Striking a balance between the impact of higher rates and the risk of falling behind the curve is the central bank art,” Kiatnakin’s Pipat said.

“YES Token is the first Fintech application on Bitkub Chain in which the token’s holders can lend the digital asset or redeem to the special store. Thus, this can increase the value and the real use case of YES Token. In addition, under this cooperation, this is the new beginning of the state-of-art technology for the loyalty point market. This will enhance the value and real use case for digital token as a point claiming reward,” said Nattida Sanguansin, Managing Director of Buzzebees Co., Ltd.“Under this cooperation, we spot several good opportunities for Bitkub Chain ecosystem. I believe that all partners from this cooperation will thrive together as an importance strategic partnership on Bitkub Chain,” said Passakorn Pannok, CEO of Bitkub Blockchain Technology Co., Ltd.

France claims capture of senior IS figure in MaliFrance is leaving Mali, but not the Sahel regionPARIS - French troops in Mali have captured a senior member of the Sahel affiliate of the Islamic State group, the French military said Wednesday. Albakaye will be held by French forces for questioning for several days and then handed to the Malian authorities, the military added. France is to complete its withdrawal from Mali within the next few months when its main military base at Gao will be returned to Malian forces. Relations between Mali and France plummeted after the military seized power in Bamako in August 2020. France began its anti-jihadist operations in the Sahel in 2013, helping Mali, its former colony, to snuff out a revolt in the north.

Concern over the bill brewed after four consumers were admitted to Bangkok Metropolitan Administration-run hospitals with suspected overdose. Bangkok Governor Chadchart Sittipunt explained on Tuesday that the first case was a 51-year-old man, who was rushed to Charoen Krung Pracharak Hospital after he suffered chest pain while smoking marijuana. He died later from what doctors diagnosed as cardiac arrest and heart failure. In the second case, a boy aged 16 and a half was diagnosed with ganja overdose and placed on a ventilator in the intensive care unit of Luangpor Thaweesak Chutintharo Uthit Hospital, he said. Chadchart said the other two persons, aged 17 and 25, were admitted to Taksin Hospital after suffering rapid heartbeat and palpitations following a cannabis smoking session.

“I have asked the commerce office in the US and was informed that the rumour is just not true,” DITP director-general Phusit Rattanakul Sereeruengsit said on Wednesday. “Walmart is still importing products from Thailand and the trade relationship between Thailand and the US is still strong,” he insisted. Phusit said the department has been communicating with its trade partners after news that the United Kingdom banned monkey-picked coconut products from Thailand in mid-2020. “We explained that only few communities are using monkeys to pick coconuts as a traditional way of life. The United States market is responsible for about one fourth of total coconut milk exports.

Study: Thailand a global leader in real-time paymentsThailand was No.3 globally for real-time payment transactions last year, behind only India and China, driven by the government's support for modern infrastructure, says ACI Worldwide, a real-time payments software provider. Thailand registered 9.7 billion real-time transactions in 2021, trailing India with 48.5 billion and China with 18.5 billion. He said Thailand's real-time payments implementation strategy has delivered the fastest expansion of low-value payment capabilities in Asean, facilitated by a mobile-friendly population and support from the government, such as using real-time payments to disburse government subsidies and funding to farmers. ITMX, the national real-time payments switching system, co-owned by the largest banks and governed by the Bank of Thailand, has helped modernise parts of the legacy payments infrastructure. According to the report, global real-time transactions reached 118 billion in 2021, up 64.5% year-on-year.

The Public Health Ministry had earlier explained that the announcement was aimed at allowing the authorities to order people to stop smoking cannabis and/or hemp as their smoke and odour could affect public health. Public Health Ministry deputy permanent secretary Dr Thongchai Keeratihattayakorn said officials could take action on their own without waiting for complaints. The announcement defines cannabis and hemp and it was signed by Deputy Public Health Minister Satit Pitutecha.

Cryptocurrency slump persistsRepresentations of virtual cryptocurrencies are placed on US Dollar banknotes in an illustration taken on Nov 28, 2021. Cryptocurrencies, with the exception of Bitcoin, continue to plunge as the value of the global cryptocurrency market yesterday fell below US$1 trillion for the first time since January 2021. As of 4.52pm, the market value of cryptocurrency stood at around $989 billion, down 3.8% from the previous day. The value of the cryptocurrency market peaked at $2.9 trillion in November 2021. The S&P500 Index closed at 3,749.63 points, down 151.23 points (-3.88%) while the Nasdaq closed at 10,809.23, down 530.80 (-4.68%).

Thais prove too strong for CanadaThailand players and staff celebrate their win against Canada in the Nations League in Quezon City on Tuesday. The Thai women defeated Canada 25-19, 25-22, 26-24 in Quezon City, the Philippines. Thais are without Thatdao Nuekjang for the rest of the 2022 VNL due to injury she sustained during the first week. The Thais made headlines in the first week with victories over Bulgaria, Serbia and China in Ankara, Turkey. Meanwhile, the Quezon City tournament features some interesting matches including the USA v China on Saturday and Japan v China on Sunday.

Tourists queue up to buy cannabis, after it was removed from the narcotics list under Thai law, at the Happy Bud, a cannabis truck at Khaosan Road, one of the favourite tourist spots in Bangkok, Thailand, on Monday. (Photos: Varuth Hirunyatheb)"Amnesia", "Jack Haze", and "Night Nurse" are among marijuana strains on sale at a pop-up truck in Bangkok, as retailers cash in on demand for the newly decriminalised substance from foreigners and locals alike. Keira Gruttner, a 32-year-old customer from Canada, was among tourists who queued at a green pop-up truck in tourist haven Khaosan Road, where staff weighed and packaged buds and crushed leaves. Another foreign customer, Kentaro Kajima, described his purchase as a "dream come true" while dancing with a friend in front of the truck. Thailand, which has traditionally used cannabis to relieve pain and fatigue, legalised medicinal marijuana in 2018.

The financial transaction tax for share sales by individual investors trading on the SET has been on the books for around 30 years. (Photo: Pornprom Satrabhaya)The Finance Ministry plans to propose to the cabinet the implementation of a financial transaction tax on individual stock investors soon, says Finance Minister Arkhom Termpittayapaisith. The financial transaction tax applicable for share sales by individual investors trading on the Stock Exchange of Thailand has actually been on the books for around 30 years but has always been waived to support market development. The financial transaction tax is 0.1%. In addition to the transaction tax, investors are subject to a related local tax, which would bring the total tax to 0.11% per share sold.