Prev Page 3 of 86 1 2 3 4 5 Next » 2129 replies to this topic

[Jai Dee]

Government Housing Bank reports 6 billion baht reduction in housing loans

The Government Housing Bank President, Mr. Khan Prachuabmoh (ขรรค์ ประจวบเหมาะ), reports that total credit lines released by the bank in the first quarter of 2007 decreased by more than 6 billion baht when compared with the same period in 2006.

Mr. Khan revealed that the bank earned a net profit of 309 million baht in the first quarter of 2007, a reduction of 500 million baht when compared with the same period in 2006. Mr. Khan attributed the profit loss to IAS 39 measures imposed by the Bank of Thailand, which stipulates that a banking institution must hold capital reserves of at least 1.2 billion baht.

Mr. Khan said that the Government Housing Bank's total asset is valued at 615 billion baht, with credit lines extended by 566 billion baht, and savings totaling 458 billion baht. Savings in the bank increased by 93 billion baht in comparison to the savings last year. The GHB President reports that his bank remains capable of providing 22 billion baht of credit this year, down 6 billion baht from 2006.

The President of the Government Housing Bank attributed the reduction to public loss of confidence in the property market, resulting in a decrease in housing loans.  

Source: Thai National News Bureau Public Relations Department - 30 April 2007

[bingobongo]

going nowhere but down.....


Tuesday May 01, 2007

ECONOMY MARCH STATISTICS

Economy slows further on weak domestic demand
DARANA CHUDASRI

The economy slowed further in March due to persistent weakness in domestic demand, according to data released yesterday by the Bank of Thailand. The private consumption index shrank 1.4% year-on-year in March, compared with a 0.2% year-on-year increase in February, contributing to a 0.5% contraction year-on-year in the first quarter.

The private investment index decreased 2.9% year-on-year in March, compared with a 1.3% decline the previous month, according to the central bank.

Amara Sriphayak, senior director for the domestic economy department, said exports were the main economic driving force in the first quarter.

The consumption trend reflected declines in passenger cars sales and construction materials.

The figure was in line with a University of the Thai Chamber of Commerce survey, which indicated consumption was worsening due to concerns over political uncertainties.

Dr Amara said the business sentiment index looking forward for three months was at 47.1 for June, indicating worsened investor confidence for the first time in six months.

''Consumers were more cautious in their spending. Meanwhile, investors still are hesitating. Figures in March indicated a steeper slowdown as a result of political uncertainties,'' she said.

Exports totalled $12.9 billion in March, up 19% year-on-year.

Imports were $10.7 billion, a 0.5% increase from last year. The trade account recorded a $2.2 billion surplus, while the current account recorded a record high at $2.25 billion for the month.

Imports of capital goods declined 6.2% year-on-year in March, compared with 2.8% year-on-year growth in February.

Consumer goods imports grew 3.8% year-on-year, compared with 13% year-on-year growth in February.

Dr Amara said the current account surplus totalled $3.5 billion in the first quarter. The central bank maintained its forecast of a $4-6 billion current account surplus for 2007 due to plans to import aircraft in the second and third quarters.

The central bank also expects exports to slow down over the rest of the year.

A manufacturing slowdown in March was due mainly to declines in production of vehicles and construction in line with weaker demand.

The manufacturing production index grew 6.1% in the first quarter, down from 6.8% in the fourth quarter of 2006.

The economic outlook and overall employment could be improved by the government's economic stimulus measures, Dr Amara said. Elections are also expected to improve economic sentiment.

http://www.bangkokpo...y2007_biz36.php

Edited by bingobongo, 2007-05-01 06:44:44.

[Mid]

Steely Dan, on 2007-04-30 00:42:51, said:

Mid, on 2007-04-29 10:08:13, said:

Quote

After some negotiation my wife agreed on a figure to pay, she explained that showing them the tax invoice would cause them to lose face and would result in them extracting money for something even more spurious.

the underlying problem in a nutshell ,

and , as blatantly FALSE as the Emperors new clothes ...........................

Of course, I must have made it all up being delusional being mugged after a long flight. Of course customs don't give you a hastily scrawled official looking document without filing a copy away for accounting purposes. Never would they merely pocket their tea money any more than they would sit on sea freight for months whilst extorting money out of some farang. Of course Song Taews treat their customers in a standard manner and border police never have a bad day at the office either.

Thailand operates as a boutique banana republic with the pretensions to being something grander but has more in common with some African regimes than with other asian tigers. Roll on the currency crisis and dont forget to stash your savings in dollars or Euros.

I was afraid that my post should be thus misinterpreted ......................

I was suggesting that the concept of face was comparable to the Emperors new clothes in this instance ,

NOT casting dispersions on your story .

mid


spelling

Edited by Mid, 2007-05-01 10:04:07.

[klymr]

Don't know if this really relates to the topic, but I had an interesting conversation with a worker at SCB last week.  When I requested to open a savings account, was told "only with a work permit".  I was further told this was a new Bank of Thailand rule.  Asking this gentleman how intending retirees are to have 800,000 baht in a bank account 3 months before their intended retirement, he replied "Can't do."  I decided to quiz him further about Thai bank policy and asked how Thailand was going to grow without foreign money coming into the country.  He replied "Don't know."  The whole conversation was really kind of bizarre.  I ended our dialogue with one final question, "Does Thailand even want any foreign investment coming into the country?"  The reply I got wasn't what I expected.  He told me the country doesn't want foreign money or foreign people retiring here.  So there you have it!  I guess Thailand is off my list of countries for retiring to.

[womble]

klymr, on 2007-05-01 18:27:20, said:

Don't know if this really relates to the topic, but I had an interesting conversation with a worker at SCB last week.  When I requested to open a savings account, was told "only with a work permit".  I was further told this was a new Bank of Thailand rule.  Asking this gentleman how intending retirees are to have 800,000 baht in a bank account 3 months before their intended retirement, he replied "Can't do."  I decided to quiz him further about Thai bank policy and asked how Thailand was going to grow without foreign money coming into the country.  He replied "Don't know."  The whole conversation was really kind of bizarre.  I ended our dialogue with one final question, "Does Thailand even want any foreign investment coming into the country?"  The reply I got wasn't what I expected.  He told me the country doesn't want foreign money or foreign people retiring here.  So there you have it!  I guess Thailand is off my list of countries for retiring to.

That is the opinion of one man.  You were probobally getting on his nerves which resulted in his answers being obtuse.

Regardless it seems ridiculous that you can't open an account without a WP, again goal posts are being moved.

Why can't they just stick with a rule and be done with it........

This country is heading into the doldrums, everywhere else is booming, whilst Thailand squanders it's chance for growth, by the time the next worldwide recession is approaching Thailand will already be in a recession, that will mean they will be severely hit when teh next enevitable worldwide slowdown happens.

The future does not look too rosy I feel.

[marquess]

klymr, on 2007-05-01 11:27:20, said:

Don't know if this really relates to the topic, but I had an interesting conversation with a worker at SCB last week.  When I requested to open a savings account, was told "only with a work permit".  I was further told this was a new Bank of Thailand rule.  Asking this gentleman how intending retirees are to have 800,000 baht in a bank account 3 months before their intended retirement, he replied "Can't do."  I decided to quiz him further about Thai bank policy and asked how Thailand was going to grow without foreign money coming into the country.  He replied "Don't know."  The whole conversation was really kind of bizarre.  I ended our dialogue with one final question, "Does Thailand even want any foreign investment coming into the country?"  The reply I got wasn't what I expected.  He told me the country doesn't want foreign money or foreign people retiring here.  So there you have it!  I guess Thailand is off my list of countries for retiring to.

Probably sums up the whole attitude correctly, Officially Foreigners are not wanted here!

[Naam]

klymr, on 2007-05-01 18:27:20, said:

Don't know if this really relates to the topic, but I had an interesting conversation with a worker at SCB last week.  When I requested to open a savings account, was told "only with a work permit".

two of my retiree friends opened accounts with SBC, Pattaya without any hassles. one end of march, the other one last week.

by the way, accepting the opinion of a "worker" in a bank as proof for the country's policies is not exactly wise.

did you ask to see the manager? i faced several times bureaucratic hurdles low level employees created out of the blue and/or their own interpretations of regulations (i am banking with SBC) which could be sorted out in a few minutes talking to the branch manager.

[Naam]

marquess, on 2007-05-01 19:14:17, said:

Probably sums up the whole attitude correctly, Officially Foreigners are not wanted here!

yeah right! official announcements in Thailand are always made by "workers" in banks.

[marquess]

Dr. Naam, on 2007-05-01 12:21:31, said:

marquess, on 2007-05-01 19:14:17, said:

Probably sums up the whole attitude correctly, Officially Foreigners are not wanted here!

yeah right! official announcements in Thailand are always made by "workers" in banks.

    

[Dakhar]

I have yet, to have any problems at a bank. But it is always my wife doing the talking, and me doing the shoulder shrugging. I couldn't even use an ATM card here if I was kidnapped. Truth is I really could not use one in the states either. I have an ipod, and I still have not figured that thing out.

I suffer from early onset of ageing I guess.

[Steely Dan]

Mid, on 2007-05-01 09:48:26, said:

Steely Dan, on 2007-04-30 00:42:51, said:

Mid, on 2007-04-29 10:08:13, said:

Quote

After some negotiation my wife agreed on a figure to pay, she explained that showing them the tax invoice would cause them to lose face and would result in them extracting money for something even more spurious.

the underlying problem in a nutshell ,

and , as blatantly FALSE as the Emperors new clothes ...........................

Of course, I must have made it all up being delusional being mugged after a long flight. Of course customs don't give you a hastily scrawled official looking document without filing a copy away for accounting purposes. Never would they merely pocket their tea money any more than they would sit on sea freight for months whilst extorting money out of some farang. Of course Song Taews treat their customers in a standard manner and border police never have a bad day at the office either.

Thailand operates as a boutique banana republic with the pretensions to being something grander but has more in common with some African regimes than with other asian tigers. Roll on the currency crisis and dont forget to stash your savings in dollars or Euros.

I was afraid that my post should be thus misinterpreted ......................

I was suggesting that the concept of face was comparable to the Emperors new clothes in this instance ,

NOT casting dispersions on your story .

mid


spelling

Mid,

Sorry for jumping to the wrong conclusion, I was strung out with jetlag. As a follow up the wife and I went to immigration and had it confirmed to us that we should not have been charged seeing we only brought in one camera which was allowable as personal posessions. The guideline seems to be one of each type of item is allowable the rest is discretionary, we had 12 packets of tea with us which we were told is more plausable than say bringing in say 20 books to read over a 30 day period. I suspect customs are given revenue quotas to meet and we were just unlucky, though next time we will clear customs in Bangkok rather than having our bags checked through to Chiangmai.

[Mid]

Quote

I suspect customs are given revenue quotas to meet and we were just unlucky

suspect your right , and outrageous is an adapt emotive .................

welcome to the land of quality tourists .

[Jai Dee]

BOI seeks ways to boost investment in high-potential industries

Deputy Prime Minister and Industrial Minister Kosit Panpiemras had a meeting with the Board of Investment (BOI) members, and the meeting has agreed for the BOI to find ways to quickly promote investment in the industries with high potentials such as automotive, electronics, metals, petrochemicals, and agriculture. The objective is to boost the export sector of Thailand.

Mr. Kosit says foreign countries are still confident of Thailand and they are continuing to invest in the country. This year, the Thai economy continues to expand. Besides, the eco-car project will be resolved this June.

The BOI has also approved a total budget of 82 billion baht for seven investment projects.  

Source: Thai National News Bureau Public Relations Department - 02 May 2007

[llothar]

A lot talks about investment, why is nobody talking about investments in education?
They should have learn't that the uneducated work sector is not a place to build the future.

But yeah, stupid people are easyier to control. TiT.

[Jai Dee]

Thai economy heads for 6-year low

Thailand finance minister Chalongphob Sussangkarn says political uncertainty following last September's coup is threatening the kingdom's economy, which he says could be heading towards its lowest growth in six years.

Thailand's consumer confidence has dropped to a five-year low and the central bank cut its growth forecast for 2007 from five percent to four percent .

Mr Chalongphob told AFP that the government plans to launch measures to boost economic performance but has cautioned against optimism.

"After the coup, people are waiting to see a clear signal as to what the political situation will look like after the next election," he said.

The military-backed government has promised to hold elections in December, but pro-democracy groups have held a series of protests urging Prime Minister Surayud Chulanont to hold them as soon as possible.

The country is also jittery as the Constitutional Court prepares to rule on voting fraud charges against Thailand's two biggest political parties -- Thai Rak Thai and the Democrat Party -- at the end of the month.

If the parties are found guilty, they will be dissolved and their members will be banned from politics for five years, meaning prominent leaders may be excluded from the December polls.

Analysts say a recent escalation in violence in the Islamic insurgency in Thailand's Muslim-majority south is also harming confidence.

Mr Chalongphob says the government is to launch an economic stimulus package, including extending more loans to farmers and grassroots workers from state-owned banks, and easing tax measures.

"We need to inject a certain amount of money to turn the situation around, but it's not going to go overboard," he said.

"We tend to focus more on what can be done this year because after the election in December, we will be gone."

Source: Radio Australia - 03 May 2007

[Mid]

too little , far too late ,

but , thanxs for admitting it's all tits up ..........................................

[Galong]

I predict that foreigners will be blamed for the economy and that violence against foreigners will increase.

[Dakhar]

I can attest that theft has gone up in our area.  Renters are behind on rent now by 2 months. Someone stole our Stainless steel mailbox! Lucky we still have our stainless steel gate!!!!

No, being serious, I do not know if direct violence will go up on falangs, but I do agree with the spirit of the prediction. Thais have had a long history of blameing falangs, so I would not be surprised if the poor economy is going to be spun as "The falangs attemt to influene Thailandd's policies." "If you do not obey, we will not invest," type blame game. "So we as a responsable govt have a duty to PUSH back, and protect the Kindom!" "We are a soverign nation, we are the hub of South E. Asia, feel our power.... blah blah blah"

It will only get worse before it gets better.

[cclub75]

Siam Paragon and The Emporium shopping complexes said sales of luxury and brand-name products fell between 5 per cent and 10 per cent in the quarter.

Versace, the luxury apparel and accessory brand, saw sales fall almost 30 per cent in the first three months of the year compared to the same period last year.

And with economic and political uncertainty expected to continue, sales of luxury and brand name products are expected to remain lacklustre for the rest of the year or even decline.

http://www.nationmul...ss_30033419.php


A basic rule : when rich people start to buy less... it smells quite bad for the rest of the population...

[LaoPo]

cclub75, on 2007-05-05 15:17:11, said:

A basic rule : when rich people start to buy less... it smells quite bad for the rest of the population...

It doesn't smell bad..it stinks, but already since months.

Sales of motobikes are way down also (30% in March alone I believe); and the rich don't buy motobikes...

This all because of the struggle for power and selfprotection by the elite...killing the economy at the same time...

LaoPo

[Naam]

cclub75, on 2007-05-05 20:17:11, said:

A basic rule : when rich people start to buy less... it smells quite bad for the rest of the population...

but not for us farangs who cherish low inflation.

[LaoPo]

  An increasing number of worrying stories:

HOUSING SECTOR
Smaller property firms now failing to secure loans
Work halted on Bt20 billion of projects amid bleak demand outlook - expert

Construction stopped on more than 100 property projects worth up to Bt20 billion in the first quarter of the year as developers failed to get loans from commercial banks, according to a property expert.

Most of the projects belong to small and medium-sized developers and are worth between Bt100 million and Bt500 million each, said Dr Teerachon Manomaiphibul, senior executive director of Property Perfect.

"Their loan applications were turned down due to the bleak demand outlook. They have had to suspend construction. Some of them have decided to sell their projects to other property firms who are stronger financially," he said.

Many of the projects are located in Bangkok at Rangsit, Bang Bua Thong, Bang Na-Trat kilometre 10-30 and Suvinthawong. Most offered detached houses and town houses.

Teerachon said demand in the market had dropped 20 per cent in the first quarter as home-buyers delayed decisions to buy new houses because of fears of deteriorating economic conditions that could affect their income.

Many prospective home-buyers are waiting to see if the new government implements measures to support the property market, especially a possible reduction in the special business tax of 3.3 per cent, the transfer tax of 2 per cent and the one-per-cent mortgage fee.

More here:

http://www.nationmul...ss_30032995.php

Comment: one of the reasons that the Cement industry is down as well.

LaoPo

[Mid]

Dr. Naam, on 2007-05-05 20:40:50, said:

cclub75, on 2007-05-05 20:17:11, said:

A basic rule : when rich people start to buy less... it smells quite bad for the rest of the population...

but not for us farangs who cherish low inflation.

no man is an island

[LaoPo]

Dr. Naam, on 2007-05-05 15:40:50, said:

cclub75, on 2007-05-05 20:17:11, said:

A basic rule : when rich people start to buy less... it smells quite bad for the rest of the population...

but not for us farangs who cherish low inflation.

Maybe you can explain that to the 45 million poor of LOS; wonder if they know what inflation means ?  

sorry for being cynical and my words are not directed as much to you as to the elite in BKK.

LaoPo

[highdiver]

LaoPo, on 2007-05-05 20:49:16, said:

  An increasing number of worrying stories:

HOUSING SECTOR
Smaller property firms now failing to secure loans
Work halted on Bt20 billion of projects amid bleak demand outlook - expert

Construction stopped on more than 100 property projects worth up to Bt20 billion in the first quarter of the year as developers failed to get loans from commercial banks, according to a property expert.

Most of the projects belong to small and medium-sized developers and are worth between Bt100 million and Bt500 million each, said Dr Teerachon Manomaiphibul, senior executive director of Property Perfect.

"Their loan applications were turned down due to the bleak demand outlook. They have had to suspend construction. Some of them have decided to sell their projects to other property firms who are stronger financially," he said.

Many of the projects are located in Bangkok at Rangsit, Bang Bua Thong, Bang Na-Trat kilometre 10-30 and Suvinthawong. Most offered detached houses and town houses.

Teerachon said demand in the market had dropped 20 per cent in the first quarter as home-buyers delayed decisions to buy new houses because of fears of deteriorating economic conditions that could affect their income.

Many prospective home-buyers are waiting to see if the new government implements measures to support the property market, especially a possible reduction in the special business tax of 3.3 per cent, the transfer tax of 2 per cent and the one-per-cent mortgage fee.

More here:

http://www.nationmul...ss_30032995.php

Comment: one of the reasons that the Cement industry is down as well.

LaoPo

the above is definatly a sign of financial crisis ready too boom.but its reasons are far from thailand.
the USA and the europeans are reporting the same problems in real estate and those indicators are just building up.
the US is the larges consumer market in the world and if they go down everyone else will follow.

I am realy concerned with the US economy as the indicators are that they have a housing recession, an auto recession, a manufacturing recession, and a real investment recession already present. the domino effect is building up..
Sorry for sounding so doomsday but I am realy worried about this.

the impact on thailand will be felt when those export to us and europe will go down and forign investors hungry for cash will try and liquidate at the same time.