11.4mn people qualify for government welfare. They can get the welfare card from September 21 onwards. The policy will be effective on 1 October. (Thai Rath, 14/9/17)
Fitch cagey on sovereign. Thailand’s subpar economic growth is the main obstacle to the country’s sovereign rating improving, says Fitch Ratings. It is quite difficult for Thailand’s longterm foreign and local currency issuer default rating, which stands at BBB+, to be raised if the country’s economy continues to expand at around 3%, said Andrew Fennell, director of AsiaPacific sovereign at Fitch Ratings Hong Kong. (Bangkok Post, 14/9/17)
Ministry of Finance will soon propose filing of Thailand Future Fund. Office of The Attorney General Revenue already revised Revenue Transfer Agreement (RTA). This is expected to continue amid objection from State Enterprise Labour Union. (Khao Hoon, 11/9/17)
Article 44 used on four issues of airlines, travel, medical supplies and electricity. The National Council for Peace and Order (NCPO) yesterday approved the use of special powers to handle four major issues involving airlines, travel, medical supplies and electricity. The first seeks to pave the way for the revocation of substandard airlines that are registered in Thailand, the second discontinues Thais’ use of departure and arrival cards, the third addresses the purchases of medical supplies for the universal healthcare scheme and the last endorses the Energy Ministry’s plan to stretch electricity transmission lines into national parks and forest zones. ( The Nation , 13/9/17
Finance officials press BoT for rate cut. The Finance Ministry is calling for the Bank of Thailand to cut the policy rate with the aim of countering hot money and curbing speculative inflows, but the central bank says a rate reduction could put financial stability at risk. (Bangkok Post, 12/9/17)
China’s August CPI rises 1.8 pct, PPI up 6.3 pct, both above forecasts. China’s consumer inflation rate accelerated more than expected to 1.8 percent in August from a year earlier, the National Bureau of Statistics said on Saturday, the first uptick in three months. The consumer price index (CPI) had been expected to rise 1.6 percent on-year compared with an increase of 1.4 percent in July. Producer price inflation also accelerated more than expected in August, gaining speed for the first time in six months. The producer price index (PPI) rose 6.3 percent from 5.5 percent in July. (Reuters, 9/9/17)
Mnuchin says considering backdating tax cut to Jan. 1: Would be ‘boon’ to economy. Treasury Secretary Steven Mnuchin said Tuesday the Trump administration is considering backdating tax reform to the start of this year to boost the economy. Backdating “is still something we are considering and it would be a big boon for the economy,” he said at the Delivering Alpha conference presented by CNBC and Institutional Investor . (CNBC, 13/9/17)
US consumer prices accelerate in August. U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rents, signs of firming inflation that could allow further monetary policy tightening from the Federal Reserve this year. The Labor Department said on Thursday its Consumer Price index rose 0.4 percent last month after edging up 0.1 percent in July. August’s gain as the largest in seven months and lifted the year-on-year increase in the CPI to 1.9 percent from 1.7 percent in July. (CNBC, 15/9/17)
China’s Industrial Production Slows in August. Industrial production grew 6% year-on-year in August, compared to a 6.4% increase in July, according to China’s National Bureau of Statistics. (Barron’s, 15/9/17)
US jobless claims fall, but impacted by Harvey and Irma. The number of Americans filing for unemployment benefits unexpectedly fell last week, but the data was impacted by hurricanes Harvey and Irma, making it difficult to get a clear pulse of the labor market. Initial claims for state unemployment benefits declined 14,000 to a seasonally adjusted 284,000 for the week ended Sept. 9, the Labor Department said on Thursday. (CNBC, 15/9/17)
