trogers Posted October 2, 2015 Share Posted October 2, 2015 They certainly took a big risk in such uncertain times now they can line up at the barber shop and take a haircut.Incredible the world is in such terrible shape and the stock markets keeps chugging along with only a couple minor hiccups. Well, I don't think that you can call almost 20% wiped off the world's stock markets in the last three months a hiccough.Some 13 Trillion USD's all gone. 222.jpg I am sure a few people felt that. One thing my old economics teacher told me was always mistrust the motive of somebody who publishes a graph that doesn't begin at zero. A graph line representing 1/x does not need a zero... Link to comment Share on other sites More sharing options...
SheungWan Posted October 2, 2015 Share Posted October 2, 2015 And this is BEFORE the US Fed raises interest rates later this year, which will send Thailand's Real Estate Market in a tailspin... 555 The predicted US raising of interest rates by 0.25% is going to put the Thai real estate market into a tailspin? Link to comment Share on other sites More sharing options...
apetley Posted October 2, 2015 Share Posted October 2, 2015 They certainly took a big risk in such uncertain times now they can line up at the barber shop and take a haircut.Incredible the world is in such terrible shape and the stock markets keeps chugging along with only a couple minor hiccups. Well, I don't think that you can call almost 20% wiped off the world's stock markets in the last three months a hiccough.Some 13 Trillion USD's all gone.222.jpgI am sure a few people felt that.One thing my old economics teacher told me was always mistrust the motive of somebody who publishes a graph that doesn't begin at zero. A graph line representing 1/x does not need a zero... Agreed but the point my teacher was making was that a graph not showing the whole picture can be very misleading. The one I was responding to gives the impression of an absolutely appalling fall of 80% whereas in reality it represents merely a very bad 20% pullback. Link to comment Share on other sites More sharing options...
Thai at Heart Posted October 2, 2015 Share Posted October 2, 2015 SSI went into liquidation today. Govt has set aside 80mn quid for jobless assistance Link to comment Share on other sites More sharing options...
RubbaJohnny Posted October 2, 2015 Share Posted October 2, 2015 So yet again are about to see Thailand leading the rest of the region into financial turmoil ? The whole deal from the start was no more than a massive ego trip and the thought that the company involved would control the steel industry. A pity no questions were asked as to why India's most successful trading group TATA industries were unloading the plant as quickly as they could. Ta Ta for now Link to comment Share on other sites More sharing options...
arfurcrown Posted October 3, 2015 Share Posted October 3, 2015 Thai at Heart # 64. SSI went into liquidation today. Govt has set aside 80mn quid for jobless assistance With reference to the post made by ''Thai at Heart'' see the links below. http://www.bbc.com/news/uk-england-34425017 http://www.theguardian.com/business/2015/oct/02/redcar-steel-plant-goes-into-liquidation Link to comment Share on other sites More sharing options...
billd766 Posted October 3, 2015 Share Posted October 3, 2015 SSI went into liquidation today. Govt has set aside 80mn quid for jobless assistance Actually it was SSI UK that went into liquidation. Link to comment Share on other sites More sharing options...
GAZZPA Posted October 3, 2015 Share Posted October 3, 2015 Another example of the UK /EU not protecting their own industry. I know the steel industry is under huge pressure due to the large drop is pricing and over supply but why oh why do the west not fight back. I am not suggesting a trading war just a rebalance. As for the Thai investments, well who knows what really happened. Over investment seems to be the norm for Thai companies as execs line their pockets, of course we don't know it has happened here but someone needs to look at the decision process over the investments. As for the poor people of Redcar I really feel for them. Another big company supporting a community bites the dust leaving a trail of unemployment and more welfare cheques for the government to write. Very sad day. Link to comment Share on other sites More sharing options...
Andrew65 Posted October 3, 2015 Share Posted October 3, 2015 The Asian '97 crash started in Thailand with the collapse of a single bank (BCCI) which brought down all the other Thai finance companies. I think over 100 went under then. if I remember correctly. This could be a repeat given the state of oversupply in the property market,just as in '97, and the dollar debt that backed it up. At least this time the Thai baht is floating so the collapse may be spread over months rather than days. But I think the Thaitanic is doomed yet again. Not really, BCCI was something else entirely. I thought that the big problem then was the Thai Baht being un-pegged from the US Dollar and promptly going into freefall. Link to comment Share on other sites More sharing options...
SheungWan Posted October 3, 2015 Share Posted October 3, 2015 Another example of the UK /EU not protecting their own industry. I know the steel industry is under huge pressure due to the large drop is pricing and over supply but why oh why do the west not fight back. I am not suggesting a trading war just a rebalance. As for the Thai investments, well who knows what really happened. Over investment seems to be the norm for Thai companies as execs line their pockets, of course we don't know it has happened here but someone needs to look at the decision process over the investments. As for the poor people of Redcar I really feel for them. Another big company supporting a community bites the dust leaving a trail of unemployment and more welfare cheques for the government to write. Very sad day. Protectionism in the form of subsidies for the British Steel Industry or even the shipbuilding industry is unlikely to have been successful over the long term. The production line at Redcar was really a dead duck on hold when Tata took it over though Tata fancied their chances. The Thai takeover was just a bad decision. As for Redcar there are and were a number of provincial towns built around single manufacturing industries which are and were subject to increasing international competition. Keeping unproductive plant open doesn't work...though you could throw at me the example of GM and off we go....... Link to comment Share on other sites More sharing options...
taony Posted October 3, 2015 Share Posted October 3, 2015 They certainly took a big risk in such uncertain times now they can line up at the barber shop and take a haircut.Incredible the world is in such terrible shape and the stock markets keeps chugging along with only a couple minor hiccups. Well, I don't think that you can call almost 20% wiped off the world's stock markets in the last three months a hiccough.Some 13 Trillion USD's all gone. 222.jpg I am sure a few people felt that. One thing my old economics teacher told me was always mistrust the motive of somebody who publishes a graph that doesn't begin at zero. Also, its basically back to where it was last year. So people were riding really high for a while and are just riding high now. Link to comment Share on other sites More sharing options...
chiang mai Posted October 3, 2015 Share Posted October 3, 2015 The Asian '97 crash started in Thailand with the collapse of a single bank (BCCI) which brought down all the other Thai finance companies. I think over 100 went under then. if I remember correctly. This could be a repeat given the state of oversupply in the property market,just as in '97, and the dollar debt that backed it up. At least this time the Thai baht is floating so the collapse may be spread over months rather than days. But I think the Thaitanic is doomed yet again. Not really, BCCI was something else entirely. I thought that the big problem then was the Thai Baht being un-pegged from the US Dollar and promptly going into freefall. Not really but kind of (!) - the problem was the extent of loans denominated in foreign currency the value of which soared when THB was unpegged. That plus the BOT had locked their foreign currency reserves into long dated investments which made the reserves effectively useless. Link to comment Share on other sites More sharing options...
GAZZPA Posted October 3, 2015 Share Posted October 3, 2015 Another example of the UK /EU not protecting their own industry. I know the steel industry is under huge pressure due to the large drop is pricing and over supply but why oh why do the west not fight back. I am not suggesting a trading war just a rebalance. As for the Thai investments, well who knows what really happened. Over investment seems to be the norm for Thai companies as execs line their pockets, of course we don't know it has happened here but someone needs to look at the decision process over the investments. As for the poor people of Redcar I really feel for them. Another big company supporting a community bites the dust leaving a trail of unemployment and more welfare cheques for the government to write. Very sad day. Protectionism in the form of subsidies for the British Steel Industry or even the shipbuilding industry is unlikely to have been successful over the long term. The production line at Redcar was really a dead duck on hold when Tata took it over though Tata fancied their chances. The Thai takeover was just a bad decision. As for Redcar there are and were a number of provincial towns built around single manufacturing industries which are and were subject to increasing international competition. Keeping unproductive plant open doesn't work...though you could throw at me the example of GM and off we go....... I agree subsidiaries do not work long term, the business has to stand on its own 2 feet and compete in the market to survive longterm. I do not have a lot of experience with the Redcar factory so couldn't comment on how efficient it was or wasn't, i will take your word for it that it wasn't. So, where I think the government could help is to balance the playing field and stop flooding the UK with cheap materials form China. Too much manufacturing has moved into the Far East leaving a big whole and trade deficits in Western economies. So, where sensible its time to stop supporting them with trade benefits and such and impose appropriate duty to balance the market. Anyway, I am out of my depth as steel is not my industry and i do not really know enough about it to pick through details but I can see an imbalance, thats for sure. Link to comment Share on other sites More sharing options...
sendintheclowns Posted October 4, 2015 Share Posted October 4, 2015 It's clear evidence of zip. And I'll wager my Asian bank stays afloat a lot longer after your American bank has sunk. Yes, you are wagering. Yes, but supported strongly by logic.. Note how many US banks are in the top 20, http://www.richestlifestyle.com/safest-banks-in-the-world/4/ I bank with number 14, who do you bank with? (or number 13 if you use this measure) http://www.rankingthebrands.com/The-Brand-Rankings.aspx?rankingID=216& And which country is the absolute winner in failed banks since the start of the century?Yeah! It is Obamahland. 541 banks failed, gone, busted, insolvent, taken over. Lots of debts gone bad. https://www.fdic.gov/bank/individual/failed/banklist.html Obamahland - Definitely. I remember reading that he was involved in every American catastrophe since ( and including) the Wall Street Crash. I note that you're not colour blind. Link to comment Share on other sites More sharing options...
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