What's new in business news: September 9, 2013 | Bangkok Post: learning

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What's new in business news: September 9, 2013

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What's new in business news: September 9, 2013 

French luxury brand Chanel's Fragrance and Skincare counter at an Australian department store (Source: Wikipedia)

TOURISM 

Luxury goods import taxes cut to capture shopping tourists

A sharp cut in import tariffs on luxury products, from 30% to around 5%, is being considered to help position Thailand as a regional shopping destination for foreign visitors and Thais so that Thailand is competitive with such destinations as Singapore and Hong Kong where import tariffs are zero. 

The luxury products targeted will include brandname perfumes, cosmetics, garments and accessories. Thai shoppers often travel to other countries to buy such luxury products where they are cheaper.

[See full story here ]


FINANCE

Proposal for major state-bank reform 

Thailand's eight Specialised Financial Institutions (SFIs) are mostly well-known government banks: the Bank for Agriculture and Agricultural Cooperatives (BAAC), the Government Savings Bank (GSB), the Government Housing Bank (GHB), the Islamic Bank of Thailand, the Small and Medium Enterprise Development Bank of Thailand, the Export-Import Bank of Thailand, the Secondary Mortgage Corporation and the Thai Credit Guarantee Corporation. The GSB offers the most similar financial services to commercial banks.Krungthai Bank (KTB) is a state-owned bank, but it is supervised separately by the Bank of Thailand.

Several SFIs have become saddled with high levels of bad loans amounting to some 5.11 trillion baht while their Non-Performing Loans (NPLs) stood at 192 billion or 3.76% of total lending. 

The SFI reform plan is aimed at strengthening SFIs and reducing the government's burden of injecting fresh money into them. SFI competition with commercial banks will reduced by focusing on retail services that commercial banks do not provide and broadening the business scope of SFIs.

[See full story here ]

REGIONAL INTEGRATION

Thai exporters slow to adopt free trade

Only 40-50% of Thai exporters have taken advantage of Free Trade Agreements (FTAs). Inconvenience, a lack of tangible benefits, missing documentation, time-consuming delays and border officials who lack knowledge of the agreements are just some of the reasons why exporters have not used FTAs.

Trading partners in ASEAN sometimes still impose non-tariff measures (NTMs) that eliminate the benefits of FTAs.  NTMs tax imports to protect domestic industry from dumping or to achieve economies of scale. 

The government has been called upon to create a central database to monitor and update information on the NTMs of trading partners. Big companies have the resources to cope with the effects of the byzantine NTM system, but small and medium-sized firms do not.

Regionwide definitions of NTMs should be created and ratified by member countries to streamline trade and remove export hurdles. The Asean secretariat must also be given the power to enforce FTAs.

[See full story trade" >here ]

Learn from listening

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Vocabulary:

accessory: a thing that you can wear or carry that matches your clothes, for example a belt or a bag; an extra piece of equipment that is useful but not essential or that can be added to something else as a decoration - เครื่องประดับ, ส่วนประกอบเพิ่มเติม

adopt: to accept or to start using something new - นำมาใช้

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

bad loan: a loan that is not being paid back as arranged and may never be paid back; a non-performing loan (NPL), bad debt - หนี้เสีย, หนี้สูญ, หนี้ที่ลูกหนี้ไม่ยอมชำระตามกำหนด

benefit: an advantage you get from a situation; a helpful or good effect, or something intended to help - ผลประโยชน์, ข้อได้เปรียบ, ผลดี

border: the official line separating two areas, regions or countries - เขตแดน อาณาเขต

brand: a type of product made by a particular company - ตรา, ยี่ห้อ

brandname: products with a famous brand that everyone knows -

broadening: increasing the range of something - การขยับขยาย

burden: a serious or difficult responsibility that you have to deal with - ภาระ

byzantine: highly complex or intricate and occasionally devious - ซับซ้อน

capture: the act of capturing somebody/something or of being captured - การจับได้

centralised: controlled from the center - ไตยรวมศูนย์

commercial bank: a bank with branches in many different places, that provides a range of services, especially related to bank accounts, loans and saving money, for people and businesses; the kind of bank that most people use - ธนาคารพาณิชย์, สถาบันการเงินที่มุ่งเน้นการรับฝากเงิน

competition: a situation in which people or organizations compete, i.e., try to be more successful or better than somebody else who is trying to do the same as you - การแข่งขัน

competitive: when a product is more attractive to customers than other products because of low price, desirable features or higher quality -

consider: to give careful thought to something before making a decision - พิจารณา

cooperatives: a farm or business owned and run by the people involved, with the profits shared by them - สมาคมสหกรณ์

cope with: to deal successfully with a difficult situation or job - จัดการกับปัญหา แก้ปัญหา

cosmetics: substances that you use on your skin to make yourself look more attractive   - เครื่องสำอางค์

counter: a long flat surface over which goods are sold or business is done in a shop/store, bank, etc - เคาน์เตอร์, โต๊ะขนาดยาว

credit: money loaned to people - เงินกู้

database: a large amount of information stored in a computer in an organised way - ฐานข้อมูล

delay: causing to happen at a later time; happening at a later time than expected - การเลื่อน, ช้ากว่าปกติ

destination: the place where someone or something is going - จุดหมายปลายทาง

documentation: pieces of paper containing official information; documents used for proving that something is true - เอกสารที่ใช้ในการพิสูจน์, เอกสารที่ใช้ในการอ้างอิง

domestic: inside the country being talked about - ภายในประเทศ

dump: to get rid of - ทิ้ง

eliminate: to get rid of completely - กำจัดหรือขจัดให้หมดไป

enforce : to make sure laws are obeyed - บังคับให้ใช้, บังคับให้ทำ, ใช้กำลังบังคับให้ปฏิบัติตาม

financial: involving money - เกี่ยวกับเงิน, ทางการเงิน

financial institution: a business which helps its customers manage money, e.g., a bank, insurance company, etc. - สถาบันการเงิน

focus: to give attention, effort, etc. to one particular subject, situation or person rather than another - เพ่งความสนใจ

fragrance: a sweet or pleasant smell - กลิ่นหอม

free trade: when goods and services can pass freely between different countries without paying taxes, tariffs or encountering other "barriers to trade" - การค้าเสรี

free trade: when goods and services can pass freely between different countries without paying taxes, tariffs or encountering other "barriers to trade" - การค้าเสรี; การค้าที่ไร้การควบคุมของรัฐบาลหรือได้รับการยกเว้นภาษีศุลกากร

Free Trade Agreement (FTA): an agreement between countries to create "free trade" for some or all goods - เขตการค้าเสรี

fresh: new; made or experienced recently - ใหม่, เมื่อเร็วๆนี้, สดๆ ร้อนๆ

garment: a piece of clothing - เสื้อผ้า, เครื่องแต่งกาย

guarantee: a promise or certainty that something is correct, will be done or will happen - คำรับรอง, การประกัน

guaranteed loan: guaranteed loan; when someone such as a the government agrees to pay back your loan if you cannot pay it back -

hurdle: an obstacle; a problem that you must solve before you can do something successfully - อุปสรรค

import: to buy or bring in products from another country - นำเข้า

impose: to introduce something, such as a new law or new system and force people to accept it - นำกฎหมายมาบังคับใช้

inconvenience: an annoying problem or situation, especially one that forces you to make an extra effort to do something - ความไม่สะดวกสบาย  ความลำบาก

inject: to introduce something new that is necessary or helpful to a situation or process - ฉีด

integration: the process of combining with others to create a single unit or system - การรวมเข้าด้วยกัน, การผสมผสาน

knowledge: all the facts that people know about a subject (example: medical knowledge) - ความรู้

lack: to not have something needed - ขาด

luxury: the best and most expensive of something - ที่หรูหรา 

major: very large or important - สำคัญมาก

member: a person, a country or an organization that has joined a particular group, club or team - สมาชิก

missing: not included, often when it should have been - ขาดแคลน

monitor: keep track of - ตรวจ, ติดตาม, เฝ้าสังเกต

mortgage: a legal agreement in which you borrow money from a bank in order to buy a house, build something, develop a piece of land, etc - การจำนอง

non-performing loan (NPL): a loan that is not being paid back as arranged and may never be paid back; a non-performing loan (NPL), bad debt - หนี้เสีย, หนี้สูญ, หนี้ที่ลูกหนี้ไม่ยอมชำระตามกำหนด

official: someone with an important position in an organisation - เจ้าหน้าที่

position: to put somebody/something in a particular place or position - จัดวาง, วางที่, วางตำแหน่ง

proposal: a plan or suggestion for a group to consider - ข้อเสนอ

protect: to make sure that somebody/something is not harmed, injured, damaged, etc - ป้องกัน,อารักขา,คุ้มกัน

ratify: to make an agreement officially valid by voting for or signing it - อนุมัติ,ให้สัตยาบัน,ยืนยัน

reason: a fact that makes it right or fair to do something; the power of the mind to think in a logical way, to understand and have opinions, etc - ความมีเหตุผล, การใช้เหตุผล

reform: a change that is intended to correct a situation that is wrong or unfair - การแก้ไข การปฏิรูป

reform: to make a change that is intended to correct a situation that is wrong or unfair - แก้ไข ปฏิรูป

regional: of or relating to a region - เกี่ยวกับภูมิภาค

resources: things such as money, workers and equipment that can be used to help achieve something - ทรัพยากร

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

saddle with: to give someone a responsibility or problem which they do not want and which will cause them a lot of work or difficulty - ทำให้มีภาระ

scope: the things that a particular activity, organisation, subject, etc deals with - ขอบเขต

secretariat: a group of senior people within a government or organisation - สำนักเลขาธิการ

separate: forming a unit by itself; not joined to something else - ซึ่งแยกออกจากกัน

specialised: intended for a limited number of users with specific needs; having very specific uses - เฉพาะด้าน

streamline: make improvements - ปรับปรุงให้มีประสิทธิภาพขึ้น

supervised: overseen; watched over to ensure that things are done correctly - อยู่ในการควบคุมดูแล

take advantage of: to use something to get some benefit or "advantage" from -

tangible: real or not imaginary; able to be shown, touched or experienced - ชัดเจน

target: something you want to achieve; a particular number or amount that you want to achieve - เป้าหมาย

target audience: the intended audience; the intended customers or market for something - กลุ่มเป้าหมาย

tariff: customs tax, a tax paid on goods coming into a country (and sometimes on goods going out) - ภาษีศุลกากร

time-consuming: taking a lot of time to do or finish - ที่สิ้นเปลืองเวลามาก, ที่กินเวลา

trade: the buying and selling of goods and services - การค้าขาย

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

update: the most recent information or news about something - ข้อมูลใหม่ๆ

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