Gaybutton

Ask and ye shall receive . . .

'Treasure trails' no doubt.

This one certainly is . . .

"So nice to have met you, Mr. Bond." - Count Lippe, 'Thunderball'

The exchange rate for the baht against the US Dollar is continuing its surge and has hit new records. The Bank of Thailand says this should ease during the second half of the year, but they do not expect it to reach 36 to 37 to the dollar, as the exporters want. The exchange rates as of Wednesday, July 11 at 10:55 AM are: US Dollar: 33.03 Euro: 45.255 British Pound: 66.75 Australian Dollar: 28.235 Canadian Dollar: 31.125 Don't be surprised if the baht to US dollar exchange rate gets into the 32s before the end of the week, perhaps by the end of the day! Some experts are saying the exchange rate will get into the 30s before this stops. _____ BoT Chief Sees Baht Rise Easing in 2nd Half BANGKOK, July 11 (TNA) Bank of Thailand governor Tarisa Watanagase on Tuesday voiced confidence that the current sharp baht appreciation would ease in the second half of this year since there are signs of a trade surplus decline and growth of imports. Mrs. Tarisa conceded the baht had appreciated by 7-10 per cent last week partly because exporters were worried about its rise and dumped the US dollar to reduce risks from currency losses. Should the situation persist, the baht would strengthen even further and additional foreign capital would flow into Thailand's stock market. However, the central bank chief said she believed the sharp baht rise would ease in the second half of the year because exports tend to grow at a slower pace than that of the same period last year. At the same time, imports appeared to increase since April and oil prices are expected to increase further. Given these factors, the country's trade balance would be in less surplus, which could ease the baht's appreciation. Mrs. Tarisa said the central bank saw a need for exporters to adjust themselves to the situation because the baht had strengthened in the same direction with other currencies in the region. The BoT chief viewed the exporters should take this opportunity to purchase machinery to improve their production capacity. Under the current circumstances, she admitted, it is unlikely that Thailand will see the baht move in a range of 36-37 to the dollar as desired by the exporters. The BoT chief said the central bank has already been supervising the baht to ensure it is not overly volatile. She added the baht had appreciated for the moment because foreign capital had flowed into the region's stock markets, including the Stock Exchange of Thailand. (TNA)-E005

I always thought the "Seven Wonders of the World" was more akin to a cliché than to something official. Who appointed this particular group to decide what constitutes the seven wonders? Well, they have their ideas and I have mine. I don't limit it to only seven anyway. They can think what they like, but I'll bet most of the people who voted have never been to Angkor Wat.

That problem is quite easily solved. Get a cashier's check to buy the car.

We all have our own ideas as to how to secure our valuables. If it were me, then a safe is exactly what I would want and expect a burglar to steal. I would not keep anything of value in it at all. I'd use it as a decoy. The burglar steals the safe and when he later breaks it open all he has is a broken safe. If I was keeping valuables at home, then I'd have them well hidden, but not in the safe.

The baht is continuing to strengthen against the US dollar. The closing rates today, Monday, July 9, are: US Dollar: 33.71 Euro: 45.81 British Pound: 67.685 Australian Dollar: 28.78 Canadian Dollar: 32.01 _____ BANGKOK, July 9 (TNA) The Stock Exchange of Thailand’s composite index and the baht continued to hit new high in a decade with the index closing in the morning trading session at 848.80, up 16.42 points or 1.97 per cent with a heavy trading volume of 19.18 billion baht and the currency reaching a range of 33.98-33.99 to the US dollar. The SET index jumped almost 13 points at the opening bell to 845.31 before losing momentum due to profit making by investors. However, it had recouped later and managed to close at a new high of the day at 848.80 points, led by blue-chip stocks in the energy and banking sectors. Pongpan Apinyakul, a senior analyst of Kim Eng Securities Plc, said the company had revised the index projection upward to 850 by the end of this year from 832.38 points. But in his personal view, the SET is likely to rally to 860 points given the improved economic outlook, clearer political direction, foreign investment in Asian stock markets, particularly SET where stock prices are lower than those of neighboring countries. At the same time, profits of listed companies are expected to increase by 3-5 per cent from an earlier projection of contracting by 2-3 per cent due to better management of listed firms. On the baht direction, a money dealer said the currency is likely to hit a record high next week at 33.80 to the dollar since the greenback continued to weaken and the foreign capital to flow into the stock market in a large amount. (TNA) – E005

You know what they say about leading a horse to water. You're right. He has to make his own decision. If he sees working in the bars so he can send money home to mama as something more important than continuing his education, there won't be much you can do about it. If it were me, I would at least attempt to convince him about the importance of an education, but it is so ingrained into Thai culture about sending money home to mama that chances are strong that he won't listen to you. Unfortunately it probably won't take him very long to become disillusioned about the bar scene, but you at least will have tried. That's all you can do.

I don't have specific information, but I do know there are several high school programs in Pattaya. The thing to do, I would think, would be to go personally to each and check what they have to offer and what their requirements and fees are. I know of five programs. One is the Aksorn school on Tepprasit Road. That one seems to be quite popular. I don't know the names, but there is one in Naklua, on Naklua Road and one in Banglamung, within about a mile of the Route 36 turn-off. On Route 36 there is the Regent Academy. There is also the Thai-Itoh school just off of Siam Country Club Road. There may be more, but those are the ones I know about. Be advised that the cost of enrollment, school uniforms and books is inexpensive enough in most of these schools, but when they start assigning projects and start taking the students on required excursions, the costs begin to soar and can easily rise to 20,000 to 30,000 baht per month. The way it was explained to me is that there are three levels of high school. Once a student has completed all three levels, that's when he is eligible to continue on to college.

You want to be a father at 61? And who says he's the father?

Perhaps so, but my money is staying in the bank. Whenever I read about "farang" losing large amounts of money around here, it's always because it was kept at home. I don't recall reading anything about "farang" losing their money because it was kept in a bank.

I don't know how many times we've seen stories of "farang" losing large amounts of cash and valuables to burglars. Only one week ago I posted a similar story and now we've got yet another one. This is becoming even more common than the "Flying Farang" stories. Would someone please explain to me for what possible reason anyone would choose to keep hundreds of thousands of baht at home rather than in a bank? That's another one I'm adding to my "I don't get it" list. The following appears in the PATTAYA CITY NEWS: _____ 700,000 Baht in Cash and Valuables Stolen from American’s South Pattaya Home At 8.30 on Wednesday Night, Police Major Sompon from Pattaya Police Station was called to house number 388/42 at the Suksabai Villas in South Pattaya after receiving information of a theft which had taken place at the location. Arriving at the scene, Police were met by Mr. Dexter Lee Wesson aged 61 from USA. He explained that he had just returned from the Hospital where his pregnant Wife was staying. Upon his return, he noticed the front door of the house had been forced open with what appeared to be a crowbar which had been left inside the house. The safe box inside the house had been removed which contained 35 Baht in Gold which equates to an approximate value of 370,000 Baht and 350,000 Baht in cash and a number of personal documents. Police found a number of footprints inside the house and the crowbar has been taken into evidence and will be dusted for prints at the station. There were no witnesses which leaves Police with little to go on for now as Mr. Wesson comes to terms with the theft and the possibility he may never see the stolen items again.

Last Friday evening Pattaya experienced one of the heaviest rain storms I've seen here in many years. Several areas lost their electricity for hours. In some of the hardest hit areas I saw several trees that had been downed. For the first time in years, many parts of Sukhumvit Highway flash flooded. Naturally, that was when I had to drive right through it! See if this comes as a major shock: Despite all the work that has been done to prevent such flooding, there were floods all over the city anyway. The following appears in the PATTAYA CITY NEWS. There are some photos at http://www.pattayacitynews.net/news_06_07_50.htm _____ Storm Chaos hits Pattaya We are about to show you what 1 hour of heavy rainfall can do to the City of Pattaya. For those of you residing in “Fun City” you would have seen the heavy rainstorm that occurred at around 5pm on Thursday Evening. Despite modifications to draining systems around Pattaya, the cities infrastructure failed to cope with the rains and chaos ensued. To add to the problems approximately 30% of Pattaya’s domestic electric supply was eliminated for approximately the same time leaving under-resourced electric company crews with the daunting task of restoring supplies. As you can see from our pictures, the Sukumvit Road experienced flash flooding and due to the high winds extensive tree and structural damage was seen. We made out way to Pattaya Beach in front of Soi 9 where a new construction of a Central Plaza is underway. Metal fences came down causing damage to parked motorbikes and cars. This was one of many similar incidents and demonstrates the dangers of such tropical rainstorms which are often experienced in this region of Asia at this time of year.

Dengue fever is no joke. While it does not seem to occur in the major tourist cities, it is still a possibility. The best recommendation I can make is that if you are in Thailand during mosquito season and start feeling ill, then don't assume it's nothing serious. Get to a doctor and have it checked. The odds of it being anything serious are quite remote, but it's better to be inconvenienced for a few hours then to end up going back home in a box.

The whole thing is confusing, especially in light of the article below, in which Japanese investors say they're quite concerned over the strengthening of the baht and wish to see the baht level off at a rate of about 37 baht to the US dollar. It seems to me that the very reason the Bank of Thailand says the baht is strengthening will also end up being the very reason it will end up depreciating. Is Thailand looking at a possible stock market crash? Based on my interpretation of what I'm reading that is a distinct possibility if these investors reverse themselves and start pulling out their money. History tells me that such a move on the part of investors would cause most heavy investors to do the same thing, and if that happens there goes the Thai economy and the exchange rate would then reverse itself. I'm no economist by any stretch of the imagination. If my thinking is way off base, I hope someone who really understands how all this works will respond. The following appears in the BANGKOK POST: _____ Baht On Express Elevator Bangkok (dpa) The Thai baht on Thursday hit a yet another 10-year high against the US dollar amid growing concerns that the strengthening currency is scaring away foreign investment in the kingdom. Foreign exchange traders said the baht, boosted by an influx of foreign funds into the Stock Exchange of Thailand over the past three days, had hit 34.03 to the dollar, its highest rate since August 1997. The baht has already appreciated 4 per cent against the dollar this year, after strengthening 12 per cent against the greenback in 2006. Foreign investors and exporters are expressing growing concerns about the local currency. According to the latest opinion survey conducted by the Japan External Trade Oganisation of 351 Japanese companies operating in Thailand, 64 per cent said the rising baht was their key concern. The survey showed investment sentiment among Japanese firms in Thailand had declined for the first time in nine years with 58 per cent of the respondents saying they would maintain their positions and only 17 per cent planning expansions. "Japanese companies would like to see the currency hover around 37.25 baht to the dollar," the organisation's president, Yoichi Kato, told the Bangkok Post in a recent interview.

BANGKOK, July 5 (TNA) Bank of Thailand Deputy Governor Atchana Waiquamdee on Wednesday said foreign capital had flowed into the Thai stock market in a large amount because it is a channel where investors could bring foreign currencies into the country without complying with the 30 per cent reserve requirement or the fully hedged measure. She said the baht continued to strengthen this year partly because of the influx of foreign capital into the Stock Exchange of Thailand. Foreign investors opted to bring the funds into the country through the stock market since such funds are neither required to be 30 per cent withheld nor fully hedged under the capital controls imposed by the central bank. They viewed the Thai bourse is an investment channel where costs are low and returns are higher than other kinds of investment. So, Mrs. Atchana said, overseas investors had moved large amounts of capital into the Thai stock market since early this year as could be witnessed by the continued net foreign buying of stocks. It resulted in the baht appreciating by over 4 per cent, higher than the about 3 per cent expected earlier by the central bank governor. In addition, she said, the baht had strengthened in accordance with the mechanism. It would appreciate whenever foreign funds flow into the country and vice versa. Because of this, the central bank saw no need to intervene in the baht movement, but would continue to keep a close watch on it. (TNA)-E005

It finally happened. The US dollar is now in the high 33s. The exchange rates as of 8:00 AM, July 5 are: US Dollar: 33.98 Euro: 46.115 British Pound: 68.35 Australian Dollar: 28.9525 Canadian Dollar: 31.925 The following appears in THE NATION: _____ Baht 'May Hit 30 to $' Experts Urge BOT to be Vigilant A currency expert believes the baht could rise to 30 to the US dollar due to market mechanisms if the Bank of Thailand (BOT) does not intervene in the level of the currency, while exporters urged the central bank to slow the baht's appreciation. Adisak Kammoon, vice president of KGI Securities (Thailand), said the movement of the baht would have to be closely monitored. "The Bank of Thailand still doesn't let the baht move freely according to market forces, which is considered dangerous because it may quietly lead to another financial crisis," he said. "Thus, as long as the Bank of Thailand is not confident that the exporters will be able to compete on their own, it is unlikely that the 30 per cent capital control will be revoked. There is a possibility that there may be additional measures to prevent the baht from rising further. If the baht is allowed to move according to the market, the level of the baht should be Bt30." His comments came after the baht turned stronger to a fresh 10-year high at Bt34.19-34.21 yesterday compared to the closing value of Bt34.33 on Tuesday, mainly due to inflows to the stock exchange. The Thai stock market has rallied for three days in a row, boosting the SET index by more than 20 per cent. The baht also appreciated by 0.51 per cent against the euro from Tuesday and 0.36 per cent from last month. The baht against Japanese yen was up 0.45 per cent from Tuesday and 0.15 per cent from last month. The baht has turned dramatically stronger compared with major currencies. It opened yesterday at Bt34.20 to the greenback, up 0.47 per cent from Tuesday and 0.96 per cent from the end of June. A trader said the baht rose further after it broke the Bt34.50 barrier. "Some Thai exporters sold dollars in big lots yesterday," said the trader, who asked not be named. The Customs Department said it has so far lost Bt3 billion in revenue due to the baht appreciation, which has recently touched a 10-year high, as well as the country's obligation to follow the Asean Free Trade Agreement (Afta). Customs Department director-general Chavalit Sethameteekul said yesterday the stronger baht and lower income from Afta will cost the department around Bt3 billion in lost revenue. He said in the third quarter the department expected to collect around Bt20 billion in revenue or around Bt7 billion per month. The department is likely to collect around Bt88 billion in tax revenue for 2007 fiscal year, while revenue in the next fiscal year is forecast at a slightly lower figure of Bt87 billion. The department's income will fall next year mainly due to further tariff cuts following Afta obligations. Meanwhile, the private sector has called on the BOT to find measures to curb the baht's appreciation after it was quoted yesterday at Bt34.17 per dollar. The Federation of Thai Industries (FTI) will meet the central bank in a week or two if the baht keeps getting stronger, its chairman Santi Vilassakdanont said. He said the appreciation was caused by the flow of capital into Thailand's stock market and the influx of dollars from exporters. He said the BOT has to consider whether the stronger baht was in line with other countries in the region. Santi said the Thai currency market was more vulnerable to flows of foreign capital compared to other countries such as China, Japan and Vietnam due to the country's fewer regulations. Although the total value of exports in the first half grew around 16 per cent, this does not mean that exporters will enjoy that growth, he said. On the contrary, they had to boost their exports in order to keep their customer base, while they could not earn any profit. Nonetheless, Santi believes the country's export value will grow by 12.5 per cent - the same as the Commerce Ministry's target at the beginning of this year. Boonkij Jitngamplang, chairman of FTI's Gem and Jewellery Industry Club, said operators in this industry were seriously affected by the stronger baht. "If the BOT is unable to stabilise the baht, we will see a number of gem and jewellery operators close down their business this year," he said. However, the central bank sees no need to intervene. BOT deputy governor Atchana Waiquamdee said so far the baht has appreciated by four per cent from the beginning of this year but the central bank does not need to step into the market to halt the baht's movement. "It is normal that the baht is stronger when there is demand for baht but we do not need to take care of it specifically," she said. She conceded that the withholding reserve requirement could not prevent the appreciation of the baht as the measure did not cover portfolio investments by non-residents. BOT governor Tarisa Watanagase said a large amount of capital has flowed into the country over the past few days but the baht movement remained in line with regional currencies. The baht rose by 5 per cent from the beginning of the year, compared to the Philippines peso at 6.7 per cent and the Indian rupee at 8.9 per cent. The foreign funds flocking to the Thai bourse reflected the Kingdom's sound economic fundamental factors with a low P/E ratio. Tarisa said despite the amount of foreign inflows into portfolios earlier, the baht had been stable due to demand for dollars from importers. The appreciating baht, however, does not translate into an absolute disadvantage for Thailand as it also indicated an increase in the Kingdom's purchasing power for imported goods. She said the BOT would intervene in the foreign exchange market whenever the baht swung too much, just like in December last year when it appreciated by one per cent a week. The BOT has encouraged institutional investors to invest abroad in order to increase investment choice and reduce pressure on the strong baht. However, they have exercised their rights to only 27 per cent of the approved ceiling. Last year, such investments increased sevenfold compared with 2005. Deputy Prime Minister and Industry Minister Kosit Panpiemras attributed the rise of the baht to the fact that the business sector has began to become convinced that the Thai economy will be resolved for the better. Anoma Srisukkasem, Chalida Ekvitthayavechnukul The Nation

I'm optimistic about it. I believe the strengthening of the baht is short term, but just how much longer this will go on is anybody's guess. I just don't see how this trend can continue for very long. My interpretation of what I have been reading is that the primary reason for this is large amounts of money pouring in from investors. Sooner or later, I believe, the investors will feel that whatever profit-taking they can do has run its course. That's when they'll start pulling their money to invest elsewhere. When that happens, the trend will reverse itself. That's what I think, anyway. I don't predict another Great Depression of 1929 hitting Thailand, but I do predict a major reversal of the value of the baht. I think the wheel will turn. I hope it will happen soon. People like me, living in Thailand and dependent on the exchange rates, are taking a real beating because of this. The dollar has lost 26% of its value since I moved to Thailand three years ago.

The rates I quote come from the Bank of Ayudhya web site. They update the rates several times each day, while Bangkok Bank publishes the rates only once per day. There is some minor variation between different banks, but not significantly so unless you are exchanging huge amounts of money. I pay no attention to web sites such as Oanda and others because they quote offshore rates. I have yet to ever see the rates you actually receive when exchanging money within Thailand on those sites. The Bank of Ayudhya web site is quite reliable. The URL for current exchange rates is: http://www.krungsri.com/thai/exchange01.aspx# _____ BoT Urged to Actively Supervise Baht as it Strengthens BANGKOK, July 4 (TNA) The Bank of Thailand should attempt to manage the baht effectively to ensure it is not so strong that it negatively impacts the export sector, the Federation of Thai Industries warned Wednesday. FTI chairman Santi Vilassakdanont said he had met with exporters to discuss the overly quick appreciation of the baht to its strongest level in a decade, which is not welcomed by the exporters. Most expressed concerns that the stronger baht would affect Thailand's export competitiveness. Should the baht currency continue to strengthen during the coming weeks, he said, FTI representatives would seek to meet with top BoT officials asking them to adopt measures to manage the baht to ensure it does not appreciate too rapidly. He said the exporters understood that the baht appreciation stemmed from an inflow of foreign capital into Asian stock markets including the Thai bourse. But they wanted the central bank to do something because they had been affected by the stronger baht since last year. The exporters had attempted to maintain their customer base in the second quarter of this year by continuing to export, but they failed to gain profit from their shipments. Should the situation last too long, he said, their business would be definitely hit hard. Boonkit Chitngamplang, president of the FTI's Precious Stones and Ornaments Club, said the baht had strengthened too rapidly in the past two days. The currency had already appreciated by 15 per cent since early this year. So, Mr. Boonkit wanted the central bank to supervise and intervene in the baht's movements to ensure its stability. He said the stronger baht made operators in the previous stone industry earn less revenue. In addition, they had been affected by the removal of the Generalised System of Preferences (GSP) by the United States and higher costs of raw materials. Should the baht continue to appreciate without any action by the central bank, more business operators would be hard pressed to survive, he said. (TNA)-E005

The exchange rates, as of July 4 at 8:30 AM, are: US Dollar: 34.05 Euro: 46.215 British Pound: 68.535 Australian Dollar: 28.9425 Canadian Dollar: 31.91

You forgot to include that new telephone directories are being published because they are removing everyone with the surname 'Wong' from the listings. After all, they wouldn't want the foreigners constantly calling a Wong number . . .

Recently, a friend brought me a little gift . . . a package of dried soup. I haven't read the list of ingredients yet, but I have a feeling I'll like it . . .

The following appears in the PATTAYA CITY NEWS: _____ English Man Loses 20,000 Baht in Cash in Ladyboy Theft Case in Central Pattaya In the early hours of Saturday Morning, Mr. Thomas George aged 66 from England made his way to Pattaya Police Station to complain about a theft which had taken place in Soi Diana Inn near the entrance to Soi Beokeow. The man who had been drinking all night was approached by two transsexuals on a motorbike as he walked along the street. They approached Mr. George and in the process “picked his pockets”. Nearly 20,000 Baht in cash, a credit card and other personal items were stolen from his pockets. A full description of the two suspects was given to Police and a search is now underway. _____ Unless these particular pickpockets were exceptionally good, since he apparently lost much more than cash and had been "drinking all night," my guess he was quite intoxicated and easy prey. I've lost count of how many times posts have appeared about what happens to many who keep large amounts of cash at home or on their person. This is just one more example. What's the hard part about figuring out that if you're going out for a good time, then don't carry more cash then you'll need and carry that in a manner as safe as possible? And yet we see stories like this regularly. If this man really lost 20,000 baht (he says he did, but I'm a bit skeptical of that), but had been drinking all night, then he must have started out with a lot more than 20,000 baht. How much cash do you really need to carry for a night on the town? I wouldn't advise carrying more than you truly need and I wouldn't carry credit cards at all unless I anticipated needing to use them.