(Photo: Pornprom Satrabhaya)The baht fell to a 10-month low on Wednesday, while stocks and bonds also slid under foreign selling pressure, with investors worried that high oil prices and government spending plans would widen the country’s current account deficit. The baht slid 0.6%, its second day of decline and marking its lowest level since Nov 10. Oil prices retreated from 10-month highs on Wednesday but have risen 10% this month. Poon Panichpibool, markets strategist at Krungthai Bank, said soaring oil prices had prompted some commodity-related players to purchase dollars, and if oil prices were to march higher, that could fuel concern about the country’s current account. “Thai bonds have sold off on worries of greater bond issuance to fund the fiscal stimulus.

The Thai cabinet recently approved a visa exemption for Chinese nationals for five months, covering both the National Day holiday in October and the Chinese New Year in February next year. The Chinese tourism boom years occurred when the country was buoyed by the commercial success of a Chinese movie. This year Chinese tourism to Thailand was again affected by a movie, but this time it had a negative impact. He said while a weak economy will undoubtedly limit the number of Chinese willing to spend abroad, few criminal cases occurred in Thailand the past few months involving Chinese tourists. During the five-month visa exemption, an estimated 1.9-2.8 million Chinese travellers are expected to create revenue of 92-140 billion baht.

(Photo: Varuth Hirunyatheb)Former prime minister Thaksin Shinawatra has undergone surgery and is in the process of recovery according to his daughter Paetongtarn, who said on Tuesday she does not know how long he must remain in hospital. Thaksin had the operation last week and had yet to recover. A chief physician at Police General Hospital on Tuesday confirmed Thaksin had undergone surgery. Asked for a comment about a lese majeste case concerning Thaksin, Ms Paetongtarn said that resulted from a misunderstanding. However, he was sent from Bangkok Remand Prison that same night to Police General Hospital for health reasons.

Commerce ministry says it sees ‘sufficient evidence’ of attempts to avoid anti-dumping dutyHot-rolled coil produced by G Steel and GJ Steel factories in Thailand. (Photo: G Steel)The Ministry of Commerce has launched an investigation into imports of Chinese rolled steel for evading anti-dumping measures. The investigation includes hot-rolled steel sheets in coil and non-coil form from 17 manufacturers in China, according to a ministry statement published on Sept 15. The Iron and Steel Institute of Thailand recently called on the new government to help the industry given its strategic importance to the economy. He urged the new government to enforce the Anti-Dumping and Anti-Circumvention Act to prevent companies from allegedly adding alloys to hot-rolled steel coil, aimed at avoiding the law against imported hot-rolled coil.

Canada warns India to treat Sikh slaying allegation seriouslyIndian Prime Minister Narendra Modi and Canadian Prime Minister Justin Trudeau met in September 2023 in New DelhiOTTAWA - Prime Minister Justin Trudeau on Tuesday demanded that India treat with "utmost seriousness" Canada's allegations of New Delhi's possible involvement in the slaying of a Sikh exile, a concern echoed by Washington. The government of Indian Prime Minister Narendra Modi said the leader had "completely rejected" Canada's assertions in the unsolved slaying. "We are deeply concerned about the allegations referenced by Prime Minister Trudeau," National Security Council spokeswoman Adrienne Watson said in a statement. - Sikh nationalism -An activist for the creation of a Sikh state known as Khalistan, Nijjar was wanted by Indian authorities for alleged terrorism and conspiracy to commit murder. Relations between Canada and India have been strained in recent months since the assassination of the Sikh leader and demonstrations that followed in Canada.

Cabinet nod for cheaper electricityThe cabinet on Monday acknowledged the Energy Ministry's plan to cut electricity bills by another 11 satang per unit, said government spokesman Chai Watcharong. Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga informed the cabinet of the plan to lower the power tariff from 4.10 baht per unit to 3.99 baht during the meeting, he said. At the Sept 13 meeting, the cabinet agreed to reduce the electricity price from 4.45 baht per unit to 4.10 baht starting from this month's billing onwards, Mr Chai said. Prime Minister Srettha Thavisin then assigned Mr Pirapan to devise measures to reduce electricity bills and energy prices as quickly as possible, he said. Mr Pirapan discussed the issue with the Energy Regulatory Commission and reported to the cabinet that the electricity price could be cut to 3.99 baht per unit starting in this month's billing, according to the spokesman.

Soaring rice prices sow hope - and trouble - for indebted farmersSripai Kaeo-eam, 58, a farmer who is struggling to repaying her loans, poses in front of her rice field during an interview with Reuters in Chai Nat province, Aug 30, 2023. The handouts came in place of boosting agricultural research spending, which hammered productivity, the experts said. Successive governments have spent 1.2 trillion baht on price and income interventions for rice farmers in the last decade, estimates Mr Somporn. Governments largely steered clear of market interventions until former prime minister Yingluck Shinawatra in 2011 rolled out a scheme that paid rice farmers above-market rates for their crop, both experts said. "We got trapped in our success," he said, underlining a drop in rice research investment from 300 million baht a decade ago to the 120 million baht allocated for this year.

Govt to tighten tax rules on overseas income to aid economyThailand will tighten loopholes in its tax rules on overseas income, as the new government seeks to lower income inequality as well as raise revenue to pay for measures to stimulate the economy. The finance ministry last week issued the stricter rule on overseas income, Prime Minister Srettha Thavisin told a business forum on Monday. The Revenue Department announced on Sept 15 that local residents who earn income from abroad will be subject to personal income tax regardless of the tax year in which the money is earned, according to a report by Krungthep Turakij newspaper. The previous rule allowed residents with foreign income to be taxed only if the money is remitted into Thailand in the same year in which it was earned. The tighter measure is meant to close the loophole of people deferring transfer of their overseas income to a different year.

Thailand eyes India to boost tourism recoveryThe government is eyeing holidaymakers from India, including those wanting to get married in Thailand, to boost tourism. (File photo supplied)Prime Minister Srettha Thavisin is eyeing holidaymakers from India to boost tourism days after the nation unveiled visa waivers for travellers from China and Kazakhstan starting next week. The visa waiver programme is expected to bring in 35 billion baht from Chinese tourists, Mr Srettha said during the forum. Thailand has welcomed 18.5 million foreign tourists so far this year with as many as 28 million expected by the year-end. Revenue from foreign travellers totalled 775 billion baht as of Sept 11, according to the tourism ministry.

PM supports new Chiang Mai airport, around-the-clock flightsPrime Minister Srettha Thavisin, centre, visits Chiang Mai airport on Sunday. (Photo: Panumet Tanraksa)CHIANG MAI: Prime Minister Srettha Thavisin supports the Airports of Thailand (AOT) plan to build a second airport for Chiang Mai in seven years and welcome flights at the existing airport around the clock to serve the growing demand of visitors to the northern tourist province. Representatives of AOT presented its second Chiang Mai airport project when the prime minister visited Chiang Mai airport on Sunday. Prime Minister Srettha said that the seven-year timeframe was appropriate and officials concerned should ensure the new airport will be completed as scheduled. Pending the new airport, AOT plans to welcome flights around the clock.

During the party, Mr Praween argued with Sivakorn, before his aide shot Sivakorn in front of everyone. In the ensuing chaos, Mr Praween and the gunman fled in a car with a police escort. Amid a public uproar, Mr Praween was arrested and denied bail, the gunman was killed extrajudicially and Sivakorn's superior committed suicide. The latest developments have the media and public attention focusing on Mr Praween's business, while police have now declared war against local gangsters. Highway police corruption is a small part of the underground economy from which cops benefit from protection money.

(Photo: Pornprom Satrabhaya)The Fair Party says it is ready to welcome Padipat Suntiphada if the Move Forward MP is forced to leave his party in order to keep his job as the deputy speaker of the House of Representatives. Kannavee Suebsaeng, the secretary-general and only MP of the Fair Party, was responding on Saturday to speculation about the future of Mr Padipat once Move Forward is officially declared the lead party in the opposition. The Fair Party MP said he had held personal talks with Mr Padipat when they met at parliament. If Mr Padipat is expelled from the party, he will have 30 days to find a new home. Mr Kannavee said the Fair Party was ready to help, and he believed the six-member Thai Sang Thai Party would also open all doors for Move Forward.

Government warned over dangers of deficitsMr Srettha, top right, delivers the government's policy statement to parliament on Sept 11. The budget deficit framework was also enlarged for future years. This differs from previous planning efforts in which the deficit was gradually reduced to create a balanced fiscal budget over the long run. A higher fiscal deficit as a result of power tariff and energy price subsidies would also worsen the country's current account deficit and consequently affect exchange rates. "Maybe this is one of the reasons why the prime minister should not hold the position of finance minister -- because the finance minister can control government expenditure.

Airline price war unlikely amid high operational costsPassengers check in for flights at Don Mueang Airport, Bangkok. (File Photo)Airlines in Thailand are not expected to start another price war in the near future, while the Civil Aviation Authority of Thailand (CAAT) plans to maintain ceiling ticket prices despite higher operational costs. This means the ceiling price regulated by the authority would remain the same for at least three years, he said. After airlines were stung by the pandemic, a price war is unsustainable for their businesses and the aviation ecosystem, he said. Mr Puttipong, also president of Bangkok Airways, said the training cost for each pilot starts at 2.5 million baht.

CCTV footage shows 'conflicting accounts' of officer's killingFiles retrieved from a CCTV server previously installed at the house of tambon Takong chief Praween Chankhlai in Nakhon Pathom show individuals present at a dinner party on Sept 6, which resulted in the death of a police officer, have given conflicting accounts. Pol Gen Surachate Hakparn, deputy national police chief, on Thursday said there were 15 security cameras installed at Mr Praween's house. After the shooting, two CCTV servers were removed and dumped into a canal behind a temple in tambon Takong in an apparent attempt to destroy evidence, he said. Pol Gen Surachate said the servers were retrieved and forensic police managed to salvage files related to 13 security cameras. Pol Gen Surachate said more than 56 individuals, including police and civilians, were at the party.