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BoT seen holding key rate, but hike possible next month. The Bank of Thailand is widely expected to leave its key interest rate near a record low on Wednesday, though there was a good chance that the first rate hike in years could come in December, a Reuters survey showed. (Reuters, 12/11/18)
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Govt: No more election delays. Key ministers came out on Tuesday to confirm there are no plans to further defer the long awaited general election. At the same time, it was confirmed that ministers who are members of the Palang Pracharath Party (PPRP) do plan to step down from the cabinet – when the time is right. Prawit Wongsuwon and Wissanu Krea-ngam, the two deputy prime ministers, and Interior Minister Anupong Paojinda all said the government had no plans to postpone voting from Feb 24. (Bangkok Post, 13/11/18)
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Trade pacts exports under trade pacts reach US$56bn in 9 months. Thai exports under free trade agreements (FTA) and generalised system of preferences (GSP) amounted to a total of US$55.66bn in the first nine months, up +17.7%Yo, said Adual Chotinisakorn, director-general of the Foreign Trade Department yesterday. (The Nation, 14/11/18)
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Central bank holds rates again, but hike seen next month. The central bank held its benchmark interest rate steady on Wednesday as expected, but a widening split on the decision-making committee bolstered views that next month it could tighten policy for the first time in more than seven years. (The Reuters, 14/11/18)
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Jack Ma proposes buying land in EEC to PM Prayut. He has changed his mind and now proposes to buy rather than rent land in EEC, the new logistics hub of Thailand. The BoI plans to revise the EEC bill that currently only allows foreign companies to rent land for 49+50 years (for a total of 99 years). The revised EEC bill will allow foreign companies to buy land, but investment benefit will be lower. (Prachachart Turakij, 15/11/18)
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New land tax bill nears NLA approval. Deputy Finance Minister Wisudhi Srisuphan has hailed the bill on land and buildings tax, which is on the verge of sailing through the National Legislative Assembly (NLA), as a significant overhaul of the tax structure. (Bangkok Post, 16/11/18)
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FTA Trade with China increases 9.9% in 9M18. Trade value between Thai and China under a free trade agreement (FTA) reached US$59.15bn in the first nine months, up 9.9%YoY, according to an official of the Foreign Trade Department, under the Commerce Ministry. (The Nation, 16/11/18)
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Oil shock: Saudi minister wants supply cut of 1m bpd. Saudi Arabia’s energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December. (AFP, 12/11/18)
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Britain announces disputed Brexit deal with EU. Britain has agreed to a draft Brexit deal with the European Union, Prime Minister Theresa May announced Tuesday, although she must still get it through her cabinet and the deeply divided parliament. (AFP, 14/11/18)
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Exclusive: China sends written response to U.S. trade reform demands – U.S. government sources. China has delivered a written response to U.S. demands for wide-ranging trade reforms, three U.S. government sources said on Wednesday, a move that could trigger negotiations to bring an end to a withering trade war between the world’s top economies. (Reuters, 15/11/18)
praya
Slow global Gdp growth, Usa/China Trade wars, QE ending, foreign selloff, oil price sliding, raising interests… Everything now look bearish, but many stocks are cheap, fundamentals and p/e still ok, and its impressive to see dumping good stocks together with with bad companies stocks… nonsense…
Pon
Rising tide lifts all boats, same on the way out.