Malaysia c.bank raises interest rate in surprise move
Malaysia c.bank raises interest rate in surprise moveTourists choose what to buy during a shopping spree along Khao San Road, a popular spot for foreign visitors in Bangkok, on May 5, 2022. (Photo: Nutthawat Wicheanbut)KUALA LUMPUR: Malaysia's central bank unexpectedly raised its benchmark interest rate from a historical low on Wednesday, as rising commodity prices, strained supply chains and strong demand conditions fanned inflationary pressures. Bank Negara Malaysia (BNM) raised its overnight policy rate to 2% from the record low of 1.75%. It was the first hike since July 2020, when rates were slashed to a historic low to combat the impact of the Covid-19 pandemic. A Reuters poll of 18 economists had expected rates to remain unchanged this week, with the central bank likely to start tightening next quarter to avert rising inflationary pressures.
Source:Bangkok Post
May 11, 2022 20:21 UTC
Ceramic tile makers set out expansion plans
Two large producers of ceramic tiles -- SCG Ceramics Plc and Dynasty Ceramic Plc -- will open new stores and expand existing outlets nationwide as domestic demand recovers, following the country's reopening. "The ceramic business may not grow at a fast pace, but construction in the tourism sector will gradually resume in the medium to long term." In the first quarter of 2022, SCG Ceramics had year-on-year growth of 13% and quarter-on-quarter growth of 23% in sales of ceramic tiles, with a total volume of 20.1 million square metres. Maruth Saengsastra, chief executive of Dynasty Ceramic Plc, said exports to Myanmar doubled in the first quarter of this year as demand recovered. In the first quarter of 2022, Dynasty's average tile price rose by 5% to 151 baht per sq m, from 144 baht in the fourth quarter last year.
Source:Bangkok Post
May 11, 2022 10:22 UTC
Sentiment down 4 months in a row
(Photo: Pattarapong Chatpattarasill)Consumer sentiment plunged for the fourth straight month in April, hitting the lowest level in eight months, as consumers remained concerned about rising costs of living and high oil prices caused by the impact of Russia's invasion of Ukraine. According to Mr Thanavath, the continuous rise in oil prices and expensive product prices had adversely affected both present and future consumer sentiment. The scheme aims to boost the economy and shore up consumer spending affected by Covid-19 outbreaks. "People say they are not able to handle continually rising product prices," he said. "We see the Thai economy as tending to slow down and have yet to see signs of recovery."
Source:Bangkok Post
May 11, 2022 06:53 UTC
Prayut to hold talks with US Defence Secretary
Prayut to hold talks with US Defence SecretaryMembers of Khana Ratsadon for the Repeal of (Section 112) on Tuesday gather in front of the US embassy to submit a letter to US President Joe Biden and Asean leaders asking them to pressure Thailand into freeing 11 political prisoners and abolishing the lese majeste law. (Photo: Wichan Charoenkiatpakul)Prime Minister and Defence Minister Prayut Chan-o-cha will hold talks with US Defence Secretary Lloyd James Austin during his visit to Washington DC for the US-Asean Special Summit on Thursday and Friday, a source said. The meeting has fuelled rumours that further talks will take place about the Royal Thai Air Force's (RTAF) bid to procure F-35 fighter jets. Gen Prayut said he will leave for Washington DC on Wednesday to attend the US-Asean Special Summit where US and Asean leaders are expected to announce their vision on how they will continue cooperating in the post-Covid-19 pandemic period. Ahead of the summit, Thai and US officials engaged in discussions at the US-Thailand Strategic and Defense Dialogue in Washington DC on Monday and Tuesday (May 9-10), according to a US embassy press release.
Source:Bangkok Post
May 11, 2022 06:53 UTC
Educational expenses increase by 2 per cent: research centre
Parents are also worried about the Covid-19 situation despite students being vaccinated, but the number of daily new cases is still high. Some 56.8 per cent of parents are not confident because their children will have to study on-site amid a fast spreading Covid-19. In this situation, 82.6 per cent want the government to come out with support measures to help with education or other expenses. Some students might head back to tutorial schools but parents of others are worried about the Covid-19 situation. So they might reduce or cut tutorial help altogether until the Covid-19 situation and the economy fare better.
Source:The Nation Bangkok
May 11, 2022 06:46 UTC
Cabinet approves new minimum daily wages for different categories of workers
Deputy government spokeswoman Ratchada Thanadirek said on Tuesday that the DSD tests the working skill, knowledge, capability and attitude of workers in different fields. Those who pass the test and earn a certificate from the DSD will receive wages at the rates mentioned below:
Source:The Nation Bangkok
May 11, 2022 05:00 UTC
After trillions in losses, Asia’s stock rout looks far from over
After trillions in losses, Asia’s stock rout looks far from overFILE PHOTO: A man stands on an overpass with an electronic board showing Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China, Jan 6, 2021. (Reuters)All signs point to more losses ahead for Asian equities after a four-month slump that has wiped out over $2 trillion in value. Fund OutflowsForeign funds have withdrawn a net $40 billion from shares in Asia excluding China this year, according to data compiled by Bloomberg. “We are neutral Asia ex-Japan equities,” BlackRock Investment Institute strategists including Jean Boivin and Wei Li wrote in a note. Southeast Asian shares will also be boosted as regional economies reopen their borders to tourists.
Source:Bangkok Post
May 10, 2022 10:16 UTC
Cabinet approves power bill relief for households, small firms
Government agencies and state firms will be ineligible for the subsidy, the spokesman added. He said the money will be used to reduce the power bills by reducing the FT (cost floating time) tariff to 0.2338 baht per unit of power. The rate of subsidy is in line with Cabinet resolutions passed on March 29 and April 19 this year, the spokesman added. The Cabinet resolution is aimed at helping households and small enterprises survive the present economic woes, triggered by the Covid-19 pandemic and the Russia-Ukraine war, the spokesman added.
Source:The Nation Bangkok
May 10, 2022 09:24 UTC
Finance Ministry in talks for THB30 billion loan to top up Oil Fuel Fund
Thirat said the loan amount would be THB30 billion, in line with the projected spending for fiscal year 2022 as planned by the Public Debt Management Office. He said the Finance Ministry would borrow the full amount of THB30 billion but the Oil Fuel Fund would be topped up as required. “The talks should be finalised this month. After we get the loan, we will gradually distribute it to the fund to boost its liquidity,” Thirat said.
Source:The Nation Bangkok
May 10, 2022 07:05 UTC
City dwellers urged to vote on May 22
Performers dressed in traditional Thai warrior costumes bang drums to kick off City Hall's campaign on Monday to encourage voters to turn out for the elections for Bangkok governor and city councillors on May 22. (Photo: Arnun Chonmahatrakool)The Bangkok Metropolitan Administration (BMA) kicked off a campaign on Monday to encourage eligible city residents to cast their votes in the governor election set for May 22. City clerk Khachit Chatchawanit, who led the launch of the campaign at City Hall, said all 50 districts will launch their own activities aimed at attracting a large voter turnout to elect a new governor and city councillors. Eligible voters must be at least 18 years of age on election day. The former deputy Bangkok governor said the BMA's annual budget of around 80 billion baht may sound like a lot of money.
Source:Bangkok Post
May 10, 2022 05:24 UTC
Agriculture Ministry issues water plan as rainy season looms
The rainy season will last from mid-May to mid-October, according to the Thai Meteorological Department. "The ministry also asked the Rice Department to seek effective rice species, and the Commerce Ministry to find new markets, such as in the Middle East," he added. Thailand has 19.95 billion cubic metres of water reserved for the rainy season, higher than the targeted 15.55 billion cubic metres. The rainy season is expected to bring lower rainfall between June and July and heavy rain from August and September, he said. "The department is cooperating with provincial agencies to monitor the water situation and prepare equipment, such as water pumps, excavators and tractors," he added.
Source:The Nation Bangkok
May 10, 2022 04:11 UTC
NEA to use AI and Big Data to boost exports
NEA director Nanthaphong Jiralertphong said this week that NEA and DITP have together pioneered the use of AI and Big Data technologies to analyse markets in various countries including China, Vietnam, Singapore, Laos and Cambodia. “The project revealed that Thai entrepreneurs are in need of in-depth data on foreign markets in order to develop products that suit the needs of consumers in those countries,” he added. “In 2020, NEA will start developing our own platform of AI and Big Data Analytics to analyse consumers’ behaviours and market trends in specific areas with real-time updates, focusing mainly on the CLMV (Cambodia, Laos, Myanmar, Vietnam) and China,” he said. “The product groups that will most benefit from this programme are processed agricultural produce, health and beauty, gifts, and other consumer products.”Nanthaphong further explained that the data analytics module will be combined with the design thinking process to analyze consumers’ behaviors, market trends and cultural preferences and cross reference these with products’ characteristics. “NEA will then use this information to formulate strategic plans for each product and market, enabling Thai entrepreneurs to plan their manufacturing and exports accordingly.”Further information can be found at https://nea.ditp.go.th and www.ditp.go.th or by calling the hotline at 1169.
Source:The Nation Bangkok
May 09, 2022 20:21 UTC
Muay Thai steps closer to Olympic debut thanks to Saudi backing
Supranee Couptasa, manager of the Sports Development Fund, said Prince Fahd vowed to promote Muay Thai on the international stage over the next two years to enhance chances of an Olympic debut. The Saudi royal’s visit had helped strengthen the relationship between Thailand and Saudi Arabia's sports authorities, she said. Prince Fahd has a personal passion for Thailand's national sport and aims to boost its popularity in Saudi Arabia, she added. "Prince Fahd also wants to promote Muay Thai, as well as its ceremonies and techniques, via international competitions – including the Olympic Games,” Supranee said.
Source:The Nation Bangkok
May 09, 2022 19:32 UTC
6,488 new Covid cases, 55 more deaths
(Photo: Varuth Hirunyatheb)There were 55 more Covid-19 fatalities and 6,488 confirmed new cases during the previous 24 hours, the Centre for Covid-19 Situation Administration (CCSA) reported on Monday. This compared with the 54 coronavirus-related fatalities and 8,081 new cases reported on the previous day. Since the pandemic started in early 2020, there have been 4,331,338 Covid-19 cases, including 2,107,903 this year, with 4,217,238 complete recoveries to date. Global Covid-19 cases rose by 302,546 in 24 hours to 517.26 million. The United States had the most cases at 83.58 million, up 14,008, and the most deaths at 1.02 million, up 21.
Source:Bangkok Post
May 09, 2022 17:14 UTC