An American Tourist Falls Into 3-meter-deep Sewer For 4 Hours

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18 May 2023, 01:18

The Accident that Thai people often encounter can be an unexpected experience for an American tourist.

The crowd gathered around while rescuers tried to help Mr. Jonathan, a 36-year-old American who had sat crouched in a 3-metre-deep sewer with a ragged body covered with mud at the entrance of Soi 8, Thep Prasit, Moo 11, Nong Prue Subdistrict, Bang Lamung District, Chonburi Province on May 16.

The rescuers used a cutting machine to open the steel manhole cover and brought the American man out of the sewer safely, but he was weary and asked to drink water.

Later, officers from Pattaya Police Station and Tourist Police questioned Mr.Johnathan, who had come in Thailand on May 12 with an American girlfriend on a tourist visa. They both live in a condominium on Thappraya Road, around 2 km from the accident location.

Mr. Jonathan stated that he had slipped into the sewer without a cover while walking back to his accommodation in the afternoon. He had no idea where he had fallen and was unable to climb back up. He tried to scream for help, but no one could hear him. So he walked along the sewer and yelled for help for nearly 4 hours, until someone heard.

Mr. Chali Boonsri, a security guard who first noticed Mr.Johnathan, claimed he had ridden his motorcycle to the side of the road to buy water at the grocery shop. At that point, he heard a stranger shout, “Oh, oh.” So he turned around to see, but there was no one there. Then he heard the voice again, and this time he walked back and leaned down to peer into the sewer until he noticed a foreigner below. He was stunned and begged others to assist him.

According to the police investigation, the American man provided little useful details, so they still don’t know why he got stranded in the sewer. They will schedule another inquiry.

Move Forward Party In Talks With 5 Other Parties In Attempt To Form Coalition Government

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Associated Press

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17 May 2023, 23:13

Thailand Politics — Leader of Prachachat Party Wan Muhamad Noor Matha, left to right Leader of Pheu Thai party Chonlanan Srikaew, leader of Move Forward Party Pita Limjaroenrat, leader of Thai Sang Thai party Sudarat Keyuraphan, leader of Seri Ruam Thai party Sereepisuth Temeeyaves, Deputy leader of Fair party Kannavee Suebsang shake hand in Bangkok, Thailand, Wednesday, May 17, 2023. (AP Photo/Sakchai Lalit)

BANGKOK (AP) — Thailand’s progressive Move Forward Party on Wednesday held its first face-to-face discussions with five other parties in an attempt to form a coalition government, three days after scoring a stunning national election victory.

A new government will be formed in July when the House of Representatives and the appointed Senate select a new prime minister. Because of the joint vote, Sunday’s election victor is not assured of taking power.

AP23137502301822 — Leader of Pheu Thai party Chonlanan Srikaew, left, gives the traditional greeting or “wai” to Leader of Move Forward Party Pita Limjaroenrat in Bangkok, Thailand, Wednesday, May 17, 2023. (AP Photo/Sakchai Lalit)

Representatives of the five parties, mostly members of the opposition to Prime Minister Prayuth Chan-ocha’s conservative government, met for several hours Wednesday. Afterward they emerged smiling and posed for photos with hands linked in a sign of unity.

Chief among the potential partners is the Pheu Thai party, currently the biggest opposition group in the House, which had been favored to top the polls but ended up running a close second.

“It went quite smoothly,” said Move Forward leader Pita Limjaroenrat, a 42-year-old Harvard-educated businessman. He said details of the meeting would be announced Thursday.

AP23137498511650 — Leader of Pheu Thai party Chonlanan Srikaew, left gestures with the leader of Move Forward Party Pita Limjaroenrat, in Bangkok, Thailand, Wednesday, May 17, 2023. (AP Photo/Sakchai Lalit)

Sunday’s victory by the two main opposition parties, which together captured a majority of the House seats, was a major blow to the conservative establishment that has been in power since the army staged a coup in 2014.

Questions remain, however, about whether the Move Forward Party, which pledged sweeping reforms, will be able to form a government. It will need support from at least some members of the Senate to achieve the necessary 376 votes for a majority in Parliament in July. But all of the senators were appointed by the junta which Prayuth led after staging the 2014 coup and share the military’s conservative royalist bent.

AP23137510773838 — Move Forward Party Pita Limjaroenrat gestures before first discussion in Bangkok, Thailand, Wednesday, May 17, 2023. (AP Photo/Sakchai Lalit)

Many behind-the-scenes negotiations are likely to take place before Parliament meets.

After Move Forward’s victory was confirmed, several senators said they would not vote for Pita as prime minister because they could not accept the party’s proposed amendment of the country’s lese majeste law, which mandates prison terms of three to 15 years for anyone found guilty of insulting the monarchy.

The monarchy is one of the pillars of Thai national identity and is considered sacrosanct by conservatives. Many younger Thais would like to see it liberalized as part of a range of democratic reforms.

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JINTAMAS SAKSORNCHAI reported from Bangkok.

Heat Wave in Asia Made 30 Times More Likely Because of Climate Change, Scientists Say

By

Associated Press

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17 May 2023, 20:12

Climate Asia Heat Wave Study — FILE - Cricket fans cover their heads with a long scarf to shield themselves from heat during an Indian Premier League (IPL) cricket match in Lucknow, India, April 22, 2023. (AP Photo/Surjeet Yadav, File)

BENGALURU, India (AP) — A searing heat wave in parts of southern Asia in April this year was made at least 30 times more likely by climate change, according to a rapid study by international scientists released Wednesday.

Sizzling temperatures of up to 45 degrees Celsius (113 degrees Fahrenheit) were recorded in monitoring stations in parts of India, Bangladesh, Thailand and Laos last month — which was unusually high for the time of year.

The climate change-fueled heat caused deaths, widespread hospitalizations, damaged roads, sparked fires and led to school closures in the region.

The World Weather Attribution group uses established models to quickly determine whether climate change played a part in extreme weather events. While the studies themselves are not yet peer-reviewed, which is the gold standard for science, they are often later published in peer-reviewed journals.

AP23136610354503 — FILE – A woman holds an umbrella to shelter from the sun in Bangkok, Thailand, April 22, 2023. (AP Photo/Sakchai Lalit, File)

In Thailand, high temperatures mixed with humidity meant some parts of the country felt above 50 degrees Celsius (122 degrees Fahrenheit). In India, multiple regions across the country were affected with 13 people dying due to heat at a public event outside India’s business capital, Mumbai. The eastern Indian state of West Bengal closed all schools and colleges for a week.

The study found that temperatures were at least 2 degrees Celsius (3.6 degrees Fahrenheit) hotter in the region because of climate change.

If the global average temperature reaches up to 2 degrees Celsius warmer than it was in the late 1800s, the April heatwave could occur every one to two years in India and Bangladesh, the study said. Currently, the world is around 1.1 to 1.2 degrees Celsius (2 to 2.2 degrees Fahrenheit) warmer than pre-industrial times.

“We see again and again that climate change dramatically increases the frequency and intensity of heatwaves, one of the deadliest weather events there are,” said Friedrike Otto, a senior climate scientist at Imperial College London and one of the study’s authors.

Heat action plans — which are government-run and funded and aim to help people deal with extreme heat through awareness programs, training for healthcare workers and affordable cooling methods — need to be implemented faster in India and other heat-affected countries, the study’s authors said.

AP23136610338041 — FILE – Children cool themselves in the river Gomati as northern Indian continues to reel under intense heat wave in Lucknow in the the Indian state of Uttar Pradesh, April 19, 2023. (AP Photo/Rajesh Kumar Singh, File)

“Access to healthcare and to cooling solutions like fans and air conditioners is missing for a lot of the population in this region,” said Emmanuel Raju, director of the Copenhagen Centre for Disaster Research at the University of Copenhagen and another of the study’s nearly two dozen authors.

Raju emphasized that heat affects the poorest people and people whose work requires them to be outside — farmers, street vendors and construction workers — the most.

“It’s important to talk about who can cope and adapt to heat,” he said. “Many are still recovering from the pandemic, and from past heatwaves and cyclones, which leaves them trapped in a vicious cycle.”

The southern Asian region is considered among the most vulnerable to climate change in the world, according to various global climate studies. But India, the largest country in the region and the most populous in the world is also currently the third highest emitter of planet-warming gases.

AP23136610315049 — FILE – A person sprays water on his face from an irrigation pipe to beat the intense heat wave in Lucknow in the the Indian state of Uttar Pradesh, April 19, 2023. (AP Photo/Rajesh Kumar Singh, File)

Scientists say that drastic measures to reduce carbon dioxide emissions immediately is the only solution.

“Heat waves will become more common, temperatures will rise even more and the number of hot days will increase and become more frequent” if we continue to pump greenhouse gases into the atmosphere, said Chaya Vaddhanaphuti, a professor at the Chiang Mai University in Thailand and a co-author of the study.

Vimal Mishra, a professor at the Indian Institute of Technology in Gandhinagar who studies the region’s climate, acknowledged the importance of studies that help attribute specific weather events to climate change but said more action needs to be taken.

“We should go beyond attribution and talk about how climate change is affecting weather fundamentally and look at how we can develop climate resilience,” he said.

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SIBI ARASU reported from Bangaluru.

CP Foods Unveils ‘RE-IMAGINE THE FUTURE FOOD’ Innovations at THAIFEX – Anuga Asia 2023

By

Contributor

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17 May 2023, 17:04

BANGKOK, Charoen Pokphand Foods Public Company Limited (CP Foods) is set to redefine the future of food at the prestigious THAIFEX – Anuga Asia 2023, to be arranged 23-27 May 2023 in Bangkok. The Thai food industry leader is showcasing its innovative food products under the theme ‘RE-IMAGINE THE FUTURE FOOD’. This concept encapsulates the company’s commitment to sustainable consumption and food security, with a focus on socially and environmentally friendly production methods.

Among the products on display is the award-winning black pepper chicken breast sausage “CP FI-IT”, which is awarded the Food Innovation Award at the THAIFEX – Anuga Taste Innovation Show 2023. Also featured is a range of plant-based meats from the MEAT ZERO brand, Benja Chicken – Cheeva Pork from U FARM, and fresh chicken, duck, pork, and egg products from the CP SELECTION line, fortified with Probiotic Plus innovation.

CP Foods’ exhibit is organized into six key areas:

A curated selection of import-export food products from across the globe, including CP-Uoriki, a joint venture product with Japan’s leading fresh fish distribution company, Uoriki.
U FARM’s fresh products like “Benja Chicken” and “Cheeva Pork”, known for their omega-3 rich, natural diet, and antibiotic-free, alongside CP SELECTION’s chemical-free chicken, pork, and eggs enhanced with innovative Probiotic Plus.
MEAT ZERO’s plant-based meat products, a winner of the Best Food Innovation Award at the THAIFEX – Anuga Taste Innovation Show 2022, and recipients of the World’s Best Taste Award 2021-2022 from Belgium.
Award-winning ready-to-eat food products including the BKP Crispy Smoked Chicken Frank Sausage, CP Chicken Frank Sausage, and Chili Chicken Frank Sausage, honored as the best world-class food taste in 2023.
Healthy food and beverage products under the INNOWENESS brand, featuring Nutrimax chicken soup with pumpkin and eggs and Fito Puree dietary supplements, a mix of fruit and vegetable juices with vitamins.
COOKING HELPER by CP Brand, offering a variety of sauces to simplify cooking, featuring the new product “Pandan Custard”, a delicious, aromatic condiment made from 100% natural pandan leaf and coconut sugar.

In line with its vision of becoming the “Kitchen of the World”, CP Foods is committed to providing consumers worldwide with access to safe, quality food that meets international standards and promotes health, while upholding social and environmental responsibility.

Visit CP Foods at booth number S01-S15, Challenger Hall 2, IMPACT Muang Thong Thani from 10:00 a.m. to 6:00 p.m. at the THAIFEX – Anuga Asia 2023 from 23-27 May 2023, to experience these food innovations firsthand.

Three Youngsters Arrested for Stabbings a Chinese Millionaire to Death

By

Khaosod English

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17 May 2023, 15:41

Police initially suspected the murderer of Chinese millionaire in the south of Thailand was a single lady, but they eventually apprehended three youngsters who committed the offence together.

Satun Provincial Police arrested three teens who murdered a Chinese millionaire, Mr Li Zhirui at 1:00 a.m. on May 17, namely Mr. Natdanai Ounjai, 22 years old, Mr. Natthaphon, 19 years old and Ms. Fai, 17 years old. All three people are residents of Kamphaeng Subdistrict, La-ngu District, Satun Province.

On May 16, it was reported that Mr. Li, a 40-year-old Chinese rubber processing businessman, was found dead in a toilet at a resort in the Khok Lo sub-district of Trang province. More than 20 stab wounds were found on his body. His mouth was covered with a cloth to prevent him from screaming for help.

trang murder2 — A resort in the Khok Lo sub-district in Trang province where the body of Mr. Li was discovered.

Police were searching for the female suspect on May 17 after resort staff stated that the suspect accompanied Mr Li when he arrived, but then disappeared.

Pol. Maj. Gen. Kritsada Kaewjandee, deputy commander of Region 9, spoke to Mr Li’s wife, who is Thai and originally from Krabi province, as well as relatives of Mr Li’s wife, to find further evidence that could lead to the murder. Police also investigated the suspect’s escape route.

On the run, the suspect stole Mr Li’s phone and his automobile. As the signal may be tracked in Hat Yai District of Songkla Province and Satun Province.

Later, police discovered the suspect, Ms. Fai, and two teen friends, Natdanai and Natthaphon, at a resort in La-ngu District, Satun Province, along with Li’s car, 11 bank books, 5 ATM cards, 1 credit card, 11,700 baht in cash, 3 mobile phones, 2 passports, and a wallet, as well as the pocket knife used in the crime.

Natdanai alleged that on May 15, Mr.Li contacted his close friend Ms. Fai for the third time to purchase sex services. But this time, Ms. Fai informed him via chat that Mr. Li refused to pay and slapped and physically abused her. He then asked Ms. Fai whether she wanted him to kill this man, to which she answered, “If you dare, do it.”

trang murder3 — CCTV footage showed Mr. Li Zhirui (right) paid for a room at the resort..

So he planned to make Ms. Fai open the window so he could hide in the bathroom while Mr. Natthaphon waited outside. Ms. Fai provided Mr. Li with sleeping drugs mixed in beer with the intention of stealing property while he slept, but Mr. Li was still awake, so he stabbed him repeatedly until Mr. Li died.

Following that, three of them stole Li’s belongings and drove his car to Hat Yai district, intending to hide in Chumphon province, but were apprehended by authorities in Satun.

trang murder4 — Relatives of Mr. Li’s wife consoled her.

Mr. Li owned several rubber plants in the southern part of Thailand, including Had Yai City in Songkhla, Surat Thani, and Trung. He is married to a Thai woman and has three children.

Mr. Li’s wife described her husband as nice and friendly. He stated before his death that he will review his work in Trung. When asked about Mr. Li’s suspected extramarital affairs, she stated that she had never caught him cheating.

New Ex-member Of Johnny’s Talent Agency Claims Teenage Sexual Abuse

By

Kyodo News

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17 May 2023, 09:38

Another former member of Japan’s top male talent agency Johnny & Associates Inc. said Tuesday he was sexually abused as a teenager by the firm’s late founder Johnny Kitagawa, with the scandal leading to an apology by the current president.

“When I was about 13, I was sexually abused around two times,” Yasushi Hashida, now a dancer and actor, told a Diet hearing he was invited to attend by the main opposition, the Constitutional Democratic Party of Japan.

Hashida, 37, came forward with the allegations of abuse after Kauan Okamoto, a 26-year-old former member of Johnny & Associates, did so at a press conference in April. Okamoto, a Japanese-Brazilian singer and songwriter, was also at the hearing.

johnny abuse — Yasushi Hashida (far L) and Kauan Okamoto (2nd from L), both former members of Japan’s top male talent agency Johnny & Associates Inc., attend a parliament hearing in Tokyo on May 16, 2023. (Kyodo)

“For me, it was a big deal,” Hashida said, referring to the alleged abuse. “What adults should be doing is creating a place where children can stand up straight and persevere in the world of entertainment without being victimized,” he added.

Okamoto, who told the April press conference he was abused by Kitagawa about 15 to 20 times between 2012 and 2016, said in the hearing, “As a minor, it is difficult to say no when a person in a superior position makes demands.”

He called for the creation of new legislation to prevent more people becoming victims of sexual abuse.

AP23102123407770 — Kauan Okamoto, left top, a musician also a former member of Japanese pop group Johnny’s Junior, speaks during a press conference at the Foreign Correspondents’ Club of Japan Wednesday, April 12, 2023, in Tokyo. (AP Photo/Eugene Hoshiko)

Okamoto and Hashida were part of Johnny’s Jr. at the time the abuse is alleged to have taken place. They were part of a talent pool of male idols in training who had not yet made their debut in a group or solo act.

They have often been seen performing as backup dancers for the agency’s established acts.

The allegations surrounding Kitagawa have garnered international attention after the BBC aired a documentary in March that included interviews with people besides Okamoto, who said they had been sexually abused by the late music mogul.

The revelation eventually led Julie Keiko Fujishima, the current president of the company and a niece of Kitagawa, to release a video and a written apology on Sunday in a rare public appearance.

“First and foremost, I would like to express my deepest apologies” to those who have asserted that they are victims, Fujishima said, adding she was not aware of the behavior of Kitagawa toward talents affiliated with the agency.

She also said she cannot confirm the suspected abuse cases as the person in question, Kitagawa, has died, but that she is committed to implementing measures to address the needs of the victims.

Fans of idols belonging to Johnny & Associates have also submitted a petition with around 16,000 signatures, demanding that the firm investigate the allegations of sexual abuse by Kitagawa.

Kitagawa was one of the most revered figures in Japan’s entertainment industry, propelling numerous groups such as SMAP, Arashi and Hey! Say! JUMP to stardom before his death in 2019.

But Kitagawa was also the subject of numerous allegations of sexual misconduct, with the Japanese weekly magazine Shukan Bunshun publishing a series of articles in 1999 that detailed accusations of child abuse and sexual exploitation by several boys he had taken under his wing.

Okamoto said Monday in a YouTube video posted on his channel that he is thankful for Fujishima’s apology, saying the process of addressing Kitagawa’s alleged abuse against himself and other victims has “finally begun.”

“For it to have come to this point was due to many people raising their voices on the issue,” Okamoto said.

“Now it will be up to how the agency reacts and what measures they put in place (to prevent abuses from happening again), and how the media handles reporting on it,” he added.

Thaksin Insists He Will Return To Thailand Before His Birthday

By

Khaosod English

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16 May 2023, 23:58

Former Prime Minister Thaksin Shinawatra, also known as Tony Woodsome, returns to the CareTalk x Care ClubHouse chat show “Thailand After the Election,” opening with a congratulations address for the Move Forward Party, which is a new party in the second period and has the potential to reach to the top. That is excellent. The team is excellent, particularly in Bangkok. It’s like a tsunami triumph. It is thought to be a lot of fun and exhilarating.

Mr. Thaksin believes the Pheu Thai Party was defeated because it did not disrupt sufficiently. Pheu Thai must disrupt innovation; despite being a huge party that has been in existence for more than 20 years, it must learn from its failures and develop. It’s like a sports game after the race; coaches and athletes don’t have to dispute with each other, but they do have to change methods in order to perform better.

AP23135457439483 — Pita Limjaroenrat, center, leader of Move Forward Party, waves to his supporters in Bangkok, Monday, May 15, 2023. . (AP Photo/Wason Wanichakorn)

Thaksin stated that his daughter Paethongtarn has an athlete’s spirit. She has already announced her support for the formation of a government by the Move Forward Party (MFP). She also expressed relief about having more time to raise a newborn child.

When asked if the Pheu Thai Party lost because he tweeted at the end of the election campaign that he was going home before his birthday in July, he said no. Thaksin responded, “We are not related. I want to be able to raise my grandchildren. I long for my grandchildren. I’m in love with my grandchildren at my age.”

AP23124214720545 — FILE – Paetongtarn Shinawatra, stands behind an incubator with her new born son, along with, left to right, mother Pojaman Na Pombejra and sister Pinthongta Shinawatra, during a press conference in Bangkok, Thailand, May 3, 2023. (AP Photo/Sakchai Lalit)

Mr. Thaksin also responded to the topic of whether he was ready to return to prison by saying that whatever will be, will be; he will be 74 years old in July, and his life has been extremely profitable. He doesn’t think too hard; if he can get over this moment, the rest of his life will be happy. Because he is able to live with his grandchildren and transport them to school.

“I’m not in politics anymore. If there if something conflicting; it’s politics, it’s all slandering me. Don’t pay attention. I don’t care. I’m going back; is there any problem? I will return to my home.”

The former Prime Minister responds to IO operations alleging that he and General Prawit Wongsuwan, leader of the Palang Pracharat Party, had a secret deal to establish an alliance government before and after the election. Despite the fact that his daughter, Mr. Srettha Thavisin, and Dr.Chonnan Srikaew, the leader of the Pheu Thai Party, have already stated their support for MFP forming a coalition, “we will stick to democratic values, and democracy requires political spirit.”

AP23134588844666 — Leader of Move Forward Party Pita Limjaroenrat talks to media at Move Forward Party headquarters in Bangkok, Thailand, Sunday, May 14, 2023. (AP Photo/Sakchai Lalit)

Thaksin stated that the MFP won numerous areas in this election, including the military. When MFP won, the soldiers near the border rejoiced greatly. This indicated that the young troops were dissatisfied with their lives. It is also regarded as a wake-up call for the Thai Army. As a result, he believes there will be no minority government. The exercise of authority beyond reason is no longer tolerated in Thai society.

“What is going on in society must be addressed.When the time comes to change, it must. Do not impose change; political parties, politicians, and organisations wielding power must change,” Thaksin said.

Thai Giant Businesses Shares Fall On Fear Of A New Government

By

Khaosod English

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16 May 2023, 21:18

The Stock Exchange of Thailand (SET) index on May 16 closed at 1,539.84, falling -1.54%, even though Asian shares were mostly higher. It continued lower for the second day after the general election won by the Move Forward party. Many investors have been worried that the MFP’s policies might not be friendly to big businesses, especially in the energy sector.

Krungsri Securities stated that the market is under pressure from the MFP’s policy measures, especially stocks in the energy sector. Other factors included the slowdown in the US economy as the manufacturing index declined more than expected and instability due to the debt ceiling negotiations in the United States.

On May 15, the share price of leading Thai energy company Gulf Energy Development [BKK: GULF] plunged 8.57 per cent, losing a market value of 52.7 billion baht, which now stands at 563 billion baht. Sarath Ratanavadi, CEO and vice-president of GULF, who is the company’s first major shareholder with 35.67 per cent or a total value of over 200 billion, saw his stock value drop by 18.8 billion baht in one day.

Watan Jitsomnuek, director of strategic analysis at Pi Securities, said stocks in the power sector, including GULF, GPSC and BGRIM, have fallen and Thai financial markets have been hit by the wave of selling triggered by the victory of the MFP, which has strong political policies to lower the cost of living for the people, especially in terms of the “fair price of electricity”. The market fears that this policy will lead to a reduction in Ft charges, which in turn will hit power generators.

Other groups of giant stocks whose prices fell after Move Forward’s election victory are CP All Public Company Limited (CPALL), Siam Makro Public Company Limited (MAKRO), Charoen Pokphand Foods Public Company Limited(CPF) and True Corporation Public Company Limited (TRUE).

Thanawit Boonchuwong, deputy director of equity research at Pi Securities, said CP Group shares are falling under pressure from policy measures as one of the key proposals is to raise the minimum wage to 450 baht. The retail sector bears high costs from its employees. This policy could affect their future profits.

Kitphon Praipaisalkit, director of analytics and strategist at UOB Securities, said the Thai index will fall in the short term as investors may be worried about various aspects, such as Move Forward’s victory, which did not meet their expectations.

They might be worried about the country’s economic team, even though investors would have expected Move Forward and Pheu Thai to form a government, but they would want Pheu Thai to lead the government formation and Move Forward to be the supporting party, as Move Forward is a new party. Kitphon added that investors might be concerned about what Move Forward had previously said in parliament about abolishing the monopoly.

Thai Economy Needs a New Government To Boost Exports

By

Khaosod English

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16 May 2023, 12:28

thai export2 — File photo taken on Jan. 24, 2022 shows a view of the Laem Chabang Port in Chonburi Province, Thailand. (Xinhua/Wang Teng

After the general election in which the opposition parties won, the National Economic and Social Development Council (NESDC) suggested the new government boost exports as a top priority.

Danucha Pichayanan, secretary-general of NESDC, said the Thai economy will grow 3.2 per cent year-on-year in 2023, supported by the boost in tourism, private consumption and investment. However, Thai exports in dollar terms declined by 1.6 per cent year-on-year. GDP growth of 2.7 per cent was recorded in the first quarter of 2023.

The risk factors for the Thai economy are 1. the slowdown in the global economy and instability in the global economy and finances 2. increasing household and corporate debt, which is still at high levels 3. the unpredictability of the climate, which could affect agricultural yields and 4. post-election political factors.

Danucha said the new government’s policies should strictly focus on monetary and fiscal disciplines as these could affect the country in the longer term. He added that Thailand is currently running an annual deficit of 600 billion baht (17.7 billion U.S. dollars). Therefore, he said, a policy of raising wages must be carefully considered as it could weigh on business costs, the country’s inflation rate and foreign investment.

He added that exports, both agricultural and industrial, should be the incoming government’s first priority. It should speed up exports to markets with promising economic prospects and open up new ones, as well as monitor the impact of global economic and financial turbulence.

The next sector should be people’s living conditions, especially energy prices. He said the public must wait and see if the new government can achieve what it proposed during the election campaign.

thai — FILE PHOTO People visit the Thailand pavilion during the second China International Import Expo (CIIE) in Shanghai, east China, Nov. 6, 2019. (Xinhua/Chen Fei)

For the 2024 budget, NESDC expected the slowest to be completed within the first quarter of 2024. Danucha stressed that it is important for the new government to find budgets to replenish investments, such as the investment budget of state-owned enterprises, which must be accelerated in September 2023 so that they have a cash flow of around 200 billion baht (5.9 billion U.S. dollars) at the end of the year.

It is also expected that SOEs will have another investment budget of 2 billion baht (59 million U.S. dollars) available for the first quarter of 2024.

GULF’s core profit rose 13% YoY in Q1/23 from energy business and share of profit from INTUCH

By

Contributor

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16 May 2023, 12:21

Gulf Energy Development Plc. (GULF) reported the financial results for Q1/23 with a total revenue of THB 29,083 million, a 30% increase from THB 22,453 million in Q1/22 and a core profit of THB 3,668 million, an increase of 13% Year-over-Year (YoY) from THB 3,257 million in the same period of the previous year.

The growth was primarily driven by the full operation of IPD Group’s 2,650-MW Gulf Sriracha’s (GSRC) IPP power project, of which four units gradually commenced commercial operation in 2021-2022, while in Q1/22, GULF recognized revenue and profit from only two units from GSRC, totaling 1,325 MW. As a result, IPD Group’s core profit was THB 1,492 million, an increase of THB 550 million, or 58% YoY.

Another factor came from GMP Group’s 12 gas-fired SPPs, which recognized higher revenue and profit both from electricity sales to the Electricity Generating Authority of Thailand (EGAT) and industrial users.

This was mainly attributable to the higher average electricity selling price as a result of higher natural gas prices coupled with an increase in average Ft rate for non-residential users, reflecting the higher energy costs. The average natural gas price increased from 441.56 THB/MMBtu in Q1/22 to 496.39 THB/MMBtu in Q1/23 while the average Ft rate increased from 0.0139 THB/kWh to 1.5492 THB/kWh in Q1/23.

Furthermore, Gulf Chana Green (GCG) biomass power project saw an increase in profit, which rose from THB 36 million in Q1/22 to THB 103 million in Q1/23, or a 188% YoY growth due to lower average wood cost from 1,120 THB/ton to 963 THB/ton in this quarter. Nonetheless, GJP Group’s share of core profit in Q1/23 was THB 428 million, a decrease of 31% YoY mainly from the 2 gas-fired IPPs, namely, Gulf Nong Saeng (GNS) and Gulf Uthai (GUT), which received lower Availability Payment Rates as set out in the Power Purchase Agreement.

In Q1/23, GULF also recorded share of core profit from INTUCH of THB 1,247 million, an increase of 13% YoY from THB 1,100 million in the same quarter of the previous year, primarily from the better performance of AIS. In addition, GULF recognized share of core profit of THB 150 million from the gas-fired DIPWP power project in Oman, which completed the construction of all 326 MW in January 2023.

Furthermore, GULF realized a full-quarter share of core profit from investments made in 2022, including profits from 3 wind power projects under Gulf Gunkul Corporation of THB 282 million, Thai Tank Terminal (public terminal management project for handling liquid products) of THB 73 million, and THCOM of THB 63 million.

These factors were able to offset the lower share of profit from Borkum Riffgrund 2 (BKR2) offshore wind power project in Germany, after GULF divested50.01% equity stake in BKR2 Holding, which is the holding company of BKR2 wind power project, to Keppel Group in December 2022. As a result, share of profit from BKR2 project in Q1/23 decreased in line with the decrease in shareholding.

EBITDA for Q1/23 was THB 8,143 million, an increase of 15% compared to THB 7,075 million in Q1/22. Nonetheless, EBITDA margin for Q1/23 was 28.0%, down from 31.5% in Q1/22, mainly attributable to the lower profit from BKR2 wind power project following the aforementioned sale of shares in BKR2 Holding in December 2022.

In Q1/23, net profit attributable to the parent company, which takes into account the impact of the FX rate, was THB 3,850 million, as a result of the Thai Baht’s appreciation against the US dollar from 34.73 THB/USD at the end of Q4/22 to 34.26 THB/USD at the end of Q1/23. Nonetheless, the recording of such transaction is an accounting transaction that does not have an impact on GULF’s cash flow and performance.

As of March 31, 2023, GULF had a net interest-bearing debt to equity ratio of 1.62 times, up from 1.56 times as of December 31, 2022, due to the issuance of new debentures valued THB 20,000 million in March 2023 for business expansion and partial loan repayment, and loan drawdowns from financial institutions used as working capital.

Ms. Yupapin Wangviwat, Deputy Chief Executive Officer and Chief Financial Officer, GULF, revealed, “In 2023, the total revenue is expected to increase by approximately 50% from the projects that are scheduled to commence commercial operation in 2023, which is progressing as planned. Gulf Pluak Daeng (GPD), an IPP power project under IPD Group, began the operation of its first unit (662.5 MW) on March 31, 2023 and the second unit (662.5 MW) will begin commercial operation on October 1, 2023.

GULF1’s solar rooftop projects are also scheduled to gradually begin commercial operation of an additional 90-100 MW this year. Furthermore, GULF has acquired a stake in the 1,200-MW gas-fired Jackson Generation power plant in the United States, where it has already begun commercial operation in May 2022. Overall, these projects will add approximately 2,900 MW to the company’s total installed power capacity portfolio in 2023.

For the business plan in 2023, GULF will prioritize investments in renewable energy businesses in order to achieve the target to increase the proportion of renewable energy to 40% by 2035 through the development of hydropower projects in Laos, domestic renewable energy projects such as solar farms, solar farms with battery energy storage system, wind farms, and investments in wind power projects overseas, particularly in Europe and the UK.”

Ms. Yupapin added, “Infrastructure projects in the pipeline are still on track. The land reclamation for the Map Ta Phut industrial port development phase 3 project is expected to be completed in 2024, with the construction of the LNG terminal to begin in the same year. Laem Chabang port phase 3’s F1 and F2 container berths are slated for commercial operation in 2026 and 2030, respectively. Lastly, the intercity motorway projects, M6 (Bang Pa-In – Nakhon Ratchasima) and M81 (Bang Yai – Kanchanaburi), are scheduled to commence operation in 2025.

For the progress of the digital asset exchange business in Thailand, in which GULF and Binance have a joint investment, the licenses are expected to be granted within June 2023 and the project is expected to start operations by the end of this year. Regarding the development of the data center business, for which GULF has partnered with Singtel and AIS, construction will begin in mid-2023, with commercial operations commencing in early 2025.”

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