Thailand

• Public Debt down in November – The PDMO said the country’s public debt came down Bt10.42bn to Bt5.62trn in November. (Thai Post, 10/1/15)
• Sommai has tax reforms top of agenda – The Finance Ministry will take another year to complete tax reforms that focus on widening the collection base, closing loopholes used to avoid payments and preventing officials from participating in fraudulent activities. (Bangkok Post, 12/1/15)
• Oil price plunge spurs hope – Thailand’s economic prospects are on the up this year and beyond thanks to plunging oil prices, but much depends on the government’s capability to make full use of the windfall, Bandid Nijathaworn, a former central banker said last week. (The Nation, 12/1/15)
• Govt to set up venture capital fund to support ‘digital economy’ – A new fund will help ensure the successful creation of a “digital economy”, according to Information and Communications Technology Minister Pornchai Rujiprapa. (The Nation, 12/1/15)

• MOC asks exporters to adjust for EU’s new regulations – The Ministry of Commerce (MOC) has asked the private sector to enhance export goods’ value to increase the market share under the EU’s new tax regulations, said a spokesperson. (NNT, 11/1/15)
• NIDA identifies drivers of 4.5% GDP expansion – Gross domestic product is expected to enjoy 4.5% growth this year, likely driven by government spending, economic recoveries in trade partners and inclusion into the ASEAN Economic Community (AEC), according to the National Institute of Development Administration. (The Nation, 13/1/15)
• PM promises a good year for business – Prime Minister Prayut Chan-o-cha yesterday vowed that his government would do its best to ensure a strong economic performance this year, and told the business sector not to worry about the political situation. (The Nation, 13/1/15)
• Oil price drop pulls crop prices down – The Bank for Agriculture and Agricultural Cooperatives (BAAC) is ready to help the government extend up to Bt200bn this year to help farmers whose crop prices, especially for rubber and palm oil, have been weakened further by the sharp fall in crude-oil prices. (The Nation, 13/1/15)
• Kasikornbank tips investments to reach Bt1.27trn – Thailand’s private and public investments are likely to total Bt1.27trn this year thanks to government megaprojects and a recovery of confidence by the private sector, says Kasikornbank (KBank). Chongrak Rattanapian, an executive vice-president of the country’s fourth-largest bank by assets, said investment in state infrastructure projects was estimated to reach Bt270bn, while private ventures would total Bt250bn. (Bangkok Post, 13/01/15)
• Rice sales target set at 17mn tonnes over two years. The government plans to dispose of 17mn tonnes of rice left in its stockpile within two years, with a major portion of about 10mn tonnes to be sold this year. (Bangkok Post, 14/1/15)
• Commerce minister puts initiative to amend FBA on back burner: Commerce Minister Chatchai Sarikulya has shelved plans to amend the Foreign Business Act of 1999 until the time is ripe, as Thailand still needs foreign investors to help resuscitate the comatose economy and changing the game rules now could rattle their confidence. (The Nation, 14/1/15)
• FPO to increase FY2016 budget expenditure. The FPO, together with MoF and NESDB has targeted budget expenditure for FY2016 at Bt2.72trn, increasing from FY2015 Bt257bn, under an assumption of 4.2% growth. (Post Today, 14/1/15)
• UTCC: Exports to rise 3.1%. Thailand’s exports are expected to grow by only 3.1% this year, below the 4% target set by the Commerce Ministry, due mainly to the termination of the Generalised System of Preferences (GSP) in European countries and shrinking imports from fragile Japan and China. (Bangkok Post, 14/1/15)
• Strategy to tap core export markets via goods with strong potential – The Commerce Ministry is seeking cooperation from large, established companies to serve as mentors for small and medium-sized enterprises to help achieve its 4% growth target for exports this year. (The Nation, 15/1/15)
• First-quarter growth will hit 4%, says Pridiyathorn – Domestic consumption prompted by falling oil prices and improving private investment will drive economic growth to 4% in the first quarter, says Deputy Prime Minister MR Pridiyathorn Devakula. (Bangkok Post, 15/1/15)
• Lower global growth forecast ‘won’t affect Thailand’ – Local economists say the latest World Bank report cutting its 2015 global growth forecast to 3% from its June prediction of 3.4% will not affect their own projections for Thailand’s economic expansion, since relevant factors have mostly been calculated into their estimates. (The Nation, 15/1/15)
• Six products face price cuts – Prices of six consumer products are likely to be cut by 5% on average from tomorrow in light of falling oil prices. “On Friday, clarity on product price cuts as a result of the oil price dropping will become more available, and it’s highly likely six items will have their prices cut,” said Commerce Minister Chatchai Sarikulya. (Bangkok Post, 15/1/15)
• Group wants ‘digital economy’ bills scrapped, rewritten by affected parties – A group of concerned organisations yesterday joined forces to oppose the 10 “digital economy” bills being pushed by the government, demanding that they all be scrapped and rewritten by all parties involved. (The Nation, 15/1/15)

Globally

• U.S. jobless rate falls to 5.6% in December – The nonfarm payroll employment added 252,000 new jobs in December, and the unemployment rate declined by 0.2 percentage point to 5.6%, the Labor Department said on Friday. However, the jobs report showed a lack of acceleration in wage growth, as average hourly earnings for all employees on private nonfarm payrolls decreased by five cents in December. (Xinhua, 9/1/15)
• Need to stay patient on raising rates: Federal Reserve’s President Charles Evans – Dovish remarks from Chicago Federal Reserve Bank President Charles Evans late Wednesday added optimism to the market. Evans said “I don’t think we should be in a hurry to increase interest rates.” (Xinhua, 9/1/15)
• U.S. wholesales inventories went up 0.8% in November, beating market expectations of a 0.3% gain, the Commerce Department reported Friday. (Xinhua, 9/1/15)
• OECD sees stable growth in major economies – The Organization for Economic Cooperation and Development (OECD) announced on Monday that indicators point to stable growth of most major economies in coming quarters. Designed to anticipate turning points in economic activity relative to trend, the composite leading indicators (CLIs) of the OECD area inched up by 0.1 point to 100.5 in November 2014 compared to a month earlier. (Xinhua, 13/1/15)
• EU official says investment plan feasible, fast – European Union (EU) official on Monday elaborated on the €315bn (about US$372bn) Investment Plan for Europe, saying it feasible and fast. European Commission Vice-President responsible for Jobs, Growth, Investment and Competitiveness Jyrki Katainen delivered a speech in a think-tank, saying the Commission will present Tuesday the legal proposal that will form the legal basis of the first two pillars of the Investment Plan for Europe. (Xinhua, 12/1/15)
• Banque de France upholds growth forecast in Q4 2014 – French central bank, Banque de France (BdF), on Monday kept unchanged a previous forecast of 0.1% growth over the last three months of 2014. (Xinhua, 12/1/15)
• Japan’s FY 2015 budget likely to total record ¥96.34trn– The government told the ruling bloc Monday that Japan’s general account budget for fiscal 2015 will total a record-high ¥96.34trn, up from ¥95.88trn the previous year. The deficit in the country’s primary balance is expected to shrink by ¥4trn from a year earlier to around ¥13.4trn in the next fiscal year starting April 1, on the back of growth in tax revenue amid improvement in corporate profits. (Kyodo News, 12/1/15)
• U.S. small business optimism perked up in December, with the Small Business Optimism Index rising 2.3 points to 100.4, the best reading since October 2006, The National Federation of Independent Business said Tuesday. (Xinhua, 14/1/15)
• U.S. job openings registered 4.97mn in November, higher than October’s reading of 4.83mn, the Labor Department reported Tuesday. (Xinhua, 14/1/15)
• EC backed plans to mobilize billions of euros for growth and jobs. The EC plans to mobilize €315bn (US$370bn) between 2015 and 2017 to boost growth, jobs and competitiveness via a new European Fund for Strategic Investments (EFSI). (Xinhua, 14/1/15)
• EU current account surplus stable in Q3 2014. The European Union (EU) seasonally adjusted external current account recorded a surplus of €15.0bn (about US$17.7bn) in the third quarter of 2014, unchanged from the previous quarter of 2014 and down from a surplus of €16.7bn in the third quarter of 2013, EU statistical office Eurostat said on Tuesday. (Xinhua, 13/1/15)
• Germany balances budget a year earlier than planned. The German federal government reached a budget balance and added no new debt in 2014, a year earlier than it initially planned, announced the Finance Ministry on Tuesday, citing high tax revenues and low interest payments. (Xinhua, 13/1/15)
• China allows foreign investors to wholly own e-commerce business. Foreign investors are allowed to fully own e-commerce companies in a pilot scheme in the Shanghai Free Trade Zone (FTZ), the Ministry of Industry and Information Technology (MIIT) announced. (Xinhua, 14/1/15)
• Japan bank lending rises most in 21 years amid BoJ easing. Japanese banks increased lending last year at the fastest pace in 21 years, reflecting a boost from record central bank easing. Lending, excluding credit from local Shinkin banks that serve consumers and small businesses, rose 2.4%, the most in comparable data back to 1993, Bank of Japan data showed today. (Bloomberg, 13/1/15)
• The World Bank lowered its global economy growth forecasts for 2014 and 2015 Tuesday. In its latest flagship report Global Economic Prospects, the World Bank projected the global economy to grow 2.6% in 2014 and 3% in 2015, down 0.2 percentage point and 0.4 percentage point respectively from its June forecasts. (Xinhua, 15/1/15)
• U.S. retail sales fall at largest pace in 11 months – U.S. retail and food services sales lost 0.9% in December on a seasonally adjusted basis, the biggest decline since January 2014, said the U.S. Commerce Department. The drop was much bigger than analysts’ expectations. (Xinhua, 15/1/15)
• The Commerce Department said U.S. business inventories were up 0.2% in November from October, lower than market consensus of 0.3%. (Xinhua, 15/1/15)
• The price index for U.S. imports fell 2.5% in December, the biggest decline in six years, the U.S. Labor Department said. Meanwhile, export prices dropped 1.2% last month. (Xinhua, 15/1/15)
• U.S. Holiday sales rise 4%, the biggest gain since 2011: National Retail Federation – Holiday sales rose 4% to $616.1bn, the biggest growth since 2011, the National Retail Federation reported Wednesday. The increase is slightly short of the trade group’s forecast in October that sales would rise 4.1%, a full percentage point ahead of 2013 holiday season’s gain and above the 10-year average annual increase of 2.9%. (MarketWatch, 14/1/15)
• Eurozone industrial output up by 0.2% – Eurozone seasonally adjusted industrial production rose by 0.2% in November 2014, the statistical office of the European Union(EU) Eurostat said on Wednesday. (Xinhua, 14/1/15)
• ECB bond-purchasing program unconventional but lawful: EU court – The plan of the European Central Bank (ECB) to purchase government bonds is compatible with EU law, a top adviser to the European Court of Justice said Wednesday. (Xinhua, 14/1/15)