BANGKOK — More than 800 leading Thai economists, including four former governors of the Bank of Thailand (BoT), warned on Saturday of political interference in selecting the central bank’s board chairman, saying it could damage long-term economic stability.

The government’s nomination of former Finance Minister Kittirat na Ranong, a ruling party loyalist and staunch critic of BoT Governor Sethaput Suthiwartnarueput, has sparked concerns over the central bank’s independence.

Since taking office last year, the Pheu Thai-led government, now under Prime Minister Paetongtarn Shinawatra, has been at loggerheads with the BoT, pressuring the central bank to cut interest rates in the Southeast Asian nation and raise its inflation target.

The BoT unexpectedly cut rates last month for the first time since 2020.

Should the BoT “carry out the wishes of the political group, then it would tarnish the credibility of the central bank, which must maintain a strong economic stability for the country in the long term,” the 830 economists said in a statement.

The group has previously expressed concern over having a candidate with close political connections who they say has shown an intention to interfere in BoT monetary policy decisions.

Government spokesman Jirayu Houngsub declined to comment on the statement. Kittirat did not immediately respond to a request for comment.

The independent committee selecting the board chairman meets on Monday after delaying its decision this week, saying it needed more time to “consider all aspects of information” amid the tension between the central bank and the government.

The board chairman is not involved in rate decisions but heads the panel that chooses policy committee members. The chair will also be involved in selecting the next BoT governor when Mr. Sethaput’s term ends in September 2025.

There are two other candidates for the role — a former permanent secretary of energy and a former university dean — who were nominated by BoT. Thai law allows the government to nominate one candidate for every two central bank nominees.

Once the seven-member selection committee picks a chairman, its decision requires the approval of the finance minister, the cabinet and Thailand’s king. — Reuters

VALENCIA — Tens of thousands of people demonstrated in the eastern Spanish city of Valencia on Saturday over regional authorities’ handling of devastating floods that killed more than 220 people in one of Europe’s worst natural disasters for decades.

In the latest demonstration over the floods, protesters filled the centre of Valencia demanding the resignation of regional government leader Carlos Mazon and chanting “Killers!”

“Our hands are stained with mud, yours with blood,” read one banner. Some demonstrators dumped dirty boots outside the government building while others plastered it with mud.

Residents in stricken areas accuse Mazon of issuing an alert too late, at 8 p.m. on Oct. 29, well after water was already pouring into many nearby towns and villages.

The Valencian leader has said he would have issued an earlier alarm earlier if authorities had been notified of the seriousness of the situation by an official water monitoring body. Mazon did not respond to Reuters’ requests for comment.

“We want to show our indignation and anger over the poor management of this disaster which has affected so many people,” said Anna Oliver, president of Accio Cultural del Pais Valenciano, one of about 30 groups that organized the protest.

Though the demonstration was largely peaceful, police charged stone-throwing protesters at one point and objects hurled at the city council building caused minor damage.

Following days of storm warnings from the national weather service from Oct. 25 onward, some municipalities and local bodies raised the alarm much earlier than the regional government.

For example, Valencia University told its staff on Oct. 28 not to come to work. Several town halls suspended activities, shut down public facilities and told people to stay home.

Weather service AEMET raised its threat level for heavy rains in the area to a red alert at 7:36 a.m. on Oct. 29.

Nearly 80 people are still missing in what is the most deadly deluge in a single European country since floods in Portugal in 1967 killed around 500. — Reuters

BEIJING — China and Indonesia have agreed to strengthen cooperation in key sectors, including lithium, new energy vehicles, green energy and tourism, according to a joint statement released on Saturday.

The statement followed a meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, who is visiting China through November 10, the first country he has visited since taking office last month.

Prabowo, who won Indonesia’s presidential election in February, also chose China as the first country to visit as president elect, underscoring Jakarta’s commitment to strengthening its strategic ties with Beijing.

“China and Indonesia will work together to cultivate new drivers of global development, exploring cooperation potential in areas such as new energy vehicles, lithium batteries, and photovoltaics, while seizing opportunities in digital economy and green development sectors,” the statement said.

Both nations also plan to collaborate more closely in the mining sector, leveraging their respective resource endowments and production capacities.

In efforts to revive and surpass pre-pandemic tourism levels, the two countries will introduce new visa measures, including multi-entry long-term visas, and encourage more direct flights and destinations based on demand.

During Prabowo’s visit, both sides signed several cooperation deals, including in housing and the export of fresh coconuts from Indonesia to China. — Reuters