What's new in business news: August 14, 2014 | Bangkok Post: learning

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What's new in business news: August 14, 2014

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Rice sales fail, B509m for student-loan debt collection & new undersea fibre optic internet cables to boost international internet speeds. 

Rice sales in the local market is one thing, but the military-appointed government is finding it a little different from selling rice in competitive overseas markets.


Rice sales fail

The government failed to sell all the rice it put up for general auction last week, with 167,000 tonnes of rice from state stocks up for auction, the first lot to be auctioned since sales were halted when the military took control. Last week's auction drew 46 small, medium-sized and large exporters, millers and rice packers, but most of them proposed buying prices below the floor prices set by the panel handling rice sales and managed to secure deals for only tens of thousands of tonnes. The panel handling rice sales has used floor prices but will be asked to change to using a price ranges to make the sales more flexible.

Most bidders last week were said to have offered prices which were reasonable and close to market prices. [offers for Hom Mali fragrant rice at 28.50 baht per kilogramme which is much higher than 23-25 baht sold during the previous government, while offers for white rice were 11-11.50 baht per kg compared with 8-9 baht]  The offers are considered realistic enough, as the rice put up for auction is sold at the ex-warehouse price in which the buyers have to bear the cost of transportation, sacks and labour. Moreover, the bidders have to pay withholding tax at 1% of the value of the rice they buy plus export tax at 0.75% of the export value if the grain is slated for exports.

Another contributing factor is Vietnam's tightened control on its cross-border shipments to China to prevent rice smuggling, causing Vietnam's prices to significantly drop. Vietnam's 5% white rice is now quoted at only US$450 a tonne, almost equivalent to the prices of Thai white rice. The market changes very fast and the Philippines is also due to call a bid to buy a new lot of 500,000 tonnes of 25% white rice on Aug 27, while Malaysia wants to buy an additional 200,000 tonnes of rice and Indonesia needs at least 200,000 tonnes.  The junta last month vowed to sell an average of 500,000 tonnes a month from existing state stocks and dispose of the existing 18-million-tonne surplus within three years through four channels: auctions, government-to-government sales, direct sales and via the Agricultural Futures Exchange of Thailand (AFET).

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B509m for student-loan debt collection

The Office of the Student Loan Fund has filed lawsuits against about 700,000 students who have defaulted on loan repayments.  This year the office plans to lend 30 billion baht to about 1 million students in need. About half of all  student debtors default.

509 million baht has been allocated to hire debt collectors to hunt down defaulting students and retrieve the money. The office does not plan to spend all of the 509 million baht, as the debt collectors will be receive 7% of collected debts. Last year the office allocated 286 million baht for debt collection. The debt collection process of debt collection firms must comply with the regulations of the Bank of Thailand.

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New undersea fibre optic internet cables to boost international internet speeds

The National Council for Peace and Order (NCPO) has approved an investment framework for three undersea fibre optic cables at a total of 5.97 billion baht to greatly boost Thailand's international internet capacity:

1. Asean-Africa-Europe cable (AAE 1), estimated cost 1.4 billion baht;

2. Southeast Asia-Middle East-western Europe cable (SEA-ME-WE), 1.3 billion baht;

3. Southeast Asia-Japan cable (SJC Thailand Branch), 2.27 billion baht.

The  projects will provide links to four countries -- Singapore, Malaysia, Japan and France -- and willhelp TOT Plc increase the capacity of internet services from the existing 900 gigabites per second (gbs) to 1,800 gbs for the first two projects and up to 3,700 gbs for the third project. The projects should be completed within three years.

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additional: more; more than was first mentioned or is usual - ที่เพิ่มขึ้น

allocate: to officially give out an amount of or share of something - แบ่งส่วน

appointed: officially chosen for a job - ถูกแต่งตั้ง

approve: to give official permission - อนุมัต

at least: the smallest amount possible, could be more than this - อย่างน้อย

auction: a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each thing, until the thing is sold to the person who will pay most - การขายโดยการประมูล, การขายทอดตลาด

bear costs: pay part of the money needed to do something -

bid: an offer to buy or provide something at a specific price - การประมูล, การให้ราคา, การเสนอราคา

bidder: a person or company who makes an offer to buy/sell something at a specific price - ผู้ประมูล ผู้ยื่นเสนอราคา

boost: to increase - เพิ่ม

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

capacity: the amount of something that can be produced or done - ความสามารถในการ (ระบาย, ผลิต etc.)

competitive: involving competition - มีการแข่งขัน

comply: to obey a rule, law, agreement, etc. or do what someone asks you to do - ปฏิบัติตาม (กฎหมาย, ข้อเสนอ, ข้อตกลง etc.)

consider: to regard as; to think of as - ถือว่า

cross: to go across; to pass or stretch from one side to the other - ข้าม

debt collection: the process of getting money from people who stopped paying back their loans -

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

debtor: a person who owes money - ลูกหนี้

default: failure to repay a debt - การไม่ยอมชำระหนี้ การผิดสัญญา

default: to fail to repay a debt - ไม่ยอมชำระหนี้

direct: going straight to a place (not "going to other places first" which is "indirect") - ตรงไป, ไม่เบี่ยงเบน

dispose: to throw away or get rid of - ทิ้ง

due to: scheduled to - มีกำหนด

equivalent: the same as   - เท่าเทียมกันกับ

estimated: thought to be a particular amount, size, etc. based on a guess or the best information available - ประมาณการ

ex-: out of , going out of -

fibre optic cable: a very fast cable for internet and other communication networks - เคเบิลเส้นใยนำแสง

finding: results, what people "find" or discover by doing some research or activity - ผลของการสืบค้น, ผลของการค้นหา

flexible: able to change to suit new conditions or situations - เปลี่ยนแปลงได้,แก้ได้

floor price: a lower limit; the lowest possible price; prices cannot go below this price -

framework: a system of rules, ideas or beliefs that is used to plan or decide something - ขอบข่ายงาน, โครงร่าง

grain: the small hard seeds of food plants such as wheat, rice, etc; a single seed of such a plant - เมล็ดข้าว, เมล็ดพืช

handling: the management of goods and cargo while they are being sent from one place to another -

hunt: to look for somebody in order to catch them or harm them; to chase wild animals or birds in order to catch or kill them for food, sport or to make money - ตามหา, ล่า

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

investment: the act of investing money in something - การลงทุน

junta: a group of military officers that governs a country, usually without having been elected - รัฐบาลทหาร

labour: to do hard physical work - ทำงานหนัก

lawsuit: a claim or complaint against somebody that a person or an organisation can make in court - คดีความ, คดีในศาล

link: a connection - การเชื่อมต่อ

local: in this country (Thailand) -

lot: a group or set of things or people - ชุด,รุ่น

military: connected with soldiers or the armed forces - ในทางทหาร,เกี่ยวกับทหาร

National Council for Peace and Order (NCPO): The military-installed group ruling Thailand following the 2014 coup d'état - คณะรักษาความสงบแห่งชาติ

offer: an act of saying that you are willing to do something for somebody or give something to somebody - เสนอเพื่อให้พิจารณา

overseas: in another country - ต่างประเทศ

panel: a group of people who make decisions or judgments - คณะกรรมการ

process: a series of actions that you take in order to achieve a result - แนวทางปฏิบัติ, กระบวน, วิธีการ

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

quote: to tell a customer how much money you will charge them for a job, service or product - แจ้งราคา

range: all the numbers or amounts between two numbers - พิสัย, ค่าที่ใช้วัดการกระจายอย่างง่ายเป็นค่าที่ได้จากผลต่างระหว่างค่าสูงสุดและค่าต่ำสุดของข้อมูล

realistic: based on facts and situations as they really are - ซึ่งปฏิบัติได้จริง, เป็นจริง, เป็นไปได้

reasonable: fair, practical and sensible - มีเหตุผล

regulation: an official rule that controls the way that things are done - กฎระเบียบ

retrieve: to get something back, especially something that is not easy to find - ได้กลับคืนมา

sack: a large strong bag for storing and carrying things - กระสอบ, ถุงขนาดใหญ่

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

significantly: in an important way - อย่างมีความหมาย, อย่างสำคัญ

slate: to plan that something will happen at a particular time in the future - วางแผนสำหรับสิ่งที่จะเกิดขึ้นในาในอนาคต

smuggling: secretly and illegally taking goods or people into or out of a country or place - การลักลอบ

stock: an amount of something that you keep so that you can use it when you need it - ที่เก็บไว้ในสต๊อก

surplus: more than is needed - เหลือเกิน, ส่วนที่เกิน

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

vow: to make a formal and serious promise to do something - สาบาน, ปฏิญาณ

warehouse: a large building for storing things - โกดังสินค้า, คลังสินค้า, โรงพัสดุ

withholding tax: part of a person's salary or payment that an employer gives to the government as payment of that person's taxes - ภาษีหัก ณ ที่จ่าย; เป็นภาษีที่ผู้จ่ายต้องหักไว้จากยอดเงินที่เรียกเก็บ แล้วนำส่งให้กับกรมสรรพากร

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