Private companies operating on reserves as incomes nosedive: survey

[webfact]

Private companies operating on reserves as incomes nosedive: survey

By THE NATION

 

 

The incomes of private companies have plummeted by up to 50 per cent due to the impact of the new coronavirus (Covid-19) outbreak, a survey showed.

 

The survey was undertaken by the Office of National Higher Education, Science, Research and Innovation Policy Council (NXPO).

 

“About 100 companies submitted their responses and they said their income had gone down by 50 per cent since the outbreak,” council director Kittiphong Phromwong said on Thursday (March 19). “Most of the respondents said they were running on their reserves or rotating funds, which could be depleted in the next 3-6 months if the situation still persisted.”

 

Kittiphong added that among the major business obstacles are decreasing number of customers, cancellation of product orders, suppliers unable to deliver raw materials which must be imported from countries that have high rate of infection.

 

“Business entrepreneurs are urging the government to support them by providing additional subsidy, loans and tax breaks, including both corporate tax and import tariff for raw materials and machinery,” he said. “Furthermore, they need technological support such as in using digital technology to support business operations and promote market expansion to new territories.”

 

When asked about plans after the Covid-19 situation improves, most respondents said that they would need to train their new and existing personnel in market research, inventory management, product development and online trade channels.

 

“The survey is still in the early stage and NXPO will continue to expand the study to cover larger groups of respondents nationwide,” said Kittiphong. “We hope that it will help both the government and business sectors in policy planning and strengthening Thai entrepreneurs with education, science, research and innovation in the future.”

 

Source: https://www.nationthailand.com/news/30384474

 

-- © Copyright The Nation Thailand 2020-03-20

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[sammieuk1]

Private companies your on your own with this uniform dressed useless government the money's gone on essentials like tanks????

[Sydebolle]

Once you assume that there is light at the end of the tunnel - rest assured it is the headlight of the engine racing against you. 

Some businesses are DEAD now already, most entrepreneurs not educated enough on how to handle such a crisis and on top of it some clowns talking nonsense from early mornings to late evenings while buying submarines and planning bridges from Don Sak/Surathani to Nathon/Samui island. 

In addition to all this they dont lockdown things but close it; the closure of the non-existing nightlife of Bangkok, Pattaya etc. will result in tens of thousands of "service workers" to travel back home, in crowded buses waiting at crowded stations. This will do wonders in distribution of the virus, if you ask me.

Once home they will realize that due to no irrigation water there is no agricultural work nor revenue. No work, no money, go home = same same but different. 

An absolutely deadly cocktail of one fault after the other and nobody brings this madness to a screeching halt now! 

[zydeco]

One of the few groups of people in Thailand with guaranteed continuing income is: farangs on retirement extensions. One of the very few ongoing income streams for this country. Interesting, eh?

[Peterw42]

18 minutes ago, Sydebolle said:

Once you assume that there is light at the end of the tunnel - rest assured it is the headlight of the engine racing against you. 

Some businesses are DEAD now already, most entrepreneurs not educated enough on how to handle such a crisis and on top of it some clowns talking nonsense from early mornings to late evenings while buying submarines and planning bridges from Don Sak/Surathani to Nathon/Samui island. 

In addition to all this they dont lockdown things but close it; the closure of the non-existing nightlife of Bangkok, Pattaya etc. will result in tens of thousands of "service workers" to travel back home, in crowded buses waiting at crowded stations. This will do wonders in distribution of the virus, if you ask me.

Once home they will realize that due to no irrigation water there is no agricultural work nor revenue. No work, no money, go home = same same but different. 

An absolutely deadly cocktail of one fault after the other and nobody brings this madness to a screeching halt now! 

Why would there be no irrigation water ? Wouldn't farms etc be able to operate somewhat autonomously and be isolated from the rest of the world. Given everyone will still need to eat, the demand will be huge for the produce, whole extended families can run a farm, be isolated from the virus etc. So long as the delivery driver doesnt get sick, its all good.

 

 

[CGW]

7 minutes ago, Peterw42 said:

Why would there be no irrigation water ? Wouldn't farms etc be able to operate somewhat autonomously and be isolated from the rest of the world. Given everyone will still need to eat, the demand will be huge for the produce, whole extended families can run a farm, be isolated from the virus etc. So long as the delivery driver doesnt get sick, its all good.

"It's all good"? not really, arable land in Thailand is ~33%, only ~8% of that is permanent cropland, ~8% is the only land that has year round irrigation water.

Farming here is a lot different to the "West" it's mainly seasonal rice, there's just not enough good land and water for decent crops, the other problem would be that little can be grown here without huge amounts of chemicals/fertilisers which are mainly bye products from industry/refineries, the land requires more chemicals every year as it is so depleted, for sure for those few that can grow produce, there would be a huge demand, the economics would need to change.

Not looking so good now is it. ???? 

[DrTuner]

Good for CP to become the ultimate monopoly in everything. Oligarchs in the making.

[fforest1]

2 hours ago, zydeco said:

One of the few groups of people in Thailand with guaranteed continuing income is: farangs on retirement extensions. One of the very few ongoing income streams for this country. Interesting, eh?

Well in that case we need a fresh crackdown on those dollar spending freeloaders..

[Don Mega]

2 hours ago, CGW said:

"It's all good"? not really, arable land in Thailand is ~33%, only ~8% of that is permanent cropland, ~8% is the only land that has year round irrigation water.

Farming here is a lot different to the "West" it's mainly seasonal rice, there's just not enough good land and water for decent crops, the other problem would be that little can be grown here without huge amounts of chemicals/fertilisers which are mainly bye products from industry/refineries, the land requires more chemicals every year as it is so depleted, for sure for those few that can grow produce, there would be a huge demand, the economics would need to change.

Not looking so good now is it. ???? 

So what does the covid virus do that makes the land no longer able to produce a crop under the same pre-covid conditions ?

Edited March 20, 2020 by Don Mega

[CGW]

16 minutes ago, Don Mega said:

So what does the covid virus do that makes the land no longer able to produce a crop under the same pre-covid conditions ?

Nothing - as you know, everything will remain the same, the land will still be incapable of supporting family members (when they return home) no change, seasonal farming will remain the same as always has!

That was a trick question wasnt it ????

[ChaiyaTH]

Not sure how this logic works as they expect there to be endless reserves and savings, it has to be at 0 at some point ? 
It surprises me how much time many businesses in CM are able to buy as they already suffer for years with tourism in general. 

Sometimes I really think there are people with printing presses. 

Edited March 20, 2020 by ChaiyaTH

[Lacessit]

3 hours ago, zydeco said:

One of the few groups of people in Thailand with guaranteed continuing income is: farangs on retirement extensions. One of the very few ongoing income streams for this country. Interesting, eh?

My GF is in a village of about 10,000 people, average wage 2 - 3 K baht per month. She is one of the few there with an assured income.

[Lacessit]

30 minutes ago, Don Mega said:

So what does the covid virus do that makes the land no longer able to produce a crop under the same pre-covid conditions ?

People too sick to work?

[glennb6]

Govt pretty much killed the tourist industry, 20% of gdp. I doubt that that number accounts for the wide array of small businesses in tourist towns that would not otherwise exist if there were not tourists.

 

All these small and medium businesses will be in a world of hurt now. Not to forget little Nok and Noi who support their families upcountry. Real estate, especially the bigger condo complexes will be hurting if not shut down. Think your elevator maintenance will be kept up with? Garbage collection a few less days a week? The layoffs are just starting so more petty crime inbound? All this and more happen when economies go to <deleted>. Govt doesn't give a hoot.

 

The fact that this shutdown is worldwide makes it worse as factory orders will decrease, exports will drop, loans will be called. Maybe when the hurt starts with the big thai corps and their very wealthy owners will there be push back to shutting it all down.

 

WorldOMeters is still showing 279 active cases and 1 death for thailand, a population of 70 million people. Ah never mind, facts and stats don't matter, only emotions and face.

 

 

[DrTuner]

1 hour ago, Don Mega said:

So what does the covid virus do that makes the land no longer able to produce a crop under the same pre-covid conditions ?

Where are the "vitamins", i.e. fertilizers made? Locally? Any imported ingredients? The top soil is basically dead, just a medium to grow on after relentless farming for years on end, fertilizers are a must.

Edited March 20, 2020 by DrTuner

[geriatrickid]

4 hours ago, zydeco said:

One of the few groups of people in Thailand with guaranteed continuing income is: farangs on retirement extensions. One of the very few ongoing income streams for this country. Interesting, eh?

Not if their income was derived from stock market investments. 

Edited March 20, 2020 by geriatrickid

[christophe75]

No ? Really ?

 

Who would have guessed ? !

 

This is what happen when demented authorities decide to "shut down" everything, just to mimic other demented governments that are fighting a so-called "war" against... a flu-like virus.

 

10 500 deaths for the whole planet with a population of 7,7 billions...

 

Well done guys.

 

Please continue the mass hysteria, the madness.

 

While a few thousands old people die from a virus.... dozen, even hundred of millions of people have and will have their life shattered by the global recession, created, designed, enhanced, excused by this stupid virus.

Edited March 20, 2020 by christophe75

[CGW]

1 minute ago, christophe75 said:

Please continue the mass hysteria, the madness.

Wonder what the suicide rate will be? Becoming apparent a lot of people are not strong enough to tolerate disruption to the norm ???? 

[christophe75]

5 minutes ago, CGW said:

Wonder what the suicide rate will be? Becoming apparent a lot of people are not strong enough to tolerate disruption to the norm ???? 

 

 

Ah... the "norm"... That's a nice way to put it.

 

Please, go to explain the "norm" to :

-a thai family for instance who owns and runs a restaurant.

No income anymore. Nill. Zero.

 

-a tourist guide

 

-a highly skilled technician in the car industry

 

-a blue or white collar... in the airline industry

 

-and all the little people... who benefit from the income created by all the previous people (by selling goods and services to them).

 

There isn't any "balance" here.

 

To sacrifice those people in the name of a fight against a stupid virus that kills a few old people... is the real crime.

 

Is the real suicide, like you said...

[CGW]

2 minutes ago, christophe75 said:

Ah... the "norm"... That's a nice way to put it.

 

Slow down there fellow, stress kills as well! What else can "normal" life be referred to as?

[pookondee]

“About 100 companies submitted their responses and they said their income had gone down by 50 per cent since the outbreak,”

 

 

Boo hoo

 

For many years certain folk of the world watched their rightful incomes reduced to ZERO, since interest rates were artificially pushed into minus %.

 

 ZERO thought was ever given to the them while the reserve banks raced to the bottom.

 

So excuse us if a little schadenfreude is shown now that a few others are starting to share the pain.

 

 

 

[DrTuner]

59 minutes ago, CGW said:

What else can "normal" life be referred to as?

Life as we knew it a couple of months ago is gone. Those that adapt quickly are the winners. I'm trawling for good post-apocalypse investment targets.

[CGW]

7 minutes ago, DrTuner said:

I'm trawling for good post-apocalypse investment targets.

Think its too early - though both RDS and XOM look good? What you thinking? ???? 

[pookondee]

1 minute ago, DrTuner said:

Life as we knew it a couple of months ago is gone. Those that adapt quickly are the winners. I'm trawling for good post-apocalypse investment targets.

How does that work?

There will not be many profitable businesses to invest in if they are all closed.

Likewise, if half of us are dead, and the other half are left struggling to pay off debt, there will be no money or buyers to keep the markets going.

Cash will be king again and people won't be gambling on stock markets.

 

It will be an apocalypse like we've never seen!

 

 

[DrTuner]

36 minutes ago, pookondee said:

How does that work?

There will not be many profitable businesses to invest in if they are all closed.

Likewise, if half of us are dead, and the other half are left struggling to pay off debt, there will be no money or buyers to keep the markets going.

Cash will be king again and people won't be gambling on stock markets.

 

It will be an apocalypse like we've never seen!

The survivors will still need to live somewhere, eat and .. ah yes, now I suddenly understood the idea with toilet paper. The currency of the future, people.

[Solidpoo]

The same situation for every companies in every other countries right now. Recession is coming or worse ! Especially Thai companies, not familiar with most of them but i think more than 90% are SMEs.

 

I'd be lying if i said im not worried about losing my job. Looks bleak ! Although you guys sound pretty relaxed. 

Edited March 20, 2020 by Solidpoo

[PatOngo]

4 hours ago, glennb6 said:

Govt pretty much killed the tourist industry, 20% of gdp. I doubt that that number accounts for the wide array of small businesses in tourist towns that would not otherwise exist if there were not tourists.

 

All these small and medium businesses will be in a world of hurt now. Not to forget little Nok and Noi who support their families upcountry. Real estate, especially the bigger condo complexes will be hurting if not shut down. Think your elevator maintenance will be kept up with? Garbage collection a few less days a week? The layoffs are just starting so more petty crime inbound? All this and more happen when economies go to <deleted>. Govt doesn't give a hoot.

 

The fact that this shutdown is worldwide makes it worse as factory orders will decrease, exports will drop, loans will be called. Maybe when the hurt starts with the big thai corps and their very wealthy owners will there be push back to shutting it all down.

 

WorldOMeters is still showing 279 active cases and 1 death for thailand, a population of 70 million people. Ah never mind, facts and stats don't matter, only emotions and face.

 

 

That's a pretty fair assessment! ????

[PatOngo]

1 hour ago, DrTuner said:

The survivors will still need to live somewhere, eat and .. ah yes, now I suddenly understood the idea with toilet paper. The currency of the future, people.

How many sheets to the dollar? Or should I say, how many dollars to the sheet? 

 

[soi3eddie]

17 hours ago, Sydebolle said:

In addition to all this they dont lockdown things but close it; the closure of the non-existing nightlife of Bangkok, Pattaya etc. will result in tens of thousands of "service workers" to travel back home, in crowded buses waiting at crowded stations. This will do wonders in distribution of the virus, if you ask me.

Once home they will realize that due to no irrigation water there is no agricultural work nor revenue. No work, no money, go home = same same but different. 
 

Not just service workers but general workers too. We drove up from Bangkok to Phlapphla Chai, Buri Ram province last Sunday. I was surprised to see quite a few pick-up trucks heading away from the city loaded with possesions, fridges, M/Cs etc. same as the annual exodus for Songkran (although 1 month early). Here in the village it's dry as a chip. No real rain since last October. Ponds empty and ground rock hard. Some of the farmers have readied rice fields and levees ready for the rains - still about 2 months away!