Thailand

• More stimulus on the cards if revenue surpasses expectations – The Finance Ministry is poised to add more spending to the mid-year budget in an attempt to boost the stuttering economy if the government’s revenue collection exceeds its target. (Bangkok Post, 1/12/14)
• BoT at ease over NPL risk – BoT said there are no major concerns despite a possible rise in NPLs since the current NPL ratio remains low and financial institutions have become more prudent about loan approvals. (Bangkok Biz, 1/12/14)
• Thailand moving in on world’s number 1 rice exporter – Thailand’s rice exports made a one-year record high in October at 1.21 million tons, increasing the chance to export as high as 11 million tons and reclaim the position of the world’s number one rice exporter. (NNT, 30/11/14)

• FPO to push national savings fund – The FPO said it will talk to Deputy Prime Minister MR Pridiyathorn Devakula about setting up the National Saving Fund. Once set up, 1 million SSO members will be transferred to this fund. (Thai Post, 1/12/14)
• VAT hike will give more room for budget deficit – The Finance Ministry is likely to increase the value-added tax (VAT) by at least 1% at the end of next year, giving it room to widen the budget deficit by more than Bt300bn in fiscal 2016, above the 12-13% in the current (2015) budget. (The Nation, 2/12/14)
• Inflation falls to five-year low in November – Inflation continued to ease for a sixth straight month in November, hitting a five-year low, due mainly to lower retail fuel prices and government measures aimed at alleviating the cost of living. (Bangkok Post, 2/12/14)
• Shippers’ council expects 2.5% export growth in 2015 – The Thai National Shippers Council projects export growth to shift into higher gear at 2.5% next year from the practically flat expansion expected this year, thanks to clearer signs of an economic recovery in the United States. (The Nation, 2/12/14)
• Govt urged to defer increase in VAT – Thailand’s leading private organizations are urging the government to delay the planned increase in value-added tax next year, saying that Thais will not be ready to pay more during what is expected to be a slow economic recovery. (The Nation, 3/12/14)
• Cabinet approved superboard plan – The cabinet has approve the plan proposed by the State Enterprises Policy Commission or “superboard” to rehabilitate 7 SOEs including TOT, CAT, THAI, SRT, BMTA, SME Bank, and IBANK. (IQ Biz, 2/12/14)
• Central bank expects low inflation to stay – The Bank of Thailand expects inflation to continue to be low next year thanks to falling global oil prices and the reform of the country’s energy structure, which will be positive for the balance of trade while helping businesses via lower production and logistics costs. (The Nation, 4/12/14)
• Prayut backtracks on FBA change – The government has shelved plans to amend the Foreign Business Act (FBA), Prime Minister Prayut Chan-o-cha told a luncheon yesterday organised by the Joint Foreign Chambers of Commerce in Thailand. (Bangkok Post, 4/12/14)
• Thailand’s CPI ranking improves – Thailand’s global corruption ranking has improved this year to 85 out of a total of 175 countries and territories, compared with a ranking of 102 last year, meaning the country is now regarded as less corrupt. (Bangkok Post, 4/12/14)
• Increasing volatility of capital flows – Thai and Malaysia central bank agreed that different monetary policy stances implemented by major central banks around the world will increase the volatility of global capital flows. (Bangkok Biz, 4/12/14)

Globally

• Eurozone inflation rate expected to drop in November – The annual inflation in the eurozone is expected to be 0.3% in November, down from 0.4% in October, according to a flash estimate from EU statistical office Eurostat. (Xinhua, 28/11/14)
• Eurozone month-on-month unemployment rate stays same, year-on-year improves – The eurozone’s seasonally-adjusted unemployment rate was 11.5% in October, unchanged compared with that of September this year, according to the EU statistical office Eurostat on Friday. However, the reported seasonally-adjusted rate for the same period in 2013 was 11.9%. (Xinhua, 28/11/14)
• British consumer confidence index stalls at -2 in November – The GfK/NOP composite index of consumer confidence, a gauge of consumption sentiment in Britain, stalled at -2, or minus 2, in November, the same level as the previous month, showed market researcher GfK data on Friday. British consumer confidence on economic situation over next 12 months declined from 2 in October to zero in November, while climate for major purchases sentiment climbed from -5 to zero over the same period, data showed. Consumers’ confidence on their own finances over next 12 month declined from 4 in October to 2 in November. (Xinhua, 29/11/14)
• British annual house price growth slows again in November – The annual pace of house price growth in Britain continued to slow in November, falling from 9.0 percent in October to 8.5 percent, data released on Friday showed. (Xinhua, 29/11/14)
• Russian central bank ready for currency interventions to stabilize market – Russia’s central bank said Friday that it is ready to increase foreign currency interventions, if threats emerge to the stability of domestic foreign exchange market. (Xinhua, 29/11/14)
• China overtakes Japan as world’s second-biggest stock market – China surpassed Japan as the world’s second-largest stock market for the first time in three years amid growing investor confidence that policy makers in Beijing will revive the economy with monetary stimulus. China’s market capitalization climbed to US$4.48 trillion yesterday after a 33 percent increase this year, according to data compiled by Bloomberg. Japan’s slipped to US$4.46 trillion and has dropped 3.2 percent since the end of December. (Bloomberg, 28/11/14)
• Japan auto output in Oct. down for 4th straight month – Japan’s vehicle production in October declined 6.3 percent year on year to 816,936 units for the fourth straight fall as both domestic demand and exports remained slack, an industry body said Friday. (Kyodo News, 28/11/14)
• The final reading of the U.S. Manufacturing Purchasing Managers ‘ Index (PMI) registered 54.8 in November, representing the weakest expansion of U.S. manufacturing output since January, said financial data firm Markit. (Xinhua, 1/12/14)
• U.S. manufacturing activity slows expansion pace in November – The manufacturing index, also known as the purchasing managers index (PMI), slowed to 58.7% in November, a decrease of 0.3 percentage point from October’s reading of 59%, the Institute for Supply Management (ISM) said in a report. (Xinhua, 1/12/14)
• Euro zone factory growth stalls in November as new orders sink: PMI – Markit’s final November manufacturing Purchasing Managers’ Index was 50.1, its lowest reading since June 2013 and down from an earlier flash reading of 50.4 and from 50.6 in October. (Reuters, 1/12/14)
• British manufacturing PMI edges up to 53.5 in November – British manufacturing purchasing managers’ index (PMI), a gauge of the industry activities, edged up to 53.5 in November from 53.3 in October 2014, said Markit Economics Limited on Monday. (Xinhua, 1/12/14)
• German PMI contracts – Markit’s Purchasing Manager’s Index (PMI) for the manufacturing sector, which accounts for about a fifth of the economy, fell to 49.5 – the lowest level since June 2013 – from 51.4 in October. (Reuters, 1/12/14)
  U.S. construction spending rebounds in October – U.S. construction spending gained expansion pace in October, as both private and public construction rebounded, the Commerce Department said on Tuesday. Total construction spending rebounded 1.1% to a seasonally adjusted annual rate of US$971bn in October, compared to a 0.1% decrease in September. (Xinhua, 2/12/14)
• Russia’s GDP to shrink by 0.8% in 2015 – Russia’s economy could contract by 0.8% in 2015 if oil prices remain at the US$80 level, a senior official said Tuesday. “Forecast for GDP growth in 2014 is revised to 0.6% from 0.5%, and current forecast of GDP in 2015 is envisaged at a 0.8% decrease,” Deputy Economy Minister Alexei Vedev told reporters. (Xinhua, 2/12/14)
• [ ]U.S. service sector continues expansion in November – The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, rose to 59.3% in November, 2.2 percentage points higher than October’s reading of 57.1%, the Institute for Supply Management (ISM) said in its monthly survey. (Xinhua, 3/12/14)
• U.S. private sector hiring slows in November – U.S. private companies added 208,000 jobs in November, the fewest since August and down from 233,000 jobs in the previous month, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody’s Analytics, based on a monthly survey. (Xinhua, 3/12/14)
• The U.S. service sector grew at a weaker pace last month. The seasonally adjusted final U.S. Services Business Activity Index registered 56.2 in November, below 57.1 in October. (Xinhua, 3/12/14)
• U.S. labor productivity revised up to 2.3% in Q3 – Nonfarm business sector labor productivity increased at a 2.3% annual rate during July-September, higher than the previous reports of 2%. (Xinhua, 3/12/14)
• Eurozone composite PMI falls to 16-month low in November – The final Markit eurozone PMI Composite Output Index fell to 51.1 in November, down from its October level of 52.1. It was also lower than the earlier flash estimate of 51.4. The slowdown reflected the weakening trend in new order inflows, as new business fell for the first time since July last year, said Markit. Job creation also remained near-stagnant. (Xinhua, 3/12/14)
• British services PMI rises to 58.6 in November – The British services sector purchasing managers’ index (PMI), a gauge measuring industry activity, rose to 58.6 in November from 56.2 in October, according to data from Markit Economics published Wednesday. (Xinhua, 3/12/14)