The Thai Economy Is In Crisis

[cclub75]

interesting ,

crisis , what crisis ?

has become ,

getting money off-shore ...................................

Wait Mid... the carrots are not cocked. Yet.

If Bloomberg is still able to write such rubbish... It will take a bit more time...

Thailand Court Creates `Buying Opportunity' Ahead of Election

June 14 (Bloomberg) -- Thailand's stocks, Southeast Asia's worst performers this year, staged their biggest two-day rally this year after a court ruling on May 30 paved the way for a national election. More gains are likely, history shows.

``All of these worries about politics are a great buying opportunity,'' said Doug Barnett, a 51-year-old fund manager who's been investing in Thailand since 1990. His Thai Focused Equity Fund Ltd., a $300 million hedge fund, includes Banpu Pcl, the nation's largest coal miner, and Bank of Ayudhya Pcl, the sixth-largest bank by assets.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

Doug -and this is his main weakness- is still thinking that the situation in Thailand can be summarized by "some worries about politics" that will be solved very quickly by the miracle of elections...

[Steely Dan]

on the country level low unemployment, high foreign reserves, and low foreign debt levels.

The National Economic and Social Development Board predicts that total exports this year will be USD 144.1 billion, up 12.4 percent year-on-year due to the high demand for Thai exports in major destinations in the first quarter. The current account has a surplus of USD 8.5 billion, 3.6 percent of GDP, up from the previous forecast of USD 3.1 billion.

smile thefuture is great.

Yes; exports are booming and growing overall. Not only as covered in the papers, but in the overcrowded Export Dept.

We can't find many more good staff for love or money (well maybe more money). Those pesky Thais are all employed; no matter how hard we look; we can't find anyone not employed or willing to change jobs for a reasonable salary. (15k up for garment staff).

Maybe the economic woes of 'the weak dollar pushing up cost of buying a beer in a girly bar' is what the others are referring to? After all it must be terrible seeing your spending power in Thailand go down the pan by being locked into dollar-based Bonds.

Every year the taxi drivers (the world over) moan like old women; this year is the same; and the same falangs will increase their whining as their personal circumstances continue to deteriorate.

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

[Mid]

here how to move money off-shore ...............................

THAKSIN'S ASSETS

Bt8 bn more goes missing

Bank accounts hold only Bt43 bn after rush of withdrawals last week

[Mid]

SET News Release : Thai listed companies record over THB 110

another bone ,

No information found.

[soundman]

here how to move money off-shore ...............................

THAKSIN'S ASSETS

Bt8 bn more goes missing

Bank accounts hold only Bt43 bn after rush of withdrawals last week

I'm assuming that all those figures are subject to a multplier of 1000....

Soundman.

[Mid]

good ? , no answer.........

though i did wonder ........................

[palm]

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

Measuring the Thai baht against the Dollar is meaningless? Oh please please please tell me you are joking. So it's being manipulated by who exactly? The Easter Bunny? Or the super-secret Carlton Zionist Hedge Fund Cookie Monster?

Comparing the US Great Depression economic circumstances to today's modern economic system beggars belief. Reminds me of an entertaining book I read recently about the coming collapse of the US economy and the 'tips' it contained for surviving it were to buy gold and stock up on lots of flashlights.

[Mid]

zippedy do dah , zippedy day , hi ho it's a sunshiney day ,

what ...........

oh yer ,

TMB will miss interest payment

'Not a default' but improvements needed

WICHIT CHANTANUSORNSIRI & DARANA CHUDASRI

TMB Bank will be unable to make its next interest payment for its outstanding capital securities due to net losses in 2006, according to Tarisa Watanagase, the governor of the Bank of Thailand. The bank's next coupon payment of $7.5 million for its $200-million hybrid tier-one securities is due next month.

Under the terms of the bond issue, TMB is not obliged to make interest payments if it posts a loss in the previous accounting period.

The Post Publishing Public Co

even coups have to be paid for .............................................

[pansted00]

Just one question : since all transactions above 2 million THB must be reported to the Bank of Thailand, how could such transfers/withdrawals go un-noticed ???

here how to move money off-shore ...............................

THAKSIN'S ASSETS

Bt8 bn more goes missing

Bank accounts hold only Bt43 bn after rush of withdrawals last week

[Steely Dan]

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

Measuring the Thai baht against the Dollar is meaningless? Oh please please please tell me you are joking. So it's being manipulated by who exactly? The Easter Bunny? Or the super-secret Carlton Zionist Hedge Fund Cookie Monster?

Comparing the US Great Depression economic circumstances to today's modern economic system beggars belief. Reminds me of an entertaining book I read recently about the coming collapse of the US economy and the 'tips' it contained for surviving it were to buy gold and stock up on lots of flashlights.

This thread spans over 41 pages now and everything from consumer confidence figures to government tax receipts to falling gem sales screams as loudly as it can that rocky times lie directly ahead. I could give you ample evidence of the growth and scope of hedge fund activity but I guess you'll not be shaken from sucking lollipops. Frankly it beggars belief that someone with supposed business interests here can be so complacent. Not long to wait now..

[mellow1]

Who owns The Siam Commercial Bank?Then look at who owns that.

[thai_narak]

look at my asset it's quite tiny...

Edited June 14, 2007 by thai_narak

[Mid]

Update: Rumours denied, stocks rebound

(BangkokPost.com, with TNA) - Council for National Security chairman Sonthi Boonyaratkalin denied rumours that he was about to impose martial law in Bangkok or fire Prime Minister Surayud Chulanont.

"If situation gets out of hand, we will inform the government and ask it to impose an emergency decree," he told reporters.

The SET index rebounded strongly by 10.42 points or 1.43 per cent to rise to 737.02 only 5 minutes after the morning trading session opened, boosted by a heavy buying of blue-chip stocks in the energy and banking sectors.

The Post Publishing Public Co

yes Vagina , ....................

[Mid]

meanwhile , back in the real world ,

Consumers's confidence falls in May

June 14, 2007 : Last updated 03:14 pm (Thai local time)

Domestic consumers’ confidence index declined in May for the seven straight month, mainly due to concerns over the Thai economic outlook amid political uncertainty.

According a report released Thursday by the University of Thai Chamber of Commerce's consumer confidence index fell to 76.9 from 77.6 in April.

A reading below 100 indicates that consumers are more pessimistic than optimistic about the economy.

The Nation

Edited June 14, 2007 by Mid

[robint]

How can the thai economy be in crisis when it is sitting on 70 billion usd foreign currency reserves?

that equate to nearly 3 million baht for every thai person in country (fro kerriste sake don tell them that

[thai_narak]

How can the thai economy be in crisis when it is sitting on 70 billion usd foreign currency reserves?

that equate to nearly 3 million baht for every thai person in country (fro kerriste sake don tell them that

i thought it is baht? 73 billion baht of Thaksin's asset.

[heybruce]

How can the thai economy be in crisis when it is sitting on 70 billion usd foreign currency reserves?

that equate to nearly 3 million baht for every thai person in country (fro kerriste sake don tell them that

Let's see, 70 billion dollars, about 65 million people, that makes a little over $1000 reserve per person, lets just say 40,000 baht per Thai. A very healthy reserve situation, but now quite 3 million baht per person. Let me guess, English teacher, right?

[bingobongo]

Edited June 14, 2007 by bingobongo

[bkkandrew]

How can the thai economy be in crisis when it is sitting on 70 billion usd foreign currency reserves?

that equate to nearly 3 million baht for every thai person in country (fro kerriste sake don tell them that

Let's see, 70 billion dollars, about 65 million people, that makes a little over $1000 reserve per person, lets just say 40,000 baht per Thai. A very healthy reserve situation, but now quite 3 million baht per person. Let me guess, English teacher, right?

But this figure is not, of course, net of Govt. debt (Gilts, bonds etc...)

I have no figures fror this, but would expect net debt to far exceed the reserves figure, as it does in most countries.

[Robski]

Not long to wait now..

...and just how long is not long?

[bkkandrew]

Not long to wait now..

...and just how long is not long?

1 month, 22 days, 8 hours, 19 minutes...

Edited June 14, 2007 by bkkandrew

[bingobongo]

reality is delicious.......have a taste "defenders of the realm"

ECONOMY OUTLOOK

Business leaders say economic stimulus measures are failing

Business leaders are pessimistic about Thailand's economy for the third and fourth quarters after finding that the state's stimulus measures were insufficient to revive the ailing economy.

All benchmark indicators have been falling, as people were worried that the government might not be able to address the ongoing political problems effectively, said Dusit Nontanakorn, vice-chairman of the Thai Chamber of Commerce.

''Consumption has expanded by only 1.3% in the first quarter, the lowest in the past seven years, while investment contracted by 2.4%,'' he said.

He urged the government to accelerate public spending and boost the property sector by providing tax incentives for house purchases priced below one million baht per unit. The Finance Ministry recently increased tax allowances on mortgage-interest payments to 100,000 baht from 50,000 baht.

The Board of Investment should speed up key megaprojects such as a 100- billion-baht petrochemical project that has been discussed for six months.

The economy in the third quarter would not improve if the project does not materialise during the period, he said. The chamber, he said, would survey the current 580,000 unemployment to determine which industries they were discharged from.

The dissolution of Thai Rak Thai contributed to a lower consumer confidence index (CCI) level for May, with the rating falling to 76.9, from 77.6 in April.

Confidence in the overall economy last month dropped to 71.4, with confidence in job opportunities down to 72.2 and future income down to 87.1. In April, confidence in the economy registered 72.1, while the index for job opportunities was 73.0 and future income was 87.7.

Pramon Sutivong, the chamber's chairman, said foreign companies would continue delayed projects but would wait for a clearer political situation before initiating new investments.

http://www.bangkokpost.com/Business/15Jun2007_biz34.php

Edited June 14, 2007 by bingobongo

[Steely Dan]

reality is delicious.......have a taste "defenders of the realm"

ECONOMY OUTLOOK

Business leaders say economic stimulus measures are failing

Lollipops all round I guess. Tick, tick, tick

[ding]

If BoT wants to see inflows they could always get their governmental brethren to make it easy for 'farang-stay-longtime' -and ease investment rules for 'farang-stay-longtime' owning homes.

Just a thought, for some reason

[palm]

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

Measuring the Thai baht against the Dollar is meaningless? Oh please please please tell me you are joking. So it's being manipulated by who exactly? The Easter Bunny? Or the super-secret Carlton Zionist Hedge Fund Cookie Monster?

Comparing the US Great Depression economic circumstances to today's modern economic system beggars belief. Reminds me of an entertaining book I read recently about the coming collapse of the US economy and the 'tips' it contained for surviving it were to buy gold and stock up on lots of flashlights.

This thread spans over 41 pages now and everything from consumer confidence figures to government tax receipts to falling gem sales screams as loudly as it can that rocky times lie directly ahead. I could give you ample evidence of the growth and scope of hedge fund activity but I guess you'll not be shaken from sucking lollipops. Frankly it beggars belief that someone with supposed business interests here can be so complacent. Not long to wait now..

Wait for WHAT exactly?

A fall in the value of the baht? GREAT. When though exactly?

More quality staff becoming available to hire? GREAT. When though exactly?

Riots in the streets? When exactly?

A global meltdown? When exactly?

You guys bitch and whine constantly, yet others continue making money and vast profits by actually doing things.

The Thai export market is booming and growing. Our profits are huge from investing in Thailand (way way way way way beyond the 10% returns of the I-invest-in-bonds brigade).

Please give me some EVIDENCE of the growth and scope of hedge fund activity regarding Thai speculation. Real evidence, not something you heard in a beer bar. I've been in finance for 15 years and I've never read so much b******s buy a bunch of losers for a long time.

Meanwhile, I'll continue to make a fortune from Thai investments here, and continue to keep my assets in a mix of countries, including Thailand.

Do you whiners actually make anything here? Or own anything here? Or employ anyone here? Or have any international businesses to speak of?

You really do sound like a bunch of bitter dropouts on maybe $1000 a month income made from investing in Bonds? I'd get better economic advice on how to make money and run an export business talking to the local tuktuk drivers.

It must be so depressing for you having your Thai spending power squeezed to a pulp with the strong baht/weak dollar, and seeing the roads clogged with Thais driving Mercedes everywhere.

The Thai economy is no better or worse shape than the vast majority of similar countries, especially considering the current lousy political situation. Just because you'd like to see the country go down in flames, doesn't mean it is or will.

So keep squealing like little girls that life isn't being fair to you and your personal economic situation is so dire you have to try and pin in on the troubles of a country, but grown-ups meanwhile can and will continue to manage hugely profitable businesses here.

Edited June 15, 2007 by palm

[Steely Dan]

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

Measuring the Thai baht against the Dollar is meaningless? Oh please please please tell me you are joking. So it's being manipulated by who exactly? The Easter Bunny? Or the super-secret Carlton Zionist Hedge Fund Cookie Monster?

Comparing the US Great Depression economic circumstances to today's modern economic system beggars belief. Reminds me of an entertaining book I read recently about the coming collapse of the US economy and the 'tips' it contained for surviving it were to buy gold and stock up on lots of flashlights.

This thread spans over 41 pages now and everything from consumer confidence figures to government tax receipts to falling gem sales screams as loudly as it can that rocky times lie directly ahead. I could give you ample evidence of the growth and scope of hedge fund activity but I guess you'll not be shaken from sucking lollipops. Frankly it beggars belief that someone with supposed business interests here can be so complacent. Not long to wait now..

Wait for WHAT exactly?

A fall in the value of the baht? GREAT. When though exactly?

More quality staff becoming available to hire? GREAT. When though exactly?

Riots in the streets? When exactly?

A global meltdown? When exactly?

You guys bitch and whine constantly, yet others continue making money and vast profits by actually doing things.

The Thai export market is booming and growing. Our profits are huge from investing in Thailand (way way way way way beyond the 10% returns of the I-invest-in-bonds brigade).

Please give me some EVIDENCE of the growth and scope of hedge fund activity regarding Thai speculation. Real evidence, not something you heard in a beer bar. I've been in finance for 15 years and I've never read so much b******s buy a bunch of losers for a long time.

Meanwhile, I'll continue to make a fortune from Thai investments here, and continue to keep my assets in a mix of countries, including Thailand.

Do you whiners actually make anything here? Or own anything here? Or employ anyone here? Or have any international businesses to speak of?

You really do sound like a bunch of bitter dropouts on maybe $1000 a month income made from investing in Bonds? I'd get better economic advice on how to make money and run an export business talking to the local tuktuk drivers.

It must be so depressing for you having your Thai spending power squeezed to a pulp with the strong baht/weak dollar, and seeing the roads clogged with Thais driving Mercedes everywhere.

The Thai economy is no better or worse shape than the vast majority of similar countries, especially considering the current lousy political situation. Just because you'd like to see the country go down in flames, doesn't mean it is or will.

So keep squealing like little girls that life isn't being fair to you and your personal economic situation is so dire you have to try and pin in on the troubles of a country, but grown-ups meanwhile can and will continue to manage hugely profitable businesses here.

Palm, hit a raw nerve did we? it would seem that apart from being a rich successful philanthropic captain of industry you are also a clairvoyant in being able to ascertain that those who disagree with you are all either whoremongers on a tourist visa or eeking out an existance on some bonds. On the other hand you might be a pigeonholing bigot with tendencies to megalomania.

If everything in the garden Thai is so rosy why is business confidence at a 5 year low?

Why are government tax revenues missing target?

Why did Thai Military bank miss an interest payment on it's debts?

Why are the government trying to encourage more foreign investment?

Why are gem sales down 15%?

And regarding hedge funds your 15 years as a captain of industry surely taught you how to use google, try searching for growth in hedge funds and calls both from the US and Europe to better regulate this ticking time bomb.

When you ask? Well if history is any guide years ending in a 7 are not very good for Asia as a whole. Stock manias in China and Vietnam are out of control and the likes of Alan Greenspan is talking of 'dramatic falls' in these markets. Of course being a captain of industry you will no doubt be immune from any global fallout, and personally I wish you well with your lollipop factory and should the shit hit the fan for you I will try not to feel any shadenfreude though I could understand why others might.

[Mid]

Palm, hit a raw nerve did we?

if not , twas bloody close .......................................

[octagon]

Seriously, when you're basking in the fortune you've made here, you don't have time for schadenfreude.

[robint]

did you mean

epicaricacy

for those of you whinging about the gov being mean to flangs living here, remember that the tourist industry only represents 6% of GDP and long termers are a pathetically small beer in economic terms

we havent got a pot to piss in according to ykw which is why he wanted to get rid of us because we know too much

As for the property sector (residential not commercial), well that is a joke isnt it

Down in Pappaya, all the realtors have gone into hiding for fear of unhappy punters (or should i say puppies)

It is very noticeable that virtually all the mamoth building sites have come to a virtual standstill, not a labourer of cement mixer churning away in sight. Its really quite eerie

but what do i know, as i sip a cool beer on the beach in the shade of a cauarina, safe in the knowledge that i am virtually the only punter on a thousand deck chairs in sight.

quite like old times

oh i cant resist this

quote

If everything in the garden Thai is so rosy why is business confidence at a 5 year low?

you mean the barstool BS factor - what is so called business confidence?

Why are government tax revenues missing target?

YKW hasnt paid his taxes

Why did Thai Military bank miss an interest payment on it's debts?

They gotta pay for soldiering first

Why are the government trying to encourage more foreign investment?

Isnt every government trying to encourage more foreign investment, give us your money dummy

Why are gem sales down 15%?

They been caught cheating too often

BTW, markup on finished gem stones is around 300%, grossly overpriced. I was astonished how cheap raw gem stones were, sapphires rubies, emeralds and other exotic bits of glass. Huge con trick

Edited June 15, 2007 by robint

[VegasVic]

Actually Palm, the Dollar is actually rising against the Euro and pound of late, measuring it against the Baht is meaningless as the local currency is being manipulated. By the way you don't have to be either a pauper or a whore monger on a Tourist visa to see which way the wind is blowing and as for low unemployment and booming construction, well it was the same in the U.S during the so called roaring twenties, I suggest you consult a history book to see what happened next.

Measuring the Thai baht against the Dollar is meaningless? Oh please please please tell me you are joking. So it's being manipulated by who exactly? The Easter Bunny? Or the super-secret Carlton Zionist Hedge Fund Cookie Monster?

Comparing the US Great Depression economic circumstances to today's modern economic system beggars belief. Reminds me of an entertaining book I read recently about the coming collapse of the US economy and the 'tips' it contained for surviving it were to buy gold and stock up on lots of flashlights.

This thread spans over 41 pages now and everything from consumer confidence figures to government tax receipts to falling gem sales screams as loudly as it can that rocky times lie directly ahead. I could give you ample evidence of the growth and scope of hedge fund activity but I guess you'll not be shaken from sucking lollipops. Frankly it beggars belief that someone with supposed business interests here can be so complacent. Not long to wait now..

Wait for WHAT exactly?

A fall in the value of the baht? GREAT. When though exactly?

More quality staff becoming available to hire? GREAT. When though exactly?

Riots in the streets? When exactly?

A global meltdown? When exactly?

You guys bitch and whine constantly, yet others continue making money and vast profits by actually doing things.

The Thai export market is booming and growing. Our profits are huge from investing in Thailand (way way way way way beyond the 10% returns of the I-invest-in-bonds brigade).

Please give me some EVIDENCE of the growth and scope of hedge fund activity regarding Thai speculation. Real evidence, not something you heard in a beer bar. I've been in finance for 15 years and I've never read so much b******s buy a bunch of losers for a long time.

Meanwhile, I'll continue to make a fortune from Thai investments here, and continue to keep my assets in a mix of countries, including Thailand.

Do you whiners actually make anything here? Or own anything here? Or employ anyone here? Or have any international businesses to speak of?

You really do sound like a bunch of bitter dropouts on maybe $1000 a month income made from investing in Bonds? I'd get better economic advice on how to make money and run an export business talking to the local tuktuk drivers.

It must be so depressing for you having your Thai spending power squeezed to a pulp with the strong baht/weak dollar, and seeing the roads clogged with Thais driving Mercedes everywhere.

The Thai economy is no better or worse shape than the vast majority of similar countries, especially considering the current lousy political situation. Just because you'd like to see the country go down in flames, doesn't mean it is or will.

So keep squealing like little girls that life isn't being fair to you and your personal economic situation is so dire you have to try and pin in on the troubles of a country, but grown-ups meanwhile can and will continue to manage hugely profitable businesses here.

Hey palm, would you like a little cheese with that whine, bitch (sorry I couldn't resist). On a more serious note I think that you and highdiver should get together, when it comes to economics and investments I have always found it entertaining watching the blind leading the blind. While we are on the subject of the blind, would someone out there tutor miss Robint in the fine art of simple division and while you are at it explain the the $ sign with a big B next to it means baht and not U.S. Dollars. Now back to our regularly scheduled program, "Defenders of the relm and masters of the Universe" staring Palm, highdiver and the rest of the rose colored glasses brigade, you can start passing out the lollipops and roses now Palm!