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Thai investor mood dips for first time in four months, politics weigh

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By Satawasin Staporncharnchai and Orathai Sriring

BANGKOK (Reuters) – Investor confidence in Thailand’s capital markets over the next three months dropped for the first time in four months, unsettled by recent anti-government protests, a capital market association said on Thursday.

The risk coming from political turbulence is adding to pressure on the government as policy makers struggle to revive an economy expected to shrink by a record amount as the coronavirus pandemic upends tourism and consumption.

The Federation of Thai Capital Market Organisations said its July survey showed the investor confidence index fell to 85.26 from 101.19 in the previous month.

“The main reason was politics. It’s the first time in months that political factors took the spotlight and played a role in investment,” the federation’s chairman, Paiboon Nalinthrangkurn, told a briefing.

Demonstrators have called for the removal of the government of Prime Minister Prayuth Chan-ocha, amendments to the constitution and reforms of the monarchy.

The Thai stock index .SETI> has fallen by 15% so far this year, with foreign investors dumping 231 billion baht ($7.44 billion) of shares.

Investors remained concerned about the economy and the earnings of listed companies, but they hoped a new government economic team would help restore confidence, Paiboon said.

“From now on, it will depend on the new team and whether they will have policies to build market confidence,” he said.

In a cabinet shake-up, banking executive Predee Daochai was picked as finance minister and given the tough task of pulling Southeast Asia’s second-largest economy out of a deep slump.

The finance ministry expects the economy to shrink 8.5% this year, although the government has introduced stimulus measures, including a 1.9 trillion baht package, in a bid to mitigate the outbreak impact.

(Reporting by Satawasin Staporncharnchai and Orathai Sriring; Editing by Ed Davies)

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NDP caving to Poilievre on carbon price, has no idea how to fight climate change: PM

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OTTAWA – Prime Minister Justin Trudeau says the NDP is caving to political pressure from Conservative Leader Pierre Poilievre when it comes to their stance on the consumer carbon price.

Trudeau says he believes Jagmeet Singh and the NDP care about the environment, but it’s “increasingly obvious” that they have “no idea” what to do about climate change.

On Thursday, Singh said the NDP is working on a plan that wouldn’t put the burden of fighting climate change on the backs of workers, but wouldn’t say if that plan would include a consumer carbon price.

Singh’s noncommittal position comes as the NDP tries to frame itself as a credible alternative to the Conservatives in the next federal election.

Poilievre responded to that by releasing a video, pointing out that the NDP has voted time and again in favour of the Liberals’ carbon price.

British Columbia Premier David Eby also changed his tune on Thursday, promising that a re-elected NDP government would scrap the long-standing carbon tax and shift the burden to “big polluters,” if the federal government dropped its requirements.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Quebec consumer rights bill to regulate how merchants can ask for tips

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Quebec wants to curb excessive tipping.

Simon Jolin-Barrette, minister responsible for consumer protection, has tabled a bill to force merchants to calculate tips based on the price before tax.

That means on a restaurant bill of $100, suggested tips would be calculated based on $100, not on $114.98 after provincial and federal sales taxes are added.

The bill would also increase the rebate offered to consumers when the price of an item at the cash register is higher than the shelf price, to $15 from $10.

And it would force grocery stores offering a discounted price for several items to clearly list the unit price as well.

Businesses would also have to indicate whether taxes will be added to the price of food products.

This report by The Canadian Press was first published Sept. 12, 2024.

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Youri Chassin quits CAQ to sit as Independent, second member to leave this month

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Quebec legislature member Youri Chassin has announced he’s leaving the Coalition Avenir Québec government to sit as an Independent.

He announced the decision shortly after writing an open letter criticizing Premier François Legault’s government for abandoning its principles of smaller government.

In the letter published in Le Journal de Montréal and Le Journal de Québec, Chassin accused the party of falling back on what he called the old formula of throwing money at problems instead of looking to do things differently.

Chassin says public services are more fragile than ever, despite rising spending that pushed the province to a record $11-billion deficit projected in the last budget.

He is the second CAQ member to leave the party in a little more than one week, after economy and energy minister Pierre Fitzgibbon announced Sept. 4 he would leave because he lost motivation to do his job.

Chassin says he has no intention of joining another party and will instead sit as an Independent until the end of his term.

He has represented the Saint-Jérôme riding since the CAQ rose to power in 2018, but has not served in cabinet.

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

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