Weaker baht hits travel: Japan to fully reopen to Thai tourists soon. Outbound Thai travel is expected to stay subdued as a result of the weak baht, poor purchasing power and cryptocurrency losses, despite the reopening of Japan and Taiwan. Bangkok Post
EV subsidy by month’s end: Excise Department underwrites scheme. The Excise Department will start paying a subsidy by the end of this month on the first lot of 500 EVs that consumers purchase from manufacturers participating in its subsidy measure. Subsidies will soon be paid on the first lot of 500 EVs that consumers buy from manufacturers taking part in the scheme. Bangkok Post
US President Joe Biden is likely to skip the APEC summit to be held in BKK in November, citing family matters.
S&P Global ratings affirms TH at BBB+(Foreign currency LT credit rating); keeps A- (Local currency LT credit rating), outlook stable.
World Bank report upgrades Thai growth for 2022 to 3.1%: The World Bank has increased its forecast for Thai economic growth this year to 3.1% from 2.9%, according to its “East Asia and Pacific October 2022 Economic Update” released on Monday. Bangkok Post
Agricultural bonanza: Farm income increased during the first 8 months this year, one of the main reasons for the uptick in domestic consumption. Higher income for farmers in the first eight months of this year is one of the key factors contributing to the growth in domestic consumption, according to the Fiscal Policy Office (FPO). FPO adviser Wuttipong Jittungsakul said farmers’ income during the period expanded by 7.1% yearon-year, compared with year-on-year growth of only 0.3% for all of 2021. Bangkok Post
The SEC’s filed a lawsuit against crypto exchange Bitkub and two individuals alleging the crypto platform was involved in wash trading, seeking a civil fine and expenses of around $634,000 and a 6-month trading ban for the 2 people involved.
Over 4,000 people in Ubon Ratchathani have been evacuated after recent flooding was set to intensify as Typhoon Noru was forecast to reach northeastern last night as a tropical storm, bring heavy rain, adding to the tribulations of already flooded provinces.
Office of Industrial Economics reported Aug MPI +14.52% yoy to 99.28pts vs 86.7 last year, capacity utilization picked up to 63.78% from 61.01 in July.
Energy Policy and Planning Office (EPPO) gives nod to scrap sole biodiesel grade from B5 to B7, B10 & B20 to ease pressure from sluggish palm price, effective Oct 10 till Dec 31, expects to conclude FY22 Power Development Plan (PDP) in Oct to enhance national energy security.