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Former finance minister says government shouldn’t bail out Thai Airways

Tanutam Thawan

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Former finance minister says government shouldn’t bail out Thai Airways | The Thaiger

Former Thai Finance Minister and current Democrat list MP Korn Chatikavanich is voicing his concerns over the financial crisis gripping Thai Airways and objects to any plan to use taxpayer money to rescue the ailing legacy airline.

Korn says Thai Airways’ financial current troubles are similar to the situation in 2008, when the company struggled to find money to repay its debts.

He says he agrees with Banyong Pongpanich, a veteran investment banker, that the national carrier must cut costs.

Korn, when acting as Finance Minister a decade ago and asked by Thai Airways to help bail them out, said at the time he would not guarantee new loans, that the company must have a rehabilitation plan and that they must cut costs.

The Democrat MP said the government at the time brought in a new management team and professional board members to Thai Airways and the airline made profits in 2009 and 2010, but the airline went back into the red a year later and has remained in debt ever since.

He noted in a Thai PBS World article that tourist arrivals in Thailand have increased every year and other local airlines have made profits, except Thai Airways.

Former finance minister says government shouldn't bail out Thai Airways | News by The Thaiger

Democrat MP Korn Chatikavanich – Facebook

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Business

Phuket social enterprise shop takes the first steps

The Thaiger & The Nation

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Phuket social enterprise shop takes the first steps | The Thaiger

PHOTOS: stepswiththeera.com

A Bangkok-based social enterprise has made its debut in Phuket as it opened a new zero-waste shop, cafe and vocational training centre in Cherng Talay.

The shop is run by Steps With Theera and provides a range of plastic substitutes including bamboo straw sets, bamboo toothbrushes and SuperBee wax wraps, alongside a refill station with beauty products from HUG and cleaning products from Conscious Living and Pungungreen.

Steps with Theera runs vocational training centres for young people and adults with learning differences. Alongside the training centres, it runs businesses for trainees to get hands-on work experience.

“We’re very excited to announce that Steps with Theera is expanding! We’ve now made our way down to Phuket. I’m Stacey, and I have been lucky enough to join the team and head up the Phuket branch. I am very excited to be a part of this great new adventure.”

Max Simpson, one of the Steps founders, the shop will give trainees the chance to learn some key skills, stock taking and running workshops.

“Our mission is about providing opportunities for people with learning differences to demonstrate their capabilities, and how they can add value to all types of workplace. Zero-waste seemed the natural choice for us, since we take our environmental responsibilities very seriously and have pledged to go plastic-free in all our cafes by the end of October 2019.“

The shop opened to the public back on September 9. The vocational centre is already running and taking on trainees, with the cafe due to open later this year.

“Our zero waste shop will be open from early September so please do come by. We are collecting secondhand furniture and workman’s tools that need a second chance at life so that we can complete the set-up of the zero waste shop – donations are welcome!”

SOURCE: stepswiththeera.com | The Nation

Phuket social enterprise shop takes the first steps | News by The Thaiger Phuket social enterprise shop takes the first steps | News by The Thaiger

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No impact on PTT’s imports from Saudi oil refinery attack: Thai minister

The Thaiger & The Nation

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No impact on PTT’s imports from Saudi oil refinery attack: Thai minister | The Thaiger

Thai energy minister Sontirat Sontijirawong claims that last Saturday’s attacks on two major oil-processing facilities run by the Saudi-owned company Aramco will not affect oil imports of the Thai petro-chemical giant PTT group.

He added that he had learnt from Aramco and related parties that the situation there was under control and the damage was being assessed. The incident would not affect the oil depots, which supply crude oil to Thailand’s oil and gas conglomerate PTT, according to the minister.

He says the ministry is keeping itself abreast of the situation and has already devised a “back-up plan”. He assured that the country had sufficient supply for the short-term if the attack led to severe impact on Saudi Arabia’s oil exports. He added that the country’s oil reserves were enough for 30 to 45 days if there was a supply shortage.

The Nation reports that the drone attack reportedly cut Saudi Arabia’s output by around 5.7 million barrels per day – approximately 5% of the total global oil production.

Anusorn Thammajai, director of Rangsit University’s Institute of Economics, warned that if Saudi Arabia counterattacked, the situation could worsen and that would put pressure on global and Thailand’s oil price.

The global oil price could jump by between US$5 – $10 per barrel next week. If the baht remains strong, this could assuage the impact from the pressure on local retail oil price to a certain degree.

SOURCE: The Nation

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Industry group calls for further cut in Thai policy interest rate

Tanutam Thawan

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Industry group calls for further cut in Thai policy interest rate | The Thaiger

“Thai private sector, recently adjusted downward the export growth projection for this year to 2.9 – 3%.”

The Federation of Thai Industries have their hopes set on the Monetary Policy Committee of the Bank of Thailand making another cut in the policy interest rate, currently set at 1.5%. With the US Fed looking to drop its interest rate this week, the FTI want the local cut to prevent the baht currency from strengthening further.

FTI vice president Kriangkrai Thiennukul says that the FTI is seriously concerned that the strengthening of the Thai currency, to one of the strongest in the region, will worsen the Thai economic slowdown in both the short and long term.

He says that the baht fluctuated between 30.40-30.50 baht/US$ last week and reached the highest level against the US$ in six years. The Thai currency has strengthened by 6% against the US greenback since the beginning of this year, making it stronger than other currencies in the region.

The strong Thai baht has made it a safe haven for foreign investors that can speculatively park their cash in the baht currency and in government bonds.

Mr. Kriangkrai said the FTI expects the Bank of Thailand to monitor the Thai baht closely, to prevent its strength affecting Thai exports, which are already being hurt by the US-China trade war, and the tourism sector.

The FTI, the Thai Bankers Association and the Thai Chamber of Commerce, the three main pillars of the Thai private sector, recently adjusted downward the export growth projection for this year to between  -1% and 1% and economic growth to 2.9-3%.

Additionally, Mr. Kriangkrai warned that there is a tendency for the projected export and economic growth rates to be further lowered.

He suggested that the government should speed up the concluding of FTA (Free Trade Area) agreements with Thailand’s trading partners, especially the European Union, to open up markets for Thai exports.

SOURCE: Thai PBS World

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