Commerce Minister Jurin Laksanawisit said on Wednesday overall cross-border trade, including transit trade, is likely to grow by 8-9% this year, up from an estimate of 4-5% growth made last month. Mr Jurin said cross-border trade including transit trade tallied 1.42 trillion baht between January and October, up 31.7% year-on-year. Of the total, exports made up 860 billion baht, up 37.4%, while imports rose 23.9% to 564 billion baht. Last year, overall border trade including transit trade declined 1.7% from 2019 to 1.31 trillion baht. "Factors expanding border trade include the global economic recovery, baht depreciation, and quick reopening of border checkpoints."

Executives urge pricier loans for used cars, bikesPeople browse deals for used cars at an auto fair held at Bitec. Recently the Office of the Consumer Protection Board proposed a maximum rate of 15% per year for all types of vehicle loan products, including new car loans, used car loans, and motorcycle loans. As a result, he said the committee plans to ask the government to raise the ceiling interest rate for used car loans to 20% per year and motorbike loans to 36% per year. The group has no issue with the maximum rate for new car loans being 15%. The JSCCIB's proposed 36% interest rate ceiling for motorcycle loans is in line with the business nature and risk, he said.

More incentives for foreign film shootsMr Danucha says a possible new incentive includes a 30% cash rebate for foreign filmmakers who spend between 50 and 100 million baht on their production in Thailand. The government looks set to increase incentives and deregulate foreign film shoots in Thailand, aiming to promote shooting and production. According to Mr Danucha, rules and regulations pertaining to foreign film shoots involve various agencies, while work permit procedures are not convenient for film shoots, the import tax for equipment is relatively high and state agencies' regulations for use of public areas are unclear. However, Mr Danucha said Thailand's competitive edge is its host of attractive locations for film shoots and good tourism infrastructure. In 2020, there were 176 foreign film shoots in Thailand, of which 74 were movies, 33 were series, 28 advertisements and 41 other types.

Tourists have their documents checked by workers wearing PPE suits at Suvarnabhumi airport, as detection of the Omicron variant in Thailand raised concerns among operators. Somchai PoomlardThe country's reopening needs to continue with a more cautious approach amid concerns over the new Omicron variant, says the Tourism Council of Thailand (TCT). He said the detection of the variant means screening measures remain effective and the reopening should be allowed to continue as vaccine rollouts in Thailand increase, while daily cases continued to drop. "The Omicron variant certainly raises more concerns, but our battered industry will not be able to handle any more flip-flops about the country's reopening." Deevana Patong Resort and Spa has a 35-40% occupancy rate this month, compared with 90% in the same period in 2019.

The government should extend its property tax incentives to next year to drive housing market growth in 2022, in line with the projected economic recovery, the Bank of Thailand suggested. "The government's incentives can stimulate [the property market growth] a lot," he said. At present, the property incentives include a cut of transfer and mortgage fees from 2% and 1% to 0.01%, respectively, for units priced 3 million baht or less. As well as an extension to the effective period, the incentives may include the first 3 million baht for every unit price as those who can buy a house priced 10 million baht or more get less of an impact than those eyeing units priced 3 million baht or less. He said one positive impact from the reopening towards the property market is that there is a higher chance that foreigners will buy a property in Thailand.

Initiative to develop EV ecosystemAn electric vehicle charges at a charging station operated by the Metropolitan Electricity Authority. Patipat JanthongThe state-run Metropolitan Electricity Authority (MEA) plans to provide discounts on the rate of electricity to electric vehicle (EV) charging service providers to make EV charging more widely available to the public. Participants will be given a wholesale price rate of electricity at 2.6 baht per kilowatt-hour (KWh) for two years. The MEA's regular wholesale price has been set at 4.6 KWh for EV charging between 9am and 10pm. The charging rate is equal to the rate applied to other home appliances.

Luxury car market tabbed for double-digit growth in 2021A man looks at a luxury car at Motor Expo at Impact Muangthong Thani on Nov 30, 2021. (Photo: Pattarapong Chatpattarasill)The luxury car market in Thailand is expected to keep expanding with double-digit growth this year, despite the impact of lockdown measures implemented to contain the spread of Covid-19. "Car companies see demand for premium and luxury cars grow every year, while other segments encounter strong competition," he said. Sales volume in the luxury car segment is lower, with around 100 units annually, according to its estimate. The production facility in the UK will focus on electric luxury cars for domestic sales and export.

Thai consumers enthusiastic adopters of new digital financial products and services, says financial software specialist MambuSome 93% of Thai banking customers say the availability of online or digital services through their bank is important, according to a new report by Mambu, a digital financial services platform developer. While 61% of consumers globally have made greater use of digital banking services over the last 18 months, in Thailand the figure is 73%, said the report, titled "The Financial Tribes You Need to Know". The report surveyed 4,500 consumers globally (including 502 Thai consumers) and identified five emerging financial "tribes" that banks need to know about. "Traditional audience segmentation in financial services is outdated. Neo asset hoarders: This group wants to use financial services to buy, trade and hold assets.

Country on course to achieve 1.2% growth this yearThailand is on course to achieve economic growth of around 1.2% this year, said government spokesman Thanakorn Wangboonkongchana, adding the economy is likely to grow by 3.5-4% next year. Foreign reserves have an important role in maintaining economic stability, as they act as a buffer against volatility in the international markets. "Prime Minister Prayut Chan-o-cha is working to implement strategic policies to promote the country's growth while curtailing the Covid-19 pandemic," the spokesman said. The country's cautious reopening has allowed some businesses in the pandemic-battered tourism sector -- one of the biggest drivers of Thailand's economic growth -- to recover. Foreign businesses with high capacity will be offered incentives to invest in technology-intensive industries and film production, he added.

As such, nuclear weapons joined the ranks of chemical and biological weapons as weapons of mass destruction proscribed by international law. The country's spirit in promoting peace and security was rooted in its overall longstanding foreign policy objectives. Records show that the country has tended to vote in a non-partisan way for peace and stability without fear or favour. On issues related to human rights, Thailand has not shied away from accountability. As it marks 75 years of Thailand-UN ties, the country will remain committed to the world body without any compromise.

The Electronic Transactions Development Agency (ETDA) has launched a campaign to promote the importance of digital IDs among the public and foster cooperation between relevant agencies to achieve integrated digital ID adoption. The campaign, called the "MEiD Seamless … Thai Services (Digital ID)" programme, is part of a government push that includes legislation and relevant standards. Digital ID adoption could be useful for various public services such as driving licences, e-passports, e-health services, e-education, e-commerce and e-Covid passports. It also discovered two-thirds of respondents experienced the use of digital ID through various service providers. Some 75% said digital ID would make it convenient for identity verification, while 65% believe digital ID could help ward off the risk of identity forgery.

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Hamilton on Saudi Arabian pole as Verstappen hits wallPole man: Lewis Hamilton in action in JeddahJEDDAH: Lewis Hamilton snatched pole position for the Saudi Arabian Grand Prix on Saturday, boosting his hopes of staying on course for a record eighth Formula One world title. Hamilton's Mercedes teammate Valtteri Bottas was second and will share the front row on Sunday. For Hamilton, who has cut Verstappen's championship lead with successive wins in Brazil and Qatar, it was a fifth pole of the season and 103rd of his career. Verstappen, who has an eight-point lead over Hamilton with just two races left, can claim his first world title on Sunday if he wins the race and Hamilton finishes outside the top six. Verstappen was hit with a five-place grid penalty for failing to respect double-waved yellow flags during qualifying for the Qatar Grand Prix last month.

Dechapol, Sapsiree earn a shot at second hat-trickHistory beckons: Dechapol Puavaranukroh and Sapsiree Taerattanachai. (AFP photo)Mixed doubles stars Dechapol Puavaranukroh and Sapsiree Taerattanachai will be chasing another historic achievement in badminton after they reached the title match of the US$1.5 million BWF World Tour Finals in Bali on Saturday. The pairs will square off for the fifth time this year with Dechapol and Sapsiree losing the first three meetings and only winning their latest match-up in the Indonesia Open final last Sunday. Thailand has another representative in the final on Sunday as Kunlavut Vitidsarn will be fighting for the men's singles crown after he beat Malaysia's Lee Zii Jia 21-18, 21-18 in the semi-finals. An will also be looking to complete a Bali treble after she won the Indonesia Masters and Indonesia Open.

Divisive casino scheme put up for reconsiderationA controversial proposal to set up a casino-entertainment complex has once again caught the government's attention after the House of Representatives this week decided to study the issue. Deputy Prime Minister and Palang Pracharath Party (PPRP) leader Gen Prawit Wongsuwon also expressed a reserved opinion about the proposal, saying it is an affair for the House. When asked if Thailand was ready for such a casino-entertainment complex, he said: "Look at the countries around us. Deputy Prime Minister Wissanu Krea-ngam said the proposal has never materialised because it is a delicate issue that pits moral values against economic value. These panels would look into casino operations in other countries and assess the social impact on local communities, he said.