THAILAND: New Attorney-General Moves To Appeal Thaksin's Lese-Majeste Acquittal
Nov-17 09:13
Thailand's new Attorney-General Ittiporn Kaewthip is looking to overturn the decision by a panel of prosecutors and appeal imprisoned Pheu Thai Party (PTP) patriarch Thaksin Shinawatra's lese-majeste acquittal, according to a source report circulated by Bangkok Post.
- The Criminal Court acquitted Thaksin in August in a lese-majeste case related to an interview he gave to South Korean outlet Chosun Ilbo in 2015, in which he accused privy councillors of orchestrating the coup that resulted in the ouster of his sister and then-Prime Minister Yingluck Shinawatra. However, only a fortnight later, the Supreme Court sentenced him to serve one year in prison in the so-called 13th floor case. We previewed these court verdicts in a comprehensive note at the time.
- Bangkok Post reports that Ittiporn will 'instruct the prosecutors handling the case to file a formal appeal with the Court of Appeal'. The newspaper notes that Setion 112 (lese-majeste) offences committed outside the country require the approval of the Attorney-General before prosecutors can take action. According to Bangkok Post, Ittiporn 'had until November 22 to decide' and 'his decision, made last week, is final and cannot be reversed.'
- Controversial politician and activitst Chuwit Kamolwisit wrote on Facebook that the appeal is part of a plan to keep Thaksin behind bars. Because of his old age (70+), the former Prime Minister could appeal for a special suspension of his sentence after serving four months, but such request would not be considered if Thaksin still had a 'pending case', such as the reported appeal in his lese-majeste case.
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LOOK AHEAD: US Week Ahead Headlined By Delayed CPI Report On Friday
Oct-17 20:51
- The September US CPI report will be released on Friday, delayed amidst the government shutdown but with the BLS making a special exception on social security payment considerations.
- Bloomberg consensus looks for headline CPI inflation at a rounded 0.4% M/M after 0.38% back in August and for Y/Y inflation to firm two tenths to 3.1% for what would be its highest since May 2024.
- Core inflation is seen at a rounded 0.3% M/M after 0.35% in August (exceeding the median unrounded estimate of 0.31%) and 0.32% in July. It’s expected to see core CPI inflation hold at 3.1% Y/Y having in August increased to its highest since February.
- Core details should see focus on both goods and services angles: underlying goods inflation has clearly firmed in recent months on tariff pressures although the median increase has currently seen a peak back in June, whilst services will be watched for any spillover after some strong recent non-housing readings.
- The report will come within the FOMC blackout period ahead of the Oct 28-29 decision, with a 25bp cut fully priced and likely needing a large surprise to alter this.
- As for broader inflation details, Fed Chair Powell this week confusingly suggested that we will have the September PPI report but the BLS had previously said “No other releases will be rescheduled or produced until the resumption of regular government services”.
US DATA: Latest Jobless Claims Estimates During The Shutdown
Oct-17 20:30
As noted earlier, MNI estimates initial jobless claims at a seasonally adjusted 218k in the week to Oct 11 and continuing claims at a seasonally adjusted 1929k in the week to Oct 4.
- To give a better idea of sensitivity around these estimates, which rely on estimates for some missing states, we note the below analyst estimates:
- Goldman Sachs have a central estimate of 217k for initial claims in a range of 211-225k, whilst they see continuing claims at 1917k in a range of 1885-1930k.
- JPMorgan meanwhile also see 217k for initial claims whilst they see continuing claims as having held constant at 1927k.
NATGAS: Venture Global in Talks with Ukraine for more LNG Deliveries, Reuters
Oct-17 20:28
Ukraine is seeking more cargoes from Venture’s Plaquemines facility as the embattled nation approaches the winter heating season, according to Reuters sources
- Venture is in talks with Ukraine’s DTEK to procure more LNG cargoes after a year of gas infrastructure attacks by the Russians.
- Venture Global CEO Michael Sabel met with President Volodymyr Zelenskiy on Thursday October 16.
- DTEK signed an agreement in 2024 for an undisclosed amount of LNG from the facility, as well as 2 mtpa from Calcasieu Pass Phase 2 currently under construction.
- Plaquemines currently has spare capacity to deliver more cargoes to Ukraine on the spot market, per Reuters.
- Plaquemines now sends out the second highest LNG volume in the US, with feedgas demand averaging 3.45 bcf/d according to MNI figures.
