Thailand needs tighter fiscal stance - central bankerPedestrians walk past shops in Bang Kapi district, Bangkok, on Aug 20, 2023. That is part of BoT Governor Sethaput Suthiwartnarueput’s wish-list as he seeks to mitigate the impact of tighter United States interest rates on Southeast Asia’s second-largest economy. The central bank’s word of caution against expansive fiscal policy comes after this week’s election of Mr Srettha as Thailand’s 30th prime minister. (Photo: Reuters)Thailand’s fiscal consolidation efforts are likely to be constrained by implementation of poll promises, Fitch Ratings had said last month. The BoT will only intervene to smooth out excess volatility in the currency, Mr Sethaput said, adding that the central bank does not have a pre-determined level for the baht.

When can we expect to see India Inc's moonshots? India became the first nation to successfully land a craft on the Moon's south pole. Since at least 1995, R&D expenditure has remained stuck at around 0.7% of gross domestic product, with less than two-fifths of it coming from the private sector. For the private sector to change, however, a lot will have to be set right first in the public sphere, starting with hopelessly underfunded university education. Like with everything in India, it's hard to say if the glass is half full or half empty.

In 'amicable' exchange of views, Prayut advises successor to be calm and patientPrime Minister Srettha Thavisin shakes hands with his predecessor, Gen Prayut Chan-o-cha, at Government House on Thursday. (Photo: Government House)Newly appointed Prime Minister Srettha Thavisin met with his predecessor Gen Prayut Chan-o-cha at Government House on Thursday to seek advice. Stay calm and be patient while running the country, Mr Srettha said after a 45-minute visit that he described as amicable. Newly appointed Prime Minister Srettha Thavisin arrives at Government House on Thursday. Gen Prayut placed more emphasis on stepping past conflicts and taking good care of the country, said Mr Srettha.

Internet startup VNG files to become first Vietnam tech firm to go public in USSignage outside VNG Corp's city campus in Ho Chi Minh City, Vietnam, on Sept 22, 2022. VNG will own 49% of VNG Corp, the Vietnamese operating company. Formerly known as Vinagame, VNG Corp had its start as a game publisher in 2004. "Little did we know how lucky we were when the Internet arrived in Vietnam in the middle of the 1990s. A listing by VNG would add momentum to an IPO market that has been warming in fits and starts.

Blockchain and technology analysts believe the Pheu Thai Party's digital wallet scheme could create a new digital payment infrastructure and stimulate the economy. The planned digital wallet scheme using blockchain was a party pledge during the campaign, aiming to stimulate growth. For those without access to the digital wallet app, they can use their national ID card to obtain a personal code in order to spend the digital money. Thanachart Numnonda, founder of IMC Institute, said there are many digital wallet apps, including the Paotang app, that have a large customer base, so there is no need to build a new digital wallet. The Pheu Thai digital wallet is a big project and rapid implementation as well as scaling up the project should be points of concern, said Mr Thanachart.

Chinese economic slowdown set to impact Thai tourismDuring the first half of 2023, only 1.4 million Chinese tourists visited Thailand, indicating a significant decline in numbers. (File photo)Thailand's tourism and exports of chemical products and plastic pellets are expected to decline because of the Chinese economic slowdown, according to the latest study by the Commerce Ministry's planning unit. Only 6.3% of Chinese real estate businesses met these criteria, making it nearly impossible for most businesses to borrow more money to operate. Given the immense size of the real estate sector, which contributes about 29% of China's GDP, its troubles have far-reaching consequences for the Chinese economy. Therefore, the Chinese economic situation has significant implications for Thailand's export sector, Mr Poonpong said.

PT to stick to digital wallet planSrettha Thavisin of the Pheu Thai Party announced the party’s 10,000-baht digital wallet policy at a campaign rally in April. (Photo: Pattarapong Chatpattarasill)Prime Minister Srettha Thavisin on Wednesday insisted the Pheu Thai-led government will press ahead with the party's 10,000 baht digital handout policy immediately after his cabinet is royally endorsed. He said he did not see any apps stating Pheu Thai will scrap the policy going viral on the internet. Many have cast doubt over the possibility of the new government implementing the Pheu Thai Party's 10,000-baht digital money handout policy, as well as other key policies promised in the run-up to the May 14 election. The bureau alone cannot presently give any assurances as the implementation of the flagship policy, he said.

“This success belongs to all of humanity.”The Chandrayaan-3 mission has captivated public attention since launching nearly six weeks ago in front of thousands of cheering spectators. The lander, Vikram, which means “valour” in Sanskrit, detached from its propulsion module last week and has been sending images of the Moon’s surface since entering lunar orbit on August 5. Back then, mission control lost contact with the Chandrayaan-2 lunar module moments before its slated landing. ‘Very, very important’Former ISRO chief K Sivan told AFP that India’s efforts to explore the relatively unmapped lunar south pole would make a “very, very important” contribution to scientific knowledge. Russia launched a lunar probe in August — its first in nearly half a century.

Srettha royally endorsed as new PMPrime Minister-elect Srettha Thavisin meets media members at the Pheu Thai Party headquarters on Tuesday night after parliamentarians voted him in as the new prime minister. "His Majesty has given royal assent for the 30th prime minister of Thailand," Kampee Ditthakorn told reporters. Mr Srettha is scheduled to receive the royal endorsement at the Pheu Thai Party headquarters at 6pm on Wednesday, Mr Kampee said. Almost all of the votes against Mr Srettha came from the Move Forward Party, which won the May 14 general election but could not get its leader, Pita Limjaroenrat, approved. I will do my best, forget tiredness in the past and improve the living conditions of all Thai people," Mr Srettha said on Tuesday.

Legal victories for injured protestersThanat: Hit by teargas canisterThe Royal Thai Police (RTP) was on Tuesday ordered to pay compensation to two anti-government protesters severely injured by police munitions used during protests in the capital in 2021. In the first case, the Criminal Court ordered the RTP to compensate Thanat "Luk Nut" Thanakitamnuay for injuries caused during an anti-government protest at Victory Monument on Aug 13, 2021. After the protest, he was sent to receive medical treatment at a hospital, but he lost the sight in his right eye. After the ruling, Mr Thanat posted the court order and screenshots of a chat message between him and his lawyers on his Facebook page. Mr Thanat wrote that he was "speechlessly glad" about the ruling, as he saw little hope during the court process.

Until just a few months ago, Mr Srettha was best known as the CEO of Sansiri Plc, one of the country’s biggest property developers. Mr Srettha attended Prasarnmit Demonstration School before leaving Thailand for high school in the United States. However, Mr Srettha was outspoken in his condemnation of the anti-government movement led by Suthep Thaugsuban and the People’s Democratic Reform Committee against the Yingluck government. Mr Srettha transferred his shares in a total of 13 companies to a number of other parties including his daughter. This has led to questions about to what extent Mr Srettha can be his own man, especially with the looming figure of Thaksin now back on the scene.

Mr Srettha needed a simple majority of 375 votes. Of the 482 votes for Mr Srettha, 330 came from MPs and 152 from senators. Srettha Thavisin, prime minister-electPheu Thai leader Cholnan Srikaew on Tuesday morning nominated Mr Srettha, a property tycoon, as the sole prime ministerial candidate and five hours of debate on Mr Srettha’s qualifications by MPs and senators followed. Both Mr Srettha and Sansiri have publicly addressed the accusations made by whistleblower Chuvit Kamolvisit, with Sansiri saying it followed all legal requirements. So, Mr Srettha is considered as being innocent and honest,” Dr Cholnan said.

Parliament resumes, Srettha nominated for PMMembers of the parliament attend the joint session to vote on a prime minister on Tuesday morning. Pheu Thai leader Cholnan Srikaew nominated Mr Srettha to the parliament at 10.57am. Then Parliament President Wan Muhamad Noor Matha asked the session if there were any other candidates for prime minister. Mr Wan declared Mr Srettha the sole candidate. Mr Srettha is the former chief executive of property developer Sansiri Plc.

Credit card rule change set to hit clientsMr Sarut says the credit card rate is scheduled to rise to 8% in 2024 before returning to the normal 10% in 2025. CardX, a credit card service provider under SCB X Group, expects that some customers may fail to comply with the Bank of Thailand’s regulation on minimum credit card payments scheduled for next year. The company has 2 million credit cardholders in total, of which 160,000 accounts, or 8%, repay debt at the minimum rate of 5%. “Some clients are unable to pay at the normal rate, so the company would help support them on debt restructuring. He said the central bank has set a specific timeline for the increase in its minimum payment rate for credit cards.

Stocks bounce despite China rate cut failing to ease worriesFed boss Jerome Powell's speech at Jackson Hole will be closely followed by investors. LONDON: European and US stocks rebounded on Monday but Asian markets ended mixed after a Chinese rate cut failed to reassure investors worried about the outlook for the world's number two economy. In afternoon trading, Paris stocks climbed 0.7%, Frankfurt rose 0.4% and London added less than one tenth of a%. "From recent commentaries, it appears that central bankers will keep the flexibility to hike rates further, while clearly avoiding committing to cut rates soon," said Redmond Wong at Saxo. The decision to lower the one-year loan prime rate (LPR), which serves as a benchmark for corporate loans, comes after a reduction in June and leaves it at a historic low.