What's new in business news: April 8, 2014

What's new in business news: April 8, 2014

World Bank warns rice scheme adds to country's debt, orders for 3 million World Cup shirts & land to compensate poor farmers actually went to government officials.

With government warehouses full of rice and rice prices falling, the World Bank advises the government to end the rice pledging scheme. (Source: Post Today)


Thailand to produce 3 million World Cup shirts

Thailand's garment industry has received orders to produce around three million World Cup shirts for FIFA World Cup 2014 to be held in Brazil in June. Leading international brands such as Nike and Adidas have placed orders with four Thai companies -- Hi-Tech Group, Nice Group, Hong Seng Group and Liberty Group for uniforms for about 10 teams, and also national shirts for sale during the competition.

Sports apparel make up about one-third of the Thailand’s overall garment exports. The major markets for Thai sportswear are the US and countries in Europe. This year's World Cup  would help boost overall exports of garments by 5% in 2014 with a value of around US$3.05 billion.

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Rich people & govt officials own land meant for poor farmers

Many plots of land intended for poor farmers in Nakhon Ratchasima have fallen into the hands of politicians, civil servants and businessmen, according to an investigation by the Public Sector Anti-Corruption Commission (PACC) into alleged irregularities relating to a land distribution project at "Lamtakong self-build estate" in Pak Chong district. The land distribution project at Lamtakong was set up to allocate land to people affected by the construction of Lamtakong dam. More land plots were set aside for allocation than the actual number of people affected by the dam construction and more than 100,000 rai of land at the "Lamtakong self-build community" remains unallocated, despite the fact that construction of the dam was completed more than a decade ago. The estate covers 280,000 rai and was set up on June 19, 1967.

Land ownership documents issued between 2008 and 2001 show that many of those who secured land ownership rights were well-known figures. One of them is even the owner of a golf course. Initial checks had found many politicians, civil servants and businessmen had registered as members of the community cooperative, which entitled them to own land under the distribution scheme.  

Many of the people who secured ownership of land failed to meet project criteria, which specifies the land is intended only for local residents affected by the construction of the dam and poor farmers. Random checks found that most land owners had not been affected by the dam construction. There was only one farmer who settled and made use of land allocated under the project. Most other plots had been used for building houses on. The PACC is gathering evidence to prosecute state officials who approved false qualifications submitted by people not entitled to land distribution

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Rice subsidy adds to govt deficit World Bank warns 

The cost of Thailand's rice-subsidy scheme is rising, thereby adding to the country's fiscal deficit, the World Bank warns in the World Bank East Asia Pacific Update. Begun in 2011, the scheme seeks to support rice farmers with direct government purchases of unmilled rice at prices 50% higher than the market rate. With rice prices 12-15% lower at the end of 2013 than at the beginning of 2011, the government has not been able to auction the stock. Unmilled rice has piled up in government warehouses at twice the annual volume of the global rice trade or 18 million tonnes at the end of last year's third quarter, with the quality of the stockpile deteriorating.

The subsidy has cost the government US$12.7 billion or 3.5% of gross domestic product (GDP) in its first year of operation, raising the country's fiscal deficit to 4.4% of GDP in 2012 from 1.7% in 2011. The scheme cost the government another US$13.9 billion or 3.6% of GDP in 2013. Even though Thailand reported a lower deficit in 2013 (2.3% of GDP) than in 2012 (4.4%), the country must return to fiscal consolidation, replacing generalised subsidies such as the unsustainable rice-pledging scheme with targeted income support for vulnerable groups, the report said.

Larger Southeast Asian economies such as Indonesia and Thailand will face tougher global financial conditions and higher levels of household debt. The countries' exports will increase, but higher debt servicing costs and ongoing fiscal consolidation will weigh on domestic demand. Current monetary policies provide some insurance against downside risks in big countries in Asean including Thailand, but creeping inflation needs careful monitoring. China has already begun a series of reforms in finance, market access, labour mobility and fiscal policy to increase the efficiency of growth and boost domestic demand.

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  • access: having the opportunity to have or use something - มีโอกาสในการใช้
  • actual: real; existing in fact - จริง
  • advise: to tell somebody what you think they should do in a particular situation - แนะนำ, แจ้ง
  • alleged: claimed to be true although not yet proven; claimed to have done something wrong but not yet proven - ที่ถูกกล่าวหา
  • allocate (verb): to give out an amount of or share of something - แบ่งส่วน
  • allocate (verb): to officially give something to someone - จัดสรร, จัดแบ่ง
  • allocation: an amount or share of something that is given to someone - การแบ่งส่วน
  • apparel: clothing, when it is being sold in shops/stores - เสื้อผ้า, เครื่องนุ่งห่ม
  • approve: to give official permission - อนุมัต
  • boost: to increase - เพิ่ม
  • check: to look at something written or work that has been done and make sure it is correct - ตรวจ, ตรวจสอบ,
  • civil servant: someone who works for a government department - ข้าราชการ
  • civil servants: people who work in the government departments responsible for putting central government plans into action - ข้าราชการ
  • community: the people living in one particular area - ชุมชน
  • competition: a situation in which people or organizations compete, i.e., try to be more successful or better than somebody else who is trying to do the same as you - การแข่งขัน
  • conditions: the circumstances or situation in which people live, work or do things - เหตุการณ์, สภาพการ, สถานการณ์
  • consolidation: to make a position of power or success stronger so that it is more likely to continue - การทำให้แข็งแรง,การรวบรวมกำลัง
  • construction: the work of building or making something, especially buildings, bridges, etc. - การก่อสร้าง
  • cooperative: a business or farm owned and run by the people involved, with the profits shared by them - สมาคมสหกรณ์
  • creep: to move or develop very slowly - เคลื่อนที่อย่างช้าๆ
  • criteria: a standard that is used for judging something or for making a decision about something - บรรทัดฐาน
  • current: of the present time - ปัจจุบัน
  • dam: a wall built across a river to stop the water from flowing, especially in order to create a lake or to help to produce electric power - เขื่อน
  • debt (noun): an amount of money that you owe - หนี้, นี้สิน
  • decade: a period of ten years - ทศวรรษ, ระยะเวลา 10 ปี
  • deficit: the amount by which something is too small or smaller or less than something else - จำนวนที่น้อยกว่า, จำนวนที่ขาด
  • demand (noun): the need and desire of people to buy goods - อุปสงค์
  • distribution: the process of giving something out to many different places - การแจกจ่าย
  • domestic: inside the country being talked about - ภายในประเทศ
  • downside: the disadvantages or less positive aspects of something - ผลเสีย
  • efficiency: the ability to work well and produce good results by using the available time, money, supplies etc in the most effective way - ความมีประสิทธิภาพ
  • entitled: having the right to have or do something - มีสิทธิโดยชอบ
  • evidence: facts, signs or objects that make you believe that something is true - หลักฐาน,ข้อแสดง
  • export (noun): something sold and transported to another country - สินค้าออก
  • figure: someone who is important in some way - บุคคลสำคัญ
  • financial: involving money - เกี่ยวกับเงิน, ทางการเงิน
  • fiscal (adj.): connected with a budget; connected with the government budget, i.e., public money - เกี่ยวกับงบประมาณ
  • garment: a piece of clothing - เสื้อผ้า, เครื่องแต่งกาย
  • global: throughout the world - ทั่วโลก
  • 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 (noun): economic growth, an increase in economic activity - การเติบโต
  • household: a group of people, often a family, who live together - ครัวเรือน
  • income: money that someone gets from working or from investing money - รายได้
  • inflation: a general rise in the prices of services and goods in a particular country, resulting in a fall in the value of money - เงินเฟ้อ
  • initial: early; first - เบื้องต้น
  • insurance: an arrangement in which you regularly pay an insurance company an amount of money so that they will give you money if something you own is damaged, lost, or stolen, or if you die or are ill or injured - การประกัน
  • intended: planned; wanted to happen - ที่ได้วางแผนไว้ ที่ตั้งใจให้เกิดขึ้น
  • investigation: the process of trying to find out all the details or facts about something in order to discover who or what caused it or how it happened - การสอบสวน, การตรวจสอบหาข้อเท็จจริง
  • irregularity: a situation in which the rules, laws, or usual ways of doing things have not been followed - การปฏิบัติที่ไม่เป็นไปตามระเบียบปกติ
  • issue: to give or provide something official - แจกจ่าย
  • labour: people whose job involves hard physical work that is not skilled, especially work that is done outdoors - กรรมกร, ผู้ใช้แรงงาน
  • leading (adjective): among the first and most important in a group - ชั้นหนึ่ง, ชั้นแนวหน้า, ชั้นนำ
  • local: in or related to the area that you live, or to the particular area that you are talking about - ท้องถิ่น
  • major: very large or important - สำคัญมาก
  • make up (verb): to be part of something, to consist of - Chinese make up 50% of the city's residents
  • member: a person, a country or an organization that has joined a particular group, club or team - สมาชิก
  • mobility: the ability to move or travel around easily - การเคลื่อนที่ได้ง่าย, การเคลื่อนไหว
  • monetary policy (noun): the policy of the central bank of a country to control the supply of loans and money in the economy - นโยบายการเงิน
  • monitor: to regularly check someone/something - จับตาดู เฝ้าระมัดระวัง
  • national (adjective): for the whole country - แห่งชาติ, ของชาติ
  • officials: people who have the power to make decisions or enforce the law - เจ้าหน้าที่ผู้มีอำนาจ
  • ongoing: continuing - อย่างต่อเนื่อง
  • overall (adj): total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป
  • ownership (noun): the condition or state of owning things, having things that you "own", that belong to you, that you are the "owner" of - สิทธิการครอบครอง, ความเป็นเจ้าของ
  • plot (noun): a piece of land used for a particular purpose - ที่ดิน, ที่ดินแปลงเล็ก
  • politician: a person whose job is concerned with politics, especially as an elected member of parliament, etc. - นักการเมือง
  • project: a planned piece of work that is designed to find information about something, to produce something new, or to improve something - โครงการ
  • prosecute: to officially accuse someone of a crime and ask a court of law to judge them - ดำเนินคดี
  • qualification (noun): a skill or type of experience that you need for a particular job or activity; an exam that you have passed or a course of study that you have successfully completed - คุณวุฒิ, คุณสมบัติ
  • random: happening, done or chosen by chance rather than according to a plan - ซึ่งไม่มีแบบแผน
  • reform: a change that is intended to correct a situation that is wrong or unfair - การแก้ไข การปฏิรูป
  • register: to put your name and other information on an official list in order to be allowed to do something, e.g., vote, study, stay in a hotel etc - ลงทะเบียน
  • resident: a person who lives in a particular area - ผู้ที่อาศัยในท้องที่
  • rice pledging scheme: a government programme in which a fixed price, in this case well above the market price, is offered to rice farmers for their harvested rice - การจำนำข้าว
  • rice-pledging scheme: a government programme in which farmers sell rice to the government at a particular price, with the right to reclaim the rice if the market price goes higher - โครงการจำนำข้าว
  • right (noun): something that you are legally allowed to do or have - สิทธิ
  • risk: the possibility that something dangerous or unpleasant might happen - ความเสี่ยง
  • scheme: a plan that is developed by a government or large organisation in order to provide a particular service for people - แผนการ โครงการ
  • secure (verb): to get or achieve something - ได้มา, ทำให้ได้ผล, ได้รับ
  • set aside: to keep or save something from a larger amount or supply in order to use it later for a particular purpose - สำรอง
  • settle: to go and live somewhere, especially permanently - เข้ามาอาศัยอยู่
  • specify: to explain something in an exact and detailed way - ระบุ  ชี้แจงรายละเอียด
  • submitted (verb): formally given to someone, usually, but not always, so that they can make a decision about it - ยื่น
  • subsidy: an amount of money that a government or organisation pays to help to reduce the cost of a product or service - เงินชดเชยที่รัฐเป็นผู้จ่ายให้
  • target (noun): an object, person, business, building, area, etc., that someone intends to attack, deal with or find - เป้าหมาย
  • unsustainable (adj.): that cannot be continued at the same level, rate, etc - ที่ไม่สามารถจะดำเนินต่อเนื่องในระดับเดียวกันอัตรา ฯลฯ
  • value: how much something is worth in money or other goods for which it can be exchanged - มูลค่า
  • vulnerable: easily damaged or harmed - ซึ่งถูกทำลายได้ง่าย
  • warehouse: a large building for storing things - โกดังสินค้า, คลังสินค้า, โรงพัสดุ
  • well-known (adj.): famous, everyone knows about it - ซึ่งมีชื่อเสียง, ซึ่งเป็นที่รู้จักกันดี, เป็นที่รู้จัก, เลื่องลือ
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