What's new in business news: October 30, 2013 | Bangkok Post: learning

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What's new in business news: October 30, 2013

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5-star hotel sued for showing English Premier League, possible changes in tax laws & more bad consumer debt bought by Bangkok Commercial Asset Management (BAM). 

A leaflet advertising personal loans at a bus stop. Years of low interest rates have spurred growth in personal and household loans, some of which have turned sour. PATTANAPONG HIRUNARD


5-star hotel sued for showing English Premier League   

The company that owns the Thai broadcasting rights for the English Premier League (EPL), TV provider Cable Thai Holding (CTH), is suing the five-star Sukothai Hotel and its cable TV provider 50 million baht for showing football matches without permission. The cable firm allegedly used a signal from Laos to broadcast the games. 

Sukothai Hotel is the first hotel to be sued by CTH, which plans to bring lawsuits against other hotels, entertainment venues and restaurants if they do not stop showing English Premier League football matches. In September CTH sued computer giant Apple for selling an application (Sport Channel) for viewing football matches on mobile devices, seeking 100 million baht in damages.

The law provides for a maximum penalty of four years in prison for this kind  of violation of international intellectual property rights. CTH was set up in 2012 with a 25% stake being held by a member of the family that owns the Thai Rath newspaper, the biggest selling newspaper in Thailand.

[Read full story broadcasts" >here ]


Possible changes in tax laws 

The Revenue Department may scrap the tax on the repatriation of profits made by Thai companies from their foreign investments to encourage them to bring the money home and invest the repatriated profits in the Thai economy.

As for corporate income tax, the department wants commercial banks to disclose their corporate customers' financial data to the department for tax review and may amend laws to force disclosures if banks do not cooperate. After the corporate income tax was cut to 20% from 30%, the department has also tightened its audit to prevent smaller companies from tax avoidance.

The new US Foreign Account Tax Compliance Act requires foreign financial institutions to report to the Internal Revenue Service (IRS) of the US, information about financial accounts held by US taxpayers or by foreign entities in which US taxpayers hold a substantial ownership interest.

Under the new personal income tax structure in Thailand, the lowest bracket will be 5% for those earning 150,001 to 300,000 baht, while the top bracket for those earning above 4 million will dip to 35% from 37%.

[Read full story here ]


More bad consumer debt bought by Bangkok Commercial Asset Management (BAM)

Bangkok Commercial Asset Management (BAM), the country's largest asset management company, may expand its purchases of non-performing loans (NPLs) and Non-Performing Assets (NPAs) into personal loans and auto loans from the real estate mortgages and credit card debt that it normally purchases. Rising non-performing loans (NPLs) in the banking consumer finance segment are providing an opportunity for the company. 

The aggressive debt collection practices that are the norm for auto loans, however, are not possible for BAM as the company is a state-owned financial institution, so BAM has to be cautious in acquiring bad auto loans

BAM is buying non-performing personal loans from the state-owned Government Housing Bank (GH Bank). In July, BAM bought 9 billion baht in bad assets with 16,000 accounts from GH Bank. Many of the loans were made to lower-income borrowers who were negatively affected by the bad economy and could not make their debt payments. 50% of the real estate related bad loans are condominium projects.

BAM just bought 2.3 billion baht in bad assets from Bank of Ayudhya and is also in the process of buying just under 1 billion baht of NPLs from Standard Chartered Bank. For the first nine months of the year, the company purchased 14 billion baht in NPLs from other financial institutions, as well as non-performing assets (NPAs) worth 2.8 billion baht. BAM recorded NPA sales of 5.54 billion baht from 1,950 items for the first nine months of the year. Its NPA portfolio stands at 37.01 billion baht with 11,472 items. Despite the economic slowdown, demand for NPAs remains strong. BAM projects net profit this year of more than 3.60 billion baht and plans to list on the SET in the third quarter next year.

[Read full story debt" >here ]

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account: being recorded officially as a customer of a business - บัญชี

acquire: to get; to obtain - ได้มาซึ่ง

advertising: telling the public about a product or a service, political candidate, etc. in order to encourage people to buy, use or support it - การโฆษณา

aggressive: determined to win or succeed and using forceful action to achieve victory or success - เริ่มต่อสู้ ซึ่งมีความมั่นใจสูง

allegedly: claimed to have done something wrong, but not yet proven - ที่กล่าวหา

amend: to make changes to a document, law, agreement, etc. especially in order to improve it - การแก้ไขกฎหมาย

application (app): a program designed to do a particular job; a piece of software - โปรแกรมใช้งาน, โปรแกรมคอมพิวเตอร์

asset: something owned by a person, company etc., particularly money and property - ทรัพย์สิน

audit: to officially examine the financial records of a company, organisation, or person to see that they are accurate - สอบบัญชี

bracket: a group of people who earn around the same amount of money and pay the same percentage of their income as income tax to the government -

broadcast: to send out a programme on television or radio - กระจายเสียง,กระจายข่าว

broadcast rights: the legal right to sell and control who can watch a television broadcast -

cautious: careful to avoid danger - ระมัดระวังไม่ให้เกิดขึ้น

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

consumer: someone who buys and uses goods and services - ผู้บริโภค

consumer finance: making loans to people buying things in stores that they pay back with monthly payments -

cooperate: to work with other people to achieve a result that is good for everyone involved - ร่วมมือกัน

corporate: involving large companies - บริษัทใหญ่

damages: money that a court awards to a person who sued another person for causing injury to them -

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

debt collector: a person who collects money that people have borrowed from a bank, company, or person -

debtor: a person who owes money - ลูกหนี้

demand: the need and desire of people to buy goods - อุปสงค์

device: a machine or piece of equipment that does a particular job - อุปกรณ์ เครื่องมือ เครื่องจักร

dip: to go downwards or to a lower level - ตกลง, ลดลง

disclose: to give information to people - เปิดเผย

disclosure: information or a fact that is made known or public that was previously secret or private - การเปิดเผย

encourage: to make someone more likely to do something, or to make something more likely to happen - ปลุกใจ

entertainment: fun; behaviour or activities that are not serious but come from a sense of enjoyment - ความบันเทิง, ความสนุกสนาน

entity: something which exists apart from other things, having its own independent existence -

expand: to make or become larger - ขยาย เพิ่ม

financial: involving money - เกี่ยวกับเงิน, ทางการเงิน

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

firm: a business or company - บริษัท

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

holding company: a company that is formed to buy shares in other companies which it then controls - บริษัทผู้ถือหุ้นใหญ่หรือเป็นเจ้าของหุ้นใหญ่ในบริษัทอื่น บริษัทที่ถูกจัดตั้ง ขึ้นมาเพื่อซื้อหุ้นของบริษัทอื่น

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

in the process: while carrying out a series of actions to do or make something - ในกระบวนการ

income tax: the percentage of the money that a person or corporation earns that they pay to the government as tax - ภาษีเงินได้, ภาษีรายได้

intellectual property: something that someone has created or invented and that no one else is legally allowed to make, copy, or sell - ทรัพย์สินทางปัญญา

interest rate: the percentage that a bank or other financial company charges you when you borrow money, or the percentage it pays you when you keep money in an account - อัตราดอกเบี้ย

international: connected with or involving two or more countries - นานาชาติ, สากล, ระหว่างประเทศ

invest: to spend money on something in order to make it better or more successful - ลงทุน

investment: the act of investing money in something - การลงทุน

lawsuit: a case that a court is asked to decide involving a disagreement between two people or groups - คดีที่ยื่นฟ้องต่อศาล

leaflet: a piece of paper which gives you information or advertises something - ใบปลิว

listed firm: a public company, i.e., a company that offers its shares to the public on a stock exchange - บริษัทมหาชน

loan: an amount of money that a person, business, or country borrows, especially from a bank - เงินกู้

maximum: the most possible - ที่สูงสุด ที่มากที่สุด

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

mobile (technology): of devices, especially telecommunication devices, that can easily be moved around, e.g., mobile phones, tablets, notebook computers - อุปกรณ์ซึ่งเคลื่อนที่ได้ง่าย

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: involving loans that have not been repaid and which are not expected to be repaid - หนี้เสีย

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

norm: a situation or type of behavior that is expected and considered to be typical - มาตรฐาน

opportunity: a chance to do something, or a situation in which it is easy for you to do something - โอกาส

ownership interest: being part of owner of a business -

penalty: a punishment, or the usual punishment, for doing something that is against a law - โทษ

permission: allowing someone to do something - การอนุญาต,การอนุมัติ,การยินยอม

personal: your own; not belonging to or connected with anyone else - เป็นส่วนตัว

personal loan: a loan for an individual person or people, not a company -

practice: a way of doing something - การปฏิบัติ

prison term: a length of time someone is required to stay in prison - ระยะเวลาที่จำคุก

project: to calculate based on information already known - คาดคะเน, ประเมิน

provider: a company that "provides" some service to customers -

purchase: the process of buying something - การซื้อ

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

repatriate: to send or bring someone back to their own country - ส่งคนกลับประเทศ

repatriation: to send someone back to a country that is legally their own - การส่งกลับประเทศ

Revenue Department: the government department responsible for collecting taxes - กรมสรรพากร

review: to carefully examine or consider something - ตรวจสอบ

right: something that you are morally or legally allowed to do or have - สิทธิ

scrap: to get rid of; to stop using or accepting - เลิก, ทิ้ง

seek: to try to obtain or achieve something - พยายามได้มา

segment: a part of something - ส่วน, ตอน

set up: to create something or start it - ตั้งขึ้น

signal: a mobile phone, TV or radio transmission -

slowdown: when the economy moves more slowly and worker incomes and company profits suffer and increase more slowly -

spur: to cause something to happen - ก่อให้เกิด 

stake: a share or a financial involvement in something such as a business - ส่วนได้เสีย

structure: the way in which the parts of something are connected together, arranged or organised - โครงสร้าง

substantial: large in size, value or importance - มากมาย, ยิ่งใหญ่, สำคัญ

sue: to take legal action against a person or organisation, especially by making a legal claim for money because of some harm that they have caused you - ฟ้องร้อง

tax avoidance: attempting to not pay a tax - การหลีกเลี่ยงภาษี

taxes: money that you have to pay to the government so that it can pay for public services - ภาษี

tighten: to make something tighter, more fixed and secure - กลายเป็นแน่นหนา, ทำให้แน่นหนา,ทำให้แน่นหรือตึงขึ้น, ผูกให้แน่น,

turn sour: when something goes from good to bad (like old milk) -

venues: places were public events or meetings take place - สถานที่ชุมนุม พบปะสังสรรค์

violation: an action that is against a law, agreement, principle, etc. - การฝ่าฝืน

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