Business News Summary - 19 July, 2013
Losses on rice sales looming, farmers agree to lower prices for their rice next season & coal operation in Samut Sakhon shut down.
Thailand faces losses on rice sales
The Thai government, seeking to offloadrecordstockpiles of rice built up through a state-buying program, is prepared to sell the grainat a loss as it plans to open bids for it every two weeks.
Government releases of public rice stocks will only exacerbatethe oversupply situation and the price weakness..World prices are on a sliding path and may remain so for some time especiallyunder currentexpectations of bumpercrops.
Moody's Investors Service has said that if the Thai program realises increasing losses, it could be credit negativefor the country.
The exportprice of Thai 5% broken white rice has dropped 10% this year to US$525 a tonne on July 17. That compares with $390 a tonne for rice from Vietnam and $440 a tonne from India.
Thailand's rice stockpilewill total 15.5 million tonnes in 2013-2014, up from 12.5 million tonnes last seasonand 9.3 million tonnes in 2011 and 2012. The latest holdings are enough to meet about 41% of world imports.
Thailand has spent 588.7 billion baht ($18.9 billion) since October 2011 last month buying about 40 million tonnes of rough rice from farmers to liftrural incomes. Losses from the program were 137 billion baht in the last cropyear.
Thailand also faces a looming shortageof storage spacefor rice stockpiles since the country's reserves would increase to 18.2 million tonnes.
Farmers agree to lower rice price
Farmers' representatives say they would be willing to accept a rice pledging price cut for white rice paddyto 13,500 baht a tonne for the 2013-14 harvestseason to help the government reduce massivelosses.
Farmers insist however, that the maximumceiling for farmers to sell should not fall below 400,000 baht worth of rice per household
The 13,500 baht a tonne proposed by the farmers is still higher than the market price.
Estimates suggestthe government will have to spend up to 220 billion baht to buy the rice resulting in 50-60 billion baht in losses - still relativelyhigh.
Court moves to shut down coal operation
3 government agencies found to be negligent
The Central Administrative Courtyesterday ordered local authoritiesin Samut Sakhon province to shut down the operations of coal company Techni Team as they were adversely affecting local people.
The court ruled three government agencies were negligentin their duties by allowing the company to handle transport and store coal and build a portto facilitatecoal transportby the Tha Chin River in Samut Sakhon district without authorisation
Thongnak Sawekchinda, who led oppositionto the coal business, was shot dead on July 28, 2011. He was shot by two gunmen on a motorcycle in front of his house.
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Administrative Court: the court which deals with disputes between the private sector and government agencies - ศาลปกครอง
adverse: having a negative or harmful effect on something - ในทางลบ, เป็นผลร้าย
authorisation: official permission or power to do something - การอนุญาตหรืออำนาจที่ได้มอบหมาย
authorities: people who have the power to make decisions or enforce the law - เจ้าหน้าที่ผู้มีอำนาจ
bid: an offer to buy or provide something at a specific price - การประมูล, การให้ราคา, การเสนอราคา
bumper: bigger or more successful than usual - จำนวนมาก มากกว่าปกติ
ceiling: an upper limit - เพดาน ขีดจำกัด
credit negative: meaning: the credit rating would suffer and in the future loans would be more costly and difficult to get -
crop: a plant grown for food, usually on a farm - พืชผล
current: of the present time - ปัจจุบัน
especially: more with one person, thing, etc. than with others, or more in particular circumstances than in others - โดยเฉพาะอย่างยิ่ง
estimate: an amount that you guess or calculate using the information available - ประมาณการ
exacerbate: to make something worse - ทำให้แย่ลง
expectations: what is expected - ที่คาดไว้
export: the selling and transporting of goods to another country - สินค้าออก, การส่งสินค้าออกไปต่างประเทศ
facilitate: to make it possible or easier for something to happen - ทำให้สะดวกขึ้น
for some time: for a long time. not for a short time -
grain: the small hard seeds of food plants such as wheat, rice, etc; a single seed of such a plant - เมล็ดข้าว, เมล็ดพืช
handle: to be able deal with a situation - ควบคุมได้, เอาอยู่, จัดการได้
harvest: the activity of collecting a crop, in this case a rice crop - การเก็บเกี่ยวผลผลิต
household: a group of people, often a family, who live together - ครัวเรือน
income: money that someone gets from working or from investing money - รายได้
insist: to say very firmly that something must happen or must be done - ยืนกราน
lift: to move higher - ขึ้น
looming : seeming likely to happen soon - ที่เห็นลางๆ
massive: very large - จำนวนมาก
maximum: the most possible - ที่สูงสุด ที่มากที่สุด
negligent: not being careful or giving enough attention to people or things that are your responsibility - ละเลย,ไม่สนใจ
offload: get rid of something you don't want to have -
operation: a business activity - การดำเนินการทางธุรกิจ
opposition: strong disagreement with a plan or policy - ความขัดแย้ง
paddy: rice as it comes from the field after harvest - ข้าวเปลือก
port: a place where boats and ships stop and unload and load goods - ท่าเรือ
price weakness: low prices -
propose: to suggest an idea for a group to consider - เสนอ
realised: achieved - ทำให้เป็นจริง
record: the best or most ever achieved - สถิติ
relatively: somewhat; in comparison with someone or something similar - ค่อนข้าง
release: the act of making something available to the public - การนำออกแสดง, การออกวางจำหน่าย
representative: someone who has been chosen or elected by a person or group to vote, give opinions, or make decisions for them - ผู้แทน
reserve: something currently not being used but that can be used when needed - สำรองไว้
rural: connected with the countryside outside big towns and cities - ในชนบท, บ้านนอก
season: a period of time during the year - ช่วงเวลา, ระยะเวลา, ฤดูกาล
shortage: when there is not enough of something - การขาดแคลน
slide: decrease, fall -
stockpile: a large collection of things that may be needed - สิ่งที่เก็บสะสมไว้ คลังสินค้า
storage space: storage capacity; the amount of something that can be kept in a place, building, container, device, etc. - ความจุ
suggest: to show that something is possibly true - ชวนคิด
supply: the amount of a good available in a market to buy - อุปทาน
transport: to move people or things from one place to another - บรรทุก, ขนส่ง
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