Thaivisa/Finance launched - New finance section at

[george]

Thaivisa/Finance

Thaivisa.com have today launched a new Finance section, Thaivisa/Finance

Thaivisa/Finance will be filled with lots of new content for the expat community with business, economy and investments in mind.

Some highlights:

- New, exclusive articles about the Thai Stockmarket, provided by Thaistocks.com

- Investing in Thai Stocks

- Banking in Thailand

- Live Bank Rates from Bangkok Bank

- Realtime SET Index & Market Summary from The Stock Exchange of Thailand (SET)

Info and tips:

- Purchase of condominum in Thailand,

- Purchase of land in Thailand

- Import and purchase of vehicles

- Tax in Thailand.

... and much more to come soon!

[george]

We have added Thailand Business News to the Finance section now.

[Bizz]

yee guys are a mind of information everywhere i look i get answers

Ok

first question if i want to shift money over to thailand how do i do it cost effectivly

what is the cost of buying and selling shares.

which bank allowes money to be transfered

[Mr Red]

This forum is an amazing find for me as I try to find all the info I can about transitioning to living in Thailand. Thanks in advance for the help!

My question has to do with the selection of a bank in Thailand. I want to establish an account in a bank that:

1) I can access via the internet from here in the USA,

2) Transfer funds to/from my bank here to that bank

3) Access for funds when I and my wife are in Thailand

4) Allow access by a trusted member of her family

Interest on the desposit is not the most important thing, but not minor either. As an aside, my wife is a Thai national and long-time US citizen. On a trip this Sep., she plans to renew her Thai passport and ID card to re-establish herself for potential future transactions such as buying a house/land.

My research so far has pointed to the Bangkok Bank as a likely candidate. Any suggestions or comments?

[dseawarrior]

Thanks to Mr. Red for writing out my same basic banking question...

Ditto on suggestions, anyone? Thanks!

dseawarrior

[gamb00ler]

I can offer a little help!

Bank of Bangkok does offer internet access, but not for joint accounts!

If you use SWIFT to transfer money here, send in US$ only. Banks in Thailand have better exchange rates for US$/Thai baht.

Of course for access while in Thailand, most Thai banks are fine with the larger ones having more ATM locations. I have used a US Bank of America bank account while in Thailand. They charge $2 per transaction and you can easily withdraw up to 25,000 baht (about $620 US) per day.

For access by someone else I recommend having a separate account that is linked to your main account so that you can easily (thru internet!) transfer funds from your main account. Get a separate ATM card that is good only for this second account. This is good for security reasons as you need only put in that account the funds that are actually to be withdrawn and keep the rest of your funds inaccessible.

[Rinrada]

There was a good article yesterday in the London edition of the Daily Mail yesterday highlighting the fact that the big Banks (especially UK ones)are really "coining" it in profit wise by all the little extra charges lumped onto holiday makers/tourist bills when they use their credit and ATM cards overseas.

In the case of one family...2.2 kids et al,on their annual hols to god forsaken Majorka or somewhere they used there cards for cash withdrawals,ice creams and probabally nodding donkeys and estimated that the charges came to £80.(extras)

These banks could show Gordon Brown and the US IRS a thing or 2.

I have mentioned before that with the old Nationwide BS card (sorry cant speak for our U.S.buddies)you pay Nothing-Nil-Zilch-Mai-mai-mai £ on cash withdrawals from your own flex A/c.(as before I do not work for them) I just do NOT LIKE being RIPPED OFF by the leeches...err ..financial institutions.

If you want to chuck you dosh away.....chok dee na krup

[Yangpuss]

Okay, so where is this Finance forum? I don't see it listed anywhere except as a special announcement within the Business forum.

[Maka]

Okay, so where is this Finance forum? I don't see it listed anywhere except as a special announcement within the Business forum.

OK

Go to the 1st two posts, both by George.

He starts each post with a link. Click the link.

Voila, your there.

[Butterfly]

Actually we setup a Thai investment board with a few buddies from here a few months ago, but it didn't really take off. Not enough interests from members. Focus was mainly on stocks investing. I haven't been there for months, not sure if it's still there. I will check out.

If you need the address to get there, PM me. Otherwise "management" here might regard this as SPAM if I disclose it here publicly in this thread.

[tochjig]

Great Idea from you guys

[rickyc9804]

hey guys just thought i would add i have citi bank here in the states and i get no charges for withdrawing cash at atms anywhere in thailand and i always get the best exchange rate for that day its work so well for the last 2 years of visit's. hope that helps

[Heng]

For access by someone else I recommend having a separate account that is linked to your main account so that you can easily (thru internet!) transfer funds from your main account.  Get a separate ATM card that is good only for this second account.  This is good for security reasons as you need only put in that account the funds that are actually to be withdrawn and keep the rest of your funds inaccessible.

This is applicable advice for all accounts everywhere. I do the same for my stateside, Thai, and other bank accounts, just have one account with access to Ameritrade, Etrade, various e-bills (cell phone, cable, etc.) WITHOUT overdraft protection linked to other accounts. The account only has funds when funds need to be transferred. That much less risk exposure in this day and age.

[Carmine6]

This thread is kind of old, but here's a bit of my experience on the banking issue. I've been to LOS 4 times in 2005.

Bangkok bank has a New York branch (and branches in 11 countries), so that may help if someone is moving a large amount of money over there or doing business over there. But that's just for info, I haven't asked. Their website has contact info.

Citibank has one branch in Bangkok and they charge a smaller than normal fee for international transfers from Citibank to Citibank accounts. They also provide the ability to enter regular wire transfer information on the web and not go into a branch for this. Very convenient if you send money regularly to someone regardless of their bank, but they currently charge $30 for wires. For money to your own account, the fee is much less.

I've wired money using Citibank, Washington Mutual, and Fidelity. Exchange rates for Citibank and Washingon Mutual were about 99% of the current foreign exchange rate, so not too bad. www. xe .com has current rates.

Not sure of the exchange rate at Fidelity yet, but with their ATM card, I get basically 100% of the current foreign exchange rate. They charge an ATM fee if you don't have it waived due to balances with them. Their wire transfer fee is half of Citibank's but that may be based on my balances so could be higher for others. It also requires a visit to their offices to make the wire.

For money in Thailand, I get the best rates with ATM cards. USAA bank charges nothing extra and I get 99% of current foreign exchange rates. Rates at Thai banks for currency and traveler's checks are normally less than I can get from the ATM, about 99% when rounded, but lower than the ATM rate. With Fidelity giving higher than 99.9% of the current rate, it's about 1% less. Not much of a difference, but if you're changing $300, it's a couple taxi rides worth.

[BlackJack]

you can invest your money in another country and earn interest on it and then TT the interest in to spend

Aussie banks pay 6% at call

then TT the money over

you need to pay 10% on the interest accrued

[Kf6vci]

Well, my HSBC Bank "Plus Account" included travel insurance and free ATM withdrawals, but there is a monthly fee (I think for the first 6 months GBP 9.95 and then a bit more). this kind of deal is getting common and I tried to end it but couldn't before one year is up :-(

[kyselak]

Thai shares end flat; political woes offset energy gains

BANGKOK, Thailand (AP) _ Thai shares closed flat Friday as

gains in some energy blue chips were offset by

profit-taking ahead of the weekend amid ongoing political

uncertainties. «Investors remain concerned about the

growing political tension and many sold ahead of the

weekend in case changes take place during that time,» said

Padermpob Songkroh of Bualuang Securities. The Stock

Exchange of Thailand index closed 0.81 point lower, or 0.1

percent, at 728.18, after trading in a narrow range of

727.07 to 730.51. Decliners led advancers 164 to 136, as

trading volume remained thin at 1.99 billion shares,

compared with 2.20 billion shares Thursday. Analysts said

many investors stayed on the sidelines after a small blast

Thursday outside the Bangkok home of the chief adviser to

the Thai king, and ahead of a planned march by protesters

to the government house Tuesday to pressure Prime Minister

Thaksin Shinawatra to resign. Among banks, Kasikornbank

shed 1.5 percent to 64.50 baht in partial correction for a

2.3 percent rebound Thursday, Bangkok Bank dropped 0.9

percent to 110 baht.

101103 mar 06GMT

[kyselak]

Thailand Economy Interview

By Vithoon Amorn

BANGKOK, March 9 (Reuters) - A political crisis threatening

Thai leader Thaksin Shinawatra has had little impact on the

economy, but lengthy instability could affect private

investment, central bank Governor Pridiyathorn Devakula said on

Thursday.

"When we look at real economic behaviour, we don't see much

sign of change. Politics and economics are a bit separate," he

told Reuters in an interview.

But it was important the uncertainty be resolved soon even

though the economy had resisted political worries which first

emerged in the middle of 2005, Pridiyathorn said.

"The thing that we fear most is private investment. When

these kinds of things come up the thing most hard hit is the

confidence of business. It ends up reducing private investment.

I would like the situation to be calm as soon as possible."

The anti-Thaksin campaign has unsettled financial markets

and fuelled concerns that economic reform initiatives could

suffer and hold back growth as he focuses on political

survival.

Thaksin has called a snap election for April 2 to in an

attempt to defuse growing protests, mainly among Bangkok's

middle classes, to force his resignation over allegations of

corruption and abuse of power.

But Pridiyathorn said he did not see any immediate need to

adjust the central bank's 2006 economic growth forecast of 4.75

to 5.75 percent despite political uncertainties.

The economy grew 4.5 percent in 2005 and 6.2 percent in

2004.

MEGA PROJECTS

Pridiyathorn said it might be premature to dismiss the fate

of Thaksin's ambitious $43 billion infrastructure projects,

planned for 2005-2009, because of the political campaign which

he counter-attacks by calling a snap election for April 2.

Initial investment funds for the infrastructure projects

were in place for 2006, but Pridiyathorn said he was concerned

about the lack of project details for 2007 and beyond.

"If the government doesn't change the way they implement

the mega-projects, you won't have the mega-projects. It's not

this government or a new government, it's the way they

implement the mega-projects."

The central bank would continue raising rates until they

become net positive after inflation, Pridiyathorn said.

The Bank of Thailand, one of the most hawkish central banks

in Asia, has raised rates 11 times since August 2004 in a

determined bid to combat inflation.

Rising core inflation, now at its highest since March 1999,

was expected to peak and converge with recently easing headline

inflation later this year, Pridiyathorn said.

Analysts expect the central bank's key repo policy rate,

which it raised to 4.50 percent on Wednesday, to peak at around

4.75 percent by mid-2006.

"I will raise the rate until the real interest rates are

positive. Whether that will be mid-year or at the end of the

year depends on how fast headline inflation comes down," he

said.

Annual core inflation, excluding food and energy, was 2.7

percent in February, up sharply from 0.6 percent in the same

month a year earlier.

Broader headline inflation eased in recent months to an

annual rate of 5.6 percent in February from 5.9 percent in

January and a recent seven-year peak of 6.2 percent last

October.

"Core inflation is to peak this year, provided that oil

prices do not go up further and if Dubai oil prices stay under

$60 per barrel," Pridiyathorn said.

(Additional reporting by Darren Schuettler)

REUTERS

100227 Mrz 06

ENDOFMSG

[kyselak]

Thai shares increase on dividend buys ahead of

anti-government rally

BANGKOK, Thailand (AP) _ Thai shares increased Monday in

razor-thin trade, as investors played it safe by collecting

dividend stocks ahead of an anti-government rally

overnight, traders said. «The index was boosted by

selective buying, while regional gains helped lift

sentiment a bit,» said Chakkrit Charoenmethachai, an

analyst at Finansa Securities. However, political

uncertainty still hung over the market. A demonstration

calling for the resignation of Prime Minister Thaksin

Shinawatra is likely to draw a large crowd late Monday.

Leaders of the protest have said they will march to

Government House early Tuesday to pressure Thaksin to

resign. The Stock Exchange of Thailand index closed up 4.70

points, or 0.7 percent, at 732.88, lagging behind the solid

gains recorded in many regional bourses Advancers led

decliners 202 to 86. Volume was very thin at 1.39 billion

shares, compared with 1.99 billion shares Friday.

Kasikornbank, Thailand's third largest lender, gained 1.6

percent to 65.50 baht. The bank has said it will pay a

dividend of 1.25 baht a share next month.

131124 mar 06GMT

[kyselak]

Singapore's Temasek holds 96 percent of Thailand's Shin

Corp. after tender offer

BANGKOK, Thailand (AP) _ Temasek Holdings, the investment

arm of the Singapore government, has acquired a total of

96.3 percent of Shin Corp. after a tender offer, completing

its takeover of the telecom empire from the family of Thai

Prime Minister Thaksin Shinawatra. The announcement Tuesday

by Shin's financial adviser, SCB securities, helped end

market anxiety in recent weeks that Temasek might scrap the

share purchase offer due to anti-government protests

sparked by the deal. Thaksin's family sold its 49.6 percent

stake in Shin Corp. in late January, turning over control

of the country's largest telecommunications group to the

Singapore company and sparking rallies from opposition

politicians that have grown into massive protests.

140715 mar 06GMT

[kyselak]

Thai shares gain amid peaceful anti-government rally

BANGKOK, Thailand (AP) _ Thai shares rose Tuesday on

buying in dividend stocks, amid peaceful anti-government

protests that followed a march to Government House to

pressure Prime Minister Thaksin Shinawatra to resign,

analysts said. Tens of thousands of demonstrators camped

overnight at a Bangkok park and marched Tuesday morning to

Thaksin's office in Bangkok to continue their mass protest.

The prime minister was in northeastern Thailand on an

election campaign stop. The Stock Exchange of Thailand

index closed up 5.75 points, or 0.8 percent, at 738.63,

after early profit-taking brought the index down to an

intraday low of 730.81. Advancers led decliners 254 to 62.

Volume continued to be relatively thin at 2.09 billion

shares valued at 11.02 billion baht, compared with 1.39

billion shares valued at 9.37 billion baht Monday.

141104 mar 06GMT

[kyselak]

Thailand awards oil exploration blocks to Chevron, Total, 2

Thai companies

BANGKOK, Thailand (AP) _ Thailand's Energy Ministry said

Wednesday it has awarded concessions for three oil

exploration blocks to four companies: PTTEP (Thailand)

Ltd., Chevron Pattani Ltd., Total E&P Thailand and Thai

Energy. The selected operators will have to pay around

US$12 million for a six-year exploration concession on each

block. If petroleum is discovered, the companies can apply

for production rights, which are valid for 20-30 years.

Companies will be charged a royalty rate of 5-15 percent

depending on production rates, while 50 percent of their

net profit will be paid as petroleum income tax. The Thai

government is offering a total of 82 offshore and onshore

blocks spanning 440,704 square kilometers across Thailand

and its offshore areas in the country's latest petroleum

concession bidding round. So far, 14 parties have submitted

bids for 16 blocks.

150917 mar 06GMT

[kyselak]

Thai shares rise on Thaksin hints he might take hiatus from

politics; index up 0.4 percent

BANGKOK, Thailand (AP) _ Thai shares rose slightly on

selective buying, as investors cautiously took Prime

Minister Thaksin Shinawatra's hint at his possible hiatus

from politics as positive news. The Stock Exchange of

Thailand index closed up 2.58 points, or 0.4 percent, at

741.21.

151057 mar 06GMT

[kyselak]

Thai shares rise slightly amid political woes

BANGKOK, Thailand (AP) _ Thai shares rose marginally

Friday on bargain hunting among blue chips, but gains were

limited by lingering concerns over political tensions as

anti-government protests continued in Bangkok, analysts

said. The Stock Exchange of Thailand index closed up 1.47

points, or 0.2 percent, at 741.43 after trading in a fairly

tight range between 737.41 and 743.99. Decliners led

advancers 170 to 145. Volume was relatively light at 3.27

billion shares worth 13.94 billion baht, compared with 4.35

billion shares valued at 15.28 baht billion Thursday.

«Political jitters made investors reluctant to enter the

market at this point. However, many are still hopeful for a

positive resolution and not in a rush to cash out,» said

Pongrat Ratanatawanananda, a strategist at Bualuang

Securities.

171115 mar 06GMT

[kyselak]

Shares on Thai stock market end lower on fears of political

uncertainty

BANGKOK, Thailand (AP) _ Shares on the Thailand stock

exchange ended lower Monday, as players took profit in some

blue chips amid political uncertainty, analysts said. Trade

was wafer-thin with few signs of compromise between the

government and opponents seeking to oust Prime Minister

Thaksin Shinawatra. Protesters plan to gather in Bangkok's

financial district Tuesday. The Stock Exchange of Thailand

index closed 6.92 points lower, or 0.9 percent, at 734.51.

The index gained 1.8 percent last week.

201014 mar 06GMT

[kyselak]

Thai economic growth seen slumping amid political crisis

by Nareerat Wiriyapong

BANGKOK, March 21, 2006 (AFP) - A leading Thai think-tank warned

Tuesday that the national economy could grow by less than 4.0

percent this year, as a continuing political deadlock hits

investment and consumption.

Under the shadow of political uncertainty, Thailand's economic

growth could stall at 3.20 to 3.98 percent in 2006 compared to the

5.0 percent forecast, according to the Center for International

Trade Studies at the Thai Chamber of Commerce University, one of

Thailand's top private schools.

"Investments would be worst-hit, as so far foreign companies

have already ... shifted investments from Thailand to other

countries -- especially Vietnam -- due to political conflicts,"

center director Aat Pisanwanich told reporters,

One project lost to Vietnam already was a 513-million-dollar

venture by US-based computer chip giant Intel, the center said.

"Investment overall could drop by almost 6.0 percent this year,"

he said, especially if the government postpones several massive

infrastructure projects that are seen as key drivers for long-term

economic growth.

The government had planned to invest 7.65 billion dollars on

infrastructure this year in the first phase of a 44-billion-dollar

scheme to improve highways and public transportation.

But Thailand's political turmoil amid demands that Prime

Minister Thaksin Shinawatra to resign over abuse of power

accusations has put in doubt the government's ability to begin these

projects this year.

Thailand plunged into political crisis after Thaksin's family

sold its nearly 50 percent stake in Shin Corp, the telecom giant he

founded, to Singapore's state-linked Temasek for 1.9 billion dollars

in a tax-free deal.

Public anger at the deal has since snowballed into weekly

protests, and the main opposition parties are boycotting April 2

snap polls called by Thaksin.

Aat said private consumption could drop by as much as almost 1.0

percent in 2006 as the political crisis slows the spending of

worried consumers.

Consumer confidence hit its lowest level in five months in

February, falling to 85.1, down from 87.1 the month before, the

University of the Thai Chamber of Commerce said earlier this month.

A reading below 100 indicates that pessimists outnumber

optimists.

The tourism sector might also see significant losses, according

to Aat.

"Tourism could shrink by up to 10 percent this year," he said.

"So far, we have seen tourism in (the southern resort island)

Phuket drop by 20 percent as Singaporean visitors cancel trips,

along with those coming from other countries for joining conferences

in Thailand," he said.

"The best solution for the economy is Thaksin's stepping aside

from politics and a mediator to be appointed as a new (caretaker)

premier ... it would be better for the country to rebuild investor's

confidence," Aat said.

Three powerful business groups, including the Federation of Thai

Industries (FTI), issued a joint statement Monday asking Thaksin and

his opponents to cooperate and find a way out of the crisis.

"We support calls for talks to bring back peace. The economy

would be hard hit if the political tensions continue over the next

two months," FTI's chairman Praphad Phodhivorakhun told AFP.

str/sdm/lh

AFP 210850 GMT MAR 06

[kyselak]

Thai economic growth could drop by nearly 2 percent amid political

crisis

by Nareerat Wiriyapong

BANGKOK, March 21, 2006 (AFP) - A leading Thai think-tank warned

Tuesday that the national economy could grow by less than 4.0

percent this year, as a continuing political deadlock hits

investment and consumption.

Under the shadow of political uncertainty, Thailand's economic

growth could stall at 3.20 to 3.98 percent in 2006 compared to the

5.0 percent forecast, according to the Center for International

Trade Studies at the Thai Chamber of Commerce University, one of

Thailand's top private schools.

"Investments would be worst-hit, as so far foreign companies

have already ... shifted investments from Thailand to other

countries -- especially Vietnam -- due to political conflicts,"

center director Aat Pisanwanich told reporters,

One project lost to Vietnam already was a 513-million-dollar

venture by US-based computer chip giant Intel, the center said.

"Investment overall could drop by almost 6 percent this year,"

he said, especially if the government postpones several massive

infrastructure projects that are seen as key drivers for long-term

economic growth.

The government had planned to invest 7.65 billion dollars on

infrastructure this year in the first phase of a 41-billion-dollar

scheme to improve highways and public transportation.

But Thailand's political turmoil -- snap April 2 polls are under

threat amid demands that Prime Minister Thaksin Shinawatra to resign

over abuse of power accusations -- has put in doubt the government's

ability to begin these projects this year.

Aat said private consumption could drop by as much as almost 1.0

percent in 2006 as the political crisis slows the spending of

worried consumers, while the tourism sector might also see

significant losses.

"Tourism could shrink by up to 10 percent this year," Aat said.

"So far, we have seen tourism in (the southern resort island)

Phuket drop by 20 percent as Singaporean visitors cancel trips,

along with those coming from other countries for joining conferences

in Thailand," he said.

"The best solution for the economy is Thaksin's stepping aside

from politics and a mediator to be appointed as a new (caretaker)

premier ... it would be better for the country to rebuild investor's

confidence," Aat said.

Three powerful business groups, including the Federation of Thai

Industries (FTI), issued a joint statement Monday asking Thaksin and

his opponents to cooperate and find a way out of the crisis.

"We support calls for talks to bring back peace. The economy

would be hard hit if the political tensions continue over the next

two months," FTI's chairman Praphad Pgodhivorakhun told AFP.

str/sdm/lh

AFP 210728 GMT MAR 06

[kyselak]

A rare event: positive news! Finally!! :-}

Former drugs haven a 'Thaksinomics' success story

by Sarah Stewart

MAE SAI, Thailand, March 27, 2006 (AFP) - Once, not long ago,

this district in Thailand's rural heartland was blighted by poverty

and unemployment, and young lives were being lost to drugs and

prostitution.

But in just a few years its fortunes have changed dramatically,

in a transformation repeated across the country which has fuelled

the rise of Prime Minister Thaksin Shinawatra, the most powerful

elected leader in the country's history.

"There have been remarkable changes," says Nithee Suthammarak, a

Mae Sai businesswoman who credits Thaksin's policies with everything

from helping her craft enterprise boom to forcing drug pushers out

of town.

"Everybody has work and extra income, and people are running

their own businesses."

In Thailand's vast rice-growing lands, after the harvest is

brought in, there is little to do for months on end. While the boys

took drugs, bored young girls were lured to the bright lights and

bars of Bangkok.

"Before, there were many cases of this as no one had extra

income and old women would come to the village and persuade the

young girls to go to Bangkok. But now this almost never happens,"

Nithee said.

Like many living here on the border with Myanmar, where jungle

laboratories produce methamphetamine pills that flood across the

border into Thailand, she welcomed Thaksin's "war on drugs" even

though it has cost thousands of lives.

"The villagers were happy with this policy, it got rid of the

dealers and addiction among teenagers," she said of the bloody

campaign which was condemned by human rights groups.

Since Thaksin came to power in 2001 promoting a populist agenda

of free-spending stimulus policies, farming incomes have more than

doubled and poverty has dropped by almost half.

The so-called "Thaksinomics" policies he pushed through included

a million baht (25,600-dollar) fund for every village in the

country, debt relief for farmers, the war on drugs and a low-cost

healthcare scheme. Critics charged that these programs were wasteful

and aimed only at securing Thaksin more votes.

But the billionaire premier has captured the hearts of the rural

masses, who make up about 60 percent of the population of 63

million, and who are likely to hand him a third victory in April 2

general elections.

Many of his critics now grudgingly admit that Thaksin has

brought real benefits to the rural poor, who were largely ignored by

previous governments, but warn the rejuvenation of the countryside

is not built on a firm foundation.

Jacques-chai Chomthongdi from development research group Focus

on the Global South said that poverty statistics plummeted as

spending rose thanks to the money being pumped directly into rural

areas.

"But rather than that resulting in improved quality of life for

people, we also see an increase in household debt, which has more

than double during the same period," he said.

"People feel quite optimistic under this administration because

this is something they never experienced before, but the danger is

that ... when debt accumulates again, and their ability to create

long-term rural income disappears, they will be in a worse situation

than before."

In Mae Sai, where the workforce at Nithee's business has risen

from 10 to 320 under Thaksin's policy of promoting Thai handicrafts,

the women hard at work in a shady Thai-style pavilion smilingly

dismiss such arguments.

Many said that as well as having paid work for the first time,

initiatives like the "Thirty Baht" (77 cent) healthcare scheme,

which allows them to obtain any medical treatment for that token

sum, had also changed their lives.

Janthip Intawong, 66, said that when local doctors decided her

thyroid tumour was too difficult for them to treat, she was

transferred to a leading Bangkok hospital -- something she could

never have afforded.

"Without it I would have died. The tumour in my thyroid was

growing bigger and bigger every day. But I just filled out the

documents and I was sent there free of charge," she said.

The products they sell now make their way to the capital and

beyond, under the "One Tambon One Product" scheme which helps

tambons -- groups of villages -- produce and market a particular

handicraft.

"Since Thaksin came to government, people have a better living,"

said Thongkrua Naochompoo, 60, as she stitched an elephant motif

onto a belt.

"There has never been anyone like him before, who cares about

the poor rural people. We will not let him go."

sls/sdm/pj

AFP 270313 GMT MAR 06

[kyselak]

World Bank: Thai economy takes blow from tsunami, drought,

restive south, oil prices

BANGKOK, Thailand (AP) _ Consumers and investors in

Thailand held off spending in 2005 during a period that

included the deadly tsunami, a drought, a Muslim insurgency

in the south and skyrocketing oil prices, said a World Bank

report released Thursday. Economic growth slowed to 4.5

percent last year compared to 6.1 percent in 2004, while

receipts from the hard-hit tourism sector grew by only 0.5

percent, compared to almost 30 percent a year earlier, it

said. In neighboring Laos, economic growth rose to 7

percent in 2005, from 6.4 percent the previous year _ due

mainly to a fast-growing industrial sector. Poverty in the

impoverished country has fallen from 46 percent of the

population in the early 1990s to 33.5 percent a decade

later.

300650 mar 06GMT

[kyselak]

Use foreign workers' remittances for development: UN

SINGAPORE, March 31, 2006 (AFP) - Migrant workers in

high-income countries remitted a record of more than 167 billion

dollars to their families last year, a UN agency said as it called

for measures to ensure the money is used for long-term development.

In countries including Bangladesh and the Philippines, annual

remittances exceed official development aid and foreign direct

investments, the UN Economic and Social Commission for Asia and the

Pacific (UNESCAP) said in its latest report released here Thursday.

If remittances sent through informal channels are counted, the

figures could rise by as much as 50 percent, the UN's economic and

social arm said.

The agency urged governments in recipient countries to cut the

costs of sending money home and help the workers' families channel

the funds into more productive endeavours.

Countries exporting migrant workers should also take steps to

improve their skills and tighten policies to ensure they do not fall

prey to unscrupulous recruitment agencies, UNESCAP said.

"Policy-makers need to recognise that remittances are private

flows of money that need to be treated as such. Therefore, these

flows should not be taxed," it said.

The money has already been taxed in the country of origin and

imposing taxes will discourage workers from sending funds through

the banking system, it added.

It noted that levies charged by remittance service providers

"are very high", with fees for small transfers reaching as high as

10-15 percent.

"There is no doubt that more can be done to increase the volume

of home remittances and to enable the recipients to use them more

effectively," UNESCAP said.

"Additional measures should be taken to increase the access of

poor migrant workers and their families to formal financial

institutions."

UNESCAP urged banks in the workers' home countries to establish

branches in host nations and allow micro-credit institutions and

credit unions to transfer funds to rural households.

The agency also said governments should give the right

information about job opportunities to prevent situations in which

families borrow huge sums to send a worker abroad, only to discover

that the earnings are not enough to recover the cost.

As of 2004, three of the top five remittance-receiving countries

in the world were located in Asia -- India which received 21.3

billion dollars, China with 21.7 billion dollars and the Philippines

with 11.6 billion dollars, the report said.

Bangladesh, Pakistan and Sri Lanka are also among the major

recipients of remittances, while Cambodia, Laos, Myanmar, Nepal,

Thailand and the Pacific island of Samoa benefit to a lesser

extent.

In the Asia Pacific region, Australia, Hong Kong, China, Japan,

New Zealand, South Korea and Singapore are major sources of

remittances for developing countries.

For Laos and Myanmar, neighbouring Thailand is a key source of

workers' remittances, UNESCAP said.

Outside the region, Canada, the United States, Britan, France,

Saudi Arabia and the Gulf States are the main source of foreign

workers' remittances.

An increasing number of remittance-senders are women, it noted.

AFP 310707 GMT MAR 06