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

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

Taxis must behave for higher fares, high risk of unrest remains in Thailand & bidding begins for green Line extension to Saphan Mai.

Taxi's grouped together in a show of solidarity to demand higher fares.

TRANSPORT

Taxis must behave for higher fares

Why is this important? Standards for taxi operation need to be upgraded as frequent complaints about taxi service clearly show. Demands for a fare increase are a good opportunity to introduce new higher standards. Taxi drivers will get their fare increase, if they adhere to higher standards (quid-pro-quo).

Taxi fares are set to increase by December under government plans to help drivers cope with rising operating costs — on the provison that drivers clean up their act. As part of the conditions, cab drivers will be ordered to brush up on their manners and repair vehicles to meet safety and hygiene standards, including air-conditioning systems. If the authorities and taxi operators can agree on new minimum standards, a process of inspecting taxis to see if they meet required standards will start. Taxis which meet the standards will be issued with stickers certifying the quality of their service.

Taxi drivers would have to agree to stop bad habits such as rejecting passengers or dropping people off before their destination,if they want the fare increase to go ahead. Officials will also assess the services of metered-cabs every six months and allow the public to offer suggestions on how to improve taxi services.

If cab drivers and taxi operators accept the conditions for the fare increase, starting next month for a period of 45 days, taxis will be inspected and certified. After that, taxi fares will be allowed to increase, no later than December. Fares for short distances will still be cheap, but fares for long distances will rise. The new rates should guarantee drivers make at least 300 baht a day in profit.

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MARTIAL LAW & POLITICAL RISK

High risk of unrest remains in Thailand

Green Line extension which will finally get underway in 2015 (Source: Wikipedia on Sukhumvit Line)

Why is this important? Many people in Thailand want an end to martial law now, but some risks of civil unrest that have disrupted the Thai economy in the past apparently still remain.

Thailand remains at “high risk” of civil unrest in the coming quarter despite the country remaining under martial law, according to UK risk-analysis and forecasting firm Maplecroft Ltd. Its quarterly Civil Unrest Index, which assesses the likelihood of strikes, protests, ethnic or sectarian clashes or conflict disrupting business operations, ranked Thailand 16th out of 197 countries, leading all Asian manufacturing nations. The relatively high ranking comes despite the country remaining under martial law and governed by a military appointed legislature.

Prolonged anti-government protests in Thailand, which culminated in a military coup in May 2014, shut down much of the country's commercial centre. The protests not only disrupted business operations in Bangkok, they caused the International Monetary Fund (IMF) to lower the 2014 projected GDP growth rate to 2.5%, down from 5.2%, which could cost the country an estimated US$9.8 billion. Tracking the trajectory of countries with rising levels of unrest should be a top priority for business continuity planners and risk managers. Civil unrest can create significant risks to operations and supply chains and impact the safety of employees and company property.

Overall, Hong Kong experienced the largest increase in risk over the last quarter, due to the mass democracy protests of recent days. 20% of all the 197 countries listed saw increases in the potential of mass demonstrations, labour protests and ethnic or religious violence. Key nations experiencing increases included Hong Kong, Kenya, Nigeria, China and Mexico. In Asia, civil unrest poses a "high risk" in not only Thailand, but Indonesia (23rd), Vietnam (24th), China (26th), India (28th), Cambodia (32nd) and the Philippines (35th). As a result of civil unrest some companies operating in and sourcing from these countries have faced severe disruptions, including from strikes, while the economic impacts have also been significant.

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TRANSPORTATION

Bidding begins for green Line to Saphan Mai

The Mass Rapid Transit Authority of Thailand (MRT) will spend the rest of the month assessing the qualifications of five consortia that are bidding to operate the Green Line subway. The Green Line — Mochit-Saphan Mai-Kukot — covers a distance of 18.4km and requires an investment of 26 billion baht.  Financial details of bids for the project and price negotiations will start in December.  A contract between the MRT and the winning bidder is expected to be signed in June 2015, with construction due to be completed three to four years after that.

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Vocabulary

  • allow: to let somebody/something do something; to let something happen or be done - อนุญาต, ยอมรับ
  • analysis: the detailed study or examination of something in order to understand more about it; the result of the study - การวิเคราะห์
  • apparently: based only on what you have heard or think, not on what you are certain is true; seemingly - ตามที่ได้รู้มา
  • assess (verb): to carefully consider a situation, person, or problem in order to make a judgment - ประเมิณ, ประเมิณสถานการณ์
  • authority (noun): a person or government agency who has the power to make decisions or enforce the law - เจ้าหน้าที่ผู้มีอำนาจ
  • 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
  • bidding (noun): offering to buy/sell something at a specific price - การยื่นเสนอราคา, การประมูล
  • brush up on (verb): to quickly improve a skill, especially when you have not used it for a time; to review - ปรับปรุง, ทบทวน
  • certified: having a document confirming that someone or something meets a necessary standard - ที่มีการรับรอง
  • certify: to give somebody an official document proving that they are qualified to work in a particular profession - รับรอง,ลงนามเป็นพยาน
  • civil unrest: angry or violent behaviour by people who are protesting or fighting against something - สถานการณ์ที่ไม่สงบ
  • clash: a fight between groups of people - การปะทะกันสองฝ่าย
  • clean up their act: improve what they are doing, because they are not doing a good job now -
  • condition: something that must be true or must be done before another thing can happen - เงื่อนไข
  • conflict: an angry disagreement between people or groups - ความขัดแย้ง
  • consortia: plural of "consortium" meaning: an organization of several businesses or banks joining together as a group for a shared purpose - สมาคม,สหภาพ,ห้างหุ้นส่วน,สมาคมนายธนาคาร
  • construction: the work of building or making something, especially buildings, bridges, etc. - การก่อสร้าง
  • continuity: the fact of not stopping or not changing - ความต่อเนื่องกัน
  • contract: an official written agreement - สัญญา
  • cope with: to deal successfully with a difficult situation or job - จัดการกับปัญหา แก้ปัญหา
  • demand: a very firm request for something - ข้อเรียกร้อง, การเรียกร้อง
  • demonstration: an occasion when a group of people gather together to support or protest about something - การชุมนุม
  • despite (prep): used to show that something happened or is true although something else might have happened to prevent it; used to show that somebody did not intend to do the thing mentioned - ถึงอย่างไรก็ตาม, ทั้ง ๆ ที่
  • destination: the place where someone or something is going - จุดหมายปลายทาง
  • detail (noun): the small facts or features of something - รายละเอียด, ส่วนเล็กๆ น้อยๆ, ส่วนย่อย
  • disrupt: to interrupt something and prevent it from continuing by creating a problem - ได้รับการกระทบกระเทือน  ถูกทำให้หยุดชะงัก
  • drop off: to stop so that somebody can get out of a car, etc; to deliver something on the way to somewhere else - ส่งผู้โดยสารหรือของ
  • due to: because of - เนื่องจาก
  • due to: scheduled to - มีกำหนด
  • employee: someone who is paid regularly to work for a person or an organisation - ลูกจ้าง
  • estimated: thought to be a particular amount, size, etc. based on a guess or the best information available - ประมาณการ
  • ethnic: of a group of people with the same culture or traditions - กลุ่มชาติพันธุ์
  • experience: the knowledge and skill that you have gained through doing something for a period of time - ประสบการณ์
  • experience (verb): to have something happen to you or to live through some event - ประสบ
  • fare: the money that you pay for a journey - ค่าโดยสาร
  • financial: involving money - เกี่ยวกับเงิน, ทางการเงิน
  • firm: a business or company - บริษัท
  • forecast: a statement about what will happen in the future based on information available now - การพยากรณ์, การคาดการณ์
  • 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 -
  • go ahead with: decide to do something that you planned to do -
  • growth (noun): economic growth, an increase in economic activity - การเติบโต
  • guarantee: to be certain that something will happen - รับรอง, รับประกัน
  • habit: a thing that you do often and almost without thinking, especially something that is hard to stop doing - กิจวัตร, สิ่งที่เป็นนิสัย, สิ่งที่ทำเป็นประจำ
  • hygiene: the degree to which people keep themselves or their environment clean, especially to prevent disease - สุขลักษณะ
  • impact (noun): an effect or influence - ผลกระทบ
  • inspect: to look at something carefully - ตรวจสอบ, ตรวจสอบอย่างละเอียด
  • investment (noun): the act of investing money in something - การลงทุน
  • issue: to give or provide something official - แจกจ่าย
  • key: the most important thing - สิ่งที่สำคัญที่สุด
  • labour: people whose job involves hard physical work that is not skilled, especially work that is done outdoors - กรรมกร, ผู้ใช้แรงงาน
  • likelihood: the chance that something will happen - ความเป็นไปได้
  • manner: way - ลักษณะท่าทาง, กิริยาท่าทาง, วิธีการ
  • martial law: direct control of an area or country by the armed forces - กฎอัยการศึก
  • mass: a large amount of something - ปริมาณมาก
  • minimum: the lowest possible; the lowest allowed - ต่ำที่สุด, น้อยที่สุด
  • nation: a country considered as a group of people with the same language, culture and history, who live in a particular area under one government; all the people in a country - ประเทศ, คนในประเทศ
  • negotiations: formal discussion in which people or groups try to reach an agreement - การเจรจาต่อรอง
  • operate: to carry out an activity like running a business - ดำเนินการ
  • operation: a business activity - การดำเนินการทางธุรกิจ
  • operator (noun): a person or company that runs a business - ผู้ดำเนินกิจการทางธุรกิจ, ผู้ประกอบธุรกิจ
  • order (verb): to use your position of authority to tell somebody to do something or say that something must happen - สั่ง
  • overall (adj): total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป
  • passenger: someone who travels in a motor vehicle, aircraft, train, or ship but is not the driver or one of the people who works on it - ผู้โดยสาร
  • period: a particular length of time - ระยะเวลา
  • potential: possible in the future - ที่อาจเป็นไปได้
  • priority: something important that must be done first or which needs more attention than something else - การมาก่อน
  • process: a series of actions that you take in order to achieve a result - แนวทางปฏิบัติ, กระบวน, วิธีการ
  • profit: money that you make from selling goods and services after all your costs have been paid - กำไร
  • project: a planned piece of work that is designed to find information about something, to produce something new, or to improve something - โครงการ
  • projected: calculated based on information already known - คาดคะเน, ประเมิน
  • property: a building or buildings and the surrounding land - อสังหาริมทรัพย์
  • protest: a meeting or rally, sometimes forceful or violent, of people who strongly disagree with something - ชุมนุมประท้วง
  • 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
  • quarter (noun): three months of the year on the official calendar of the government or companies - ไตรมาส
  • quarterly: a publication that is published every three months or "quarter" -
  • rate: the level or speed at which something happens or changes, or the amount or number of times it happens or changes in a particular period - อัตรา
  • recent: happening or starting a short time ago - เร็วๆ นี้
  • reject: to not accept something - ปฏิเสธ ไม่ยอมรับ
  • religious (adj.): relating to religion, or to the beliefs and practices of a particular religion - เกี่ยวกับศาสนา
  • remain (verb): to stay in the same place; to not leave - ยังอยู่, พักอยู่, รออยู่
  • remain: to still be present after the other parts have been removed, used, etc; to continue to exist - ยังเหลืออยู่
  • repair: to fix something that is broken or damaged - ซ่อมบำรุง
  • require: to make somebody do or have something, especially because it is necessary according to a particular law or set of rules - บังคับใช้ (กฎหมาย) กำหนด
  • risk: the possibility that something dangerous or unpleasant might happen - ความเสี่ยง
  • sectarian: caused by disagreements among people from different religious groups - ที่ำก่อโดยลัทธิ หรือชนกลุ่มต่างๆ
  • sign a contract (verb): agree to do something in exchange for something such as money - เซ็นสัญญา
  • significant: important - สำคัญ
  • solidarity: agreement between and support for the members of a group - ความเป็นน้ำหนึ่งใจเดียว ความสามัคคี
  • standard: a (high) level of quality - มาตรฐาน
  • sticker: a sticky label (paper, plastic, etc.) with a picture or message on it, that you stick onto something - สติ๊กเกอร์
  • strike: a period of time when an organized group of employees of a company stops working because of a disagreement over pay or conditions - การหยุดงานประท้วง
  • supply chain (noun): the series of processes involved in supplying a product to someone, including the companies that manufacture all the parts going into a product - โซ่อุปทาน, สายโซ่อาหาร, ห่วงโซ่อุปทาน
  • track: to follow the development or progress of something - ติดตาม
  • trajectory: the high curving line in which an object such as a missile moves through the air - วิถีกระสุน
  • vehicle: a machine that you travel in or on, especially one with an engine that travels on roads, e.g., a car, bus, van, truck, etc. - ยานพาหนะ
  • violence: physical force with the deliberate intention of causing damage to property or injury or death to people - ความรุนแรง, การใช้กำลังทำลาย
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