Golden Week optimism buoys most Asian marketsRECAP: Stocks rose yesterday in most Asian markets on the last trading day of the quarter amid optimism over spending during China's Golden Week holiday and reports of a possible summit between US and Chinese leaders. The SET index moved in a range of 1,524.97 and 1,471.43 this week, and closed yesterday at 1,471.43, down 3.4% from the previous week, with daily turnover averaging 61.98 billion baht. Retail investors were net buyers of 6.84 billion baht, while foreign investors were net sellers of 4.1 billion, followed by brokers at 2.53 billion and institutions at 208.35 million baht. The Bank of Agriculture and Agricultural Cooperatives (BAAC) will be compensated for lost interest at 4.5% or 11 billion baht a year. The Tourism Authority of Thailand (TAT) expects 5 million Chinese tourists this year, generating revenue of 300 billion baht.

Coral reefs are under increasing threat from pollution and global warming, and creating artificial reefs as a habitat for marine life is one way to reverse the damage. (Photo: Department of Marine and Coastal Resources)The Department of Fisheries and PTT Exploration and Production Public Company Limited (PTTEP) have signed an agreement on developing artificial reefs from carbon dioxide-based mineral stones. The memorandum of understanding also aims at further studying production of the material using a similar process that helps combat global warming. The Department of Fisheries has been working on artificial reef production since 1978 in line with its interest in sustainable fishery management, said director-general Chalermchai Suwanrak. Mr Montri said the artificial reefs responded well to the company’s aim to reduce carbon emissions, as PTTEP is looking to achieve net zero emissions by 2050.

Rates pause appropriate for now - central bank chiefPeople buy vegetarian food at a fresh market in Yaowarat, Bangkok's Chinatown. On Wednesday, the central bank unexpectedly raised its key interest rate by a quarter point to 2.50%, the highest in a decade, saying growth and inflation would pick up next year. The BoT chief told reporters the policy objective was getting the landing right and the current rate was appropriate for the economy. The central bank on Wednesday predicted headline inflation at 1.6% this year and 2.6% next year, with core inflation seen at 1.4% and 2.0%, respectively. Despite cutting its 2023 economic growth forecast to 2.8% from 3.6% projected earlier, the central bank raised its 2024 growth outlook to 4.4% from 3.8%.

Mr Srettha's monthly as prime minister and finance minister amounts to 125,590 baht -- a 75,590-baht salary plus a 50,000-baht position allowance. Mr Chai said there will be a working team to select the foundations that will receive the prime minister's monthly donation. Mr Srettha will also try to meet charity foundations to listen to their problems and find ways of solving them, said the spokesman. Sarinee Achavanuntakul, an independent academic, said she wanted Mr Srettha to change his mind because accepting the salary meant he must devote himself to serving the public. Pichit Chuenban, an adviser to the prime minister, said that as the salary received was considered the premier's personal property, donating to charity and needy people is acceptable.

AoT allots B140bn for projectsAoT president Kerati KijmanawatAirports of Thailand (AoT) has set a budget of 140 billion baht for two airport construction projects, including the building of Andaman International Airport in Phangnga. "They aim at stimulating tourism, but one also encourages Phuket, Phangnga, Krabi, and Ranong to become hubs for air transportation," said Mr Kerati. The Andaman International Airport will be constructed on roughly 6,000 rai in Thakua Thung district's tambon Kok Kloi, which is a Ratchaphatsadu area owned by the Treasury Department. Mr Kerati said the AoT had conducted some research regarding the construction plan for the area. The AoT is expected to recruit a consultant for the project's research and development stage, at least by the end of this year, to conduct a study mainly on the project's investment, said Mr Kerati.

Rethink urged on proposed tax on overseas incomeMr Trawut recommends any tax on investment in foreign stocks be clearly defined to ensure fairness for all investors. The government is being recommended to review foreign income tax collection as a new tax will affect many retail investors who have invested overseas, says Jitta Wealth Asset Management. Jitta chief executive Trawut Luangsomboon said the Revenue Department should reconsider its plan to require those with income from abroad to include their assessed income in the calculation of personal income tax. "If the department collects tax on investments in foreign stocks, small investors would be affected more than wealthy investors," said Mr Trawut. He suggested the government also exempt capital gains tax for investments in foreign stocks, as such tax is now exempted for investing in local stocks.

Buy Sompo insurance and win bigSompo Insurance (Thailand) recently organised the "Tiew Laew Tiaw Eek Season 2" campaign to encourage Thais to travel. Sompo Insurance has a special promotion for purchasing Sompo TravelJoy online. The first winner will be announced on Nov 3 and the second on Jan 5, through the Sompo Thailand Facebook page at facebook.com/SompoThailand. The Pink Palace Experience. The Pink Palace Experience is one of The Cultural District's seven museums and is first and foremost a celebration of rose wine.

Value of country's digital industry up 14% to B2.6tn last yearThe value of Thailand's digital industry in 2022 reached 2.6 trillion baht, up 14% from 2021, according to a joint survey and assessment regarding the status of the country's digital industry in 2022 carried out by the Digital Economy Promotion Agency (Depa) and the IMC Institute. The country's digital industry includes five main sectors: software; hardware and smart devices; digital services; telecommunication; and digital content. It has been predicted that the value of the digital services industry will surge to 454 billion baht in 2025. This included imports valued at 438 billion baht, up 13% from 2021, and exports worth 993 billion baht, up 19.4% from 2021. The significant increase in income of the digital industry and related businesses is driven by the digital transformation process in Thailand.

(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.