What's new in business news: April 2, 2014 | Bangkok Post: learning

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What's new in business news: April 2, 2014

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Tourists cheated at travel expo by Krabi resort, wealthy foreign real estate investors return to Bangkok & Bank of Thailand governor warns of recession. 

Foreign real estate investors are returning to Bangkok after the latest round of political turmoil has come to an end. Above an artist's rendering of Central Embassy, located on a nine-rai plot on the country's most expensive junction of Wireless and Phloenchit roads, is due to open on May 8 after an investment of 18 billion baht.

TOURISM

Tourists cheated at travel expo by Krabi resort 

More than 100 tourists have lodged complaints against Phu Pranang Resort and Spa in Krabi. The tourists bought low-priced travel packages for the resort at the Thailand Travel Expo in Bangkok. When the tourists showed up, the hotel refused to honour the deals, even though it had received full payment. Total damages come to around 10 million baht. More than 5,000 hotel packages at Phu Pranang Resort and Spa were sold by Phu Pranang Travel. Both the hotel and travel agents have the same owner.

On Sunday, TAT's Krabi office took the tourists to the Krabi police station file complaints against the resort for alleged fraud. PK Exhibition, the organiser of Thailand Travel Expo, accepted that Phu Pranang Travel joined its fair in September last year at the Queen Sirikit National Conference Centre along with other travel companies. It claimed it selected tour operators and hotels to join the fair by checking their travel agency business licences. However, PK Exhibition said checking only the licence is not enough. Consumers should check the backgrounds of travel agents from popular websites such as Pantip or call the Department of Tourism's information centre to see if the tour company they are dealing with is on a blacklist.

Read full story here 

REAL ESTATE 

Wealthy foreign real estate investors return to Bangkok 

Foreign investors, mostly from East Asian and Southeast Asian countries, are resuming investment in Thai property now that the emergency decree has been lifted and the Bangkok Shutdown is over.

Eight foreign investor groups have approached the property consultant Colliers International in the past two weeks about investment opportunities. Three of the groups were Japanese interested in industrial estates, hotels and residential development along the Eastern Seaboard. Two of the investors were from South Korea and sought to invest in factories and hotels. Two more investors came from Hong Kong and Singapore and were interested in existing Grade A office buildings and hotels in Bangkok that can generate income immediately. Their targeted return is 5-7% a year, against 1-3% in their home countries. Another potential investor was a large Chinese property developer looking for plots in northern border provinces to develop large-scale projects. Each investor group had a budget of about US$100 million (3.2 billion baht) for each project. These investors planned to enter late last year but delayed their decision due to political turmoil in Thailand since last November.

In the first quarter of 2014, Colliers closed five land transactions worth a combined 700 million baht. All were plots acquired by Thai investors looking to develop office and residential projects. In the pipeline are 2.5 billion baht worth of deals that include land plots in Bangkok, Chon Buri and Pattaya and a golf course in Chon Buri's Si Racha district. In the first quarter, 10,119 condo units from 14 projects were launched in Bangkok districts, down from 16,000 in the same period last year. Half were launched in March alone, reflecting improved sentiment

Read full story here 

ECONOMY

Bank of Thailand governor warns of recession

Thailand is facing the risk of recession for the first two quarters, but the situation is not worrisome, as the economy is likely to rebound from the third quarter, says central bank governor Prasarn Trairatvorakul. Economic growth in the first quarter contracted compared with last year's fourth quarter, but whether the country will slip into recession depends on the second quarter' s growth. If economic growth continues to shrink in the second quarter, it will be a recession.  Recession is defined as a contraction in gross domestic product (GDP) for two consecutive quarters. GDP during the last quarter of 2013 expanded by a mere 0.6% both quarter-on-quarter and year-on-year and the full-year growth came in at 2.9%, as the political tensions that flared up late last October bit into the economy.   

The central bank late last month trimmed the GDP growth forecast to 2.7% from 3% this year due to greater downside risks to the economy prompted by months of political unrest. The Asian Development Bank (ADB) yesterday warned Thailand's GDP will expand by less than 2% if a functioning government is not formed by the end of the third quarter.  Retail loan growth had fallen to 9-10% from 15% due to consumers' increasing prudent spending and stringent loan approvals. Fitch Ratings warned that rising household debt is a threat to banks' asset quality, particularly if conditions worsen. Household-debt-to-GDP rose to 82.3% at the end of 2013, from 77.3% at the end of 2012.  Fitch Ratings expects the pace of household leverage to slow further in 2014 due to the expiration of the first-time car buyer scheme, slower economic growth and a more cautious lending environment. The central bank' s monetary easing policy could boost consumer and investor confidence. The Bank of Thailand's rate-setting committee by a narrow vote of 4 to 3 decided to slash the policy rate by a quarter percentage point to 2% on March 12 to provide a buffer to downside risks to growth.

Asset quality at state policy banks would be more vulnerable in weaker economic conditions, as they lend to lower-income households. State policy banks funded 29.5% of household loans at the end of 2013. Vulnerabilities are also accumulating in less-regulated entities such as non-bank financial institutions and savings cooperatives, which provided 28% of household credit in 2013.

Read full story recession" >here 

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Vocabulary:

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

acquire: to get; to obtain - ได้มาซึ่ง

alleged: claimed to be true, even though this has not yet been proved - ที่กล่าวหา

approach: to start to speak or write to someone when you are asking for something or making an offer - เข้าหา

approval: official permission - การอนุมัต

asset: a thing of value - สิ่งที่มีคุณค่า

background: information about some person or subject that helps you better understand them and understand current events - ประวัติ

blacklist: a list of the names of people, companies, products or countries that an organization or a government considers unacceptable and that must be avoided - บัญชีดำ, รายชื่อผู้ที่รัฐบาลไม่ยอมรับหรือต้องถูกหลีกเลี่ยง

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

budget: an amount of money able to be spent on something - งบประมาณ

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

combined: counted together - รวมกัน

conditions: the circumstances or situation in which people live, work or do things - เหตุการณ์, สภาพการ, สถานการณ์

consecutive: following one after another in order - ติดต่อกัน

consultant: a person who knows a lot about a particular subject and is employed to give advice about it to other people - ผู้ให้คำปรึกษา

contract: to get smaller - หดตัว

contraction: when something becomes smaller or shorter - การหดตัว

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

credit: money loaned to people - เงินกู้

damage: to harm or spoil something/somebody - ทำความเสียหาย

deal: a formal agreement, especially in business or politics - ข้อตกลง, การตกลงซื้อขาย, การซื้อขาย

deal with: to take appropriate action in a particular situation or according to who you are talking to, managing, etc. - รับมือ

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

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

develop: to think of or produce a new idea, product, etc. and make it successful; to build new houses, factories, etc. on an area of land, especially land that was not being used effectively before - พัฒนา

developer: real estate developer, a person or company that builds new "real estate developments" including buildings, houses, shopping centers, etc -

downside: the disadvantages or less positive aspects of something - ผลเสีย

due to: because of - เนื่องจาก

due to: scheduled to - มีกำหนด

emergency decree: a situation where the government takes on special powers in a dangerous situation and the rights of the people are often limited in some way - ประกาศภาวะฉุกเฉิน  

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

exhibition: a public show where art or other interesting things are put so that people can go and look at them - นิทรรศการ งานแสดง

existing: used now - ที่มีอยู่

expand: to make or become larger (noun form: expansion) - ทำให้กว้าง, ทำให้ขยาย

expo: a fair where things are displayed for people to see such as new products; an exposition - งาน

file a complaint: to make an official statement that someone has done something wrong - ยื่นคำร้อง

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

flare up: an occasion when a disease/violence starts suddenly, usually after it has not been experienced for a period of time -

forecast: a statement about what will happen in the future based on information available now - การพยากรณ์, การคาดการณ์

fraud: the crime of intentionally deceiving someone or cheating in order to gain an advantage or benefit - การฉ้อโกง การหลอกลวง เล่ห์เพทุบาย

full payment: the person buying something has paid the full price and has not borrowed money to buy it or owe any money -

GDP: 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 ผลิตภัณฑ์มวลรวมภายในประเทศ -

generate: to produce - ผลิต, ก่อให้เกิด

governor: a person who is chosen to be in charge of the government of a state or province - ผู้ว่าการรัฐ, ผู้ว่าราชการจังหวัด

grade: a level of quality of importance; class, rank, standard - ระดับ, ระดับคะแนน, เกรด

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

honour: to do what you promised to do - ทำตามสัญญา

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

immediately: happening right after something else with no delay; right away - ทันที

in the pipeline: working on it now, but not finished -

income: money that someone gets from working or from investing money - รายได้

industrial estate: an area of land where industrial companies have their buildings - นิคมอุตสาหกรรม

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

junction: a place where two or more cables, pipes, rivers or other things meet or are joined - จุดเชื่อมต่อ, ชุมทาง

large-scale: very big -

latest: newest; most recent - ] ล่าสุด, See also: ทันสมัยที่สุด, เกิดหลังสุด

launch: starting something - การเริ่มต้น

lend: (past form: lent) to give money to someone who agrees to pay it back in the future - ให้ยืม

leverage: borrowing money -

licence: an official document that gives someone permission to do or use something - ใบอนุญาต

lift: to end a warning, a restriction, etc. - ยกเลิก

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

lodge a complaint: to make a formal statement to someone in authority that someone has done something wrong - ยื่นคำร้อง

looking to: planning to do in the future -

lower-income: poorer -

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

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

organiser: an event organiser; a person or company that organises big events such as beauty contests -

package: many goods or services sold together in one "package" -

plot: a piece of land used for a particular purpose - ที่ดินแปลงเล็ก

policy: a set of plans or action agreed on by a government, political party, business, or other group - นโยบาย

popular: a situation in which someone or something is liked by many people - เป็นที่นิยม, เป็นที่ชื่นชอบ

potential: possible in the future - ที่อาจเป็นไปได้

project: a planned piece of work that is designed to find information about something, to produce something new, or to improve something - โครงการ

prompted: caused - ก่อให้เกิด

property: a building or buildings and the surrounding land - อสังหาริมทรัพย์

provide: to give someone/ something that they want or need - จัดหาให้, จัดเตรียมไว้ให้

province: on of many divisions of the government of a country into smaller parts - จังหวัด

prudent: careful and using good judgment - รอบคอบ ถี่ถ้วน

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 -

real estate: property - อสังหาริมทรัพย์

rebound: to rise again after falling, recover - กระโดดขึ้นอีกครั้งหนึ่ง,สะท้อนกลับ,เด้งกลับ

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

refuse: to say or show that you will not do something that someone has asked you to do - ปฏิเสธ

regulate: to control an activity officially by using rules - ควบคุม

render: to present something, especially when it is done officially - ตีความ, ปฏิบัติ

residential development: housing estate; an area containing a large number of houses or apartments built close together at the same time - บ้านจัดสรร

resume: to begin again after stopping for a period of time - เริ่มอีกครั้ง, กลับมาอีกครั้ง

return: the amount of profit that you get from something; the amount of money you earn - เงินรายได้

risk: the possibility that something dangerous or unpleasant might happen - ความเสี่ยง

round: one of a series of events, activities, etc. - รอบ

seaboard: the part of a country that is along its coast - ชายฝั่งทะเล

sentiment: a thought, opinion or idea based on a feeling about a situation, or a way of thinking about something - กระแส, แนวความคิด, ความคิดเห็น

show up: to arrive at a place - แสดงตัว, ปรากฏตัว

shrink: to become smaller, or to make something smaller - หดตัว, เล็กลง

shutdown: turning something off, so that it is not operating anymore -

situation: all the circumstances and things that are happening at a particular time and in a particular place - สถานการณ์

stringent: (of a rule, law, etc.) very strict and that must be obeyed - เข้มงวด

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

tension: the feeling caused by a lack of trust between people, groups or countries - ความตึงเครียด

transaction: a business dealing - การติดต่อทางธุรกิจ

travel agent: a company or person who sells travel products and services to travellers - ตัวแทนสำนักท่องเที่ยว; บริษัทนำเที่ยว

trim: to make something neater, smaller, better, etc, by cutting parts from it - ตัด

turmoil: a state of uncontrolled activity - การจราจล ความไม่สงบ

unrest: angry or violent behaviour by people who are protesting or fighting against something - สถานการณ์ที่ไม่สงบ

vulnerability: a weakness; a weakness that makes someone/something easy to attack - ความอ่อนแอ, ข้อบกพร่อง

vulnerable: easily damaged or harmed - ซึ่งถูกทำลายได้ง่าย

worrisome: worrying; causing worry or anxiety - ซึ่งน่าวิตก

worth: having a value in money, etc - มีค่า, มีมูลค่า

year-on-year: the amount or statistic for a period this year (month, quarter, half-year) compared to last year -

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