Thai economy in crisis: Japanese engineering firm to shut at end of the month

[jacko45k]

16 minutes ago, mickyr55 said:

Betamax was a far superior system to VHS but for some reason VHS become popular with the masses probably due to price of the machine but even early betamax machines had features you could never get on VHS many years later 

Like built in obsolescence. 

[RichardColeman]

On 7/22/2019 at 5:07 AM, webfact said:

They reported that the company has been racking up millions of baht in debt in recent years. 

OK, with continuous year on year debt, which fool at the bank let them continue every year to rack up more debt ? No wonder the banks are losing money and companies sending goods to companies who never pay if they are ran by idiots !

[metisdead]

A post commenting on moderation has been removed. 

[GarryP]

On 7/22/2019 at 11:32 AM, Lucius verus said:

Thailand has been in a downward spiral since the army overthrew a democratically elected gov several years ago.

Consumption and confidence is way down and small businesses have to shutter due to ever rising costs..

The country is run by corrupt sycophants.

Even the tourism industry is a mess.

Indians won't save Thailand.

There is another round of tax increases due in October.

Prayuth has to be removed ASAP.

Please, please tell me you don't have inside information!!! ???????????????????? I was waiting with baited breath to see more money in my pocket as a result of the promised downward adjustments to income tax rates. 

[madmen]

so funny I have had thais ask me for loan and didnt even understand collateral concept!! I was so shocked

Turned out they had been given over 2 mln baht - no collateral at all apparently this is common practice

Tick tock tick tock

Same setup as 2008. Wait till the whole thing falls and buy a house for dirt cheap

These condos are going to be selling at under 80% cuts by the time they realise its in a nosedive

Current management has no idea how to operate economic policy imho they need help

The condo market has been crashing for 20 years according to the bar stool analysts. But they keep building with 3 million dollar.. Yes that's USA DOLLARS in Nana of all places

The 4k Pattaya fan room boys won't be getting rent reduction anytime soon

[from the home of CC]

23 hours ago, Cadbury said:

The Elite run Thailand or to be more precise, the disgustingly rich 1% who own 67% of the wealth.

They tell Prayut how the economy is to be run and he dances to the beat. If he didn't he would be out on his ear.

and who do think runs the world..

[Expat Tom]

Ah! Yes, one more submarine will solve the problem. The real problem is that no one told the genius military leaders that the Gulf of Siam is is too shallow to operate subs effectively, Thailand has no real blue water navy and in any crisis those subs would have a very short life expediency no matter which side they took, If Thailand sided with China the subs would last about 2 hours and if they sided with the West, they might last two days. In the meantime, they will protect Thailand from the Cambodian and Laotian navies....HAHAHA...see the benefits of a good military coup!!!   

[PingRoundTheWorld]

On 7/22/2019 at 11:34 AM, Kim J said:

The three Japanese workers will simply return home, and the 15 Thai's will either get a new job or continue to support themselves from one illegal activity or another. How can that constitute a "crisis"??

Nobody cares about a few layoffs, but the lack of sales and the company giving up on the Thai market is indicative of the current state of Thai economy. Not surprising at all considering the current political climate and tourism down the drain. Like it or not tourism has been the driving force behind the Thai economy for years now - without it it's crash and burn and they've done a pretty good job driving tourists and expats away over the past couple of years.

[Brickbat]

1 hour ago, MartiniMan said:

so funny I have had thais ask me for loan and didnt even understand collateral concept!! I was so shocked

Turned out they had been given over 2 mln baht - no collateral at all apparently this is common practice

Tick tock tick tock

Same setup as 2008. Wait till the whole thing falls and buy a house for dirt cheap

These condos are going to be selling at under 80% cuts by the time they realise its in a nosedive

Current management has no idea how to operate economic policy imho they need help

My gf is an “ accountant” in the local govt and has no clue about “ collateral “ or loan to value ratio. By the looks of the stupid bank who lent her 100% of the purchase price, they don’t either.

And this “ investment” property is sitting empty. As are dozens on that road. 

One clown who bought for 2.4 million has hers for sale at 3 mil. 

And to locals, that’s the new price. 

[finnishmen]

i hope ALL foreign firm,corporations stop all busines one year in thailand, then immigrtion understand how important foreigns have at thailand economy and stop idot visa rules all, because ewerywere in world not have same idiot monkey shit visa rules and law. if immigration stop visa idiot system and help more marry foreign and busines foreign and expats and retiree visas then money come thiland lot better. now idiot not understand how stupid all immigration law have and immigration idiots bite important feeder hand alltime now, someday all stop and thailand have wery big big problem why has idiot.because money no come in thailand.

[Millcx]

On 7/22/2019 at 11:15 AM, khwaibah said:

Crash baht crash.????

But will continue to bury head in sand ... But I’m sure everything will be ok once news of the free massage and gange is filtered through

[TGIR]

 

On 7/21/2019 at 9:34 PM, Kim J said:

 

The three Japanese workers will simply return home, and the 15 Thai's will either get a new job or continue to support themselves from one illegal activity or another.

 

Thai people are no different from you.  Don't you think if someone said these kinds of things about you that it would be hurtful?  It's just as easy to be nice as it is to be mean.......try it.

[mindfulness]

The establishment / the elite will have been enjoying the manipulated economy, for their overseas investments, and when it all crashes here time to send their investments back for a double whammy on the exchange rate. 

 

Its a a win win situation, anyhow one trusts their ethics is not to corrupted. 

[KamalaRider]

On 7/22/2019 at 7:44 AM, Kim J said:

The Sanyo you are referring to was a multi billion dollar electronics company trading worldwide, and was taken over by Panasonic in 2009.

This incident relates to a small engineering facility employing 18 people in Thailand!!! This does not constitute an economic crisis in Thailand, or a global economic downturn.

But Thai people aren't used to have farrang owned "factory" companies closing, they normally do a "hostile" takeover. 

 

[Autonuaq]

On 7/22/2019 at 6:32 AM, Lucius verus said:

Thailand has been in a downward spiral since the army overthrew a democratically elected gov several years ago.

Consumption and confidence is way down and small businesses have to shutter due to ever rising costs..

The country is run by corrupt sycophants.

Even the tourism industry is a mess.

Indians won't save Thailand.

There is another round of tax increases due in October.

Prayuth has to be removed ASAP.

I am not sure if you blame the right people for the problems as you describe and blame.

 

Look closer to events and the history then you see many things you describe started earlier then you suggest. 

 

[Zack61]

Not sure why this is headlined as a crisis. A very small fish in a very big pond. Probably better described as natural attrition or evolution in a very competitive market place

[Millcx]

10 minutes ago, Zack61 said:

Not sure why this is headlined as a crisis. A very small fish in a very big pond. Probably better described as natural attrition or evolution in a very competitive market place

It’s the lull before storm

[sambum]

I heard that Nike were also closing down operations in Thailand? And if this is the case the surely there will be more to follow - the "domino" effect.

 

As another poster said "You sow what you reap", and another, "som nom na"!

[natway09]

Here we have one small company that did not move with the times 

The headline just opens it up for the Thai Visa Thailand bashers to bash

[Thairealist]

On 7/22/2019 at 5:20 AM, geoffbezoz said:

Tip of the iceberg perhaps ?

 

Well I’m sure you remainers,will be able to explain,that it’s all because of Brexit.

[StevieAus]

One company closes and the economy is in crisis ?

Have a look at the number of company closures in recent years and which are ongoing, in Australia and the UK then you would have something to worry about.

[RocketDog]

On 7/22/2019 at 11:28 AM, cheapcanuck said:

what about the economic crisis? B S story. Wasted my time on this crap.

And then a bit more posting your frustration!

????

[jessebkk1]

8 hours ago, Kim J said:

Maybe you do. But ask yourself how many new ones have opened during the same period? I am not going to quote figures, but for example around where I stay just outside Pattaya, yes businesses close all the time soon to be replaced by new ones, that is life and happens for a plethora of reasons even during times of prosperity. I don't see many vacant buildings, and that includes countless new commercial premises aimed at small businesses that have been built recently. All this despite all of the current doom and gloom.

I also note that you yourself have closed three SME's, and again I have no clue of the circumstances behind that decision. But I do see countless functioning businesses that are seemingly successful. Maybe your pessimism was a factor and rather than being so hasty to throw in the towel you could have looked at some options such as diversification and / or relocation of your business interests? Just a thought.

 how many new ones have opened during the same period? less than 10% of the ones closing.

 Mate, I've been here for 20years, I'm Jewish American. I speak thai like a thai guy, travelled the length and breadth of this country and much of SE Asia as a whole doing business on a dogged level that most foreigners would be too lazy to do. Made money and lost even more. There is very little anyone else can tell me about business here. The greatest gift any businessman can have is a good timing, knowing when to enter or exit the party, the party already ended and the smartest guys left 2 or 3 years earlier.

 

  But, I'm glad you're optimistic, for those of us with not the best timing who are still stuck here, we need people like you to dump our thai bags on(aka properties and businesses), and i've been doing just that, have one last property to go and I'm out. I'm glad you're optimistic - you're going to need it!

 

  Let me give it to you straight. Thailand is killing it's biggest money maker which was the sex industry and tourism, and are trying to be like just another south asian country kinda like vietnam. But the vietnamese are better at being vietnamese than the thais can ever be, so get ready for some dog eat dog shxt. The GDP of this country is going contract by at least 30% in 5 years. Please don't take my word for it!

 

  Again if you're just trying to retire here and you have atleast half a million US banked, then this may not be such a horrible option - Put 800k in the bank and roll with the punches. If you're here to run business, you're going to get fxcked!

 

Edited July 23, 2019 by jessebkk1

[ThePioneer]

8 hours ago, Kim J said:

I don't see many vacant buildings, and that includes countless new commercial premises aimed at small businesses that have been built recently.

It's obvious that you also don't see the shop you need the most.........it's called Specsavers

[ericthai]

This has nothing to do with Thailand as Panasonic owns the brand and is closing down the brand worldwide.

[thaibeachlovers]

On ‎7‎/‎22‎/‎2019 at 4:32 PM, Lucius verus said:

Thailand has been in a downward spiral since the army overthrew a democratically elected gov several years ago.

Consumption and confidence is way down and small businesses have to shutter due to ever rising costs..

The country is run by corrupt sycophants.

Even the tourism industry is a mess.

Indians won't save Thailand.

There is another round of tax increases due in October.

Prayuth has to be removed ASAP.

That's for saying there was a democratic government before the coup.

Don't think there has been an actual democratic government since the early 90s.

Edited July 23, 2019 by thaibeachlovers

[jacko45k]

16 hours ago, Millcx said:

It’s the lull before storm

Get back to us when Ford decide to pull out.

[lvr181]

On 7/22/2019 at 2:33 PM, geoffbezoz said:

Prayuth is only a puppet.

Of the military. And the military has no understanding of economic matters and will turn a blind eye/deaf ear to the already looming problems of an over priced Baht.

[brianthainess]

On 7/22/2019 at 11:20 AM, geoffbezoz said:

Tip of the iceberg perhaps ?

Lettuce begin.  

[brianthainess]

On 7/22/2019 at 12:13 PM, Cadbury said:

The Elite run Thailand or to be more precise, the disgustingly rich 1% who own 67% of the wealth.

They tell Prayut how the economy is to be run and he dances to the beat. If he didn't he would be out on his ear.