BoT governor hints at recovery in early 2023
Bank of Thailand governor Sethaput Suthiwartnarueput (Bank of Thailand photo)Thailand's economy could return to levels logged before the pandemic in the first quarter of 2023, according to the Bank of Thailand governor. The recovery will be slow and uneven across business sectors, governor Sethaput Suthiwartnarueput said on Wednesday at the MFA CEO Forum hosted by the Foreign Ministry. The central bank expects about 6 million foreign tourists next year. Mr Sethaput said Thailand has to ensure its economic recovery remains intact and fiscal and monetary policies stay accommodative to support the recovery. These commercial digital loans will allow greater access to finance, especially for small and medium-sized enterprises (SMEs), said Siritida Panomwon Na Ayudhya, assistant governor for payment systems policy and financial technology group.
Source:Bangkok Post
December 10, 2021 06:41 UTC
Nuke deal is dead! Long live deterrence!
Nuke deal is dead! As a funeral oration, it lacked in elegance, but it did the job: the 2015 treaty curbing Iran's nuclear capabilities is dead. When Joe Biden replaced Mr Trump last January it looked like reviving the deal would be simple. However, we may assume that the people who guide Israel's nuclear strategy -- it has had nuclear weapons for at least fifty years, and now has several hundred of them -- know that a few Iranian nuclear weapons are not a mortal threat to Israel. They might attack Israel with nuclear weapons even if they knew they would be exterminated in return.
Source:Bangkok Post
December 10, 2021 02:47 UTC
NACC rejects petition for ethics probe of Thamanat
NACC rejects petition for ethics probe of ThamanatThamanat PrompowThe National Anti‑Corruption Commission (NACC) on Thursday rejected a petition by the Move Forward Party (MFP) calling for a probe into the ethical conduct of Thamanat Prompow over his narcotics conviction in Australia. NACC secretary-general Niwatchai Kasemmongkol said the inquiry panel looking into the petition decided to reject it. Mr Niwatchai also said the case took place before Capt Thamanat held the positions and before the code of ethics took effect. A probe into ethical conduct can be launched only when an MP or cabinet minister violates the code of ethics while in office, he said. Any action committed by an MP or minister before they took office does not warrant an inquiry, Mr Nitwatchai said.
Source:Bangkok Post
December 10, 2021 02:29 UTC
Millcon Steel preps green production initiatives
Millcon Steel preps green production initiativesSET-listed Millcon Steel, a Thai steel manufacturer, plans to embark on more green business strategies, including the construction of a waste-to-energy power plant and trading carbon credits, as it is determined to follow the government's bio-, circular and green economic model. The company wants to develop its steel business in line with the global effort to achieve a net-zero carbon target by 2050. Millcon also formed joint ventures with other firms to produce electricity from biomass and biogas, then sell it to the Provincial Electricity Authority. Millcon expects steel consumption in Thailand in 2022 to reach 18-19 million tonnes thanks to the state's infrastructure development projects, including the Thai-Chinese high-speed train project. It expects to sell 1.2 million tonnes of steel products domestically and overseas next year, up from a target of 600,000 tonnes in 2021.
Source:Bangkok Post
December 09, 2021 11:40 UTC
Border trade forecast upgraded
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."
Source:Bangkok Post
December 09, 2021 06:32 UTC
Executives urge pricier loans for used cars, bikes
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.
Source:Bangkok Post
December 09, 2021 03:26 UTC
More incentives for foreign film shoots
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.
Source:Bangkok Post
December 09, 2021 03:24 UTC
Call for a careful tourist reopening
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.
Source:Bangkok Post
December 08, 2021 06:28 UTC
BoT call to extend incentives
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.
Source:Bangkok Post
December 08, 2021 04:12 UTC
Initiative to develop EV ecosystem
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.
Source:Bangkok Post
December 08, 2021 03:54 UTC
Luxury car market tabbed for double-digit growth in 2021
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.
Source:Bangkok Post
December 07, 2021 10:45 UTC
The new financial tribes
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.
Source:Bangkok Post
December 07, 2021 10:41 UTC
Country on course to achieve 1.2% growth this year
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.
Source:Bangkok Post
December 07, 2021 06:58 UTC
Thailand-UN at 75: Peace and security
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.
Source:Bangkok Post
December 07, 2021 06:14 UTC
Campaign launched to promote digital IDs
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.
Source:Bangkok Post
December 06, 2021 23:27 UTC