PHOTOS & GRAPHIC: The Nation
The Board of Trade are meeting with the Bank of Thailand tomorrow (August 8) to discuss the value of the Thai baht, its appreciation against the US dollar and Chinese yuan, and the impact on the country’s exports.
Sanan Angubolkul, the Board of Trade’s vice chairman, speaking to The Nation, says the baht has appreciated around 5% against the US dollar this year.
“This has led to a drop in the country’s exports in the first half of this year. But now, with the yuan also depreciating against the dollar and the baht, it will directly impact our exports to other countries as well in the rest of this year if the BOT does not do anything to manage the country’s currency.”
He says the depreciation of the yuan will make China’s products cheaper. This will lead to most importers asking Thai exporters for discounted price to compete with China’s products.
“Normally, our production costs are already higher than that of China. When our currency also becomes stronger than the yuan, that will make our products less competitive.”
Meanwhile, original equipment manufacturers will also be impacted by the yuan’s depreciation as several industries in Thailand have got orders to make products under OEM, like China’s manufacturing, such as consumer products, home appliances, household products, etc.
“OEM orders may move from Thailand to China as the cost of production in China will be cheaper than in Thailand, if the government or the BOT do not do anything to manage the country’s currency.”
“At the meeting on August 8, we will provide information to the BOT and urge it to consider ways to support the country’s industry and exporters.”
Source : thethaiger.com/
Baghdad (IraqiNews.com) – Two Iraqi people were wounded Tuesday in a bomb attack in Baghdad, a security source was quoted as saying.
Speaking to Iraqi website Alforat News, the source said that an explosive charge went off Tuesday in al Baladiyat district in Baghdad, leaving two people wounded.
According to the source, the wounded citizens were moved to a nearby hospital for treatment.
He added that security forces cordoned off the blast site and launched a manhunt for the perpetrators.
Source : Iraqi News
By Mariam Al-Sagheer
MAKKAH — Saudi Arabia has donated more than $92.4 billion to 84 countries during the 23 years between 1996-2019, Abdullah Al-Rabeeah, supervisor of King Salman Center for Humanitarian Aid and Relief (KSRelief) has said.
Delivering a speech titled “Islam in the service of communities” at the 44th annual Grand Haj Symposium here on Monday, Dr. Al-Rabeeah said the Kingdom was and still is providing assistance to disaster victims and support the poor. “It (the Kingdom) is a generous country, the source of good and is visited by those in need for help,” he said.
The symposium’s motto is: “The Haj: Coexistence and Tolerance”.
Dr. Al-Rabeeah said the Kingdom is an Islamic country deeply rooted in human memory with its immortal work in the charitable field, pointing out that the Kingdom provided nearly $92.4 billion to support 84 countries in the world since 1996.
Dr. Al-Rabeeah said KSrelief was established in May 2015 to streamline the Kingdom’s relief and humanitarian aid to different countries across the world. The noble humanitarian goals and principles of the center include achieving impartiality, transparency, professionalism, taking the initiative, innovation, building partnerships and social support, he said.
The KSrelief has undertaken 1,050 development projects in 44 countries worth $3.52 billion (SR13.28 billion), he said.
He said the Kingdom has furnished Yemen with assistance worth more than $2.2 billion, Palestine $355 million, Syria $277 million, Somalia $180 million, Pakistan $116 million, Indonesia $71 million and Myanmar $17 million.
Al-Rabeeah said the center financed 225 projects for women in various parts of the world at an estimated amount of $389 million and 224 projects for children worth $529 million.
He said the Kingdom is hosting about 12 million migrants from various nationalities including 561,911 Yemenis, 262,573 Syrians and 249,66 people from Myanmar.
Source : Saudi Gazette
Japan’s household spending increased for the seventh straight month in June supported by strong demand for package tours during the upcoming summer vacations and purchases of televisions, government data showed Tuesday.
Spending by households with two or more people rose 2.7 percent in real terms from a year earlier to 276,882 yen in the reporting month, according to the Ministry of Internal Affairs and Communications.
Among 10 categories, outlays on leisure contributed the most to the overall increase as many customers paid for upcoming August package tours, with more people than usual expected to travel in the middle of the month due to a three-day holiday, the data showed.
Expenditures in transportation were also solid due to the same reason, according to a ministry official who briefed reporters.
Spending on durable goods was strong partly because many consumers bought high-definition 4K TVs as their prices began to decline, the official added.
Household spending is a key indicator of private consumption, which accounts for more than half of the world’s third-largest economy’s gross domestic product.
The ministry maintained its assessment, saying household spending is “picking up.”
After adjustment for inflation, the average monthly income of salaried households with at least two people was up 3.5 percent from a year earlier to 880,805 yen, following a 0.2 point fall the previous month.