- Oil plunge takes bite out of tax revenue – The Revenue Department is predicting a wider tax revenue shortfall of 220 billion baht for this fiscal year after a prolonged drop in oil prices. The Revenue Department, the major tax contributor to government coffers at 80%, earlier estimated that revenue would miss the target by up to 160 billion baht in fiscal 2015, which ends Sept 30. (Bangkok Post, 24/8/15)
- Industry sentiment falls again in July for seventh month in a row – The Thai Industries Sentiment Index (TISI) fell for the seventh straight month in July amid the economic slowdown, according to the Federation of Thai Industries (FTI). The index in July dropped to 83.0 from 84.0 a month earlier, both well below the 100-point baseline. The risks to the confidence index remained the economic slowdown, domestic consumption weakening and export shrinkage. (The Nation, 26/8/15)
- Bank of Thailand reported the volume of foreign exchange in 2Q15 with turnover of US$344bn, an increase of 16.7% from US$295bn in 1Q15. (Post Today, 27/8/15)
- Electricity tariffs lower next month – The fuel adjustment (Ft) electricity tariff will be cut by Bt0.03 per kilowatt-hour (unit) from the beginning of next month, the Energy Regulatory Commission said yesterday. The Ft tariff for the September-to-December period will be reduced to 46.38 satang per unit, reducing the total electricity tariff (average for all types of users) to Bt3.73 per unit. (The Nation, 27/8/15)
- Arkhom to kick-start 17 megaprojects – Newly-appointed Transport Minister Arkhom Termpittayapaisith has vowed to kick-start the construction of 17 megaprojects valued at 1.6 trillion baht before the end of next year as part of a plan to stimulate the economy. (Bangkok Post, 27/8/15)
- German Markit’s flash composite Purchasing Managers’ Index (PMI) inched up to 54.0 from 53.7 in July. This was comfortably above the 50 mark that separates growth from contraction and marked the 28th consecutive month of economic expansion. “Germany’s private sector economy shifted into a higher gear in August with output and new orders both increasing at the sharpest rate in four months,” Markit economist Oliver Kolodseike said. (Reuters, 21/8/15)
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Japan Prime Minister Shinzo Abe: Acceptable for Bank Of Japan to miss price goal – Prime Minister Shinzo Abe said it was acceptable for the Bank of Japan to miss its self-imposed deadline to meet its inflation target, suggesting that the government was in no mood now to pressure the central bank to expand monetary stimulus. (Economic Times, 24/8/15)
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U.S. economy grows above anticipation in Q2 – The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, beating market expectations that growth should have bounced back only mildly from a meager growth in the chilly spring. The second estimate for the GDP growth in the second quarter was much higher than an advance estimate of 2.3 percent. In the first quarter, the growth rate was 0.6 percent as the wintry weather sapped activities. (Xinhua, 28/8/15)
- The People’s Bank of China, the central bank, pumped 140 billion yuan into the banking system via 6-day short-term liquidity operations (SLO) on Wednesday, in its latest bid to shore up growth. (Xinhua, 27/8/15)
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US Home price growth edges up in June: S&P/Case-Shiller – The S&P/Case Shiller composite index of 20 metropolitan areas in June gained 5.0% year over year, a bit quicker than the 4.9% rate in May. Economists polled by Reuters had projected a 5.1 percent gain. (Reuters, 25/8/15)
