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Economy

Thailand’s August exports fall further than expected

The Thaiger

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Thailand’s August exports fall further than expected | The Thaiger

Some more lumpy economic news for Thialand as the focus is on the monthly customs clearances to provide a compass for the country’s economy.

Customs-cleared exports dropped in August 4% compared to the same month a year earlier. Exports unexpectedly rose in July, according to the commerce ministry today.

The decline in August has shown itself to be greater than a Reuters poll forecast of a 2% fall in exports and shipments, the main driver of the Thai economy, and this compared with an increase of 4.28% in July.

Back in May, when there was a plunge of 5.8% in the exports, the Ministry said…

“The Commerce Ministry says in their report today that the contraction is mostly influenced by global factors including ongoing trade tensions between US and China and tighter global financial conditions, and specific factors of each country and region, political uncertainty in the EU and the unresolved Brexit in the UK.”

We guess their response on the August figures will be much the same. Read that story HERE.

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Economy

Opposition hits out at government’s military spending in 2020 budget

May Taylor

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Opposition hits out at government’s military spending in 2020 budget | The Thaiger

PHOTO: Reuters | The Business Times

The opposition is accusing the government of being more concerned with military arms than the daily struggles of Thai citizens. During a debate in Parliament on the budget bill, the government was accused of caring more about the growth in military spending than citizens’ financial woes.

The opposition levied the attack after PM General Prayut Chan-o-cha delivered the 3.2 trillion baht bill to the House of Representatives. The debate on the 2020 budget is expected to continue for two more days and if approved by Parliament, the bill will come into force early next year.

The PM says the budget aligns with the “20 year strategy” to improve the living standards of the nation’s citizens while growing the economy, but opponents accuse him of making defence spending a priority.

The leader of the opposition, Sompong Amornvivat, claims that in the five years the PM has been in power, total spending has hit 14.3 trillion baht, with loans of 2.2 trillion baht, without any significant growth in the economy. He accuses the government of spending more than 6 billion baht on defence, with the Interior Ministry getting 25 billion baht more than last year.

It’s also understood that the government has also put 518.8 billion baht aside, which it can spend as it wishes, without the consent of Parliament.

The government’s tourism stimulus plan, whereby domestic tourists would be given cash incentives, also came under fire as Sompong declared it a waste of money that would do nothing to boost productivity.

The subject of the PM’s oath-taking fiasco reared its head again, as the leader of the Seree Ruam Thai Party, Pol General Sereepisut Temiyavej declared the PM and his government unfit to rule or propose a budget bill as a result of it.

Anudit Nakorntab from the Pheu Thai party said the government should postpone unnecessary spending on military arms while the country’s citizens battle economic hardship, accusing the previous junta-led administration of also prioritising the military in its spending.

SOURCE: The Nation

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Economy

Local investor sentiment dampened by Brexit woes and slump in Chinese economy

The Thaiger

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Local investor sentiment dampened by Brexit woes and slump in Chinese economy | The Thaiger

The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades.

The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would avoid Britain leaving the EU without a divorce deal – a move many warn would be economically catastrophic. But the brief celebrations were soon tempered by the realisation that the British PM faces an uphill task in getting the deal past lawmakers, with opposition MPs and even some in his own Conservative party saying they won’t pass it.

Most importantly, Northern Ireland’s Democratic Unionist Party (DUP), which props up Johnson’s government, said it was “unable to support these proposals”.

Forex traders sold sterling, pushing it back down below $1.29, and it extended losses in Asia. Focus is now on a crucial vote in London on the deal scheduled for tomorrow (Saturday).

“Much will depend on the PM’s ability to get some if not all DUP and (Scottish National Party) MPs onside, in addition to also getting the backing from the 21 ex-Conservative MPs he expelled from the party last month,” said National Australia Bank’s Rodrigo Catril.

“Rejection of the deal might well see more political brinkmanship around a ‘no-deal’ Brexit, but the most likely scenario would be yet another extension of the 31 October Brexit date.”

Jeffrey Halley, senior market analyst at OANDA, said whichever way the vote goes, “traders should prepare themselves for some severe volatility on Monday morning, with multiple big-figure moves a strong possibility”.

China growth slows again

Asian equity markets, meanwhile, were mostly lower after China said its economy expanded 6% in the third quarter, the slowest pace in 27 years, as leaders struggle to address weak domestic demand and the long-running US trade war.

The reading was a drop from the previous three months but in line with an AFP forecast and the government’s 6-6.5% target for the year.

While the National Bureau of Statistics said the economy “maintained overall stability”, it added that it “is under mounting downward pressure” from weakness at home and abroad.

Shanghai ended down 1.3% with Stephen Innes at AxiTrader saying traders were concerned the figures were not weak enough to prompt the Chinese central bank to embark on a big stimulus drive.

“With the People’s Bank of China, who arguably have plenty of policy ammunition to right the ship, probably unwilling to turn on the monetary taps, investors are taking risk off the table,” he said in a note.

Hong Kong was off 0.5% amid concern over the possibility of more violent protests over the weekend, while Sydney closed down 0.5 percent and Singapore eased 0.4%.

Seoul shed 0.8% and Wellington lost 0.7%, with Taipei and Manila also lower. But Tokyo closed 0.2 higher at a 10-month high, while Mumbai and Jakarta also edged up.

Hopes for the China-US trade talks were given a lift after Beijing’s commerce ministry said negotiators have “accelerated efforts” to hammer out details of last Friday’s mini-deal and were holding talks on moving on to the next phase of a wider agreement.

Donald Trump said Wednesday he hopes to sign the deal with President Xi Jinping at the APEC summit in Chile next month.

And the Turkish lira jumped more than 1% after Ankara said it would pause military operations in northern Syria for five days and US Vice President Mike Pence said Washington would not impose any fresh sanctions.

Key markets today…

Pound/dollar: DOWN at $1.2857 from $1.2891 at 2050 GMT

Euro/pound: UP at 86.48 pence from 86.31 pence

Euro/dollar: UP at $1.1122 from $1.1127

Dollar/yen: UP at 108.63 yen from 108.62 yen

London – FTSE 100: DOWN 0.4% at 7,152.55

Tokyo – Nikkei 225: UP 0.2% at 22,492.68 (close)

Hong Kong – Hang Seng: DOWN 0.5% at 26,719.58 (close)

Shanghai – Composite: DOWN 1.3% at 2,938.14 (close)

West Texas Intermediate: UP four cents at $53.97 per barrel

Brent North Sea crude: DOWN 22 cents at $59.69 per barrel

New York – Dow: UP 0.1% at 27,025.88 (close)

SOURCE: Agence France-Presse

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Economy

Study shows most Thai people live hand to mouth

May Taylor

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Study shows most Thai people live hand to mouth | The Thaiger

PHOTO: eTamping

Nearly half of Thailand’s citizens aged 18-65 are spending everything they earn on monthly bills and living expenses, leaving them with nothing to put aside as savings. A study carried out by GoBear, an international financial comparison site, reveals that the highest percentage of people living paycheck to paycheck (53%) are those in the 36-45 age group.

51% of both the 26-35 and 56-65 age groups say they too only earn enough money to cover bills and living costs. Thai Residents reports that many Thai citizens want to retire by the age of 53, but the latest findings show that most would not have the means to do so.

Benjarong Suvarnkiri from digital banking channel ME by TMB says Thai people face a funds shortage each month, meaning they regularly have to move money back and forth in order to meet their financial commitments.

The number of people dealing with recurring money problems is higher in Thailand than almost every other country in Southeast Asia, including Indonesia, despite the fact that Thais typically earn more than those in countries like Indonesia.

The GoBear findings also reveal that 15% of Thai people have no savings to tide them over in the case of unemployment and have no retirement fund, despite most saying they want to retire at the age of 53.

This age is lower than the preferred retirement age of citizens in other Asian countries such as Hong Kong, the Philippines and Indonesia, with Thai Residents also reporting that Thai people generally start saving or investing much later than those in other countries.

SOURCE: Thai Residents

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