This week we are going to read a success story of a different type. It comes from the business section of the Bangkok Post, not a section of the paper we visit very often in post tips. In some ways, however, it might be more important than "feel-good" stories like the Wijan gold medal. That’s because it contains significant lessons that you might some day be able to apply in your life. After all, that is what is really important.

Like many success stories in business, this one involves overcoming a difficult situation, recognising an opportunity, taking risks, and working hard to achieve a goal.

The story is not a long one, but it does give you enough information to get a good idea of how this success was accomplished.

Reading this story will also give you good practice for reading similar stories in the future. Hopefully, some day you will be reading about your own success in the Bangkok Post or your local daily newspaper.

1. In a free market, what happens to the price of a product when demand for the product is very high and supplies are limited? (Does the price rise or fall?)
2. What happens to the price when producers rush to satisfy demand and create an oversupply of the product?
3. Find examples of both of the above situations in the story.
4. Dealing with supply and demand problems are not the only risks producers must take. Find an example of another risk that can occur for producers who export their products.
5. Find out what problem led the businessman in the story to look for an alternative product to produce?
6. Where did he get the idea for the new product?

As you read, find out as much about the product and the market for the product as you can. Does it look like the business has a good future? What are some possible problems the businessman may have?

Eels deliver impressive profits AQUACULTURE: Farm supplies restaurants in Bangkok and hopes to sign contracts with hotels Eels are considered a healthy food in Japan and a dish can cost between 500 baht and 800 baht. Woranuj Maneerungsee When the bottom fell out of the market for soft-shell turtles, Phaiboon Leksakulchai turned to the Web in search of an alternative farming prospect. He decided to raise eels and, in the two years since he launched his venture, has been impressed by the returns. By raising Japanese eels of the anguilla japonica species, he has been able to avoid the experience of his elder brother whose livelihood was damaged when the export price of soft-shell turtles plunged. Five years ago, the turtle meat fetched 800 baht per kilogramme in China and Taiwan. However, an oversupply has collapsed the price to 100 baht this year. As well, Beijing has applied 40% import duty on imported turtle meat to protect its domestic farmers and has restricted luxury imports. Mr Phaiboon, 33, the owner and general manager of Thai Unagi Co Ltd, launched his eel farm in Chachoengsao two years ago by spending 800,000 baht to raise 10,000 offspring imported from Taiwan. He claimed to be the first person to raise eels commercially in Thailand. Mr Phaiboon said he began raising eels because of the high prices at home and abroad. Global demand for eels is about 200,000 tons a year. In Thailand, annual consumption of eels totals about 300 tons of which his company supplies 20 tons, with the rest imported as broiled eels from Taiwan and Japan. Eels can fetch about 800 baht per kilogramme, twice the price of good-quality shrimps. In restaurants in Japan, where eels are considered a healthy food, an eel dish can cost between 500 baht and 800 baht. The young eels were found along the coast of China, Taiwan, Japan and Korea, Mr Phaiboon said. China was the biggest exporter of eels, shipping about 120,000 tons last year. Mr Phaiboon said that other countries, including Malaysia, had been raising Japanese eels commercially for more than a decade. Thailand's warm climate was suitable for raising eels as it shortened the growth period. The offspring grow from a length of four centimetres to weigh between 250 and 500 grammes in five to six months, when they are ready for the market. The Japanese call this size futo and will pay a good price of 800 baht per kilogramme. The eels are usually made into Kabayaki, — broiled eel with soya sauce. Mr Phaiboon's company supplies several Japanese restaurants in Bangkok and plans to sign up hotels. On the farming side, Mr Phaiboon said eels usually like fresh and clear water. If farmers were skilled at raising shrimps they could quickly learn how to farm eels. Production costs totalled about 800,000 baht for 10,000 offspring. Buying the offspring at 40 baht each made up half the cost. The balance was made up of feed at 50 baht per kilogramme and operating costs. Mr Phaiboon said he raised eels at six ponds in Chachoengsao and bought additional supplies from a customer who bought offspring from him and raised them at two ponds in Ratchaburi and four in Rayong. Mr Phaiboon claimed sole rights to import offspring from Japan. He said he had to be careful in promoting the business in Thailand as farmers had previously had bad experiences in raising exotic animals and plants from abroad. As well, he wanted to control the supply to prevent a price slump. launched his venture began his business luxury something which gives great comfort or pleasure, but is not really necessary offspring the young (babies) of an animal exotic unusual and often exciting slump a fall Take out your calculator Most of us ordinary people would simply read this story, think about it a little and then go on to other things. You can be sure, however, that many business people would reach for their calculators and try to figure out just how profitable eel farming can be. There is just enough information to do this. Let’s pretend we are one of those business people and do a few calculations ourselves. Let’s focus on the first 10,000 eel offspring purchased by Mr Phaiboon. Now follow the steps below and answer the questions. How much did Mr Phaiboon say it cost to buy and raise them? (That is your cost of production.) How much does the offspring weigh when it is ready to be sold? Assume that all 10,000 offspring live to grow the necessary five or six months to be ready to be sold. (That’s not realistic, but it’s easy.) If they reach an average weight of 350 grammes, how many kilograms would the whole group weigh? About how much money will one kilogram of eels fetch in the market at this time? Again assuming an average weight of about 350 grammes. How much money would 10,000 eels bring in? Subtracting production costs, what would be your gross profit, i.e., the profit before you pay taxes? The above situation, of course, assumes that everything goes almost perfectly. What could happen to reduce your profits?

Exploring the Premier league The next matches (The home teams are listed first.) Aston Villa vs Manchester City Derby vs Coventry Everton vs West Ham United Ipswich vs Southampton Leeds United vs Sunderland Leicester vs Charlton Manchester United vs Liverpool Middlesbrough vs Chelsea Newcastle vs Bradford Tottenham vs Arsenal There are two matches between fierce rivals this week. The first involves two of England’s most famous teams. Between them, they have won dozens of league, European and world championships. For this game, the visiting team will make a short trip inland from the sea coast on England’s western border to one of the country’s largest cities. it is located near the end of the Pennine chain of hills. Over two million people live in the metropolitan area (the area within and around the city). Which two teams are involved in this exciting game? To get to the second game, the visiting team doesn’t have to leave its own city. In fact, it doesn’t haven’t to leave the same section of the city because the home team’s stadium is just a few kilometres to the northeast. Which match am I talking about? Terry Venebles One London team will be making a 400-kilometre trip to get to its match. The match will be played in this 35,000 seat stadium which was opened in 1995. Which two teams are involved? (Hint: The home team was in the news this week because it has a very famous new coach, Terry Venables.)

Photos in the news ONE CHANCE IN 76,000 A Pakistani doctor examines these newly-born quadruplet babies, two boys and two girls, at a hospital in Lahore. Shamsa Zafar gave birth to the babies in an emergency caesarean operation. Doctors say it was Zafir's first delivery and that quadruplets occur in one of every 76,000 pregnant women — REUTERS You don't need a dictionary to answer these questions: How many babies are born if they are quadruplet babies? The procedure of cutting a mother's stomach open to allow a baby to be orn is known as a ______________ operation. A woman carrying an unborn child is _______________ . The process of giving birth is known as a _______________ .

Did you know that many of the basic words you learned in elementary school (pratom) have other meanings as well? One such word is finger. Read the following sentences and try to figure out what the other meanings are. finger Thus far, many candidates and political parties have been fingered for cheating, but the Election Commission is having difficulty finding witnesses who are brave enough to formally accuse them. Philippines President Joseph Estrada has found himself in serious political trouble after a provincial governor fingered him in a massive corruption scandal involving illegal gambling. During the first week of the Sydney Olympics, five athletes were fingered for using illegal performance-building drugs. She fingered insider her purse, hoping to find enough money to pay the bill. John gently fingered an imaginary saxophone, pretending to play a soft, romantic jazz song. She sat there waiting for the doctor, nervously fingering the beads on her necklace. 1. In each of the above sentences, finger is used as a(n) noun adjective adverb verb 2. Which two basic meanings of finger are used in the example sentences? to put in jail to touch with the fingers to accuse of wrongdoing to hold very tightly Go to, then bookmark our words in the news so you can check out new words six days a week.

TEACHER'S NOTE

Have your students consider the questions at the beginning before they read the story. You should probably discuss at least the first two questions with the class as a whole. They are very easy, but are essential to understanding the story.

In the second part of lesson, some students may feel more comfortable than their English teachers. That is because students are likely to deal with number-based problems every day in their classes and English teachers are not. Still, the students will need to understand the questions before they can calculate the answers. Here is where English teachers can be a big help.

Make sure the students read through each question very carefully and then find exactly the information required. It would be helpful to do this in groups since weaker students could benefit from the help of the stronger students.