Gaybutton

Well, BKKvisitor, please let us know. Were you finally able to get your call to go through?

Property purchases have been declared exempt from the new rules. The following appears in THE NATION: _____ FOREIGN INVESTMENT BOT Steps Could Lead to Pull-Out Upside is a Badly Needed Weakening of the Baht: S&P While controls on short-term capital inflows in Thailand have succeeded in stemming further speculative inflows, they could also trigger a pull-out of foreign funds already invested in the Kingdom, says a report published today by Standard and Poor's Ratings Services. Entitled "Capital Controls Come at a Cost to Thailand", the report also reveals that the country's new capital controls have spawned tighter domestic financing conditions, harmed the Bank of Thailand's reputation, and made investors cautious. "Foreign investors will now be far more wary of investing in Thai financial markets," said Standard and Poor's credit analyst Kim Eng Tan. "This will lead to higher funding costs in the Kingdom, with negative implications for the prices of debt and equity assets. "Although this should not harm Thai economic prospects in the near term, it could adversely affect domestic investment if planned government capital spending leads to the reappearance of current account deficits. This is because such deficits would increase Thailand's reliance on foreign financing." The Bank of Thailand's latest controls initially triggered a wave of volatility across Asian financial markets, accentuated by the seasonally low liquidity in most financial markets as traders closed their books for the year. The disruption came at a time of significant concern regarding near-term market conditions, with an expected slowdown in global economic growth in 2007 Nevertheless, although the losses in Thailand outpaced those of elsewhere, most markets have since recovered. Moreover, the implementation of capital controls in Thailand is unlikely to heighten perceptions of risk in Asian markets, as financial market volatility is likely to dissipate in the short-term unless the region suffers another significant negative shock or abrupt policy adjustments, said S&P. "Barring a further significant negative shock, the volatility in Asian financial markets should subside in the near term," said Kim Eng Tan. "The healthier external balance sheets of both Asian central banks and corporations also make the recurrence of a 1997-type financial crisis unlikely. Asked to comment on the S&P report, Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula dismissed the notion that the S&P might have lowered the rating of Thailand. "Normally, the credit-rating agencies would assess an incident in a country. It would not affect the credit rating of Thailand. The measure had a short-term impact. S&P also urged Asian governments to balance their instincts against exchange rate volatility and appreciation, as well as the need to focus on the fundamental determinants of competitiveness. However, Deputy Prime Minister and Industry Minister Kosit Panpiamras said the coordination of policy might be difficult to be realised because each country has to take care of itself. He added a decision to adjust credit rating would certainly affect the cost of businesses in raising funds. S&P gave Thailand's foreign currency a rating of BBB+ (long-term) and A-2 (short-term), while the local currency rating is rated A (long-term) and A-1 (short-term). The long-term rating outlook is rated stable. Some foreign investors yesterday pulled their money out of the country after Black Tuesday. The baht fell against the dollar, closing at 36.42-44 from Wednesday's 35.80-90. Demand for dollars yesterday increased as foreigners reduced portfolios in the Thai equity bourse and Thai importers bought dollars as they were afraid of the weaker baht. But, on the other hand, some exporters are satisfied by an appropriate rate of exchange and have sold out their foreign-currency incomes. BOT governor Tarisa Watanagase said the weakening baht was caused by foreigners selling out Thai stocks. This was in line with the central bank's purpose to halt the rapid appreciation of the baht. Earlier, the baht had rapidly headed north no matter which direction the dollar moved, while other Asian currencies have shifted in a reverse path of the dollar. "The measure helped to break the one-way direction of the baht and the momentum has already ceased. The baht is not weakening too rapidly now. We continue to closely monitor it," said the governor. Aside the action of foreign investors, the weak baht was also a result of importers' purchases of the dollar for goods and service payments. But the demand for the dollar was not too high, said Pongpen Ruengvirayudh, the BOT's senior director of the Financial Markets Operations Group. Tarisa believes some foreign investors, who have already sold out Thai stocks, continue to park their money domestically and wait for the proper time of the bourse to recover. She had a talk with a long-term foreign fund operator, which was satisfied with the drawback policy and decided to maintain its money in the Kingdom The governor said that the efficiency of the reserve requirement measure would be apparently seen at the beginning of next year because the market turnover was currently too thin to reflect the actual transactions due to the holiday season. Meanwhile, the Bank of Thailand also issued an announcement on their website on December 21 stating that property including land and condominiums is exempt from the reserve requirement on short-term capital inflows. Foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds. Aliwassa Pathnadabutr, managing director of CB Richard Ellis Thailand, said that the company welcomes this clarification, which means that foreign property purchasers are not affected by the new regulations. "We believe that this will reassure existing and potential property purchasers," she added There are still many foreigners who want to purchase condominiums in Thailand both to live in and as long-term investment. The rental market remains strong and the prospects for capital appreciation are good for projects in locations with limited supply and a scarcity of development sites. The negative impact on the real estate sector following currency controls recently introduced by the BOT has become evident. A number of foreign investors planning to conclude major acquisitions in the Thai property market before Christmas have immediately put their plans on hold, says Longlom Bunnag, chairman of Jones Lang LaSalle. Foreign investors' sentiment and confidence were negatively affected by the BOT's action on currency controls. Though BOT announced that the currency control measure would not apply to foreign investment in the property sector, this has apparently failed to restore the confidence of foreign investors in the Thai property sector. "All overseas investors who we are dealing with in the process of acquiring property in Thailand have immediately ceased their plans and applied a 'wait and see' approach. Though we believe that these investors remain keen to invest in the Thai property market, it will likely take some time before foreign investment activity in the market resumes, at least until the Thai government finds out how to reinstate foreign investors' confidence," said Longlom. Some foreign investors who are less concerned by the BOT's action have also held on their investment decision, waiting to see where the Thai currency is going. "If the baht currency is weakened by the BOT's measure, this means foreign investors will pay less for the assets they plan to acquire in the Thai property market," Longlom added.

CORRECTION: I made a mistake. The dialing sequence I posted was 011-66-4-765-4321. It should be: 011-66-84-765-4321. I forgot that it is now mandatory to include the 8. (Thank you Jimbkk for letting me know).

First, after you dial the 011, which means you are placing an international call, followed by the 66, which is Thailand's designator, you do not dial 08. Leave off the 0. If you are getting a busy signal, then yes, the line is busy. It may not be necessarily his line that's busy, though. Thailand has more people with mobile phones than the system can handle, so it might be a system busy signal. Believe me, we often have the same frustrations right here when trying to place a local call, especially when it's night in Thailand. Quite often even here you have to dial several times before the call goes through. Even then, it's quite common to get cut off right in the middle of the call. Thailand's phone system could do with some updating, to put it mildly. Keep trying. The dialing sequence I posted is correct. You'll eventually get through, assuming he has not turned off his phone, or lost it, or sold it.

If the number you are dialing is something similar to this: 04-765-4321, then from the USA the dialing sequence would be: 011-66-4-765-4321

Actually, yes you can. Give this a try next time: when you are on one web site, go to the top left of your screen and click on FILE. Depending on the browser you're using, the pop-up menu that will come on screen will have a selection that allows you to open a new window. If you select the option to open a new window, that's exactly what will appear on your screen . . . a new window. You can use that new window to access other web sites. The window you had been working with will still be there when you're done.

Closing rates:Thursday, December 21: US dollar: 36.19 Euro: 47.61 British pound: 70.99 Australian dollar: 28.2675 Canadian dollar: 31.3375

It all begins at 8:30 PM. The Throb and Splash bars in Pattayaland, Soi 3, are hosting a "Thank You," including a free buffet, beginning at 8:30 PM and all new shows beginning at 10:30 PM. Click below to view the flyer:

BANGKOK, Dec 21 (TNA) Thai Prime Minister Surayud Chulanont on Thursday welcomed the drastic moves launched earlier this week by the Bank of Thailand (BoT) and Finance Minister Pridiyathorn Devakula to protect Thailand's currency from foreign speculation. Speaking to journalists before leaving for Chiang Mai province, Gen. Surayud dismissed criticism that M.R. Pridiyathorn, also deputy prime minister, inappropriately intervened in operations of the central bank. On the contrary, the prime minister defended both the BoT and the finance minister, saying that speculation on the Thai baht was in fact a threat to the Thai economy as this could be clearly seen that the Thai stock market rebounded Wednesday after the BoT ruling on currency controls on foreign investors was relaxed. The market value of the Stock Exchange of Thailand (SET) lost over Bt800 billion in value on Tuesday, one day after the central bank imposed its stringent measure to control currency transactions, regained Bt550 billion in value yesterday as the SET composite index rebounded 69.41 points to close at 691.55 points. Wednesday's sharp rebound of the stock market came after M.R. Pridiyathorn on Tuesday night reversed his position and waived stock investments as well as foreign direct investment from the new reserve rules on foreign inflows. "They're both positive," the prime minister said, "and (there are) negative consequences in every action. Both senior officials of BoT and M.R. Pridiyathorn moved in the right direction to correct the mistake." When asked whether the overnight change in the rule could erode foreign investor confidence, he said the government's policy was straightforward and that was to prevent the baht from being too strong, as it could impact the country's exports. (TNA)-E111

Meanwhile, the weather here in Pattaya has been magnificent over the past several days. Not a cloud in the sky, cooler temperatures, a light breeze, and low humidty. Let's hope the weather gets a little better in London. Still, while delays are no fun, they're better than cancellations.

My spies, sources, and contacts tell me you are correct.

Since the lifting of the restrictions that caused the weakening of the baht, I expected the baht to either hold where it was or strengthen again. However, at least as of 8:25 AM, Thailand time on Thursday morning, it is continuing to weaken. Yesterday, the closing exchange rate between the baht and the US dollar was 35.5 baht to the dollar. Here are the opening rates for Thursday, December 21: US dollar: 35.90 Euro: 47.205 British pound: 70.455 Australian dollar: 28.025 Canadian dollar: 31.105

The PATTAYA CITY NEWS version of this story, with photos, appears at: http://www.pattayacitynews.net/news_20_12_49_2.htm

I'll put it this way: "At my age I'm envious of a stiff wind." - Rodney Dangerfield

The following appears in the BANGKOK POST: _____ Bomb Hoax Delays Thai Aircraft (Bangkokpost.com, Agencies) A bomb scare delayed a Thai Airways International flight to Dubai for three hours, affecting 270 passengers, the flag carrier said Wednesday. Flight TG 521 bound for Dubai via the south Indian city of Chennai was to leave Bangkok early Wednesday. It was delayed after a female passenger, an Indian national, claimed to the airline that she had received a bomb threat on her mobile phone. Thai Airways and security staff searched the aircraft, passengers' luggage and cargo for three hours, finding nothing, but decided to fly another aircraft as a security precaution, the company said. After hours of delay, the plane left Bangkok late Wednesday, it said. The passenger who informed the police about the bomb threat is under police investigation. It is virtually unknown for a passenger to receive a bomb threat instead of the airline or the Airports of Thailand, which runs Suvaranbhumi Airport. ____________________ The following two stories appear in THE NATION: _____ Bomb Hoax Scares Passengers on THAI Flight A transit flight of Thai Airways International from India to Brunei was delayed by four hours Wednesday morning following a bomb hoax at the Suvarnabhumi Airport, police said. A passenger informed airport officials at 10:30 am that she received a call to her mobile phone, saying there was a bomb planted on the TG521 flight scheduled to leave for Brunei at 11 am. The flight was from Chennai, India and stopped at the Suvarnabhumi Airport. At that time, some passengers have already boarded the plane. Tourist police and officers from Racha Theva police district station rushed to the airport and evacuated passengers from the plane. Police checked through all baggage but did not find any bomb. Passengers were later allowed to board the plane, which eventually took off. _____ Foreigner Held Related to Bomb Hoax at Suvarnabhumi An Indian Canadian has been held by police pending an investigation whether she had made a bomb hoax which delayed a Thai Airways International flight for about four hours Wednesday. Padmapriya Nataraja, 29, informed an official that she had received a call to her mobile phone that there was a bomb on the plane. She informed the official while she was about to board the flight at Gate D6 of the Suvarnabhumi Airport at 10:30 am. Her information prompted officials passengers from the flight, which had left India's Chennai for Brunei and stopped at the Suvanarbhumi. But officials checked and did not find any bomb in the baggage. The plane was delayed for about four hours before leaving for Brunei. The woman was taken into police's custody pending an investigation whether she had really received such phone call. Pol Lt Col Phakkhapong Sai-ubol said the woman would be charged if police did not find record that she had received such call.

The following appears in THE NATION: _____ Thai stocks index ends up 11% Thai stocks index (SET) closed 69.41 points, or 11.16 per cent higher at 691.55 in active trade of Bt55.21 billion turnover, as brisk rebound in blue chips stocks help SET index to offset much of Tuesday's 15 per cent loss. However, stocks analysts do not expect the SET index to rise much further on Thursday as it will be difficult to break the 700 level if foreign funds turn out to be mild net buyers. __________________ "What goes up must come down." No particular reason for that quote. It's my Christmas gift to Smiles.

JUst for the record, it's Center Condo, not Central Condo. You need to be a little more specific about how long you intend to stay. Few condos, if any, are going to rent you a room for less than a full month. However, even if your stay will be less than a month, it could still be less expensive to pay a month's rent than to pay a hotel.

You missed me again, Wowpow. Last night I was there again with a few friends, one of whom you know quite well. We enjoyed it very much again. We left about twenty minutes before you arrived. But I'm glad you enjoyed it too. By the way, News Cafe is also open for lunch. They open at 1:00 PM.

BANGKOK, Dec 20 (TNA) Buoyed by clarification on easing stringent government-imposed currency controls, the Thai stock rebounded sharply by the end of the Wednesday morning trading session after a historic fall on Tuesday. The Stock Exchange of Thailand (SET) composite index surged 66.03 points to close at 688.17, up 10.61 per cent from Tuesday, on turnover of Bt34.8 billion. The SET index plunged 14.84 per cent on Tuesday as investors sold almost across the board in trading that saw the index close at 622.14 points, down 108.41 points, which was the largest drop since the bourse was established 31 years ago. Tuesday's total turnover stood at Bt72.1 billion. Heavy buying on Wednesday morning came after Pridiyathorn Devakula, deputy prime minister and finance minister, said Tuesday night on television that effective Wednesday, both stocks and foreign direct investment (FDI) would be exempted from the new Bank of Thailand (BoT) rule, announced late Monday. He said the 30 per cent capital reserve requirement would remain intact on funds brought into the country for investing in financial instruments, as well as for borrowing. The new rule issued by the BoT is aimed at slowing the sharp appreciation of the Thai baht. Earlier this month, the central bank imposed several measures limiting foreign investment in short-term debt instruments to help slow the strengthening of the baht after it gained nearly 15 per cent against the dollar since January. Foreign investors became less worried after the clarification was made and entered the market Wednesday morning which would benefit the capital market, according to SET president Patareeya Benjapolchai. Mrs. Patareeya said the SET, securities firms and custodians had agreed at a Wednesday morning meeting to separate accounts and investment by foreign investors in the bourse which would enable the central bank to know the types of foreign money being invested in each business. The planned separation of accounts will cover investment by foreign investors on the SET, derivative and on initial public offerings. Touching on the over Bt800 billion liquidity which was wiped out from the stock market due to the sharp decline of market capitalisation, Mrs. Patareeya said it would take a while for a recovery. She said she was optimistic that foreign investors would return to the Thai bourse due to strong fundamentals and the fall of P/E ratio which slipped to 7.3 Tuesday from 8.68 on Monday, considered the lowest among Asia's regional markets. Admitting that she was worried concerned about new measures which might be issued in future, Mrs. Patareeya said she believed that the concerned authorities would more carefully consider before introducing any new measure following the historic fall of the market on Tuesday. (TNA)-E111

Deutchsland uber alles . . .

As long as the subject is being continued here, I don't thing the issue is who is right about what constitutes plagiarism. The issue is taking a published item and changing the words around in a blatantly obvious attempt to make it appear as ifit was written by someone else and the information was gathered by someone else. Maybe it's legal and maybe it isn't, but it's definitely not right. And nothing anyone can say is going to make it right.

Agreed. And enough is enough. The thread is closed.

If anyone can translate the above post into English, I hope you will. That way there might be a prayer of having any clue what this damned fool is talking about. I did get one aspect of it, though . . . the part about how you would be up all night writing all the things you don't like about me, as if I, or anyone else for that matter, could possibly care any less about what you like or don't like. In your case, nobody would have to be up all night. It would take less than a second. Of course they would be writing everything they do like about you. A blank page doesn't take long to write. See you later, Dr, Cyclops.

The following appears in THE NATION: _____ Panic as Stock Market Records Biggest Crash in 31-Year History The stock market yesterday crashed by almost 20 per cent, the biggest one-day fall in the bourse's 31-year history. It hit a two-year low on concerted sell-offs by foreign and local investors who were spooked by the 30-per cent reserve withholding on new capital inflow. About Bt820 billion worth of market capitalisation was wiped out in a single day, leaving the Stock Exchange of Thailand at Bt4.63 trillion. The composite SET Index plunged to 721.85 at the opening bell and headed further south, falling by 10 per cent at 11.30am. This triggered the first-ever implementation of the first-step circuit breaker to halt trading for 30 minutes by the SET since it was created in 1997. Panic selling continued even after the stock market resumed trading and it pushed the market down to almost 20 per cent to the day's trough at 587.92 before rebounding slightly to close the day at 622.14, or a 14.84 per cent drop. Turnover also marked an all-time high at Bt72.13 billion, excluding the Bt73-billion big-lot sale of Shin Corp on January 23 when turnover amounted to Bt94.06 billion. The second worst day was seen both in Bloody May in 1992 and on July 2, 1997, when the SET index slumped 8.8 per cent. The stock market yesterday took the hardest blow from the tough pill prescribed by the Bank of Thailand (BOT), while the foreign exchange market and the bond market were also hit - but not so severely. Yields of all maturity bonds yesterday rose 20 basis points acrossthe board, According to the Thai Bond Market Association, the bond market was blamed as the main source for the baht speculation. The baht at 6pm traded at Bt35.55 against the greenback. The knock-on effect impacted on stock markets in the Asia region, particular in neighbouring countries for fear they would follow in the BOT's footsteps. Indonesian share prices closed 2.85 per cent lower, KLCI lost 2 per cent, The Korea Composite Stock Price Index, or Kospi, fell 0.4 per cent, Singapore's Strait Times dropped 2.23 per cent, Hong Kong's Heng Seng was off 1.19 per cent and Taiwan's stock market closed 0.34 per cent lower. Prime Minister Surayud Chulanont refused to comment on the crash yesterday, saying Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula would explain the issue. The Securities and Exchange Commission (SEC), the SET and brokers urged the central bank to review its tough measures to counter the baht speculators. SEC secretary-general Thirachai Phuvanatnaranubala said in the first trading session the BOT measures had reduced the SET's market capitalisation by as much as Bt500 billion. He said foreign investors are concerned that the central bank may introduce more measures. However, he warned them to wait and consider the consequences before shifting their capital out of the country. Otherwise, they may lose investment opportunities. SET president Patareeya Benjapolchai said the central bank should review the measure and consider imposing controls at the root of the problem to prevent an impact on the overall economy. "The measure has had the worst impact on the Thai stock market and prompted us to employ the circuit breaker for the first time since it was implemented in 1997. The September 11 tragedy pushed the Thai stock market down 9.7 per cent during the day's trade before it recovered," she said. The SET's Board of Governors will today convene an extraordinary meeting to discuss the impact from the central bank's measure. The 20-basis point rise in yields of all maturity bonds, considered as an unusual movement, has taken place five previous times when the BOT announced it would raise the interest rate, said an officer from the Thai BMA, who asked to remain anonymous. However, there are no signs of capital outflow, he said.

Why won't you tell us how you really feel? It's too soon to predict where this is leading. Personally, I hope the baht fals further because it's costing me a fortune. Apparently it is also dcostin g Thai businesses a fortune. Several months ago we were reading about how the baht is expected to move to about 42 to the US dollar and stay there. Everyone, Thai and 'farang,' seemed quite comfortable with that. I hope that's where this is leading, but it's just too soon to make any predictions. Actually, making predictions about the baht seems to be an exercise in futility. Not one of the predictions I have ever read, including my own, has ever come to pass. However, here's a bit more: _____ BANGKOK, Dec 19 (TNA) Despite the Thai stock market plunges, the new reserve measures imposed by the Bank of Thailand on Monday and aimed at curbing short-term capital inflows will remain intact, according to Thailand's Deputy Prime Minister and Finance Minister Pridiyathorn Devakula. Capital inflows in the form of short-term debt instruments during the past three weeks amounted as high as Bt100 billion as foreign investors believed that the Thai economy was quite strong while the P/E ratio was considerably low, said M.R. Pridiyathorn. Both the stock and debt instrument markets would be affected if no measures were imposed, he said, adding that the central bank's new measures which became effective Monday had helped weaken the Thai currency which would assist the country's exports. The first measure launched by the central bank earlier this month had failed to soften the Thai bah, so it was necessary to introduce harsher measures, he said. Under the new measures, financial institutions must deduct 30 per cent as a reserve requirement from short-term foreign exchange transactions against the baht. Customers whose funds have been withheld can request a refund of the reserve if the money has been in Thailand for at least one year. M.R. Pridiyathorn said it would be better to allow the Thai stock market to move along its mechanism and that he would not worry even if the market index would plunge almost 100 points because Thailand's economic fundamentals are still strong. He said he believed both stock brokers and investors could adapt themselves to the market movements while the government would concentrate on helping exporters. (TNA)-E111