What's new in business news: August 29, 2013 | Bangkok Post: learning

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What's new in business news: August 29, 2013

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High-speed trains changed to medium-speed, alcohol tax change to catch cheaters & industrial output hit by electronics & auto slump. 

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong speaks seeking to allay investor anxiety amid a sell-off in Thai stocks, saying short-term funds have been taken out, leaving long-term funds, which can help to stabilise the capital market. SOMCHAI POOMLARD


New plan: medium speed trains, not high speed

The government will switch its railway investment from high-speed to medium-speed trains following strong criticism about the cost-effectiveness of the scheme.

Medium-speed trains capable of 250 kilometres per hour carry a lower investment cost than high-speed trains and are suitable for product shipments.

A 1.435-metre standard gauge railway track for the railways will be used  that can conveniently connect with China and Europe. Rail shipments to China will take 15 days rather than 45 days by sea. The Chinese government is planning to build a rail link through Turkey to Germany.

[Read full story here ]


Cheaters targeted in changes to alcohol tax collection

Proposed changes to the collection methods for the alcohol beverage tax and an increase in the tax ceiling aim to prevent operators from under-declaring liquor costs.

Operators have been quoting production prices which are lower than actual prices and using final retail and wholesale prices instead of the current out of the factory prices to calculate taxes will help solve this problem.

The excise tax collection for many products, including alcoholic beverages, have nearly hit their legal ceilings now so the increase is needed to prepare for the long-term. 

[Read full story here ]


Industrial output hit by electronics slump 

(Summary of Reuters story in Bangkok Post business page B2 paper edition)

Recent low factory output and exports indicates Thailand’s mild recession, that began in the second quarter, might not end so quickly.

Hit by weak electronics and autos, industrial output in July dropped 4.54 percent from a year earlier. Thailand is a regional hub and export base for automobile manufacturing and is second in the world for computer hard disk drive production. 

The economy is experiencing a fourth straight month of contraction in manufacturing.

Economic data to be released this week provide more indication of a slow economy such as a widening current account deficit as exports and foreign investments slow. The central bank’s data for July to be released on Friday is also expected to show consumption and investment remain low.

Rising household debt could reduce consumption and economic growth in the third quarter

A retreat by foreign investors as they prepare for the U.S. Federal Reserve to reduce monetary stimulus has also put further pressure on local financial markets and led to a weaker baht (32.25 per dollar) which should help exports. 

Thailand’s central bank is not worried about capital outflows because of the country has high levels of accumulated foreign exchange reserves. The baht is also still moving in line with the currencies of Thailand's trading partners.

[Read full story here and here ]

Learn from listening

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accumulate: to get more and more of something over a period of time - เก็บสะสม, สะสม, สั่งสมมานาน

aim: to have as your purpose or goal - มีเป้าหมาย มีจุดมุ่งหมาย

alcoholic: the disease of drinking a lot of drinks with alcohol (whiskey, beer, wine, etc), being addicted and not able to stop - ผู้ที่ติดเหล้า, ผู้ที่ติดสุรา

alcoholic beverage: a drink containing alcohol - สุรา

allay: to make some feel less of something, like worry, fear or doubt - ขจัดความสงสัย ขจัดความกังวล

amid: during the time when something else is happening - ท่ามกลาง

anxiety: an uncomfortable feeling of nervousness or worry about something that is happening or might happen in the future - ความวิตกกังวล

based: where the main work of an organisation, business, etc. is done or controlled - ซึ่งเป็นศูนย์กลาง

calculate: to discover a number or amount using  mathematics - คำนวน

capable: able to do something; very good at a job - มีความสามารถ

capital: a large amount of money that is invested or is used - ทุน, เงินทุน

ceiling: an upper limit - เพดาน ขีดจำกัด

central bank: the main government bank in a country that controls the supply of loans (credit) and the supply of money in the country and provides financial services to the government and other banks - ธนาคารแห่งชาติ

connect: to join together two or more things - เชื่อมต่อ

consumption: using, eating or drinking something - การบริโภค

contraction: economic contraction, when economic activity and the economy becomes smaller than it could be; shrinkage - การหด การลด

convenient: easy to use or suitable for a particular purpose - สะดวก

criticism: comments that show that you think something is wrong or bad - การวิจารณ์

currency: the system of money that a country uses - เงินตรา

current: of the present time - ปัจจุบัน

current account: the difference between exports and imports coming into the country, also includes investment income with export income - บัญชีเดินสะพัด; บัญชีการชำระเงินระหว่างประเทศ ประกอบด้วย 2 ส่วน ส่วนแรก คือ ส่วนที่เป็นสินค้าได้แก่ สินค้าออก และสินค้าเข้า ส่วนที่สองคือส่วนที่เป็นการบริการ อันได้แก่ รายการต่างๆ ทางด้านการค้าบริการ เช่น การท่องเที่ยว การธนาคาร การประกันภัย การขนส่ง เป็นต้น บัญชีเดินสะพัดเป็นส่วนสำคัญของบัญชีดุลการชำระเงิน

data: facts or information, especially when examined and used to find out things or to make decisions - ข้อมูล, ตัวเลข, สถิติ

debt: an amount of money that you owe - หนี้, นี้สิน

declare: to announce officially - ประกาศ

deficit: the amount by which something is too small or smaller or less than something else - จำนวนที่น้อยกว่า, จำนวนที่ขาด

effectiveness: the ability to produce the result that is intended - ประสิทธิผล

excise tax: a tax made by a government on some types of goods made, used sold within their own country - ภาษีสรรพสามิต, ภาษีสำหรับสินค้าในประเทศ

experience: to have something happen to you or to live through some event - ประสบ

Federal Reserve: the US central bank, also called the "Fed" -

financial: involving money - เกี่ยวกับเงิน, ทางการเงิน

foreign exchange: money in the currencies of other countries - ปริวรรตเงินตรา

foreign exchange reserves: supplies of foreign money and assets such as gold that can easily be exchanged for money, which a government keeps to buy its own currency when it needs to protect the value of its own currency compared to other currencies - ทุนแลกเปลี่ยนเงินตราต่างประเทศ

gauge: the distance between the rails of a railway/railroad track or the wheels of a train -

growth: economic growth, an increase in economic activity - การเติบโต

household: a group of people, often a family, who live together - ครัวเรือน

hub: the central and most important part of a particular place or activity - จุดศูนย์กลาง, จุดรวม

in line with: following a rule or system; also in accordance with and consistent with - สอดคล้องกับ

indicate: to show that something is true, exists or will happen - แสดง, ทำให้รู้

indication: a sign that something happened, is true or exists - เครื่องบ่งชี้

industrial: relating to industry - เกี่ยวกับอุตสาหกรรม

investment: the act of investing money in something - การลงทุน

investor: a person or organization that invests money, i.e., uses money with the aim of making a profit from it, for example by buying property or buying shares in a company - นักลงทุน

legal: allowed by the law - ถูกต้องตามกฎหมาย

link: a connection - การเชื่อมต่อ

liquor: strong alcoholic drink - สุราที่ได้จากการกลั่น

local: in this country (Thailand) -

manufacture: to make and produce a product - ผลิต

method: a particular way of doing something - วิธีการ,วิธีดำเนินการ

mild: not strong - เบา, ไม่หนัก, ไม่รุนแรง

monetary policy: the policy of the central bank of a country to control the supply of loans and money in the economy - นโยบายการเงิน

operator: a person or company that runs a business - ผู้ดำเนินกิจการทางธุรกิจ, ผู้ประกอบธุรกิจ

output: the amount of something produced - ปริมาณ(กระแสไฟฟ้า)ที่ผลิตขึ้น

pressure: (of a force) to press against something - กดดัน, อัด, บีบ

prevent: to stop somebody from doing something; to stop something from happening - ขัดขวาง, กัน, กีดขวาง

proposed: suggested as an idea for a group to consider - ถูกเสนอ

quarter: three months of the year on the official calendar of the government or companies -

quote: to repeat the words that someone else has said or written - ยกคำพูดมา

recession: a period when trade and industry are not successful and there is a lot of unemployment - ภาวะเศรษฐกิจถดถอย

regional: of or relating to a region - เกี่ยวกับภูมิภาค

release: making known to the public - การเปิดเผย, การปล่อย

reserves: the amount of foreign currency or gold held by a national bank, which is used for dealing with the national banks of other countries - เงินสำรอง

retail: to sell directly to the public for their own use - ขายปลีก

retreat: to move back or away - ถอยกลับ

scheme: a plan that is developed by a government or large organisation in order to provide a particular service for people - แผนการ โครงการ

sell-off: the sale of a large number of stocks, bonds, etc with a fall in value -

shipment: a load of goods that are sent from one place to another - ปริมาณสินค้าที่ขนส่งในครั้งหนึ่ง ๆ

slump: a period when an economy is much less successful than before and many people lose their jobs - ช่วงเศรษฐกิจตกต่ำ

stabilise: to reach a state where there are no longer any major changes or problems - กลายเป็นคงที่ (มั่นคง,สม่ำเสมอ,มีเสถียรภาพ) ตรึง

standard: average or normal rather than having special or unusual features - ซึ่งเป็นมาตรฐาน

stimulus: a set of programmes, especially government spending programmes, designed to start an economy growing again - แผนกระตุ้นหรือฟื้นฟูเศรษฐกิจ

straight: consecutive; happening one after the other, without interruption - ต่อเนื่อง

suitable: acceptable or right for someone or something - เหมาะสม

switch: a change - เปลี่ยน

target: a person, business, building, area, etc., that someone intends to attack or deal with - เป้าหมาย

tax collection: the process of the government getting money from people and businesses required to pay tax and the amount of tax the government gets from this activity -

track: the two long metal strips that a train travels along - รางรถไฟ

trading partner: a country that a country exports to and imports from, a country that a country trades goods with -

transportation: the process of moving people or things from one place to another - การขนส่ง

wholesale: relating to the business of selling large quantities of goods, especially to people who are going to sell them in a shop - ขายส่ง

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