Pattaya July 2020

BUSINESS SUPPLEMENT
THAILAND BUSINESS NEWS
FINANCE MINISTRY MULLS
RETAIL TAX BREAKS
Retailers have urged the government to
consider granting tax breaks to improve the
sector and to encourage people to spend
when they go shopping. In response, the
Finance Ministry is considering the proposals,
one of which is for a similar tax break as
seen during 2015 and 2016, but with a higher
cap of 50,000 baht instead the previous
30,000 baht.
Finance Minister, Uttama Savanayana,
was quoted as saying, "We need to consider
in detail what are the problems and what
are appropriate measures," adding, "We've
launched relief measures, and the domestic
tourism-boosting package is the latest example."
Other suggestions were for Grand Sales
to take place that had a longer duration, for
example up to 6 months. These would help
to tempt shoppers to leave their homes and
come to retail outlets.
Chadatip Chutrakul, chief executive of
Siam Piwat Co, the operator of Siam Paragon,
Siam Center and Iconsiam, was quoted
as saying, "The government has already
launched a host of measures to remedy many
sectors, but any measures for the retail sector
are yet to be declared or made available.”
Wuttikiat Techamongklapiwat, president
of Robinson Plc, was quoted as saying,
"Measures or shopping incentives, if provided,
will help stimulate people to spend more
in the country," adding, "Without any aid or
stimulus measures, rising unemployment is
anticipated, aggravating a retail business already
hard-hit by the deadly virus."
THE TOURISM AUTHORITY OF
THAILAND LOOKS TO STIMULATE
DOMESTIC TRAVEL
The Tourism Authority of Thailand (TAT)
is actively engaged in promoting packages
for domestic tourism in order to spur the market
in the absence of foreign visitors.
Domestic tourism packages include fourmonth-long
packages that will be live from
July 2020 until October 2020 called Rao Pai
Thiew Kan, Kam Lang Chai, and Thiew Pan
Suk.
Through the "Paotung" application, the
Rao Pai Thiew Kan package will include subsidized
accommodation to the tune of 40% or
up to 3,000 baht per room per night as well
as free 600-baht e-vouchers
The Kam Lang Chai package will include
government subsidies of up to 2,000 baht per
head for the travel costs of 1.2 million village
health volunteers and medical personnel of
sub-district health promotion hospitals.
Separately, in Pattaya, city planners are
busy preparing for events as restrictions
ease, including the Pattaya Music Festival
and the Pattaya International Fireworks Festival.
Pattaya’s mayor, Sonthaya Khunpluem,
was quoted as saying, "The government has
launched many projects to help revive tourism.
Although this year's tourism will not be
able to match the previous year's, I believe
the situation will gradually improve and return
to normal soon.”
BANKS DIRECTED TO CUT
INTEREST RATES AND STOP
DIVIDENDS
Thailand’s banks have been told by the
Bank of Thailand (BoT) to conserve capital
by suspending dividend payments and stock
buybacks.
As well, the BoT also ordered banks to
cut interest rates on consumer lending products
such as credit cards and personal loans.
This is in contrast to other countries
where central banks reduce benchmark interest
rates with a view to hoping that lenders
pass these savings on to consumers. Yet,
they seldom do, at least fully.
Under the bank of Thailand’s directive,
the maximum chargeable interest rate for
credit cards will be capped at 16 per cent,
down from 18 per cent, and personal loan interest
rates will be reduced to around 24 per
cent from 28 per cent.
www.thailand-business-supplement.com
THE GOODYEAR RECHARGE CONCEPT – MAKING TIRE CHANGING
EASY WITH CUSTOMIZED CAPSULES THAT RENEW YOUR TIRES
The Goodyear reCharge is a revolutionary
self-regenerating concept tire that
can adapt and change to meet individual
mobility needs.
“Goodyear wants the tire to be an even
more powerful contributor to answering
consumers’ specific mobility needs, said
Mike Rytokoski, Vice-President and Chief
Marketing Officer, Goodyear Europe, “It
was with that ambition that we set out to
create a concept tire primed for the future
of personalized and convenient electric
mobility.”
The reCharge concept includes a number
of innovative features that are built
around three pillars:
Personalized
At the core of the reCharge concept
is a reloadable and biodegradable tread
compound that can be recharged with
individual capsules, radically simplifying
the process of replacing your tires. Filled
with a customized liquid compound, these
capsules allow the tread to regenerate
and the tire to adapt over time to climatic
circumstances, road conditions, or simply
how you want to travel. Thanks to artificial
intelligence a driver profile would be created
around which the liquid compound
would be customized, generating a compound
blend tailored to each individual.
Sustainable
The compound itself would be made
from a biological material and would be
reinforced with fibres inspired by one of
the toughest natural materials in the world
- spider silk. This would make it both extremely
durable and 100 percent biodegradable.
Hassle-Free
In addition to radically simplifying the
process of replacing your tires with rechargeable
capsules, the tread would be
supported by a light-weight, non-pneumatic
frame and tall-and-narrow shape.
This is a thin, robust low-maintenance
construction that would eliminate the need
for pressure maintenance or downtime related
to punctures.
“The Goodyear reCharge is a concept
tire without compromise, supporting personalized,
sustainable and hassle-free
electric mobility,” concluded Sebastien
Fontaine, Lead Designer at the Goodyear
Innovation Centre in Luxembourg.
About Goodyear
Goodyear is one of the world's largest
tire companies. It employs about 63,000
people and manufactures its products in
47 facilities in 21 countries around the
world. Its two Innovation Centers in Akron,
Ohio, and Colmar-Berg, Luxembourg,
strive to develop state-of-the-art products
and services that set the technology and
performance standard for the industry. For
more information about Goodyear and its
products, go to www.goodyear.co.th.
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