What happened this week 08/12 – 12/12
Thailand
- Manufacturers asked to keep price low – MOC is asking manufacturers to maintain their selling price as their cost should be lower after the diesel price fell by Bt1 per litre. (Thai Post, 8/12/14)
- RD to miss the target in 2015 – The finance ministry said tax collected by the Revenue Department in the first 2 months of FY2015 fell short of its target and is expected to miss target by at least Bt100bn for the fiscal year. (Kao Sod, 8/12/14)
- Stimulus package goes before cabinet for approval – A series of new economic measures including tax cuts for small businesses, a Bt100bn savings bond and establishment of a National Savings Fund (NSF) are up for cabinet approval today. (Bangkok Post, 9/12/14)
- GMS to push Bt1.6trn projects – Leaders from Mekong countries, meeting in Bangkok later this month for their fifth summit, will endorse 215 development projects with an estimated total budget of US$51.5bn (Bt1.63trn) in 10 sectors of cooperation. (The Nation, 9/12/14)
- TFIT expects government will have to invest at least Bt200bn in order to bring the country to a Digital Economy. TFIT also present a roadmap involving infrastructure development, network expansion, e-commerce, and personals. (Thai Post, 11/12/14)
- GDP to be raised by rising salaries of lower-paid civil servants – The Center for Economic and Business Forecasting at UTCC said the government’s plan to raise 4% wages for its civil servants and workers will require a budget of Bt20bn and should pump up the GDP by 0.1-0.2%. (Thai Post, 11/12/14)
- Govt hopeful of upgrade from US Priority Watch – The government has high expectations that the United States will upgrade its trade status to the Watch List next year after passage of anti-camcording legislation and serious suppression of illegal goods in 13 notorious markets. (The Nation, 11/12/14)
- Bt420mn fund to help shore up rubber prices – The government and private rubber-business operators will jointly launch a Bt420mn fund, with the aim of tackling the tumbling price of rubber. (The Nation, 12/12/14)
- GDP for this year below 1%, says minister – Finance Minister Sommai Phasee has admitted the economy is likely to grow by less than 1% this year due largely to tepid exports and delays in public spending. (Bangkok Post, 12/12/14)
Globally
- U.S. nonfarm payroll employment shows biggest gain since Jan. 2012 – U.S. economy adds 321,000 new jobs in November, the largest gain since January 2012, the Labor Department said Friday. The unemployment rate was unchanged at 5.8 percent in the month, and the number of unemployed persons was little changed at 9.1 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percent points and 1.7 million, respectively. (Xinhua, 5/12/14)
- German industrial orders jump 2.5% in October – Industrial orders in Germany jumped 2.5 per cent month-on-month in October, providing an unexpected boost for the eurozone’s largest economy. (FT, 5/12/14)
- ECB keeps interest rates unchanged – The European Central Bank (ECB) on Thursday kept key interest rates unchanged at 0.05 percent and announced it would reassess the impact of its stimulus policies. ECB decided to wait till early next year to consider any further stimulus measures (Xinhua, 5/12/14)
- Europe: OECD sees continued slowdown in Europe – The Organization for Economic Cooperation and Development (OECD) on Monday said its latest composite leading indicators (CLIs) are pointing to a continued slowdown in European market and stable performance in major economies. The CLIs, designed to anticipate turning points in economic activity relative to trend, stood at 100.4 for the OECD area in October, almost unchanged from a month earlier. (Xinhua, 8/12/14)
- Japan: Business failures in Nov. fall for 2nd straight month in Japan – The number of corporate bankruptcies with debts of ¥10mn or more in Japan in November fell 14.6% YoY to 736 for the second straight monthly decline, a credit research agency said Monday. (Kyodo News, 8/12/14)
- China: CBRC to carry out financial firm rating next yr – The China Banking Regulatory Commission (CBRC), the country’s top banking regulator, will explore rating financial companies next year and conduct differentiated supervision based on rating results. (Xinhua, 8/12/14)
- US job openings rise, hiring remains healthy – Job openings increased 3.2% to 4.83mn, the Labor Department said Tuesday. That’s just below August’s total, which was the highest on records dating back to 2000. Total hiring slipped 0.4% to 5.1mn after reaching a seven-year high in September. The number of people quitting was mostly unchanged at a six-year high of 2.7mn. (Morningstar, 9/12/14)
- China Nov. consumer price growth dips to 5-year low – China’s consumer prices grew by 1.4% YoY in November, the slowest increase in five years, the National Bureau of Statistics said Wednesday. The growth rate was down from 1.6% registered in October. On a monthly basis, November’s consumer price index (CPI), the main gauge of inflation, dipped 0.2% against the previous month, while data remained flat in October. The inflation index grew 2% YoY in the first 11 months of the year, well below the 3.5% full-year target set by the government. (Xinhua,
10/12/14) - China’s producer price fall deepens – The producer price index (PPI), which measures inflation at wholesale level, dropped 2.7% YoY in November, its steepest fall in 18 months, the National Bureau of Statistics (NBS) said on Wednesday. (Xinhua, 10/12/14)
- Greece lurches back into crisis mode – Greek stocks fell more than at any point during Europe’s debt crisis today after Prime Minister Antonis Samaras gambled his political future on bringing forward a parliamentary vote on a new head of state. (Bloomberg, 09/12/14)
- U.S. retail sales expand faster in November – Advance estimates of U.S. retail and food services sales for November rose 0.7% on a seasonally adjusted basis, mainly supported by motor vehicle sales and online shopping, said the U.S. Commerce Department. The increase was stronger than market expectations, as low oil prices boosted consumer spending in the holiday season. (Xinhua, 12/12/14)
- U.S. import prices dropped 1.5%– The Labor department said U.S. import prices dropped 1.5% in November, while export prices fell 1.0%, driven by declining fuel prices. (Xinhua, 12/12/14)
- U.S. business inventories up 0.2% – The Commerce Department said that U.S. business inventories in October were US$1,760.4bn, up 0.2% from September. (Xinhua, 12/12/14)
- U.S. Jobless claims dropped – The number of Americans who initially filed for jobless benefits in the week ending Dec. 6 decreased 3,000 to a seasonally adjusted 294,000, holding below the 300,000 level for the 13th straight week, said the U.S. Labor Department. (Xinhua, 12/12/14)
- German inflation rate confirmed at 4 1/2-year low – Germany’s inflation rate has been confirmed at 0.5% in November, the lowest since February 2010. The final figures are all in line with the initial flash readings, with the inflation rate slipping from 0.7% in October, and prices flat in the month. (FT, 11/12/14)
- Russian central bank raises rate again amid worsening situation – Russia’s central bank has raised its key interest rate from 9.5% to 10.5%, the fifth time this year amid soaring inflation and a weakening ruble. The rate increase was intended to tame consumer inflation below 4% in the middle term, according to a statement issued by the bank after a policy meeting on Thursday. (Xinhua, 11/12/14)