Thailand cuts 2020 growth forecast

Thailand's Finance Ministry yesterday cut its 2020 economic growth forecast to 2.8 per cent from the 3.3 per cent projected three months ago, citing weaker exports, a delayed budget and the spread of a new virus from China.

The ministry slashed its estimate for 2020 exports, a key growth driver, to a rise of just 1 per cent from an earlier 2.6 per cent increase, said Mr Lavaron Sangsnit, the head of the Finance Ministry's fiscal policy office.

"Despite the downgrades, the economy is still growing," he added. "The major drivers will be private investment and large public investment projects".

The ministry estimated that the economy grew 2.5 per cent last year, the weakest pace in five years, after expanding 4.1 per cent in 2018. Official 2019 gross domestic product data is due on Feb 17.

REUTERS

JPMorgan to shed hundreds of jobs

JPMorgan Chase & Co plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to people briefed on the matter.

The bank intends to notify affected employees on Feb 6 and cuts will be scattered across the division, said one of the people, who asked not to be identified because the information is private. The consumer unit, which houses the deposit, credit card, home and car lending businesses, contributes nearly half of the firm's revenue.

The cuts are part of a broader review of operations as customers increasingly access banking services through mobile phones or digital platforms.

A JPMorgan spokesman declined to comment. The planned cuts represent about 1 per cent of employees in the unit and workers will be given the chance to apply for other roles in the firm, another person said.

BLOOMBERG

Vena Energy building solar battery

Singapore-based Vena Energy will build a 100MW solar battery in Queensland, Australia, for Australian energy retailer AGL, it said yesterday. The project will cost A$120 million (S$110 million). The battery will have an initial capacity of 100MW and store 150MW hours of energy, which could power up to 57,000 average homes annually.

Vena Energy Australia will build, own and maintain the battery, while AGL will operate it under a 15-year agreement between both firms.

Construction is estimated to begin in July, said the independent power producer. Vena Energy Australia head Anil Nangia said the project would take 12 months.

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