The Thai Economy Is In Crisis

[wintermute]

Watch orderedon firms at risk

Published on August 3, 2007

Daily checks on plants in 10 provinces to prevent collapses

The Industry Ministry has ordered the Department of Provin-cial Industrial Works to closely monitor plants in 10 provinces to see if they are in financial trouble and need assistance, following the closure plans of a giant garment factory and two footwear companies.

snip

Business Reporters

The Nation

What will the government do even if they are at risk of shutting down? So far they haven't been able to do anything about it. That textile factory with 5,000 workers that closed down recently was given lots of empty promises of support and restructuring loans by the government. It seems like they were heavily penalized after closing too, that will surely discourage new factories from opening up in Thailand.

[midas]

there are more tourist coming in then last year. so where are they all going??

this year there are more hotels then last year. many of them are not members of the THA.

Fair enough. There is indeed an increase of international arrivals (datas from Thai Immigration available here, until march 2007).

However, it could show an evolution of tourists habits.

For instance, shorter trips, thanks to the explosion of low costs airlines. Leading to an overall decrease of the occupancy rate.

And dont forget Bangkok is the HUB !

It doesnt mean many of these international arrivals spend much time

here ? They may go on soon after to any of the neighbouring countries

that dont have direct links e.g. Myanmar, Cambodia, Laos etc

[Mid]

Thai economy set to improve after general election

Saturday 4 August 2007 07:39:52 PM (GMT+7:00)

snip

Voraphol Sokatiyanurak, vice chairman of the National Economic and Social Advisory Council, said the problem of poverty and indebtedness will be an immediate concern of any new government formed after the general election later this year. Consumer spending has slowed while household debt has doubled to Bt120,000 (US$3,640) from Bt60,000 (US$1,820) listed earlier, Mr. Voraphol said.

snip

MCOT Public Company Limited.

[samran]

i spoke today to the manager of Turismo.

did you speak to Nino over lunch at his Italian restuarant??

[JR Texas]

there are more tourist coming in then last year. so where are they all going??

this year there are more hotels then last year. many of them are not members of the THA.

Fair enough. There is indeed an increase of international arrivals (datas from Thai Immigration available here, until march 2007).

However, it could show an evolution of tourists habits.

For instance, shorter trips, thanks to the explosion of low costs airlines. Leading to an overall decrease of the occupancy rate.

And dont forget Bangkok is the HUB !

It doesnt mean many of these international arrivals spend much time

here ? They may go on soon after to any of the neighbouring countries

that dont have direct links e.g. Myanmar, Cambodia, Laos etc

Statistics, especially in Thailand (and its twin country in Africa, Nigeria) can be very misleading. Arrivals being up really means little if they are in basically in transit. We can all see with our eyes what is happening. Given the misleading nature of the statistics, it is probably best to just use common sense and talk with shop owners, taxi drivers, etc. That is what I am doing now.......my own limited research informs me that the economy (for the vast majority of Thais) is declining, tourism is taking a dive (especially long stay tourists), and the real estate market is in the process of collapsing. It is not happening overnight....it is a slow but steady decline.

[samran]

Statistics, especially in Thailand (and its twin country in Africa, Nigeria) can be very misleading. Arrivals being up really means little if they are in basically in transit. We can all see with our eyes what is happening. Given the misleading nature of the statistics, it is probably best to just use common sense and talk with shop owners, taxi drivers, etc. That is what I am doing now.......my own limited research informs me that the economy (for the vast majority of Thais) is declining, tourism is taking a dive (especially long stay tourists), and the real estate market is in the process of collapsing. It is not happening overnight....it is a slow but steady decline.

I'm curious how you manage to come up with this conclusion. Who have you spoken to on this?

I've had friends from the Australian Department of Treasury come up to work on the economic models used by BOT and the Revenue department, and from what they say, the reliablity of Thailand's economic data is pretty good.

Happy to be rebutted.

[A_Traveller]

...the reliability of Thailand's economic data is pretty good.

Happy to be rebutted.

At source yes it is, however publicly available data is nearly always worked on. AFAIK there is no comparable publication to the 'Blue Book' in the UK, which while stultifying boring, does have a great deal of source data, allowing for complete work-ups for modelling purposes. A kind of public check-sum on Treasury analysis, if you will.

Further, I recall that there was a review undertaken of the figures produced by TAT and AoT re Phuket. The end result was that these two data sets did not match, even allowing for non air arrivals, it was, politely put, very difficult to reconcile TAT official figures {more visitors then realistic arrivals} with the underlying traffic.

Regards

/edit typo //

Edited August 5, 2007 by samran

[samran]

...the reliability of Thailand's economic data is pretty good.

Happy to be rebutted.

At source yes it is, however publicly available data is nearly always worked on. AFAIK there is no comparable publication to the 'Blue Book' in the UK, which while stultifying boring, does have a great deal of source data, allowing for complete work-ups for modelling purposes. A kind of public check-sum on Treasury analysis, if you will.

Further, I recall that there was a review undertaken of the figures produced by TAT and AoT re Phuket. The end result was that these two data sets did not match, even allowing for non air arrivals, it was, politely put, very difficult to reconcile TAT official figures {more visitors then realistic arrivals} with the underlying traffic.

Regards

/edit typo //

agree, I am familiar with the HM treasury blue book.

Your point that Thailand needs a public sum check isn't a bad one. My only thought on this is that in the west, most private sector economists are ex-Treasury or ex-central bank anyway, so have an inside knowledge when they build their own models. Add to that the academics, and you have a pretty good circle of checks. That is a little less so in Thailand, as most government employess tend to stay where they are.

[bingobongo]

more economic genius i tell you.......business confidence deteriorating and oversupply (yet they contiue to build due to cheap loans)..........similar to a child who still believes in santa claus......

Local office rents decline, Bangkok now Asia's bargain

''This has resulted in occupied offices falling dramatically. New net take-up of office space fell by more than 30% in the first quarter on a year-on-year basis, the lowest quarterly take-up since 2000.''

http://thailand-property-guide.com/?p=news...&NewsID=500

Edited August 5, 2007 by bingobongo

[JimsKnight]

Hey bongobingo,

Listen to these dudes man, they are not chumps making out smokes and mirrors with crystal dragons popping out of them!

Guys like these examine, deduce and speculate. Its an art, not a science.

Yet one side seems to be saying maybe its going left and the others saying maybe right, in my limited economical noggin it seems that the dynamical nature of an economy is always in flux. No definite certainty of something, but probability of something and probability of another. Its an interesting ride the economy is doing right now gents, right now its seems stable(ish), neither stagnant nor bustling.

[Mid]

Surging baht drives Thai exporters to the wall

By Orathai Sriring

Reuters

Sunday, August 5, 2007; 11:48 PM

LAMPANG, Thailand (Reuters) - Naris Wongsanthitham is stressed.

His small wood company in rural Thailand is facing ruin because of the breakneck rise of the baht against the dollar and all he gets from the government is permission to open a dollar bank account and a sermon about innovation and "value-added."

snip

washingtonpost.com

[highdiver]

no need to get gloomy again. thailand id still doing very well.

SET's road show a success

The Stock Exchange of Thailand's road show in Japan, the first in five years, attracted more than 70 institutional investors.

Published on August 1, 2007

SET president Patareeya Benjapholchai said in a statement yesterday that the "International Road Show in Japan", held in Tokyo this week, had been a success. She said institutional investors, including fund managers, had expressed interest in companies listed on the SET.

SET chairman Vijit Supinit said in Japan that the road show also marked the 120th anniversary of the Thailand-Japan relationship.

He added that several economic indicators had shown Thailand's solid fundamentals. Other positive factors are the government's planned investmentin mega-projects, listed companies' earnings, foreign net buying and the SET's low price-to-earnings ratio.

Patareeya added that institutional investors who participated in the road show were from many sectors, including banking, insurance, joint ventures, asset management and consumer loan providers. The most frequently asked questions were about Thailand's economic direction and political situation.

The listed firms which participated included Bangkok Bank, C P Foods, Minor International and Thai Oil.

Monday, August 06, 2007

PTT cuts petrol prices

PTT Plc will cut petrol prices by 40 satang per litre, with effect on Saturday, following the ease of finished oil prices in Singapore on several positive news.

After the price cut, octane-95 petrol in Bangkok will be Bt28.79 per litre, gasohol 95 at Bt25.29, octane-91 petrol at Bt27.99, gasohol 91 at Bt24.49. Diesel price keeps unchanged.

This is the fourth cut in 3 weeks

[bingobongo]

well done glorious coup leaders, well done.....

Surging baht drives Thai exporters to the wall

However, when measured in baht, the picture is nothing like as rosy. For instance, exports rose 18 percent in dollar terms in June this year from 2006, but only just over 5 percent in baht.

http://www.boston.com/news/world/asia/arti...rs_to_the_wall/

[ray23]

Guess there making room for the new investors coming in:

"Bangkok Bank promotes investment in Viet Nam

source: vneconomy.com updated: 06/08/2007

Bangkok Bank Public Co Ltd is organising a fact-finding trip to Viet Nam for representatives of more than 50 companies from Thailand, according to the bank’s HCM City branch.

The trip which covers Ha Noi, Da Nang and HCM City, aims to help Thai investors seeking investment and business opportunities in Viet Nam, said the bank’s branch manager, Tharabodee Serng-Adichatwit.

While the bank was holding celebrations for its 15-year presence here last week, the bank’s head office was hosting a seminar on investment in Viet Nam for more than 400 Thai attendants in Bangkok.

The bank has organised investment seminars as well as investment trips to Viet Nam while its Research Department has issued investment guidelines for Thai business-people who are interested in investing in Viet Nam.

"Our strength includes knowledge about Viet Nam’s investment regulations. We are able to guide and provide all information about the Investment Law to foreign investors, and even to help them choose locations for their investment projects," said Tharabodee.

As Bangkok Bank is a universal banking group with expertise in securities, insurance and banking products, the bank can utilise its resources as needed in the local market. In its early days here, the bank had organised roadshows to Taiwan and Thailand to promote investment in Viet Nam.

Tharabodee said the bank’s head office is the consultant to Thailand’s Board of Investment, the Thai Government Agency (similar to Viet Nam’s Ministry of Planning and Investment) to assist Thai business-people investing in Viet Nam in recent years.

"We’ve claimed that we are the investment information centre for Thai investors as well as others," said Tharabodee.

"We are proud of our small contribution to Viet Nam’s success in the financial sector and in the investment climate."

He said the HCM City branch attained a year-on-year growth of over 25 per cent in the first half of 2007. It also planned to double its lending portfolio in 1 to 2 years.

Established in 1944, Bangkok Bank is one of the biggest commercial banks in the region, with more than 600 domestic and 22 overseas branches in 12 countries and territories. Its HCM City branch started operation in Viet Nam in July 1992, as the first foreign bank branch operational in Viet Nam after the American war. "

_________________

[samran]

well done glorious coup leaders, well done.....

Surging baht drives Thai exporters to the wall

However, when measured in baht, the picture is nothing like as rosy. For instance, exports rose 18 percent in dollar terms in June this year from 2006, but only just over 5 percent in baht.

http://www.boston.com/news/world/asia/arti...rs_to_the_wall/

do tell me how they are supposed to control the level of the baht. I'm fascinated.

[JR Texas]

Statistics, especially in Thailand (and its twin country in Africa, Nigeria) can be very misleading. Arrivals being up really means little if they are in basically in transit. We can all see with our eyes what is happening. Given the misleading nature of the statistics, it is probably best to just use common sense and talk with shop owners, taxi drivers, etc. That is what I am doing now.......my own limited research informs me that the economy (for the vast majority of Thais) is declining, tourism is taking a dive (especially long stay tourists), and the real estate market is in the process of collapsing. It is not happening overnight....it is a slow but steady decline.

I'm curious how you manage to come up with this conclusion. Who have you spoken to on this?

I've had friends from the Australian Department of Treasury come up to work on the economic models used by BOT and the Revenue department, and from what they say, the reliablity of Thailand's economic data is pretty good.

Happy to be rebutted.

It is common knowledge among many UN employees, academics (both foreigner and Thai) and NGO officials that the statistics are crap.....almost always manipulated to show a better picture than reality. Most Thai academics are afraid to speak out because they like being employed......UN employees will talk to you off the record, but always try to be politically correct when talking publicly.........NGO officials say what they need to say to get funding. Believe the offical line if you want to. Smile, everything is wonderful in LOS or is it?

[Naam]

imagine The Thai Economy Is In Crisis and none of us attend this event?

[samran]

Statistics, especially in Thailand (and its twin country in Africa, Nigeria) can be very misleading. Arrivals being up really means little if they are in basically in transit. We can all see with our eyes what is happening. Given the misleading nature of the statistics, it is probably best to just use common sense and talk with shop owners, taxi drivers, etc. That is what I am doing now.......my own limited research informs me that the economy (for the vast majority of Thais) is declining, tourism is taking a dive (especially long stay tourists), and the real estate market is in the process of collapsing. It is not happening overnight....it is a slow but steady decline.

I'm curious how you manage to come up with this conclusion. Who have you spoken to on this?

I've had friends from the Australian Department of Treasury come up to work on the economic models used by BOT and the Revenue department, and from what they say, the reliablity of Thailand's economic data is pretty good.

Happy to be rebutted.

It is common knowledge among many UN employees, academics (both foreigner and Thai) and NGO officials that the statistics are crap.....almost always manipulated to show a better picture than reality. Most Thai academics are afraid to speak out because they like being employed......UN employees will talk to you off the record, but always try to be politically correct when talking publicly.........NGO officials say what they need to say to get funding. Believe the offical line if you want to. Smile, everything is wonderful in LOS or is it?

The models are what they are. I refered to off the record conversations which I had with close personal friends, unaffiliated with the RTG who have vouched for the data that comes out of them. Not the best in the world, but still pretty good.

You have 'the man' keeping everyone down and the truth hidden.

Yep, it must be a conspiracy.

So did Martians really kidnap Elvis?

[bingobongo]

the cycle continues....it takes money to make money......and those trying to better themsleves do not have the resources to do so......well done junta well done....it does not matter for these kids anyway, as the economy continues to go nowhere

Loans crisis balloons student drop-out rate

http://www.nationmultimedia.com/2007/08/07...al_30044034.php

[ray23]

I have to wonder is it really long trem investors or the Hedge Funs pulling out that so many predicted.

"Foreign sell-off set to continue

US mortgage worries spark fall in SET and regionPublished on August 7, 2007

A selling spree by long-term foreign investors has sent the stock market into a tailspin and selling pressure is expected to last for a long time. Many investors are selling Thai shares for the first time in five years.

The sharp fall in regional stock markets was triggered by investors' mounting anxiety over fallout from US interest-rate cuts designed to fight off that country's crisis in sub-prime mortgages, analysts say.

Foreign investors started the sell-off on July 27. Since then they have sold Thai shares with a net position of Bt15.68 billion. The Stock Exchange of Thailand (SET) Index has fallen about 8 per cent since the sell-off started.

Singapore's Straits Times Index has tumbled 3.7 per cent, The Jakarta Stock Exchange Composite Index 3.6 per cent and the Kuala Lumpur Composite Index is down 3.3 per cent.

The Kospi Index closed down 1.2 per cent yesterday, the Weighted Index was down 1.28 per cent and the Nikkei-225 share average closed 0.4 per cent lower.

The Dow Jones Industrial Average has dropped 2.1 per cent and the Nasdaq slumped 2.5 per cent on Friday on further fallout from the US sub-prime crisis. Thai share prices plunged 2.61 per cent yesterday to 815.87, off the day's low of 813.14. Turnover was thin at Bt18.17 billion.

"The selling off of Thai shares every day is the behaviour of long-term investors. They have costs at around 740 points and this indicates that the selling spree has not bottomed out yet. The first resistance level is at 790 points," KGI Securities (Thailand)'s vice president Adisak Kammool said.

So far this year, foreign investors have recorded net sales of Thai shares to the tune of more than Bt10 billion, while they have accumulated Thai shares with a net value of about Bt120 billion, and this is another indicator that selling pressure will prevail, he said.

"We can observe when the foreign investors' selling spree will be over from the points fall every day. If the SET Index loses fewer than seven points, it means the sell-off is slowing down. Corrections in the stock market will be seen until October," he said.

Despite the tumble, KGI Securities is maintaining its SET Index target of 740 points to 790 points this year.

Thanachart Securities managing director Suvabha Charoenying said the Thai stock market had fallen heavily in the past month. When concerns over the US sub-prime-mortgage crisis are added, it becomes likely that there will be "some correction" in the market.

"Also, the Thai authorities have signalled that the baht will not be stronger than its current level, so foreign investors who are used to gaining other profits from currency exchange will not send much money in. These are the global factors," Suvabha said.

"Our internal factor now is the coming general election. Voting on the draft of the constitution is not as important as Prime Minister Surayud Chulanont's commitment to hold the election, for sure.

"A good investment strategy is to set a target for your gains. When you reach it, you sell to obtain profits. When the market falls, you must learn to cut your losses. When the market is down, you gradually collect good stocks at discount prices."

An analyst at Sicco Securities said the foreign investors' selling spree would continue because they are shifting to invest in other financial markets.

Finance reporters

The Nation"

[bingobongo]

Re-entry NPLs increase due to economic slowdown, says banker

http://etna.mcot.net/query.php?nid=30916

[bingobongo]

but hey, who cares when you have som tham..........

Global consumer confidence down

"Hong Kong and Sweden were the most optimistic countries in the first half of this year, with a six-point lift, while the biggest loser was Thailand, where consumer confidence plummeted fifteen points. Thais have experienced a volatile 2007 so far," said Dodd. "Continued political unrest, a spate of violence and deaths in southern Thailand – a region which relies heavily on tourism dollars- and then bombings in Bangkok over Thai New Year, have all contributed to a serious erosion of consumer confidence in recent months."

http://www.bizcommunity.com/Article/196/87/16939.html

Edited August 7, 2007 by bingobongo

[samran]

but hey, who cares in the land of som tham..........

Global consumer confidence down

“Hong Kong and Sweden were the most optimistic countries in the first half of this year, with a six-point lift, while the biggest loser was Thailand, where consumer confidence plummeted fifteen points. Thais have experienced a volatile 2007 so far,” said Dodd. “Continued political unrest, a spate of violence and deaths in southern Thailand – a region which relies heavily on tourism dollars- and then bombings in Bangkok over Thai New Year, have all contributed to a serious erosion of consumer confidence in recent months.”

http://www.bizcommunity.com/Article/196/87/16939.html

hey...alot better than Saudi arabia where you think it is all beer and skittles and you think shaving off a third of GDP since 1980 is progress.

Funny you forget to mention that Poland Greece and Portuagal are also down in 'consumer confidence' by the same amounts as Thailand.

But hey, what good is a whole economic picture, when you can have half of one instead? They make for great TV posts don't they?

[highdiver]

oh we are living in gloomy dark days.

oh thailnd is in a real problem

lets see about the dooms day predictions...

japanese investors stop investments due to high baht.

Thailand chosen as Honda supply centre

BANGKOK, Aug 7 (TNA) – The Board of Investment (BOI) approved investment promotion for the Honda (Thailand) Co. to establish the company's supply centre in the central province of Ayutthaya with capital of Bt247.5 million.

Hiranya Suchinai, Deputy Secretary General and Acting Senior Executive Investment Advisor said a BOI subcommittee approved the investment promotion for the Honda company centre to supply raw materials and spare auto parts for Honda customers in other countries.

The centre will procure 70 per cent of the company's required raw materials and auto spare parts from Thailand, amounting to an estimated Bt8.1 billion annually.

Honda's first warehouse will be built on a 10,500 square metre plot of land at the Rojana Industrial Park in Ayutthaya, about 80 km north of Bangkok. The warehouse will store goods for distributing to customers in other regions.

electronic exporters downturn from strong baht.

SVI in talks to buy new factory

BUSRIN TREERAPONGPICHIT

SVI Plc, a SET-listed provider of turnkey electronic manufacturing services, plans to acquire a local electronics plant to meet huge orders from overseas, says chief executive Poe Lothongkam.

The company is seeking commercial loans of about one billion baht but is expected to spend only 300 million baht to take over an existing factory and another 50 million baht to upgrade production.

''We are now negotiating with the seller and hope to wrap up the deal in a couple of months. We plan to re-start the operation [of the new factory] early next year,'' he said.

The plant, SVI's fourth, has the capacity to produce electronic goods worth US$220 million a year, all of which will meet an expected surge in overseas orders in the next few years.

In addition, the company plans to buy another plant in Vietnam where the production outlook is promising. If the purchase goes ahead, the company is expected to start investing in Vietnam next year.

SVI currently operates two plants in Thailand and one in China, with a combined capacity to produce electronic goods worth more than $200 million annually, which Mr Poe said was still short of strong demand.

In Thailand, the company plans to debottleneck its plant in Pathum Thani to increase the capacity by 10-15% from the existing capacity to produce electronic goods worth $120 million a year.

Mr Poe said the company hoped to increase its revenue next year to $180 million from $155-160 million projected this year, mainly from the expansion of the China plant and the fourth plant in Thailand.

SVI posted $135 million in revenue last year, a 22.7% increase from 2005, with a gross margin of 9.5%. Net profit last year rose 15% to 295.57 million baht from 256.67 million in 2005.

SVI reported a net profit of 82.87 million baht in the second quarter this year, up from 71.70 million in the same period of last year. First-half profit was 157.8 million baht, up from 122 million a year earlier.The company sets an investment budget of $5.5 million every year but the actual amount spent depends on the industry outlook.

This year, the company spent $1 million to expand its business in Thailand in the first half and will spend the remaining $4.5 million in China, mostly to buy new machinery and equipment and upgrade software.

Although most of the company's revenue is in US dollars, SVI has experienced a slight effect from the stronger baht on its gross margin of around 1% quarterly. Its gross margin dropped by $1 million to $9.8 million during the period due to the natural hedge it obtained by importing some raw materials.

SVI shares closed yesterday on the SET at 1.49 baht, up one satang, in trade worth 21.9 million baht.

and the stock market still enjoys an overflow of incoming forign investment.

[highdiver]

but hey, who cares in the land of som tham..........

Global consumer confidence down

“Hong Kong and Sweden were the most optimistic countries in the first half of this year, with a six-point lift, while the biggest loser was Thailand, where consumer confidence plummeted fifteen points. Thais have experienced a volatile 2007 so far,” said Dodd. “Continued political unrest, a spate of violence and deaths in southern Thailand – a region which relies heavily on tourism dollars- and then bombings in Bangkok over Thai New Year, have all contributed to a serious erosion of consumer confidence in recent months.”

http://www.bizcommunity.com/Article/196/87/16939.html

hey...alot better than Saudi arabia where you think it is all beer and skittles and you think shaving off a third of GDP since 1980 is progress.

Funny you forget to mention that Poland Greece and Portuagal are also down in 'consumer confidence' by the same amounts as Thailand.

But hey, what good is a whole economic picture, when you can have half of one instead? They make for great TV posts don't they?

you have to read the article itself to understand where Bingo is taking his economics lessons.

"The survey polled 26 486 Internet users in 47 markets"

"Europe remains the world's most pessimistic region, with a Confidence Index of 90, seven points below the global average. “With the exception of the UK, most Western European countries have struggled to achieve economic growth in the past few years as governments grapple with high unemployment, an ageing population accompanied by a pension crisis, rising inflation rates and in some countries, an unstable political situation,” said Dodd.

As you said "But hey, what good is a whole economic picture, when you can have half of one instead? They make for great TV posts don't they?"

[A_Traveller]

Not wishing to be problematic here, and since I view the SET as a casino, not a CM, I wonder if anyone else noted the following in an article on the Nation?

There are no signs of a capital outflow from Thailand, says a senior central-bank official. This is despite the current sell-off of Thai shares by foreign investors, which has reached a value of Bt18 billion. ... Foreign investors who have so far this year snapped up Thai shares with a net position of Bt120 billion have turned to unload the stocks since late last month, sparked by growing anxiety over the impact of the US sub-prime home-loan crisis.

The Thai stock market has lost about 8 per cent.

Volatility is thy name.

Regards

Nation Article

/edit typo//

Edited August 8, 2007 by A_Traveller

[Naam]

Yep, it must be a conspiracy.

So did Martians really kidnap Elvis?

for sure! it is also a known fact that the Baht appreciation is a result of al-Qaeda speculating in short-term THB denominated government bonds. once bin-Laden is captured (bounty is now 50 million dollars) one us-dollar will fetch 58 Baht and 37 Satang.

that's what my crystal ball said yesterday. can't find it today. i think my dog buried it in the garden.

[bingobongo]

largest cement maker has lower domsestic sales and getting hurt by stronger baht, but i guess as long as there is som tham for the dreamers everything is ok..........

SCC to expand export market to offset shortfall in local sales

Pramote Techasupatkul, president of SCC’s Cement Business Group, said the local demand for cement in the construction business continued to decline in tandem with the economic slowdown.

http://etna.mcot.net/query.php?nid=30940

[bingobongo]

the boys in green should get back in their tanks and go south to focus on the worsening insurgency and stay out of politics and economic affairs......well done junta, well done....

maybe LOS should export lollipops and toy unicorns, right highdiver?

Tighter curbs on foreign business

Investors predicted to vote with their feet

Foreign investor confidence is expected to nosedive after the National Legislative Assembly (NLA) yesterday approved significantly tighter restrictions on foreign businesses operating in Thailand.

http://www.bangkokpost.com/News/09Aug2007_news01.php

Edited August 9, 2007 by bingobongo

[LaoPo]

Foreign investor confidence is expected to nosedive after the National Legislative Assembly (NLA) yesterday approved significantly tighter restrictions on foreign businesses operating in Thailand.

http://www.bangkokpost.com/News/09Aug2007_news01.php

Can somebody confirm this as the link (also directly with BKK Post) doesn't work...?

LaoPo