Gov’t told to urgently sell stockpiled rice

The caretaker government has been advised to urgently release 18 million tonnes of rice from the state stockpiles to secure money to pay farmers.
Att Pisanwanit, director of the Center for International Trade Studies (ITS) of the University of the Thai Chamber of Commerce (UTCC), said the government should accept losses by selling rice at US$350-400 per tonne, lower than the price currently offered by Vietnam, to earn about Bt200 billion which should be more than sufficient to pay the current Bt130 billion overdue payments.
The government can spend the remaining Bt70 billion raised to help farmers in other agricultural products such as rubber and tapioca, he said.
Att, dean of the UTCC Faculty of Economics, said that in the last decade since the Thaksin Shinawatra government in 2001, the Thai government has allocated a total of Bt1.5 trillion to help farmers and the Yingluck Shinawatra government has become the biggest spender at Bt700 billion, or more than half of budget expenses.
Production costs for Thai farmers between 2006 and 2012 have increased 60 percent, from Bt4,000/rai to Bt9,000/rai but the yield per rai has not been higher.
Thailand’s yield per rai for rice production is only one-third of the Vietnamese, he said, adding that Thai farmers produce 450 kg of rice per rai while the Vietnam’s rice production is one tonne per rai.
Att said the government should adjust its long-term assistance policy for farmers by refraining from rice trading intervention and offering appropriate assistance options for farmers. (MCOT)

Indonesia academic lectures on banking in Pattaya

International banking was the focus when academics from Thailand and Indonesia met recently in Pattaya.

Teerarak Suthathiwong
International banking was the focus when academics from Thailand and Indonesia met in Pattaya.
Busaba Chaijinda, vice president of Sripatum University’s Chonburi campus, and Tatik Suryani, president of STIE Perbanas Surabaja University in Indonesia, were the featured speakers at the Feb. 6 “Banking and Business-Value Reconstruction to Support Competitiveness” seminar at the Dusit Thani Hotel.
Also lecturing was Natthawut Pongsiri, assistant governor of the Bank of Thailand.
The workshop was organized to exchange opinions, knowledge and experiences among professors, researchers and students from Thailand and foreign countries and to present research studies in business management and banking as well as to strengthen international collaboration between academic institutes.

Nova Group unveils North Beach condo

North Beach – Nova Group’s new, luxury development in north Pattaya.

North Beach is the latest condominium development by renowned developers the Nova Group and is situated in the beach area of Wong Amat, one of the most highly sort after locations on the Pattaya property market.
North Beach will feature a 25-storey, 209 room condominium at the end of Soi 22 Naklua Road and will be built on a 660 sq wah site, only 50 meters from the nearest beach. All units will have views of either Pattaya Bay, Koh Larn or Wong Amat Bay and will come equipped with top quality bathrooms and kitchens, fully finished floors and ceilings and air conditioners fitted as standard.
Other amenities will include shops, high speed elevators, 24-hour security, 3 levels of parking and a luxurious 5 star lobby decadently furnished to the highest level.
Unit sizes range from 34sqm one bedroom styles up to 244sqm penthouses. The on-site showroom will be completed at the end of March with the project website to be completed around the same time. Call 081 949 6151 for further information.
 

Thai consumer confidence index worst in 26 months

The Thai consumer confidence index (CCI) has plummeted for the last 10 consecutive months to its lowest in 26 months at 61.4, according to the University of Thai Chamber of Commerce (UTCC).
UTCC Rector Saowanee Thairungroj said the latest survey showed the country’s worst index since December 2011 given concerns about the political stalemate, economic slowdown and uncertainty in global economic restoration which could negatively impact Thailand’s economic recovery and consumers’ income.
The overall January CCI at 61.4 dropped from 63.2 in December, reflecting consumers’ lack of confidence towards the economy, she said, adding that the economy-related index also declined from 55.4 in December to 53.8 in January - the lowest in 23 months from March 2012.
On employment opportunities the index was 65.1 in January, dropping from 66.7 in December, and lowest in 25 months from January 2012.
Ms Saowanee predicted further CCI decline until the second quarter of the year given the lack of a signal on economic recovery, indicating that the economy should strengthen when the political situation improves but the timing was unclear, while the global economy remained volatile.
The Thai people’s happiness index dropped to 67.6 in January, the lowest in 93 months since May 2006 due to concerns about the political situation and economic slowdown which have impacted people’s future income and way of life.
The survey found that nearly two-thirds - 59.1 percent - of Thai people lack confidence in political stability, and predicted a negative situation as well as ongoing problems in the next three months. (MCOT)

Central bank lowers 2014 GDP to 3%

The Bank of Thailand (BoT)’s Monetary Policy Committee last week announced the adjustment of the country’s gross domestic product (GDP) this year from the originally projected 4 percent to 3 percent due to the sluggish economy.
BoT spokesperson Roong Mallikamas said non-performing loans have been low - a positive sign thanks to caution among lenders and borrowers, and households’ disciplined spending.
Commercial banks have been more careful in extending loans to help small- and medium-sized customers in operating their businesses, she said.
The growth of household debts has been slow since early this year, mainly from loans on car purchases, tourism and education.
She said the inflation rate has not lowered, but slightly increased last month to 1.93 percent from 1.67 percent in December, partly resulting from energy costs.
Deflation is highly unlikely to materialize based on a 1.2 percent increase in the manufacturing price index last month due to a weakened exchange rate, the central bank spokesperson said.
Business operators predicted inflation in the next 12 months will be within the range of 3-4 percent, almost similar to cost increase - a factor that impedes them from setting product prices too high, but the BoT predicted this year’s inflation at 2-3 percent, said Roong.
She said the central bank spotted no unusual movement of capital and maneuvering of the currency since the general election. (MCOT)

As tourist arrivals plummet, Gov’t told to revoke emergency decree

The number of foreign visitors to Thailand has dropped 8 percent below the projected target with the government’s application of the emergency decree partly to blame, according to the Thai tourism industry.
Tawatchai Aranyik, Tourism Authority of Thailand (TAT) governor, met with representatives of the local tourism sector last week to work out guidelines on tourism promotion in light of the political crisis.
Those attending the meeting were from the Tourism Council of Thailand, Association of Thai Travel Agents, Thai Hotels Association, Association of Thai Tourism Marketing and the Thai Incentive and Convention Association.
Tawatchai said the TAT’s projection for 28 million tourists and Bt2.2 trillion tourism revenue this year would remain unchanged despite the ongoing political unrest.
Tourist arrivals in January were 2.3 million people, an increase by 0.06 percent but 8 percent below the target, he said.
Having disappeared were tourists from China, Hong Kong, Malaysia, Singapore and Japan.
Tourists are expected to drop 3.5 percent this month, mainly from China which has been Thailand’s major market but the TAT has hoped for a revival in the third and fourth quarters.
Piyaman Techapaibul, Tourism Council of Thailand president, said there were no new bookings since early this year, mainly due to the use of the emergency decree.
She said enforcing the decree for 60 days would be too long, and called on the government to urgently revoke it to bring back confidence among foreign tourists who looked forward to visiting Thailand during the high-season month of April.
The annual Songkran, or water splashing, festival in April has become one of Thailand’s signature events widely known among foreign tourists. The festival is celebrated nationwide for a week.
Ms Piyaman said the council submitted a letter to caretaker Prime Minister Yingluck Shinawatra last week, asking the government to revoke the emergency decree before the end of the month, if possible.
She predicted revenue losses from tourism at over Bt82 billion, or equivalent to 1.8 million tourists, in the first two quarters of the year, adding that it will take a few months to stimulate tourism after the political situation returns to normal. (MCOT)