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Investment misses public target levels – Bangkok Post

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Investment misses public target levels

Budget holdup hurts fiscal 2020 plans

A meagre 25 billion baht in investment budget was doled out in the first three months of fiscal 2020, as the months-delayed 3.2-trillion-baht budget bill has yet to be enforced, says a source at the Finance Ministry who requested anonymity.

The disbursed budget accounted for 4.4% of the total investment budget for this fiscal year, well below the target of 5.3%, and state investment fell by 50 billion baht, the source said.

The annual budget expenditure for fiscal 2020 was supposed to start on Oct 1, 2019 but was hampered by the lengthy government installation and legislative process.

Last Friday, the Constitutional Court ruled that the annual budget bill was valid but needed to be voted on again by the lower house for the second and the third readings, putting to rest uncertainty about further deferrals in passing the fiscal budget.

The court’s ruling on the validity of the bill came after some MPs were accused of placing voting cards for those who were absent into a voting machine during the House’s deliberation of the bill.

The source said 29.2% of the fiscal 2020 budget expenditure was taken out in the October-to-December quarter.

The law lets regular and obligation budgets be taken out based on the previous year’s budget if the legislative process for the annual budget bill is incomplete before the fiscal year starts. New investment budget disbursement is prohibited.

The investment budget for fiscal 2020 amounts to 600 billion baht. Half has already been committed to contractors and the remainder is for new projects.

All the government can do is ramp up disbursement of the carry-over budget, the source said. Some 80 billion baht out of the 260-billion-baht carry-over budget was drawn down in the first quarter of fiscal 2020, down 14% from the previous year, the source said.

From the regular budget, 700 billion baht was withdrawn for the three months through December, a 14% year-on-year drop.

Pisit Puapan, director of the Macroeconomic Policy Bureau under the Fiscal Policy Office (FPO), said the government set 2020 as the year of investment to push economic growth.

Seven double-track rail routes stretching 1,480 kilometres represent the major public investment for this year. Those routes include Jira Junction-Ubon Ratchathani, Pak Nam Pho-Denchai, Denchai-Chiang Mai, Chumphon-Surat Thani and Surat Thani-Hat Yai.

State enterprises are estimated to take out 77% of the 346-billion-baht investment budget this year, Mr Pisit said.

The FPO forecasts private investment to grow 4.2% in 2020, compared with 2.6% predicted for last year.

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PepsiCo Makes $550 Million Celsius Investment As Hip Hop Mogul Sues For His Shares – Forbes

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PepsiCo
PEP
has its sights on gaining a bigger share of the energy drink with a $550 million investment in Celsius Holdings. The energy drink maker is also at the center of a lawsuit between Russell Simmons and his ex-wife Kimora Lee Simmons along with her husband Tim Leissner, as he tries to retrieve his shares in Celsius back from them. Allegedly Kimora Lee and Leissner transferred and were using his shares of Celsius as collateral to pay a bond in connection with these criminal charges. Leissner already pleaded guilty, and agreed to forfeit $43.7 million for his role in the Malaysia 1MDB scandal that cost Goldman more than $3 billion. Simmons alleges that his shares of Celsius are being used as collateral to pay a bond in connection with these criminal charges.

The Breakdown You Need To Know:

Celsius recorded a first-quarter domestic revenue increase of 217% to $123.5 million and the long-term distribution deal gives Pepsi a minority stake of about 8.5%. The brand, which doesn’t use artificial preservatives or sugar, adds to PepsiCo’s energy drink portfolio, which already includes Rockstar as well as Mountain Dew drinks Amp, Game Fuel, and Kickstart. CultureBanx reported that with these types of returns it’s easy to see why Simmons wants his shares back from the couple.

Quick Recap on how these three people ended up in this situation. Goldman Sachs
GS
last year agreed to pay the Malaysian government $3.1 billion, to settle claims in the 1Malaysia Development Berhad (1MDB) fund. One of the main people who got the bank involved in this scandal was Kimora Lee’s Simmons husband Tim Leissner.

The bank swiftly parted ways with him after his shady dealings with Jho Low came to light. In November 2018, when Leissner agreed to pay $43.7 million toward victim compensation, it was in order to avoid jail time.

In his claim, Simmons says Kimora and Leissner “knew full well that Leissner would need tens of millions of dollars to avoid jail time, stay out on bail, and forfeit monies for victim compensation.” Simmons claims they used their Celsius shares as collateral for Leissner’s bail, and he wants his shares returned.

Now Russell wants no financial part in keeping Leissner out of jail. In a letter sent to his ex-wife Kimora Lee on May 5, 2021, he was pleading with her to do the right thing and avoid a lawsuit. He wrote that “I am shocked and saddened to see how your side has behaved in response to my repeated attempts to get an agreement from you to rightfully and legally reaffirm my 50% of the Celsius shares..which have been locked up with the government after being used for your husband’s bail money.”

What’s Next:

A representative for Kimora Lee said “Kimora and her children are shocked by the extortive harassment coming from her ex-husband, Russell Simmons, who has decided to sue her for shares and dividends of Celsius stock in which Kimora and Tim Leissner invested millions of dollars.” At this point Russell is asking a judge for damages against Kimora and Leissner and believes he should be awarded restitution for interest and equal value for the wrongfully obtained shares.

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Saskatchewan Leads Provinces In Building Construction Investment | News and Media – Government of Saskatchewan

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Released on August 12, 2022

Saskatchewan first among the provinces in year-over-year growth

Today, Statistics Canada released June 2022 Investment in Building Construction numbers, which showed Saskatchewan with a 63.0 per cent increase (seasonally adjusted) compared to June 2021, ranking first among the provinces in terms of percentage change.

Saskatchewan also had strong month-to-month growth for building construction investment with a 17.6 per cent increase (seasonally adjusted) between May 2022 and June 2022, second among the provinces. The value of building construction investment in June 2022 was $464 million, the highest monthly investment in the province since August 2013.

Investment in residential building construction also saw strong month-to-month growth with an increase of 24.0 per cent.

“Saskatchewan’s economy is moving full steam ahead as we advance our Government’s strategy to increase our exports and attract investment into the province,” Trade and Export Development Minister Jeremy Harrison said. “Saskatchewan is a global leader in the sustainable production of the food, fuel and fertilizer that the world needs, a reality that will lead to more jobs and opportunities in our province for years to come.”

The latest Statistics Canada Labour Force Survey showed there were 581,600 people employed in July 2022 – an increase of 24,400 jobs (+4.4 per cent) compared to July 2021, the third highest percentage increase among the provinces. The seasonally adjusted unemployment rate of 4.0 per cent remained the second lowest among the provinces, a decrease from 7.1 per cent in July 2021 and well below the national average of 4.9 per cent.

Saskatchewan has ranked highly in a number of other key economic indicators in recent months, including June 2022 merchandise exports, which had the second highest year-over-year growth among the provinces at 57.3 per cent and June 2022 building permits, which had the second highest month-to-month growth among the provinces at 15.8 per cent and the third highest year-over-year growth at 27.4 per cent. June 2022 urban housing starts had the second highest year-over-year growth at 87.0 per cent, compared to the national increase of 0.2 per cent (unadjusted).

-30-

For more information, contact:

Jill Stroeder
Trade and Export Development
Phone: 306-787-6315
Email: Jill.stroeder@gov.sk.ca

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Canada Pension Plan Investment Board loses 4.2% in Q1 – Investment Executive

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Tax debts and the prescribed rate

Owing CRA money will soon be more expensive

Feds move ahead with CCPC measures

Draft legislation includes expanded SBD access, definition of substantive Canadian-controlled private corporation

Finance releases details on new First Home Savings Account

Proposed rules outline age limit and allow unused contribution room to be carried forward

Regulatory peril is banks’ top governance risk: Fitch

Failings that inflict broader reputational harm or signal deeper issues are most likely to impact credit ratings

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