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- Electricity prices set to increase later this year.
Later this year, businesses and households in Thailand may face higher electricity bills as the Energy Regulatory Commission (ERC) plans to raise the power tariff from 4.18 baht per kilowatt-hour during the cool season. In order to maintain the current tariff from September to December, the government would have to...
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Later this year, businesses and households in Thailand may face higher electricity bills as the Energy Regulatory Commission (ERC) plans to raise the power tariff from 4.18 baht per kilowatt-hour during the cool season. In order to maintain the current tariff from September to December, the government would have to allocate 28 billion baht for subsidies and extend repayment periods to Egat and gas sellers.
Previously, the government sought assistance from Egat and gas sellers to stabilize electricity prices from September 2021 to April this year, resulting in a debt of 15 billion baht from gas purchases and a 98 billion baht loss for Egat.
ERC recently convened to decide on the new power tariff, effective from September to December, with the existing 4.18-baht rate applicable until the end of August. Three tariff options were proposed, with increases ranging from 11-44%, aimed at reimbursing creditors and covering various expenses under government policies.
The proposed tariff adjustments include increases in base tariff and Ft (reflecting fuel prices and other costs), with the highest increase potentially clearing the debt owed to Egat by December. Gas prices, particularly Pool Gas, are a crucial factor in the tariff hike, set to rise by 8% to 323 baht per MMBTU.
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12 July 12 2024Bangkok Newshttps://bangkokone.news/?p=202371 - Rice prices in Asia drop in Vietnam and Thailand as attention shifts to India.
Rice export prices from Vietnam and Thailand saw declines this week, reaching their lowest levels in a while, as market attention turned to India, the leading rice exporter potentially easing restrictions. In Vietnam, the price of 5% broken rice dropped to US$565-$570 per metric ton on Thursday, the lowest since...
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Rice export prices from Vietnam and Thailand saw declines this week, reaching their lowest levels in a while, as market attention turned to India, the leading rice exporter potentially easing restrictions.
In Vietnam, the price of 5% broken rice dropped to US$565-$570 per metric ton on Thursday, the lowest since July 27, 2023, down from $575 the prior week. Traders noted sluggish sales, with buyers awaiting potential easing of export restrictions by India.
June rice shipments from Vietnam decreased by 40% compared to May, totaling 513,409 tons, based on official government customs data. However, exports for the first half of the year rose by 7.4% year-on-year to 4.55 million tonnes.
Thai 5% broken rice prices fell to a range of $570 to $575 per ton on Thursday, hitting their lowest point since early April, down from $585 the previous week. Traders in Bangkok reported a lack of significant orders and noted that new supply was performing well.
In India, the 5% broken parboiled rice was quoted at $539-$545 per ton this week, decreasing from $541-$548 from the previous week due to weak demand caused by higher freight rates and rupee depreciation. Buyers in Kakinada, Andhra Pradesh, were delaying purchases after a robust buying spree in May.
Despite favorable harvests and sufficient reserves in Bangladesh, domestic rice prices remained elevated, causing strain on consumers. The situation could exacerbate due to widespread flooding affecting cropland and potentially impacting future rice production.
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12 July 12 2024Bangkok Newshttps://bangkokone.news/?p=202368 - Kenyan President fires all cabinet secretaries after continuous protests
On July 11, 2024, Kenya’s President William Ruto sacked all the Cabinet Secretaries and Attorney General except Foreign Affairs Cabinet Secretary Musalia Mudavadi, who is also the only Prime Cabinet Secretary. This move comes after weeks of Gen Z-led anti-tax protests, which left at least 39 protesters dead and many...
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On July 11, 2024, Kenya’s President William Ruto sacked all the Cabinet Secretaries and Attorney General except Foreign Affairs Cabinet Secretary Musalia Mudavadi, who is also the only Prime Cabinet Secretary.
This move comes after weeks of Gen Z-led anti-tax protests, which left at least 39 protesters dead and many injured last month. Despite Ruto bowing down to pressure and dropping the finance bill, Kenyans continued to protest, demanding his resignation.
The president’s move to defuse pressure also comes after the tribeless and leaderless Kenyan demonstrators planned a fresh round of protests next week in response to the ongoing issue of police brutality, killings, and abductions of the vocal protesters.
“Upon reflection and listening keenly to what people of Kenya have said and after a holistic appraisal of the performance of my cabinet and its achievements and challenges, I have, in line with the powers given to me by Article 152(1) and 152(5)(b) of the Constitution and Section 12 of the Office of the Attorney-General Act, decided to dismiss with immediate effect all the Cabinet Secretaries and the Attorney-General from the Cabinet of the Republic of Kenya except the Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs,” Rutosaid.
Kenyans had been requesting the dismissal of cabinet secretaries, especially during the #EngageThePresident session on X (Twitter) Spaces on July 5, 2024, where Marvin Mabonganoted that many of them were incompetent. Even though Ruto’sadministration claims that foreign loan payments and government programmes will be negatively affected without the additional tax revenue, Kenyans are convinced that the government collects enough money but loses it to corrupt leaders who are usually not prosecuted.
Ruto had also promised to reduce government advisers by 50%, enforce the retirement of public servants at the age of 60, scrap the budget of first, second, and third ladies, and other ways to cut spending in a televised announcement last week.
According to Ruto, he will create a broad-based government and consult all sectors to help implement programmes aimed at solving the country’s pressing issues. He added that more measures would be announced later.
This is not the first time a Kenyan president has fired his entire cabinet secretaries. The late President Mwai Kibaki dismissed all the cabinet ministers after losing the 2005 Referendum to his cabinet minister Raila Odinga’s No Camp.
“Following the results of the referendum, it has become necessary for me, as the President of the Republic, to reorganize my government to make it more cohesive and better able to serve the people of Kenya… I have directed that the offices of all ministers and all assistant ministers become vacant. Consequently, the occupants of the said offices cease to hold their respective offices with immediate effect,” Kibaki said.
Article by Lena Ndolo
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12 July 12 2024Bangkok Newshttps://bangkokone.news/?p=202364 - Thailand’s latest visa promotion initiative set to commence on Monday.
Starting Monday, Thailand is set to expand its visa-related initiatives to bolster its tourism sector and encourage longer stays. In a recent statement by Interior Ministry spokeswoman Traisuree Taisaranakul, it was revealed that Interior Minister Anutin Charnvirakul has authorized the implementation of four new directives, pending their publication in the...
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Starting Monday, Thailand is set to expand its visa-related initiatives to bolster its tourism sector and encourage longer stays. In a recent statement by Interior Ministry spokeswoman Traisuree Taisaranakul, it was revealed that Interior Minister Anutin Charnvirakul has authorized the implementation of four new directives, pending their publication in the Royal Gazette.
These directives comprise the expansion of visa-free entry eligibility for foreigners from 57 to 93 countries, allowing stays of up to 60 days. Furthermore, the number of countries offering visas on arrival will increase to 31 from the current 19. A new visa service called Destination Thailand Visa will also be introduced, tailored for digital nomads, freelancers, and individuals interested in activities like cooking or Muay Thai. This five-year visa permits a stay of up to 180 days.
Moreover, students holding postgraduate visas will now have the option to stay in Thailand for an additional year post-graduation for job hunting or travel purposes, rather than being required to leave immediately.
These measures stem from a cabinet decision made in May to revitalize the economy and tourism sector. The announcement, originally slated for June, was postponed until the present time.
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12 July 12 2024Bangkok Newshttps://bangkokone.news/?p=202361 - CIMBT observes a sequence of policy rate reductions
CIMB Thai Bank (CIMBT) predicts that the Bank of Thailand may significantly decrease its policy rate by one percentage point from December 2024 to the following year, aligning with an anticipated decrease in the US policy rate. CIMBT’s chief economist, Amonthep Chawla, mentioned the expectation that the Monetary Policy Committee...
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CIMB Thai Bank (CIMBT) predicts that the Bank of Thailand may significantly decrease its policy rate by one percentage point from December 2024 to the following year, aligning with an anticipated decrease in the US policy rate. CIMBT’s chief economist, Amonthep Chawla, mentioned the expectation that the Monetary Policy Committee (MPC) could reduce the policy rate by 0.25 percentage points in December this year to 2.25%. This forecast is based on the inflation rate coming into the central bank’s target range of 1-3% in the second half of this year.
Amonthep also mentioned projections that the US Federal Reserve might lower its policy rate twice this year, in September and December, and make three additional decreases next year to address inflation and support economic growth.
Anticipating this trend, CIMBT expects the MPC to follow suit by reducing the policy rate three times in 2025, each time by 0.25 percentage points, leading to a policy rate of 1.5% by the end of the following year.
According to Amonthep, these rate cuts are expected to reduce financial expenses, stimulate investment, and bolster long-term economic growth in Thailand.
In the article, Amonthep highlighted Thailand’s GDP growth being below its potential rate of 3%, warning of stagnation if economic stimuli and reforms are not implemented. CIMBT is maintaining its forecast for Thai GDP growth in 2024 at 2.3%, with expectations to improve in the coming quarters and reach 3.2% in 2025.
The bank revised growth forecasts for public consumption, public investment, and private investment in light of anticipated improvements in the tourism sector driving economic growth in 2024 and 2025. However, external factors like geopolitical tensions, global elections, and US interest rates remain uncertainties that could impact Thailand’s economy next year.
Furthermore, challenges within Thailand’s manufacturing sector could pose long-term obstacles to economic expansion, as noted by Amonthep.
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10 July 10 2024Bangkok Newshttps://bangkokone.news/?p=202356 - Swing Kings golf center
Photos by Alexi Van Damme from AX Media Thailand Swing Kings Golf BKK, established in early 2019, is the premier boutique golf facility in the heart of Bangkok, Thailand. It was founded with a clear mission of providing top-tier golf instruction and training to enthusiasts in Bangkok. Swing Kings BKK...
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Photos by Alexi Van Damme from AX Media Thailand
Swing Kings Golf BKK, established in early 2019, is the premier boutique golf facility in the heart of Bangkok, Thailand. It was founded with a clear mission of providing top-tier golf instruction and training to enthusiasts in Bangkok.
Swing Kings BKK offers both in-person and online lessons, delivered by our Founder, Richard Spence. With an extensive background as the former Head of instruction at the David Leadbetter Academy in Bangkok, Richard brings over 20 years of experience in teaching players of all levels from across the globe.
Richard’s journey as a golf professional began at Seacroft Golf Club in England, a renowned championship links course established in 1895. Over his two-decade teaching career, he has amassed a wealth of teaching experience, honing his skills and expertise.
In 2011, Richard relocated to Bangkok, where he discovered the benefits of utilizing Trackman technology to enhance his students’ performance. He set a personal goal to become the first Trackman Master in Thailand, further enriching his ability to guide golfers in the ASEAN region.
Continuously seeking professional development, Richard has learned from leading coaches worldwide, gaining insights into swing mechanics, biomechanics, and utilizing advanced launch monitor data. These experiences have significantly influenced his teaching philosophy, shaping the way he imparts knowledge of this beautiful game.
The Swing Kings Golf center is located at Jasmine Tower on the 2nd floor.
For more information go to https://swingkingsgolfbkk.com or contact:
+66(0)836074393 or Swingkingsgolfbkk@gmail.com.
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10 July 10 2024Bangkok Newshttps://bangkokone.news/?p=202344 - Increase in Foreign Investments
The Stock Exchange of Thailand (SET) is observing an increase in foreign fund inflows into the Thai stock market in the latter part of 2024. This rise is supported by factors such as the expected US Federal Reserve interest rate reduction, the recovery of the Thai economy, and the strong...
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The Stock Exchange of Thailand (SET) is observing an increase in foreign fund inflows into the Thai stock market in the latter part of 2024. This rise is supported by factors such as the expected US Federal Reserve interest rate reduction, the recovery of the Thai economy, and the strong financial performance of listed companies.
Senior executive vice-president Soraphol Tulayasathien mentioned that emerging nations are displaying positive indicators of enhanced export production capabilities, signaling a global economic resurgence gaining traction.
Furthermore, several major central banks have cut their policy rates following a three-year period of monetary policy tightening, with global disinflation returning to its target path.
“Investors are exercising caution, awaiting further details on government economic stimulus measures and evaluating the effects of confidence-boosting measures introduced in late June,” stated Mr. Soraphol.
The SET index concluded June at 1,300.96 points, marking a 3.3% decrease from the prior month and an 8.1% decline from the close of 2023.
The average daily trading value amounted to 45.2 billion baht (US$1.24 billion), reflecting a 22.9% decline in the first half of this year compared to the same period in 2023. Foreign investors have sustained their prominent role in trading activities for 26 consecutive months, albeit with a net selling position of approximately 116 billion baht.
Nevertheless, the Thai capital market remains appealing to new listings, with six companies joining the SET and 11 debuting on the Market for Alternative Investment in the first half of 2024, collectively raising 15.6 billion baht.
“Market observers are eagerly anticipating the Fed’s anticipated rate reduction later this year, as historical data implies that such cuts typically benefit emerging markets,” Mr. Soraphol added.
Furthermore, Thailand’s macroeconomic metrics signify ongoing progress, with exports and tourism outperforming expectations.
“The favorable imports for private sector productivity alongside increased government expenditures on consumption and investment, post budget delays, project a strong economic outlook in the latter part of the year.”
At the start of this month, the uptick rule was implemented to decrease daily short-selling volumes and SET index volatility. Additionally, the lockup period for investing in the Thai ESG fund has been shortened, aligning it more closely with that of the previous tax-deductible long-term equity fund.
This alteration is forecasted to attract more domestic institutional investment, potentially bolstering the SET index in the future, he highlighted.
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10 July 10 2024Bangkok Newshttps://bangkokone.news/?p=202340 - Call for Government to Establish Cannabis Impact Panel
Cannabis advocates are urging the government to establish a committee to analyze the impacts of the plant before moving forward with its reclassification as a narcotic substance. Prasitchai Nunual, the secretary-general of the Writing Thai Cannabis’ Future group, organized a demonstration near Government House and emphasized the importance of studying...
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Cannabis advocates are urging the government to establish a committee to analyze the impacts of the plant before moving forward with its reclassification as a narcotic substance.
Prasitchai Nunual, the secretary-general of the Writing Thai Cannabis’ Future group, organized a demonstration near Government House and emphasized the importance of studying cannabis’s effects on physical health, mental health, society, and comparing its therapeutic benefits to tobacco and alcohol.
He proposed that if the study reveals that cannabis’s impacts are no more severe than those of tobacco and alcohol, a dedicated law should be enacted to regulate its usage. Conversely, if the findings suggest otherwise, strict control measures should be enforced on the plant.
Prasitchai emphasized the need for a comprehensive study on the matter to present factual information transparently to the public.
He also raised concerns that the recent shift in cannabis policy might be influenced by certain government entities aiming to safeguard the interests of prominent stakeholders who could profit from reclassifying cannabis as a narcotic under the guise of public welfare.
Recently, the committee under the Public Health Ministry supporting drug regulations backed the reclassification of cannabis and hemp as narcotics, except for certain parts like branches, leaves, roots, and seeds. Cannabis buds and materials containing more than 0.2% tetrahydrocannabinol (THC) are set to be criminalized once again.
During the protest, demonstrators also hinted at revealing potential connections between influential financial groups and politicians, particularly those within the ruling Pheu Thai Party leadership if necessary.
Furthermore, a community enterprise in Nakhon Ratchasima’s Phimai district is seeking government assistance for small-scale cannabis businesses impacted by the administration’s failure to promote it as a viable cash crop.
Thongchai Posawang, leading the community enterprise involved in medical cannabis cultivation, expressed concerns over the high costs associated with growing cannabis for medical purposes and the lower-than-expected returns. The group has faced significant losses and is uncertain about regaining their investments.
Thongchai highlighted the community’s worries about the future of cannabis farming and questioned if farmers would still be permitted to cultivate the plant for medical use and exploration.
Established in 2020, the community enterprise attracted over 230 farmers to join its efforts.
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9 July 09 2024Bangkok Newshttps://bangkokone.news/?p=202336 - Developer from Hong Kong looking to explore opportunities
Hong Kong-based property developer, New World Development (NWD) Co, has expressed interest in exploring investments in various sectors within Thailand, including digital finance, biotechnology, and the Land Bridge megaproject worth 1 trillion baht. During a meeting at the Government House, Prime Minister Srettha Thavisin and Adrian Chang, NWD’s executive vice-chairman...
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Hong Kong-based property developer, New World Development (NWD) Co, has expressed interest in exploring investments in various sectors within Thailand, including digital finance, biotechnology, and the Land Bridge megaproject worth 1 trillion baht.
During a meeting at the Government House, Prime Minister Srettha Thavisin and Adrian Chang, NWD’s executive vice-chairman and CEO, discussed potential business opportunities. Mr. Srettha highlighted the significance of the meeting as an initial step towards enhancing future collaboration. He welcomed NWD’s recognition of Thailand’s investment potential and assured support from the government to facilitate their investment endeavors.
The topics deliberated during the meeting, particularly concerning investment, arts, culture, and tourism, will be further reviewed by the government. Mr. Srettha emphasized the government’s aim to make 2025 a monumental year for tourism by organizing various cultural events, concerts, festivals, and an international motor racing series throughout the year.
Mr. Cheng from NWD expressed the company’s keen interest in investing across various sectors to build business partnerships in Asia. Recognizing Thailand’s potential in infrastructure, digital finance, and medical advancements, NWD aims to contribute to the country’s development initiatives.
The collaboration is expected to create opportunities for cooperation with other countries in the region. Government spokesman, Chai Wacharonke, highlighted NWD’s interest in investing in projects like the Land Bridge, digital finance, and medical development within Thailand. Additionally, NWD aims to supply products to biotechnology firms in Thailand, fostering medical tourism.
The government is eager to explore potential investment avenues with NWD, and detailed discussions will be held by the Board of Investment. Mr. Srettha also anticipates that the upcoming events in the following year will enhance the value of intellectual property assets in the region.
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9 July 09 2024Bangkok Newshttps://bangkokone.news/?p=202333 - Baht expected to strengthen to 36.1 against the US dollar.
The Thai baht is anticipated to strengthen further to reach 36.1 against the US dollar in the short term, following recent gains that led to a one-month high on Monday. Weaker than expected US economic indicators have prompted market speculation that the Federal Reserve may begin reducing US interest rates...
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The Thai baht is anticipated to strengthen further to reach 36.1 against the US dollar in the short term, following recent gains that led to a one-month high on Monday. Weaker than expected US economic indicators have prompted market speculation that the Federal Reserve may begin reducing US interest rates in September.
The Thai currency stood out among Asian currencies with a trading rate of 36.4 baht to the dollar on Monday morning, marking a 0.4% increase from Friday’s closing rate of 36.58. This surge was fueled by investors selling off dollars after reports of cooling US inflation from personal consumption expenditure (PCE) and core PCE data.
As the benchmark 10-year US Treasury yields declined alongside concerning job figures indicating a weakening US labor market, the likelihood of a Fed rate cut became stronger. With the US unemployment rate hitting 4.1%, the highest level in two and a half years, the path seems clearer for such a move, as explained by Kanjana Chockpisansin, head of research for the banking and financial sector at Kasikorn Research Center, in an interview with the Bangkok Post.
Market expectations have pushed the probability of a Federal Open Market Committee September rate cut to 77%, though certainty remains below 100%, she noted.
In the year-to-date performance, the baht has experienced a slight depreciation of over 6%. Key factors to watch include Fed Chair Jerome Powell’s Congress testimony scheduled for July 9-10, June’s US inflation projections, and the outcome of France’s election.
Kanjana suggested that if the baht surpasses the 36.4 mark against the dollar, it could potentially reach 36.1 in the near future. However, despite this, their forecast for the third-quarter value of the baht remains at 36-37 to the greenback.
Poon Panitpiboon, market strategist at Krungthai Bank (KTB), highlighted that domestic political factors continue to influence fund outflows, limiting the baht’s upward movement. Additionally, global gold prices and movements in China’s yuan play a role in influencing the baht, as indicated by KTB.
KTB projects the Thai currency to trade within the range of 36.4-36.55 against the dollar, while SCB Financial Markets estimates a range of 36.35-36.55.
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9 July 09 2024Bangkok Newshttps://bangkokone.news/?p=202329