Lower growth but tourism bright spot says ADB, rise of super yachts in Asia & Citibank moves credit card sales in-house & reduces outsourcing.
Yachts at ONE°15 Marina Club at Sentosa Cove during the Singapore Yacht Show 2011 are anchored against the backdrop of luxury condominiums. (Bloomberg Photo)
Asian Development Bank (ADB) says lower growth but tourism is a bright spot
Bangkok Post and AP
In the Asian Development Bank Outlook report released on Wednesday, the gross domestic product (GDP) growth estimate for Thailand this year was scaled down from 4.9% to 3.8%. The slowdown in exports was also expected to be more severe than the previous forecast, with projected export expansion of only 2% this year.
The Thai economy usually does better during the final three months of the year (fourth quarter) as exports normally pick up and it is the high season for the tourism sector.
There were 17 million foreign tourists from January to August, a 21% jump from the 14 million of last year and the country is on course to reach the target of 24.5 million tourists by the end of this year as it enters the high season for tourism.
US central bank plans to gradually reduce the Quantitive Easing (QE) monetary policy rocked financial markets in some countries including India and Indonesia, where stocks and currencies tumbled as foreign investors started pulling funds out on the expectation of higher returns back home.
The turbulence triggered fears that it would lead to a wider meltdown similar to the 1997 Asian financial crisis, but the ADB said such fears were "unwarranted" because countries have since beefed up their foreign currency reserves, strengthened economic management and tightened financial regulation and supervision.
[Read full story here ]
LUXURY & INVESTMENTS
The new market for super yachts is Asia
Wealth among Asia-Pacific millionaires may top North America's as soon as next year. Asians with at least US$1 million in investable assets are set to see their riches climb to $15.9 trillion by 2015 from $12 trillion last year. North American high net-worth individuals held $12.7 trillion in 2012.
With rising riches has come an appetite for expensive toys. The biggest regional growth in terms of the number of super-yachts delivered last year was in Asia.
One typical luxury super-yacht cost $46 million and had a charter price of $300,000 a week with a jacuzzi, a Zen garden, floor-to-ceiling windows, mood lighting, a carbon-fiber dining table and a vintage Space Invaders video game.
Out of the 169 super-yachts delivered in 2012 about a third came from Europe but the biggest growth was in Asia, where 11% were delivered last year compared with 3% in 2011, about 14% were Americans, followed closely by Russians. Those from Hong Kong and mainland China came in seventh and eighth with a total of about 9 percent of deliveries.
Among issues facing Asian yacht owners is a shortage of mooring space at the region's marinas, and in the case of China, an absence of "legal status for the yachts along the coastline."
[Read full story here ]
Citibank moves from outsourcing to in-house for credit card salespeople
Since April Citibank Thailand has terminated contracts with outsourced sales companies and will make greater use of in-house resources to expand the number and quality of credit-card clients and rely less on outsourced salespeople. A lack of prudence in application screening is the main reason Citibank stopped using outsourced services.
Citibank has kept credit-card non-performing loans (NPLs) at 1% of total debt outstanding. On average, spending per credit card per month is 10,000 baht, double that for the overall industry.
Citibank has several major partnerships with other companies, co-branded cards with exclusive partners (exclusive co-branded credit cards) including The Mall Group, Big C Supercenter, Siam Makro and Thai Airways International. Half of new card acquisition comes via co-branded cards.
The strategy of co-branded credit cards is aimed at overcoming Citibank's network disadvantage compared with local banks. Citibank has only three branches in Thailand compared with 1,000 outlets of large local banks, which are themselves competing in credit cards.
Yesterday, Citibank kicked off a new campaign, "The Ultimate Experience in Paris". Five lucky card members and one guest each will win a luxurious five-day trip to the French capital.
[Read full story outsourcing" >here ]
Learn from listening
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absence: not being present - การหายไป ไม่ปรากฏตัว
acquisition: the process of buying something; something that has been bought - การซื้อ, การได้มาซึ่งการเข้าถือสิทธิ์
anchor: to prevent a boat from moving by dropping a large very heavy object (an anchor) connected to the ship into the water - ทอดสมอ
appetite: a strong desire for something - ความอยาก, ความปรารถนา
application: a formal request for permission to do or have something; a piece of paper used to apply for something - การขอ, ใบสมัคร
asset: something owned by a person, company etc., particularly money and property - ทรัพย์สิน
backdrop: everything that you can see behind the main thing that you are looking at - ฉากหลัง ภาพเบื้องหลัง
beef up: to strengthen - เสริมกำลัง
branch: an office or shop representing a large company or organisation in a particular area - สาขา
brand: a type of product made by a particular company - ตรา, ยี่ห้อ
campaign: a planned group of especially political, business or military activities which are intended to achieve a particular aim - การรณรงค์
capital: the most important town or city of a country, usually where the central government operates from - เมืองหลวง
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
charter: a boat, plane, or bus that is available for hire, especially for use by a group of people; to hire a boat, plane or bus - เครื่องบินเหมาลำ, การเช่าเหมาเรือ, เช่าเหมา
client: a customer or someone who receives services of a lawyer - ลูกความ
co-: done together with another -
coastline: an area of land beside the sea - ชายฝั่ง
contract: an official written agreement - สัญญา
currency: the system of money that a country uses - เงินตรา
debt: an amount of money that you owe - หนี้, นี้สิน
deliver: to take goods, letters, etc. to the people they have been sent to - ส่ง
disadvantage: something that makes someone or something less effective, successful or attractive - ข้อเสียเปรียบ ข้อด้อย
double: to become twice as big, twice as much or twice as many - เพิ่มเป็นสองเท่า
estimate: an amount that you guess or calculate using the information available - ประมาณการ
exclusive: limited to a particular person, group or thing and not shared with others - แต่ผู้เดียว
expand: to make or become larger - ขยาย
expansion: when something increases in size, number or importance - การขยายออก
expectations: the belief that something will happen - สิ่งที่คาด คิดว่าจะเกิดขึ้นในอนาคต
experience: to have something happen to you or to live through some event - ประสบ
export: the selling and transporting of goods to another country - สินค้าออก, การส่งสินค้าออกไปต่างประเทศ
forecast: a statement about what will happen in the future based on information available now - การพยากรณ์, การคาดการณ์
fund: money provided for something - เงินทุน กองทุน
gradually: slowly and in small stages or amounts - อย่างทีละน้อย
gross domestic product: the total value of all goods and services produced in a country in a year, except for income received from money invested in other countries. It is often simply called GDP - ผลิตภัณฑ์มวลรวมภายในประเทศ
growth: economic growth, an increase in economic activity - การเติบโต
high season: the time of year when demand is highest for something such as tourism in an area -
in terms of: measured by -
in-house: internal; within a company or organization - ซึ่งเกิดภายในองค์กร, ภายในองค์กร
individual: a person considered separately rather than as part of a group - บุคคล
investable: able to be invested -
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
issue: a problem that needs to be considered - ประเด็น
kick off: to begin an event; to launch - เริ่มต้น, เริ่มทำ
lack of: when there is not enough of something - ขาด
legal: relating to the law or lawyers - เกี่ยวกับกฎหมาย
local: in this country (Thailand) -
luxury: the best and most expensive of something - ที่หรูหรา
major: very large or important - สำคัญมาก
management: the people who run and control a business or similar organisation - คณะผู้บริหาร
marina: a place where boats are kept -
meltdown: a sudden and complete failure of a system, organisation or company - การล่มสลายอย่างกระทันหัน
member: a person, a country or an organization that has joined a particular group, club or team - สมาชิก
millionaire: a person who has a million pounds, dollars, etc; a very rich person - เศรษฐี, มหาเศรษฐี
monetary policy: the policy of the central bank of a country to control the supply of loans and money in the economy - นโยบายการเงิน
mood: the way you feel at a particular time - อารมณ์
mooring: the place where a ship or boat is moored, attached by ropes, chains, etc. - ท่าจอดเรือ
net worth: the value of all your property, possessions, and money after you remove what you owe - มูลค่าของทรัพย์สินทั้งหมดหลังจากลบออกหนี้สิน
network: a large system of connected parts, organisations, people, etc. - เครือข่าย
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
on average: calculated by adding several amounts together, finding a total, and dividing the total by the number of amounts - โดยเฉลี่ย
on course: likely to achieve or do something because you have already started to do it -
outlet: a shop or place where a particular product is sold - ร้านขายสินค้าจากโรงงาน
outsource: to pay an outside company or organisation for part of the work you would normally do - จัดจ้างคนภายนอก
outsourcing: if a company outsources, it pays to have part of its work done by another company - จัดจ้างคนภายนอก
outstanding: not yet paid, done, solved, etc - ค้าง
overall: total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป
overcome: to succeed in controlling or dealing with something - ต่อสู้อุปสรรคจนสำเร็จสำมารถดำเนินการต่อไปได้
partner: one of the people who owns a business and shares the profits, etc or works together with another business in an activity - หุ้นส่วน, ผู้ร่วมมือ,
partnership: when a company owns and runs a business and shares profits, etc or with another company - หุ้นส่วน, ความร่วมมือ, ห้างหุ้นส่วน, ห้างหุ้นส่วนจำกัด
pick up: to gain in strength , go faster -
previous: happening or existing before the event or object that you are talking about - แต่ก่อน, เมื่อก่อน
projected: calculated based on information already known - คาดคะเน, ประเมิน
quality: the standard of something when it is compared to other things like it; how good or bad something is - คุณภาพ
quarter: three months of the year on the official calendar of the government or companies -
reason: why something happened or exists - เหตุผล
regional: of or relating to a region - เกี่ยวกับภูมิภาค
regulations: official rules that control the way things are done - ระเบียบ ข้อบังคับ
release: the act of making something available to the public - การนำออกแสดง, การออกวางจำหน่าย
rely on: to need something in order to continue living, existing, or operating - อาศัย, พึ่งพาอาศัย
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
resources: things such as money, workers and equipment that can be used to help achieve something - ทรัพยากร
return: the amount of profit that you get from something; the amount of money you earn - เงินรายได้
rock: to shock, surprise, or frighten someone - ทำให้ตกใจ, ทำให้สั่นสะเทือน
scaled down: made smaller -
screen: to find out information about people to see if they are suitable for something - คัดเลือก, แยกออก, เลือกออก
sector: a part of a country’s economic or business activity - ภาค (เศรษฐกิจ)
shortage: when there is not enough of something - การขาดแคลน
slowdown: when the economy moves more slowly and worker incomes and company profits suffer and increase more slowly -
space: an area or a place that is empty or that can be moved about freely - ที่ว่าง
status: official or legal position - สถานภาพ
stock: a share that somebody has bought in a company or business - หุ้น, หุ้นทุน
strategy: a plan or method for achieving something, especially over a long period of time - ยุทธวิธี, แผนการ
supervision: the process of making sure that something is being done properly - การควบคุมดูแล การตรวจตรา
target: a particular number or amount that you want to achieve - เป้าหมาย
terminate: to end or stop something - ทำให้สิ้นสุด
trigger: to cause - ก่อให้เกิด กระตุ้น
tumble: to fall down - ล้ม,ล้มลง,ตกลง,หกคะเมน
turbulence: a state of confusion, disagreement or lack of order - ความวุ่นวาย
typical: happening in the usual way; showing what something is usually like - ตามแบบฉบับ, ตามปกติ
ultimate: most extreme; best, worst, greatest, most important, etc - ที่สุด
unwarranted: not fair or necessary - ไม่ถูกต้อง, ไม่ยุติธรรม
via: using, by way of, through - โดยทาง, โดยเส้นทาง, ทาง
vintage: old style from the past -
wealth: a large amount of money, property, etc. that a person or country owns - ความมั่งคั่ง
yacht: a large expensive boat that is often used for racing or sailing - เรือยอชท์, เรือท่องเที่ยว,เรือเที่ยวเล่น,เรือแข่ง
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