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- SEC Makes Changes to Regulations Regarding Initial Coin Offering (ICO) Governance
The Securities and Exchange Commission (SEC) has implemented revisions to regulations governing Initial Coin Offerings (ICOs) in order to bolster investor confidence and guarantee the provision of essential information. These alterations come into effect as of April 16, 2024. The amendments concerning ICO governance and advertising are aimed at elevating...
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The Securities and Exchange Commission (SEC) has implemented revisions to regulations governing Initial Coin Offerings (ICOs) in order to bolster investor confidence and guarantee the provision of essential information. These alterations come into effect as of April 16, 2024.
The amendments concerning ICO governance and advertising are aimed at elevating trust in fundraising and investment via ICOs. They place emphasis on the establishment of mechanisms such as check and balance, token holder resolutions, and advertising compliance.
Previously, the SEC Board endorsed proposed regulations focusing on ICO governance to safeguard investor interests and enhance the awareness and accountability of ICO issuers towards project management for the benefit of token holders. Public feedback on these regulations, gathered during a February 2024 hearing, largely supported the principles and draft regulations outlined.
Key aspects of the amended regulations include requirements for a check and balance mechanism within ICOs to protect token holders’ rights, procedures for token holder resolutions, and guidelines for ICO advertising. Advertisements must adhere to stringent regulations, including refraining from inducing hasty investment decisions, providing adequate warnings on risks, and ensuring the accuracy and reliability of external information references.
Non-compliance with advertising standards may prompt the SEC to request the issuer to amend their content to ensure the delivery of accurate, comprehensive, and non-misleading information to investors. The updated regulations have been officially published in the Government Gazette and are effective from April 16, 2024.
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19 April 19 2024Bangkok Newshttps://bangkokone.news/?p=200981 - Imminent Signing of Last High-Speed Rail Contracts Expected
The State Railway of Thailand (SRT) anticipates the imminent signing of the final two construction contracts for the initial phase of the Thai-Chinese high-speed railway, as stated by Deputy Transport Minister Surapong Piyachote. With a total budget of 179.4 billion baht, the project spans 251 kilometers, connecting Bangkok to Nakhon...
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The State Railway of Thailand (SRT) anticipates the imminent signing of the final two construction contracts for the initial phase of the Thai-Chinese high-speed railway, as stated by Deputy Transport Minister Surapong Piyachote.
With a total budget of 179.4 billion baht, the project spans 251 kilometers, connecting Bangkok to Nakhon Ratchasima. The construction work is divided into 14 contracts, with only two contracts remaining to be finalized.
Contract No. 4-5 involves the 13.3-kilometer Ban Pho–Phra Kaeo section in Ayutthaya, with a budget of 9.9 billion baht. It will be signed following the completion of a heritage impact assessment (HIA) report for the proposed Ayutthaya station.
The Office of Natural Resources and Environmental Policy is expected to submit the HIA report to Unesco this month, with approval anticipated, given the close monitoring of the HIA process by the UN agency.
Regarding contract No. 4-1, it concerns a 15.2-kilometer section between Bang Sue and Don Muang in Bangkok. Originally designed to be linked to the high-speed railway connecting Don Mueang, Suvarnabhumi, and U-tapao airports, construction of this section has been delayed as Asia Era One Company, the CP Group-led consortium holding the concession, sought to renegotiate some contract terms.
Resolution of these issues is underway, and Board of Investment (BoI) approval is expected by May 22. If BoI approval is not granted for the project, alternative solutions will need to be explored, with one possibility being sole investment by the SRT in the Bang Sue-Don Muang section to prevent further delays in the high-speed rail line’s schedule.
Initially agreed upon by Thailand and China in 2015, the first-phase line has faced multiple delays and is now slated for completion in 2028. A final decision from the SRT on this matter is expected in the coming month, according to Mr. Surapong.
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19 April 19 2024Bangkok Newshttps://bangkokone.news/?p=200978 - Permanent Visa Waiver Granted to Kazakh Tourists
A government spokesperson announced on Thursday that the cabinet had officially endorsed the permanent exemption of visas for tourists from Kazakhstan. Kazakhstan stands out as one of the rapidly growing markets for Thailand’s tourism industry, playing a pivotal role in the nation’s economic advancement. According to data from the Tourism...
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A government spokesperson announced on Thursday that the cabinet had officially endorsed the permanent exemption of visas for tourists from Kazakhstan.
Kazakhstan stands out as one of the rapidly growing markets for Thailand’s tourism industry, playing a pivotal role in the nation’s economic advancement.
According to data from the Tourism Authority of Thailand, the number of Kazakh visitors to Thailand surged to 172,000 last year from 60,000 the previous year. Most Kazakh tourists in Thailand are families and couples.
Their average stay duration is around 14 days, primarily in beach resorts, with an estimated expenditure of about 75,000 baht per person. The TAT projects that Thailand will receive over 220,000 Kazakh tourists this year.
In response to the heightened travel demand, the Kazakh airline, Air Astana, has been increasing its flights to Thailand.
Last September, the government initiated a visa exemption for Kazakh passport holders as a trial run, and in February, it extended this policy until August 31.
Since 2019, Thai passport holders have enjoyed visa exemption privileges in Kazakhstan, permitting them to stay for up to 30 days.
On March 1, a permanent visa waiver for Chinese visitors was implemented, reciprocated by China for Thai visitors under a bilateral agreement.
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19 April 19 2024Bangkok Newshttps://bangkokone.news/?p=200975 - Suriya Pledges Fixed 20-Baht Fare for Public Transportation Next Year
Transport Minister Suriya Jungrungreangkit is advocating for the implementation of a flat fare of 20 baht across all electric train lines by September 2025, facilitated by a unified ticketing system. This announcement was made on Thursday following an interview with Move Forward Party MP Surachet Pravinvongvuth, who criticized Suriya’s lack...
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Transport Minister Suriya Jungrungreangkit is advocating for the implementation of a flat fare of 20 baht across all electric train lines by September 2025, facilitated by a unified ticketing system.
This announcement was made on Thursday following an interview with Move Forward Party MP Surachet Pravinvongvuth, who criticized Suriya’s lack of accomplishments during his tenure, particularly the absence of the promised 20-baht fare.
Currently, the 20-baht fare is only applicable to the Red and Purple lines.
Suriya reiterated his commitment to ensuring that all mass rapid transit services will charge a maximum of 20 baht per trip by September 25, 2025. He stated, “I will demonstrate to you [Mr. Surachet] that I can achieve this.”
The ministry is currently drafting legislation for a unified ticketing system management law. Previous governments have attempted to encourage transit operators to adopt a unified system for public convenience without success over the past 15 years.
The proposed law aims to enable passengers to utilize any mode of public transport with a single ticket, thereby capping electric train fares at 20 baht.
Fares on the MRT and BTS systems currently vary based on distance, ranging from 17 to 43 baht and 15 to 62 baht respectively.
The ministry plans to establish a fund to reimburse business operators for the expenses incurred in implementing the 20-baht fare. The total cost of these subsidies is yet to be determined and will be presented to the cabinet for approval.
Suriya expressed his openness to criticism but rejected Surachet’s insults, emphasizing the importance of the 20-baht fare in alleviating financial burdens on commuters. He believes that the flat-rate fare will encourage greater use of trains, ultimately aiding in the reduction of air pollution.
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19 April 19 2024Bangkok Newshttps://bangkokone.news/?p=200972 - Trucks Stuck on Agriculture Crossroads Bridge on Phahonyothin
This incident has sparked significant discussion and criticism among online communities and road users. When the “1197 Traffic Hotline” page posted a photo of two trucks stranded on a bridge, blocking all lanes, accompanied by a message stating. At 11:52 a.m. on Phahonyothin Road, outbound direction, on the “Agriculture Crossroads...
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This incident has sparked significant discussion and criticism among online communities and road users. When the “1197 Traffic Hotline” page posted a photo of two trucks stranded on a bridge, blocking all lanes, accompanied by a message stating.
At 11:52 a.m. on Phahonyothin Road, outbound direction, on the “Agriculture Crossroads Bridge,” a truck was reported to be stranded, while another truck parked to assist, obstructing traffic in all lanes. Traffic congestion accumulated at the end of the queue near the “Ratchayothin Intersection.”
Subsequently, at 12:06 p.m., the page reported progress, stating that the truck on the “Agriculture Crossroads Bridge” had been successfully moved, alleviating traffic congestion at the end of the queue, near the “Narcotics Suppression Bureau.”
Meanwhile, online commentators questioned why a convoy of trucks appeared to leave construction sites simultaneously every day and cross the bridge, causing inconvenience. However, such behavior is deemed unforgivable by many, especially considering the recent soil erosion incident and the disregard for no-entry signs in that area
Photo credit goes to Khaosod TH
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18 April 18 2024Bangkok Newshttps://bangkokone.news/?p=200960 - Head of Labor Reveals Causes of Ammonia Leak at Ice Factory
Mr. Phairoj Chotigasetthi, the Labor Ministry’s Secretary, revealed the incident of an explosion inside an ice factory in Bang Lamung District, Chonburi Province, on April 17, which resulted in many injuries and an ammonia leak with a radius of 1 kilometer, prompting the evacuation of nearby residents in Bang Lamung...
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Mr. Phairoj Chotigasetthi, the Labor Ministry’s Secretary, revealed the incident of an explosion inside an ice factory in Bang Lamung District, Chonburi Province, on April 17, which resulted in many injuries and an ammonia leak with a radius of 1 kilometer, prompting the evacuation of nearby residents in Bang Lamung District. According to reports from the Chonburi Provincial Office of Labor Protection and Welfare, a chemical leak occurred on April 17 at 11:30 p.m. at the Bang Lamung Ice Factory, located at 54 Moo 12, Nong Pru Sub-district, Bang Lamung District, Chonburi Province. The factory, managed by Ms. Phasuk Pathansin, produces ice.
The Chief of the Chonburi Provincial Office of Labor Protection and Welfare, Mr. Prasit Patankaroro, along with labor inspection officers, investigated the incident and confirmed that there were a total of 170 employees at the factory, with 10 employees working at the time of the incident. … The incident was caused by an ammonia leak from the cooling system tank, which is currently being inspected for leakage points. Production at the affected area has been suspended, and ice is being sourced from other branches for normal distribution.
Mr. Phairoj stated that two employees are still receiving treatment and are expected to be discharged from the hospital today. Additionally, local residents in the vicinity have been affected, resulting in approximately 111 injuries, mostly respiratory irritation.
The situation is now under control, with a slight lingering smell of ammonia. The factory is spraying water intermittently to dilute the ammonia into the drainage system as much as possible. They have also confirmed that they will continue to take care of those affected by the incident.
Mr. Phairoj further stated that, based on this case, there are two relevant laws: 1) the Occupational Safety, Health, and Environment Act of 2011, and 2) the Ministerial Regulation on Standards for the Management, Operation, and Enforcement of Occupational Safety, Health, and Environmental Conditions Concerning Hazardous Chemicals of 2013.
“However, the Chonburi Provincial Office of Labor Protection and Welfare has already informed the employer and ensured that they understand the procedures well. They have also sent a letter inviting the employer to meet with labor inspection officers to provide accurate information on April 30 for further legal proceedings,” Mr. Phairoj said
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18 April 18 2024Bangkok Newshttps://bangkokone.news/?p=200957 - Key Creditors Back Italian-Thai Development
Major creditors have agreed to inject new funds into financially troubled Italian-Thai Development (ITD) Plc to bolster the company’s operations, without necessitating a rehabilitation plan. Chartsiri Sophonpanich, the president of Bangkok Bank (BBL) and a significant creditor of ITD, underscored the firm’s robust long-term prospects despite facing short-term liquidity constraints....
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Major creditors have agreed to inject new funds into financially troubled Italian-Thai Development (ITD) Plc to bolster the company’s operations, without necessitating a rehabilitation plan.
Chartsiri Sophonpanich, the president of Bangkok Bank (BBL) and a significant creditor of ITD, underscored the firm’s robust long-term prospects despite facing short-term liquidity constraints.
BBL, along with other major creditors, is poised to provide financial support to ITD, he stated.
“BBL is committed to assisting the customer by offering additional liquidity, working capital, and aiding in debt restructuring. Furthermore, every major creditor has supported ITD in its efforts to restructure debt, obviating the need for ITD to prepare any rehabilitation plans,” Mr. Chartsiri remarked following a recent bank shareholders’ meeting.
While BBL, the largest lender in the country by total assets and a principal creditor of ITD, did not disclose the precise amount of loans extended to the financially strapped contractor, it refrained from identifying its largest lender among the major creditors.
Apart from BBL, significant creditors of ITD include Kasikornbank, Krungthai Bank, and Siam Commercial Bank.
Last week, ITD notified the Stock Exchange of Thailand (SET) that it had been in discussions with major creditors to secure both short-term and long-term financial support to address its liquidity challenges.
Partial support has been garnered, with anticipation of finalizing loan agreements to sustain the company’s operations seamlessly.
Furthermore, creditors have initially agreed to waive ITD’s debt-to-equity ratio requirements due to the company’s inability to uphold the financial ratio condition.
Nevertheless, ITD is enacting changes to its operational and control systems to trim expenses and boost performance, ensuring its competitiveness and profitability.
Regarding the Dawei Special Economic Zone (DSEZ) full-phase investment project in Myanmar, ITD assured all stakeholders, in accordance with its statement to the SET, that its reimbursement rights for previous investments remain safeguarded under the Tripartite Memorandum.
Addressing the situation in Myanmar, Mr. Chartsiri affirmed that operations at BBL’s Yangon branch continue normally despite ongoing civil unrest, with contingency plans in place to ensure service continuity.
BBL’s Yangon branch exclusively serves corporate clients, including local, Thai, and international companies.
Mr. Chartsiri remarked that large Thai corporate entities still exhibit a positive trajectory in regional business expansion, aligning with the growth potential of ASEAN.
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18 April 18 2024Bangkok Newshttps://bangkokone.news/?p=200954 - Thailand Enhances EV Support Initiative to Foster Battery Innovation
Thailand’s National Electric Vehicle Policy Committee has recently endorsed new measures aimed at accelerating the adoption of electric buses, trucks, and the establishment of battery facilities. These measures, approved by Thailand’s EV Board, are geared towards positioning the country as a regional hub for electric vehicles (EVs) while aligning with...
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Thailand’s National Electric Vehicle Policy Committee has recently endorsed new measures aimed at accelerating the adoption of electric buses, trucks, and the establishment of battery facilities.
These measures, approved by Thailand’s EV Board, are geared towards positioning the country as a regional hub for electric vehicles (EVs) while aligning with its carbon neutrality objectives. Among the initiatives is a provision allowing companies to deduct expenses incurred from purchasing electric buses and trucks from their corporate income tax, incentivizing the shift from traditional fossil fuel vehicles to EVs.
Furthermore, the EV Board has greenlit measures to stimulate investment in battery cell manufacturing and energy storage systems, with the intention of attracting prominent battery manufacturers to invest in Thailand. These actions are integral to Thailand’s ambition of becoming a significant player in the EV sector regionally and fulfilling its sustainability goals.
The approved measures encompass subsidies for EV production and tax benefits for companies investing in electric buses and trucks. Additionally, the government has paved the way for investment in battery cell production and energy storage systems by extending support through the Competitiveness Enhancement Fund, aiming to entice leading battery manufacturers to establish their presence in Thailand.
These endeavors are anticipated to expedite the transition from conventional vehicles to electric ones, showcasing remarkable growth in Thailand’s EV market. The initiatives also extend to offering financial assistance and benefits through the BOI’s Competitive Enhancement Fund, with specific eligibility criteria targeting leading battery manufacturers intending to produce cells for EVs and energy storage systems.
The EV Board’s endorsement of measures to attract investment in battery cell production underscores Thailand’s commitment to becoming a pivotal player in the global EV landscape and fostering sustainable mobility solutions. It highlights the increasing significance of energy storage systems in supporting the widespread adoption of EVs and renewable energy sources, underscoring Thailand’s dedication to creating an enabling environment for investments in the EV and energy storage sectors.
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18 April 18 2024Bangkok Newshttps://bangkokone.news/?p=200951 - Aviation Authorities Anticipate Passenger Numbers to Rebound by 2025
Aviation authorities foresee a resurgence in Thailand’s passenger numbers by next year, despite lingering economic uncertainties and sluggish recovery in certain supply chains. Yongyut Lujintanon, the area manager for Thailand, Laos, Cambodia, and Myanmar at the International Air Transport Association (IATA), highlighted several factors influencing this outlook, even as the...
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Aviation authorities foresee a resurgence in Thailand’s passenger numbers by next year, despite lingering economic uncertainties and sluggish recovery in certain supply chains. Yongyut Lujintanon, the area manager for Thailand, Laos, Cambodia, and Myanmar at the International Air Transport Association (IATA), highlighted several factors influencing this outlook, even as the Tourism Authority of Thailand aims for nearly 40 million arrivals this year.
The Civil Aviation Authority of Thailand (CAAT) reported an increase in slot requests, indicating a growing interest in air travel. However, Mr. Yongyut emphasized challenges such as geopolitical tensions, rising expenses—particularly fuel costs, which have surged 3-5 times above pre-pandemic levels—and supply chain issues like fleet resumption and infrastructure limitations.
Thailand ranked fourth in traffic recovery in Southeast Asia in 2023, trailing behind the Philippines, Singapore, and Vietnam, with Vietnam being the only country to surpass 2019 traffic levels. While the Asia-Pacific region’s revenue passenger kilometers rebounded to 93% of 2019 levels by January 2024, it still lags behind the global average, which has fully recovered.
IATA predicts that international passenger numbers will match 2019 levels next year, with varying speeds of border reopening across different markets, notably China.
CAAT’s deputy director-general, Sarun Benjanirat, forecasts a full recovery in Thailand’s passenger numbers by the end of this year at the earliest, with the base-case scenario targeting full recovery by 2025, aligning with IATA’s projection. He emphasizes the importance of airlines increasing their fleets to boost seat capacity, which would lead to lower airfares and stimulate travel demand.
The resumption of major markets like China, which accounted for over a quarter of total international passengers in 2019, remains critical. In 2023, Thailand handled 121 million passengers, 74% of the 2019 level, with a significant portion on domestic flights. Thai Airways and Thai AirAsia were the leading carriers for international flights, while Thai AirAsia dominated the domestic market.
Following inspections of provincial airports under the “Air-mazing Thailand” project, international carriers have expressed interest in slots at airports in Udon Thani and Surat Thani. Surat Thani, in particular, offers the capacity to accommodate large aircraft and could serve as an alternative to Samui Airport.
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18 April 18 2024Aviationhttps://bangkokone.news/?p=200948 - 206 Road deaths reported during Songkran
During the initial five days of the Songkran road safety campaign week, statistics released on Tuesday revealed that there were 206 fatalities and 1,593 injuries resulting from traffic accidents. Between April 11 and April 15, there were 1,564 reported traffic accidents, marking a 10.4% decrease from the previous year’s figure...
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During the initial five days of the Songkran road safety campaign week, statistics released on Tuesday revealed that there were 206 fatalities and 1,593 injuries resulting from traffic accidents.
Between April 11 and April 15, there were 1,564 reported traffic accidents, marking a 10.4% decrease from the previous year’s figure of 1,745 over the same five-day period. Although there was an increase in the number of deaths from 200 to 206 compared to last year, injuries decreased by 8.3% from 1,737 to 1,593.
Out of 77 provinces, 17 remained free of fatal traffic accidents as of the latest data, as stated by Public Health Minister Cholnan Srikaew.
Chiang Rai, the northernmost province, recorded the highest number of traffic accidents with 61, while Nan, also in the North, had the highest count of injured individuals at 60. Both Bangkok and Chiang Rai reported the highest fatality figures, with 13 deaths each.
On Monday alone, there were 301 traffic accidents resulting in 39 fatalities and 314 injuries, according to the health minister. Speeding was identified as the primary cause in 43.2% of accidents, followed by drink-driving (23.9%) and cutting-in (15.3%). Motorcycles were involved in 83.8% of all accidents.
Chaiwat Chuntirapong, director-general of the Department of Disaster Prevention and Mitigation, cautioned that traffic congestion was notable on roads leading to Bangkok on Tuesday, emphasizing the importance of ensuring drivers are in a suitable condition to operate vehicles.
Ruangsak Suwaree, director-general of the Probation Department, reported 4,132 traffic violations between April 11 and 15, with 96% attributed to drink-driving. Bangkok recorded the highest number of drink-driving cases at 446, followed by Nonthaburi with 238 and Samut Prakan with 214 incidents.
Thailand’s roads have garnered a grim reputation, ranking as the deadliest in Southeast Asia, with the ninth-highest rate of road fatalities globally at 32.7 per 100,000 people each year, as per a 2018 World Health Organization (WHO) report. Approximately 20,000 individuals, translating to an average of 56 deaths per day, succumb to traffic accidents annually.
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17 April 17 2024Bangkok Newshttps://bangkokone.news/?p=200945