Ban Thanarak Pracharat housing project to select its developer in 2 weeks — BANGKOK, 8 July 2016 (NNT) – The government is nearing the end of its bidding process to select a private developer for its Ban Thanarak Pracharat project, which provides low-cost housing. Director of the Treasury Department Jakkrit Parapantakul revealed that there are currently six companies competing for the contract, including Supalai PCL and Areeya Property PCL. (NNT, 11/7/16)
Thailand Future Fund gets B10bn start — The cabinet yesterday approved earmarking 10 billion baht as seed money for the 100-billion-baht Thailand Future Fund (TFF), which will invest in three road projects in the first stage. (Bangkok Post, 13/7/16).
Tax programme to boost OTOP — The cabinet yesterday approved a special tax break programme to boost people’s spending on One Tambon One Product (Otop) items, said Kobsak Phutrakul, assistant minister to the Prime Minister’s Office. The programme allows taxpayers to deduct up to 15,000 baht spent on Otop products from Aug 1-31 from their personal income tax. There are 46,999 Otop entrepreneurs with 80,000 product items available. They generate about 100 billion baht in sales revenue a year. (Bangkok Post, 13/7/16).
Ad spending down 7.86% in first-half — ADVERTISING expenditure in the first half fell by 7.86 per cent to Bt55.97 billion from Bt60.74 billion a year earlier, a slight improvement on the 8.5- per-cent decline in the first five months, according to the latest survey by Nielsen Thailand. (The Nation, 13/7/16).
Govt likely to open bidding for Nakhon Pathom-Cha-am motorway next year — THE TRANSPORT Ministry is likely to open bidding for the 120-kilometre Nakhon Pathom-Cha-am motorway project worth Bt80 billion next year. (The Nation, 14/7/16)
Payrolls in U.S. Rose 287,000 in June, Most in Eight Months — America’s job market stirred to life in June as payroll growth accelerated by the most since October after a two-month lull, assuaging fears of broader cutbacks by companies. Payrolls climbed by 287,000 last month, exceeding the highest estimate in a Bloomberg survey, after a revised 11,000 gain in May, a Labor Department report showed Friday. The median forecast in a Bloomberg survey called for a 180,000 increase. The jobless rate rose to 4.9 percent as more people entered the labor force. Wages advanced less than projected. (Bloomberg, 11/7/16)
Fed’s Kaplan urges ‘slow, gradual, careful’ approach on rates — Global headwinds are undercutting the Federal Reserve’s efforts to boost the U.S. economy, making low interest rates not nearly as stimulative as they were when the rest of the world economy was growing faster, a top Fed official said on Wednesday. A “slow, gradual, careful” approach to raising interest rates is therefore appropriate as the U.S. central bank deals with this new world of slower growth, Dallas Fed President Robert Kaplan said in a speech in Houston. (Reuters, 14/7/16)
China Trade Shows Sluggish Demand While Weaker Yuan Softens Blow — China’s exports and imports slipped in dollar terms in June as soft demand at home and abroad continues to weigh on the world’s largest trading nation. Overseas shipments fell 4.8 percent from a year earlier, imports dropped 8.4 percent. Trade surplus slips slightly to $48.11 billion. Both exports and imports in yuan terms looked better, with outbound shipments eking a small gain, reflecting the influence of a weakening currency. (Bloomberg, 14/7/16)
TAKE A LOOK-Asia c.banks: Malaysia makes first rate cut in 7 years — Malaysia’s central bank surprised markets on Wednesday by cutting its key interest rate for the first time in seven years, saying the move would help the country remain on a “steady growth path”. (Malaysia, 14/7/16)
Bank of England Signals August Stimulus as Rate Kept at 0.5% — The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook justified an immediate reduction. The pound surged as the decision surprised investors, who had priced in more than an 80 percent chance the rate would be lowered. While policy makers discussed what measures could help the economy, they stopped short of detailing what those might be. (Bloomberg, 15/7/16)