What's new in business news: August 18, 2014 (video, photos) | Bangkok Post: learning

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What's new in business news: August 18, 2014 (video, photos)

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Boiler explosion at Samut Prakan factory injures 21, surprise 2nd quarter growth in Thai economy & Bitcoin virtual currency firm licensed to trade in baht. 

The boiler at a Samut Prakan cloth dyeing factory that is said to have because there was not enough water in it, injuring at least 21 people and damaging many houses nearby. (Photo by Sutthiwit Chayutvoraken and Thiti Wannamontha)

INDUSTRIAL SAFETY

Boiler explosion at Samut Prakan factory injures 21

A total of 21 people were injured, five seriously, when a boiler at a cloth dyeing factory exploded early Sunday. The explosion at the Samut Prakan dyeing factory of Wongpasit Printing happened about 4.50am in the morning.  Most of the injured were workers from Myanmar and were admitted to Samut Prakan hospital.  The blast destroyed about 10 wooden houses behind the factory. Four fire engines were deployed to put out the fire.

Police suspect that the boiler exploded because there was not enough water in it. The cost of the damage is estimated to be over one million baht. Prajak Makaew, a 38-year-old factory worker, said he heard a loud explosion while working on a night shift inside the factory building. "I ran to see what happened and I saw the large boiler fall to the floor. The roof was blown off and flames spread everywhere," Mr Prajak said.

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ECONOMY

Thai GDP unexpectedly expands in Q2

18/08/2014
Bloomberg News agency

Thailand's gross domestic product (GDP) increased in the second quarter by 0.4% year-on-year after contracting by a revised 0.5% in the previous three months. This beat an estimate of zero growth.  As a result, Thailand’s baht rose to a three-week high as data showed the economy unexpectedly expanded last quarter, signaling the military government is having some success in reviving growth since the May coup.  The baht climbed 0.2% to 31.805 per dollar. Some forecasts say the currency will rise to 31.50 by Sept. 30.

Overall, however, the Thai economy contracted 0.1% in the first six months of the year with second-quarter growth supported by household spending. A 2014 expansion of 1.5% to 2% has been predicted with a steady recovery expected in the second half of the year and GDP likely increasing 3.5% to 4.5% next year. The military government pushed through more than 92 billion baht ($2.9 billion) in payments to farmers in June that had been delayed under the previous administration of prime minister Yingluck Shinawatra.  67 billion baht in infrastructure spending has also been approved. In the second half, the positive effects of the junta’s economic policies will likely be more visible.

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VIRTUAL CURRENCY

Bitcoin virtual currency firm licensed to trade in baht

The company Coins (Thailand) became the second bitcoin exchange service provider in Thailand after Bitcoin Co which was the first company to obtain approval for a digital currency business. The company Coins began service after it was awarded an e-commerce licence by Huay Khwang District Office on June 20, bitcoin trading operations being considered a form of commodity trade rather than currency trading.  Set up in 2013, the company's headquarters are based in Singapore but its technological development office is located in the Philippines. The company began bitcoin trading in the Philippines in January and in Thailand in June.

The Bank of Thailand (BoT) has issued a letter to one of the two firms, namely Bitcoin, saying that foreign currency exchange cannot be done without an operating licence granted by the BoT. That is why both companies, Bitcoin and Coins, are trading only in baht and not in any foreign currency. The BoT says a company providing bitcoin exchange against the baht does not require approval or a licence from the central bank because bitcoin and other virtual currencies are not recognised as legal tender in Thailand. However, the company has to comply with other related laws such as the Civil and Commercial Code, Consumer Protection Act, and Anti-Money Laundering Regulations. Digital currencies are said to dramatically reduce remittance and transaction fees compared with those of traditional banking services.

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Vocabulary:

Act: a law passed by a country’s government - กฎหมาย

administration: the government of a country - รัฐบาล

admitted: (of a hospital) accepted for medical treatment - รับ, ให้เข้า, การรับเข้า, อนุญาตให้เข้า

anti: against - ตรงกันข้าม, ต้าน

approval: official permission - การอนุมัต

approve: to give official permission - อนุมัต

as a result of: because of -

beat: to win over someone; to defeat someone - ชนะ

blast: an explosion - การระเบิด

blow: a hard hit with the hand, a weapon, etc - การตี,การชก,การต่อย

boiler: steam boiler, a large metal tank used for boiling water in a factory - หม้อต้มน้ำให้เป็นไอ, หม้อไอน้ำ

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

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

contract: to get smaller - หดตัว

currency: the system of money that a country uses - เงินตรา

damage: to harm or spoil something/somebody - ทำความเสียหาย

data: facts or information, especially when examined and used to find out things or to make decisions - ข้อมูล, ตัวเลข, สถิติ

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

deploy: to put into position and made ready for use - การนำลงประจำท้องที่

digital: using a system of receiving and sending information as a series of the numbers one and zero, showing that an electronic signal is there or is not there - ซึ่งรับส่งข้อมูลด้วยการใช้ตัวเลข

dramatically: in a big way - อย่างใหญ่หลวง

dye: a special liquid to change the colour of something - สารย้อมสี

dye: to change the colour of something using a special liquid - ย้อมสี

effect: a change that somebody/something causes in somebody/something else; a result - ผลกระทบ

estimate: an amount that you guess or calculate using the information available - ประมาณการ

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

exchange: giving one thing and getting another - การแลกเปลี่ยน

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

expansion: when something increases in size, number or importance - การขยายออก

explode: blast, blow up, burst - ระเบิด

explosion: the sudden violent bursting and loud noise of something such as a bomb exploding; the act of deliberately causing something to explode - การระเบิด

fee: an amount of money that someone pays to be allowed to do something, or in this case, to hire someone - ค่าธรรมเนียม, ค่าจ้าง

fire engine: a fire truck; a special truck with hoses that can be used to put out fires with water - รถดับเพลิง

firm: a business or company - บริษัท

flames: the brightly burning gases that you see coming from a fire - เปลวไฟ, เปลวเพลิง

forecast: to say what you think will happen in the future based on information that you have now - ทำนาย, ทาย, พยากรณ์

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 -

grant: to officially give something - ให้

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

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

infrastructure: a set of systems within a place or organisation that affect how well it operates, e.g., the telephone and transport systems in a country or the system of train tracks that a railway uses - สาธารณูปโภค

injure: to hurt or cause physical harm to a person or animal - ทำให้บาดเจ็บ, ทำร้าย

injured: hurt in an accident or attack - ได้รับบาดเจ็บ

issue: to give or provide something official - แจกจ่าย

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

legal tender: legal to use as money - เงินตราที่ชำระหนี้ได้ตามกฎหมาย

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

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

money laundering: hiding the origin of money obtained from illegal activities by putting it into legal businesses - การฟอกเงิน

operating: carrying out an activity - ดำเนินการ

overall: total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป

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

positive: good - ที่ดี

predict: to say that an event or action will happen in the future, especially as a result of knowledge or experience - คาดการณ์ว่า พยากรณ์จากสถิติว่า

previous: happening or existing before the event or object that you are talking about - แต่ก่อน, เมื่อก่อน

protection: the act of protecting somebody/something; the state of being protected - การอารักขา, การปกป้อง

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

put out: to end a fire; to extinguish a fire - ดับ

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

recognise: to accept that something is true or important - ยอมรับ

recovery: the process of becoming normal and healthy again - การฟื้นตัว, การฟื้นฟู

revise: to change, improve, or make additions to something - แก้ไข

revive: to come or bring something back to life, health, existence, or use - ทำให้ฟื้นชีพ

shift: a period of work time in a factory, hospital or other place where some people work during the day and some work at night - เวร, กะ หรือระยะเวลาทำงานเป็นช่วงๆ,

signal: to be a sign that something exists or is likely to happen - ส่งสัญญาณ

spread: gradually affecting or covering a larger area - การแพร่กระจาย

steady: staying at the same level, speed, value etc - ไม่เปลี่ยนแปลง, สม่ำเสมอ

suspect: to believe that something is true, especially something bad - สงสัย, เป็นที่สงสัยว่า

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

traditional: of a custom, a way of life or a way of doing things that has not changed for a long time - เป็นประเพณี, ตามธรรมเนียม, ตามที่ปฏิบัติกันมา

transaction: a business dealing - การติดต่อทางธุรกิจ

unexpectedly: in a surprising way because you were not expecting it - อย่างไม่คาดฝัน, อย่างน่าประหลาดใจ

virtual: almost the same as - เกือบจะ

visible: able to be seen - ที่มองเห็นได้

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

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