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Bank of Thailand Pressured to Cut Rates as Baht Hits 6 Month Low
The Bank of Thailand, under pressure from Prime Minister Srettha Thavisin to cut interest rates, may adjust monetary policy if the economic outlook changes and structural challenges reduce the country’s long-term potential growth and strengthen the baht
Prime Minister Srettha Thavisin has requested the country’s four largest commercial banks to drop loan interest rates for disadvantaged groups and small enterprises after the Bank of Thailand repeatedly refused his requests to reduce borrowing costs from a decade-high.
Bank of Thailand deputy governor Ms Alisara Mahasandana told reporters that the central bank’s Monetary Policy Committee welcomes all input but must balance immediate and long-term economic factors when setting interest rates.
Prime Minister Srettha Thavisin, the finance minister, has openly questioned the central bank’s monetary policy. He often stated that rate reduction would help the economy deal with heavy household debt and China’s recession.
The Premier announced on Tuesday that he had asked the CEOs of Bangkok Bank, Siam Commercial Bank, Kasikornbank, and Krungthai Bank to make the case for lower interest rates for borrowers who are unable to afford the high cost of money.
“Vulnerable groups like SMEs have a problem with high interest rates… I asked the four to consider interest rates,” Mr Sretta told reporters, adding that Thai financial institutions are robust.
“The MPC encourages and cherishes feedback from all stakeholders… However, when making a monetary policy decision, the MPC must weigh the short-term and long-term impacts on monetary policy objectives… and they may have differing views,”
Ms Alisara said on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington. Alisara, an MPC member, stated that monetary policy might be “recalibrated” if the growth and inflation outlooks changed and structural obstacles “clearly lower our long-term potential growth”.
US Fed to Lending Raise Rates: File Image
US Fed and war put pressure on the baht
In a majority decision on April 10, the central bank maintained the key interest rate at 2.50%, its highest level over a decade. The next review date is June 12. The central bank expects Southeast Asia’s second-largest economy to rise 2.6% this year and 3.0% in 2025, up from 1.9% last year.
Ms Alisara stated that while increased private consumption and tourism were expected to boost the economy, concerns remained, particularly how well exports would rebound.
She forecasted that annual headline inflation would revert to the BoT’s target range of 1-3% by the end of the year. Energy subsidies have held consumer prices below year-ago levels for six consecutive months through March, but prices will likely climb in May.
Ms Alisara stated that negative headline inflation “does not reflect weak demand; it is not deflation.”
She predicted that the baht would be volatile due to external reasons, particularly dollar strength. The baht has lost 7.6% against the US dollar this year, becoming Asia’s second-worst-performing currency after the yen.
While the lower-yielding baht lags other regional currencies, Ms Alisara expects domestic factors to be more supportive than last year, citing stronger economic activity and Thailand’s current account surplus.
According to Kasikorn Research Centre (K-Research), the baht could fall to around 37.20 baht to the US dollar later this week, down from a six-month low of 36.9 baht on Monday, due to ongoing concerns about the Middle East conflict, while US economic data due this week are likely to support dollar strength.
Thai Baht Hits Six-Month Low: File Image
Baht to USD has depreciated 7.6% this year
In early morning trade on Monday, the Thai Baht was quoted at 36.97 baht to the dollar, the lowest in six months, before rallying back to 36.94-96, compared to Friday’s finish of 36.86, driven by falling global gold prices and changes in the Chinese yuan and Japanese yen.
The dollar, widely seen as the safest currency, has strengthened in response to persistent tensions in the Middle East and the probability that the Federal Reserve would not rush to decrease interest rates while the US economy thrives.
“Both the ongoing Middle East conflict and the strong dollar have influenced the baht, which has depreciated 7.6% this year to date,” said Kanjana Chockpisansin, K-Research’s head of research, banking, and finance.
The Thai baht is the region’s second weakest currency, trailing only the yen, which has dropped 8.8% this year. The South Korean win, however, has fallen 6.4% this year, according to K-Research.
Last week, Fed policymakers’ comments and higher-than-expected inflation statistics prompted markets to lower expectations for rate cuts in the United States and other developed nations. The US will announce first-quarter GDP numbers on Thursday, and the core Personal Consumption Expenditure price index, known to capture inflation, will be announced on Friday.
“If those US economic data exceed the market’s expectations, it increases the likelihood that the Fed will keep interest rates higher for longer. As a result, the dollar will gain strength, causing the baht to devalue further,” Ms Kanjana told the Bangkok Post.
She added that K-Research, like Kasikornbank, believes the US central bank will decrease interest rates on at least two occasions this year.
Ms Kanjana stated that K-Research anticipates the baht to trade from 36.70 to 37.20 baht to the dollar this week, given that geopolitical tensions are unlikely to subside immediately.
(CTN News) – Homebase’s proprietor is currently in discussions with one of the most prominent general goods chains in the United Kingdom regarding the possibility of selling the do-it-yourself retailer.
These discussions are occurring in anticipation of the commencement of a more comprehensive auction of the company that it salvaged six years ago.
The Range, which has discreetly become one of the most successful retail businesses in the country, has extended an offer to Hilco Capital, the company that acquired Homebase in 2018.
The company was experiencing financial difficulties at the time of acquisition. The offer is being discussed as a potential acquisition. This information was reported by Sky News. Sky News acquired this information.
The city sources asserted that the negotiations were not guaranteed to result in a transaction; however, analysts predicted that The Range would likely demand the majority of Homebase’s approximately 140 stores if an agreement were reached. The headquarters of Homebase are located in the United Kingdom.
It is anticipated that a formal selling procedure, which will involve other potential suitors, will commence in the near future, according to an individual who is knowledgeable about the matter. The individual who disclosed this information provided it.
Homebase was controlled by Wesfarmers for a period of time.
An Australian company, the company experienced losses that totaled hundreds of millions of British pounds. Homebase was acquired by Hilco subsequent to the conclusion of this period.
B&M European Value Retail, a discount retailer that is listed on the London stock exchange, is one of the other retailers that have been considered as potential proposals for Homebase in the past. Another company that has been mentioned is Homebase.
The Do-It-Yourself (DIY) chain, which has been nomadic, has been acquired by Home Retail Group, a joint venture between Argos and Home Retail Group. J. Sainsbury managed the chain at various points in time, and it was subsequently acquired by Home Retail Group.
Hilco, a corporation that has previously owned retail brands such as HMV and Cath Kidston, acquired control of the business as a consequence of Wesfarmers’ entry into the United Kingdom. This event was a complete and absolute disaster. Hilco succeeded in acquiring authority of the organization.
Homebase underwent a business voluntary arrangement in 2018, which resulted in the closure of a significant number of stores, the renegotiation of rent agreements, and the loss of approximately 1500 employment. Concurrently, each of these incidents transpired.
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The outbreak and the crises that accompanied it injured the company’s fortunes in terms of the cost of living, despite the fact that the turnaround investor was successful in stabilizing the company.
The initial increase in sales that transpired subsequent to the COVID-19 pandemic was attributable to the fact that consumers were prioritizing home renovation initiatives. Conversely, the market conditions ultimately manifested with increased volatility.
Homebase lost forty million pounds in 2022, according to Companies House.
Conversely, there is a general agreement that the performance of the previous year was significantly better.
Homebase has a presence in Ireland in addition to its operations in the United Kingdom. Nevertheless, it is conceivable that the two divisions could be sold separately at a later date.
Chris Dawson, one of the most successful businesspeople in the world, is the owner and operator of CDS Superstores, which incorporates The Range as a subsidiary. The Range is situated in Devon.
The business paid a sum of seven million pounds to acquire the brand and intellectual property assets of Wilko, which had been placed under administration.
Mr. Dawson has since established numerous Wilko establishments in a variety of locations throughout the region.
The Range, a retailer with over 200 retail locations in the United Kingdom, offers a diverse selection of products, such as homewares, furnishings, and items for do-it-yourself projects.
Mr. Dawson established its inaugural store in Plymouth in 1989.
Due to the distinctive number plate that is prominently displayed on his Rolls-Royce Wraith, he is frequently referred to as “the Del Boy billionaire.” He has become one of the most successful retail business proprietors in the United Kingdom as a result of his unwavering determination and hard work.
Despite an attempt to obtain a statement from Hilco and Homebase, The Range has been unable to be contacted for any further information.
SOURCE: SN
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(CTN News) – A substantial number of individuals from all over the United Kingdom have reported issues with the National Lottery’s mobile app and website. A sizeable number of individuals have brought these issues to the attention of the authorities.
It is clear that a significant number of individuals have reported experiencing difficulties accessing the application, as evidenced by the fact that over one thousand five hundred complaints were registered at roughly 6:30 this morning.
There was a second surge in the amount of complaints that were received at approximately eleven o’clock last night. Downdetector UK received approximately two thousand reports of outages during this time period.
For the second time in a row, National Lottery complaints were up.
It was as a result of an increase in the percentage of complaints that were received that this phenomenon came about. The application is responsible for National Lottery around 53 percent of the disturbances that have been observed, as indicated by the conclusions of the inquiry.
On the other hand, the website and the login were connected to respectively 41% and 6% of the disruptions that occurred.
Glasgow, Manchester, and London were selected as the regions that were experiencing the most major challenges. This was the case despite the fact that a number of problems were recorded in each and every location in the United Kingdom.
The National Lottery’s mobile application and website have been the subject of a number of complaints from users who have said that they have been unable to successfully log in to either of these platforms.
The National Lottery attracted many people to X.
It was once known as Twitter, where they broadcast complaints and expressed their displeasure with the apparent outage. Their actions were intended to convey their dissatisfaction with the current situation. The following comment was provided by a certain individual:
“Come on, @TNLUK, your app and website have been down since last night at nine o’clock.” These issues have been ongoing for a considerable period of time. Even if one considers how long it has been since the dispute began, it is absurd that it has not been resolved.
I was wondering if anyone has been able to access the website of the national lottery or use the app since the clock struck nine o’clock yesterday evening.
Should that be the case, to what extent has this been feasible? The inquiry was initially posed by a different individual than the one who was being asked.
Would it be more likely for the problem to be resolved in time for today’s draw, or will it take more time to be resolved? What is the likelihood of each of the following occurring? Please select one of the following two options. “@TNLUK”
Apparently, the National Lottery app is exhibiting peculiar behavior of its own accord, as stated by a third user who reported the matter.
There is a significant probability that the anarchy that has been brought about by the current state of information technology is the party responsible for this. This is a possibility that cannot be discounted.
According to the official National Lottery account.
The following comment was provided in response to someone who inquired about the matter: “Hello. It has come to our attention that a sizeable number of players are encountering challenges while attempting to access both our website and our mobile application.
It was brought to our attention by a member of our staff that this information is available. At this very moment, the members of our team are conducting an inquiry into the matter in order to ascertain what has transpired. We would like to take this opportunity to apologize for any inconvenience that this may have caused.
The fact that they are conducting an investigation into the matter is something that you should be aware of.
SPURCE: BCSE
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(CTN News) – Since Amazon introduced Prime Day in 2015, July sales have been enormous for businesses. Even with fantastic prices, personal finance experts advise against deceptive advertising and buying unnecessary items.
In recent weeks, people have been growing more enthusiastic about the 10th Prime Day event, which will take place on Tuesday and Wednesday for Prime members who pay $14.99 a month or $139 a year for free shipping and other benefits.
Other stores have capitalized on Prime Day with offers. This summer, Walmart, Target, Kohl’s, TikTok Shop, and Temu started sales before Amazon.
This was done to steal from Amazon deal-seekers.
There will be “best summer deals” at Macy’s from Tuesday to August 8. Why do businesses sell so much during the summer?
July offers aid August back-to-school buying, the second busiest season after the holidays. Electronics, home products, and seasonal items like bikinis and summer dresses cost more when costs are low.
Sales could help businesses battle “a summer lull in retail spending” because people are spending money on holidays and eating out, according to Coresight Research’s head of global research, John Mercer.
Mercer says “it drives a bit of excitement in that mid-year period,” when companies may be struggling to sell. He claimed that businesses utilized sales to increase spending during high interest rates and inflation.
Amazon doesn’t disclose Prime Day earnings, but it has proof. Last year’s “single largest sales day” sold almost 375 million products.
Amazon Prime Day sales might reach $12.5 billion worldwide in 2023, according to Emarketer. The company expects 7% sales growth this year.
What’s the pricing offer?
Change who you ask. It is common for store advertisements to use hyperbole in order to attract customers. Earlier this month, Wirecutter wrote that most of Amazon’s early discounts this year are disappointing.
Santa Clara University management professor and Amazon book author Kirthi Kalyanam says Prime Day offers are good. Halyanam said Amandon promoted small businesses on its website to acquire Apple discounts and cut their costs. People are used to Temu and Shein’s low prices, so Prime Day deals may not matter.
Kalyanam stated that “many of the deals may not be as competitive” as Temu and Shien’s.
Other stores may immediately try to match Amazon’s prices, he added. He said Best Buy dropped two goods when Amazon revealed early deals last week.
Numerator questioned 5,000 customers after Prime Day last year and found 40% discounts on some items. Survey responders discovered 60% or greater discounts on 25% of items.
Some retail workers stated Prime offers were smaller than they appeared.
Is there a way to budget and locate Amazon deals?
Personal finance gurus advise caution before buying if you’re on a budget. LendingClub customer support manager Mark Elliot advises, “Avoid the false sense of urgency of manufactured holidays.” “It’s simply not true by definition to say that the more you spend, the more you save.”
Dan Egan, VP of Betterment, a financial advice and investing business, advises users to list their wants beforehand to make good selections. He advises against late-night or bored shopping.
“Having a list makes it less likely that you’ll be sidetracked by unnecessary items,” he said. I recommend removing shop apps from your phone for a week or two if the list is practically empty. You’ll get several alerts otherwise.
He warned credit card holders that summer sales savings may be wasted on interest payments. “If a deal requires interest, it’s not a deal,” stated.
According to Consumer Federation of America head of consumer protection Erin Witte, summer offers are best with free or short-term memberships. After a while, these programs charge customers’ credit cards.
To cancel your membership, Witte advised setting a reminder.Think about it now. Remember that these companies made signing up for this product easy but canceling difficult.
Install the Amazon app, sign up for invitation-only offers, and wait in line for limited-time, sold-out deals.
Price comparisons matter.
Prime members who pay for Prime Day discounts may buy more. Before buying, compare costs on many websites.
Walmart’s price event this month was open to everyone, unlike Prime Day. Allowing Walmart+ users to sign up early improved the deal.
Target Circle, a new membership program, was promoted over the weeklong event to boost sales and foot traffic. However, only Target Circle members might get deals.
TikTok Shop’s summer sale was available to anyone. Celebrations continue till July 9.
Source: APN
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