PM vows faster flood payouts

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New method to get set up for disaster alerts

Floodwater inundates homes and large swaths of farmland in tambon Kong Nang of Tha Bo district, Nong Khai, which is among the latest provinces in the Northeast to be battered by floods. (Photo: Disaster Response Association of Thailand)
In tambon Kong Nang, one of the newest regions in the Northeast to be flooded by floodwater, homes and significant swaths of land are flooded in Nong Khai’s Tha Bo region, in addition to the recent flooding. ( Photo: Disaster Response Association of Thailand )

Paetongtarn Shinawatra, the prime minister, has promised to establish a new emergency alert system and expedite settlement payments for flood victims.

She addressed the flood woes and post-inundation restoration efforts at Monday’s second appointment of the flood, wind, and incident position administration and management committee at Government House.

The state has also established a center for flood victims ‘ support, led by Deputy Prime Minister and Defense Minister Phumtham Wechayachai.

According to Ms. Paetongtarn, compensation payment made in accordance with the current standards are not in line with the extensive damage that flooding has caused in some regions.

” Settlement should be quick and sensible. Compensation portions are restricted by the existing standards, but the harm is quite considerable”, the prime minister said, adding the requirements need to be revised to maintain more compensation.

” For example, flooding in Chiang Rai’s Mae Sai]district ] lasted three days, but damage was substantial”, she said.

A fresh emergency alert system, known as the “cell spread service,” would be set off, according to Ms. Paetongtarn’s statement.

A fresh alert system, which would send text messages to all mobile phone users in the country in an emergency, would become introduced by mid-2025, according to former state official Chai Wacharonke.

Following a test by True Corp in July, the National Broadcasting and Telecommunications Commission ( NBTC ) gave the project the go-ahead. In March, AIS conducted its own tests.

The system will alert all mobile phone users in Thailand, including overseas visitors, when an emergency occurs. The notice will be sent out in five dialects– Thai, English, Chinese, Japanese, and Russian– along with pictures and sound information.

The NBTC, cellular telephone providers, and the Department of Disaster Prevention and Mitigation collaborate on the emergency alert system.

Depending on the value, evacuation warnings can be sent to all devices connected to mobile network within a particular specific area or across the country.

A top statewide official reported on Monday that the repair cost for the flood-damaged homes in Chiang Rai’s Mae Sai area is estimated at 500 million ringgit. The issue is not over, with some areas of the frontier town also under.

The injury estimate was based on the number of homes and businesses that had been destroyed by the devastating flood in the area, according to Kanchit Chumpoodaeng, chairman of the Hazard Prevention and Mitigation company in Chiang Rai, and the state budget’s standard repair fee, which is 49, 500 baht per house.

He claimed that at least 10,000 homes and businesses in Mae Sai had been confirmed flood-damaged, and that he anticipated that the number would rise as the water drained away and authorities could conduct a thorough survey.

” The figures are only for housing repairs. Other related expenses are not included”, Mr Kanchit said.

Mae Sai district, especially the municipality, was the hardest hit in Chiang Rai province after the Sai River burst its banks on Tuesday last week. It was described as the worst flood in four decades by residents.

Some areas of the district town were still underwater, according to Mr. Kanchit, and Navy SEALs were the only ones who could access them. People who had been stranded by the floodwaters and those who did not want to leave their homes were being airdropped with essential supplies.

Chiang Rai municipality has two temporary shelters for victims, while Mae Sai district has 17 and Chiang Rai has two.

He claimed that Muang District, one of the flooded districts, was gradually returning to normal.

12 people have died so far as Chiang Rai’s flooding, three of whom are still recovering from wounds.

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Why ‘King Dollar’ could scoff at Fed rate cuts – Asia Times

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If and when anticipated Federal Reserve rate reduces fail to undermine the US dollars, the upside-down nature of the global economy could accomplish new variations.

Granted, there are as many reasons as there are for the global reserve currency to get plunging.

They include: the US federal loan topping US$ 35 trillion, slowing economic development, the Fed about to relax its 2022-2023 tightening period, powerful political fragmentation imperiling Washington’s credit score, and efforts to reduce the dollar’s omnipotence are gaining traction.

All eyes are on the activities by – and impulses from – Fed Chairman Jerome Powell‘s group, which is commonly expected to begin slashing prices at this year’s September 17-18 plan meeting.

Yet even though” King Dollar” is losing some brightness, it remains stubbornly strong. One great reason: the global framework.

Isabella Rosenberg, a money analyst at Goldman Sachs, claims that making up a dollar performance using just one variable — the direction of Fed policy in this instance — is not typically extremely effective. ” Plainly, the comparative landscape for FX matters little more”.

In response to that situation, many other major central banks around the world are easing, also, keeping the dollar’s attractiveness in relation to other currencies. They include the European Central Bank, the&nbsp, Bank of England, People’s Bank of China and possible the Bank of Korea in the months ahead.

Rosenberg points out that “if most central bankers are easing up, we can anticipate that that will lessen the impact of Fed easing on the money.” We also believe that other central banks would relieve plan more if the Fed gave them the opportunity to do so, despite the market’s pressure allowing for a quicker Fed tilt.

However, it’s not obvious that the ongoing strength of the dollar is good news for the global financial system in the year 2025. The economy’s “wrecking&nbsp, game” tendencies have been shaking up markets in recent years. It’s hoovered up enormous waves of international capital, disadvantaging emerging markets in specific. &nbsp,

Gary Ross, chief executive officer of Black Gold Investors LLC, has been warning since as far back as mid-2022 that “upward pressure on the money is a&nbsp, wrecking&nbsp, ball&nbsp, for assets”.

The dangers of this wrecking basketball dynamic are “particularly severe in emerging areas” because” they rely heavily on assets and have debt in money,” according to Tom Dunleavy, a partner at MV Capital.

Oil, as well as most trade and debt, are still priced in dollars. And, he says,” the denominator of everything is going up”.

Regardless of the dubious logic behind it, the more crowded a continued-dollar-strength trade becomes, the bigger the global fallout when depressed punters flee for the exits. &nbsp,

Washington’s political polarization could lead to unexpected risks that would restore the laws of financial gravity. That’s especially true as former US President Donald Trump campaigns for a second term.

The insurrection&nbsp, Trump fomented on&nbsp, January&nbsp, 6, 2021, dragged Washington’s credit rating down with it. When Fitch Ratings last year yanked away Washington’s AAA status, it cited the insurrection as a key variable.

As Fitch put it, the chaos on&nbsp, January&nbsp, 6, 2021, was a “reflection of the deterioration in governance” imperiling US finances. The US national debt is now twice the size of China’s gross domestic product, imperiling Washington’s last remaining AAA rating from Moody’s Investors Service.

The Tokyo piece of the puzzle is quite different, of course. Since 1999, the Bank of Japan has been working to normalize short-term rates, which have been near zero. On July 31, the BOJ raised rates to 0.25 %, the highest since 2008.

That sent the yen surging 8.5 % versus the dollar. However, since then, the team led by BOJ Governor Kazuo Ueda has seen a lot of data points that could prevent it from tightening any more anytime soon.

One was the initial$ 6.5 trillion rout in global asset markets. Another: agitated Tokyo lawmakers concerned that the central bank is playing too much. Japanese wages are n’t surging in 2024 as hoped. &nbsp, Lawmakers also worry that deflation has n’t yet been officially defeated.

Recent “data confirm that Japan’s economy is not yet out of the woods”, says&nbsp, Stefan&nbsp, Angrick, economist at Moody’s Analytics. The second-quarter rebound, which has been negatively revised, comes in response to a number of subpar GDP reports that showed output dropping for the majority of the year.

And, Angrick adds,” the headwinds facing the economy are substantial. Before the end of the year, exports are struggling and unlikely to significantly improve. Household finances are stretched”.

Monthly cash earnings, Angrick notes,” saw a big jump this summer, but this was driven largely by stronger bonus payments, so we look for more evidence that wage growth will stick. Despite the disparate data, the BOJ seems determined to tighten monetary policy. At best, further rate hikes will be an added drag on growth. At worst, they could precipitate a broader downturn”.

The dollar would regain some of the ground lost against the yen in recent weeks if the BOJ stops halting rate increases for the moment.

Though contrarian for sure, Goldman Sachs is n’t a complete outlier. Count Daragh Maher, an economist at HSBC Securities, among those who think the dollar’s strength could prove impervious to Powell’s pivot toward easing. According to Maher, the “exceptionalism theme” that surrounds the US economy still “feels like it has got its arms around the dollar.”

It’s no coincidence that the dollar is at its highest levels since the dot-com economy of the late 1990s, according to Joe Brusuelas, chief economist at advisory firm RSM. The dollar has risen despite threats of a trade war, the pandemic, and the government funding standoffs, which we credit to the US’s renewed leadership in global affairs and the strength and innovation of its economy.

It’s also a coincidence that the major US trading partners included in the dollar index also happen to be the major international financial centers, according to Brusuelas. And it’s the rising demand for US long-term securities from those institutions that most accurately reflects the dollar’s long-term strength. Anyone can make an investment in a Treasury bond or a corporate bond of the highest caliber in the US.

That liquidity is important in a time when the global economy is in great uncertainty.

Kathleen Brooks, research director at advisory XTB, says that “without a doubt, the No 1 driver of the dollar is going to be relative interest rate differentials”. She notes that “any scaling back of bets on Fed rate cuts is likely to give the dollar some breathing room.”

The election and the Fed’s rate increase may be at odds with one another. On the one hand, US inflation continues to be slightly higher than the Fed might prefer.

Although the consumer price index increased by only 2.5 % year over year in August 2024, which is the lowest level since February 2021, inflation continues to be stubbornly high in housing and other important industries.

” Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it has n’t been completely vanquished”, says Paul Ashworth, chief North America economist at Capital Economics.

Some Fed officials worry that Joe Biden’s Democrats might be aided by the proposed rate increases ahead of the November 5 election by using them as leverage. If traders begin looking at US finances in the run-up to the contest, the dollar could be affected by this.

While Vice President Kamala Harris ‘ popularity appears to have shifted, the growing US federal deficit is likely to be the subject of discussion regardless of who wins the White House, according to analysts at UBS in a recent report.

According to UBS,” Indeed,” the Congressional Budget Office recently predicted that US interest costs will overshadow defense spending this year. Fears about the US fiscal deficit’s size, in our opinion, will have a long-term impact on the US dollar. We anticipate the US dollar to maintain pressure, according to UBS.

Brooks, though, is less worried that politics will trump interest-rate differentials. ” I do n’t think the election is a key factor in the FX market yet”, she says. ” We’re at this precipice of monetary-policy change and that’s so much more important than politics for the market at the moment”.

For now, Michael Zezas, Morgan Stanley’s head of US public policy research, argues that” King dollar does n’t really have any challengers”. China’s yuan, he argues, is n’t liquid enough to challenge the dollar, while cryptocurrencies are n’t ready for anything approaching global prime time.

Yet hubris is its own danger. That’s particularly so as Brazil, Russia, India, &nbsp, China&nbsp, and&nbsp, South&nbsp, Africa, the BRICS, lead efforts among Gulf region and&nbsp, Global&nbsp, South&nbsp, nations to dethrone the dollar. These de-dollarization efforts are making notable progress.

In Beijing, Xi Jinping’s “yuanization” push is gaining traction. In March, China’s currency hit a record high of 47 % of global payments by value. Last year, the yuan topped the yen as the currency with the fourth-largest share in international payments, according to financial messaging service&nbsp, SWIFT.

However, many people’s perceptions may not be as straightforward as they think about how those changes affect the dollar. Rumors of a predictable cause-and-effect decline in the dollar may prove to be exaggerated as the Fed finally pulls the trigger on rate cuts.

Follow William Pesek on X @WilliamPesek

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Flood damage bill in Mae Sai already tops B500 million

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Figures expected to soar, weather notify issued in some provinces

Described: 16 Sep 2024 at 11: 44

Workers and volunteers remove flood debris in Mae Sai municipality in Mae Sai district in Chiang Rai province in a photo posted on Monday. (Photo: tambon Mae Sai municipal office Facebook)
In a picture posted on Monday, volunteers and residents of Mae Sai Municipality in Chiang Rai city removed flood debris. ( Photo: tambon Mae Sai municipal office Facebook )

A top statewide national said on Monday that the repair cost for flood-damaged homes in Chiang Rai’s Mae Sai area alone is estimated at 500 million baht, and that the crisis is still ongoing. Some areas of the border town are also submerged, according to a top municipal official.

The injury estimate was based on the number of homes and businesses that were damaged by the devastating flood in the area, according to Kanchit Chumpoodaeng, chairman of the Hazard Prevention and Mitigation company in Chiang Rai, and the state budget’s standard repair fee, which is 49, 500 baht per house.

He claimed that at least 10,000 homes and businesses in Mae Sai had been confirmed flood-damaged, and that he anticipated that the number may increase as the water&nbsp, drained off, and officials were able to conduct a comprehensive survey.

” The images are only for housing upgrades. Other charges related to travel are not, according to Mr. Kanchit in a television interview with Chulalongkorn University on Monday.

Mae Sai area, particularly the town, was the hardest-hit in Chiang Rai state after the Sai River burst its institutions on Tuesday next month. Residents claimed this was the worst flood in four decades.

Due to the strong current, Mr. Kachit claimed that some areas in the district town were still underwater and could only be reached by navy Seals, who are assisting in the rescue operation. He claimed that helicopters were dropping supplies onto homes that were stranded by the floodwaters and those who did not want to leave their homes unprotected.

Mae Sai district has opened 17 temporary shelters for victims, and&nbsp, Chiang Rai municipality two shelters.

The official claimed that the situation in other flooded districts was gradually returning to normal, including in Muang district.

12 people have died so far as Chiang Rai’s flooding, three of whom are still recovering from wounds.

The Disaster Prevention and Mitigation Department reported on Monday that there had been flooding in seven provinces across the nation, with more than 28, 000 homes being affected. Along with the rapidly rising Mekong River, floods were also starting to occur in some places.

A crucial meeting was convened on Monday by Prime Minister Paetongtarn Shinawatra to discuss the issue and efforts to recover from the floods.

The Meteorological Department has forecasted more rain for all regions of the country through Tuesday in several provinces. Chiang Rai is not on the alert list for the North- only Phayao, Nan, Phrae, Uttaradit, Sukhothai, Pichit, Phitsanulok and Phetchabun.

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Long road ahead for Paetongtarn

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Prime Minister Paetongtarn Shinawatra, centre, visits flood-affected Chiang Rai province on Friday. (Photo: Government House)
Prime Minister Paetongtarn Shinawatra, heart, trips flood-affected Chiang Rai state on Friday. ( Photo: Government House )

The Paetongtarn Shinawatra administration’s policies have possible, according to economists and political economists, but the government will have to rush and see how they turn out.

Ms Paetongtarn next Thursday delivered her administration’s policy speech to congress, focusing on measures to improve person’s monetary well-being and increase the government’s income.

Mr Paetongtarn outlined plans for debt restructuring, especially concerning home and auto loans, alongside assistance for unofficial debtors. Long-term procedures were also mentioned, such as developing pleasure compounds, which include casinos, and a water management initiative to combat consistent flood and drought.

Before beginning job, the government must first present its policy speech to parliament.

Focus on financial comfort

Nonarit Bisonyabut, a senior research fellow at Thailand Development Research Institute ( TDRI), backed the policy statement, although he pointed out that 20–30 % of key elements appeared to be missing.

” We must realize that this is still only a plan news, essentially an idea. We’ll have to see whether or not these tips can be put into practice, he said.

According to him, complete debt restructuring is a wise and necessary decision, especially given the country’s skyrocketing household debt levels. The key problem, however, is to find an effective strategy, as previous attempts, including bill suspension and dialogue, have met limited achievement.

He claimed that while it is vital to pay off household debts, the government must figure out a way to do so without transferring the burden onto future generations.

Mr Nonarit welcomed the government’s revision of its 10, 000-baht digital budget system, although the plan also requires large spending.

During the first stage, the signal money will be first distributed to 14.5 million susceptible people, or 12.4 million with state security accounts and 2.1 million disabled persons, with each receiving 10, 000 ringgit.

The second phase, which is for registered ready consumers, depends on the preparation of the settlement program itself. In the fiscal year 2025, a budget of 187 billion ringgit has been designated for transmission.

Giving out money to the most vulnerable groups, according to Mr. Nonarit, may have the desired effect because it targets the most in need. The transition to money payment, which is expected to be relatively simple, is expected to have a significant impact.

The second phase would assist those who are still in need despite not having any monetary issues.

Nonarit: Handbook for vulnerable groups simply

Nonarit: Handbook for vulnerable groups simply

Thanaporn Sriyakul, chairman of the Political and Public Policy Analysis Institute, said the Paetongtarn state focuses heavily on economic plans, which address the person’s lives.

He urged the government to speed up loan restructuring and finish it in 15 days because the issue is directly under the president’s control with the release of the 10, 000-baht flyer later this month.

Mr. Thanaporn cited as an illustration the success of housing bill reform initiatives where cost contributions to the Financial Institutions Development Fund were lowered to help consumers from state institutions.

Although the bank’s principle is good, he said,” The monitoring may need to be improved to see if the banks use the funds to pay off their debts rather than to fund their ordinary projects.”

” This should not be hard for the Finance Ministry to solve, given the obvious economic characteristics involved”, he added.

Thanaporn: Total debt restructuring then

Thanaporn: Total debt restructuring then

Project problems

Mr. Nonarit described legalizing some underground financial activities as part of a casino-entertainment advanced as intriguing but difficult. While it could bring financial benefits, there are also cultural downsides to acquire.

” As a notion, it’s interesting and has potential. The actual question is how to render it work”, he said.

Megaprojects like the Land Bridge have substantial economic repercussions, and his problem is with the state’s budgetary constraints.

There are economic risks if the government ends up paying a significant portion of the project’s expense, he added, and it is unclear how much funding may be made by the position and the private market.

” Undoing it, there is talk about a land reclamation project and the construction of nine artificial islands to combat rising sea levels,” he said. None of these topics were covered in the election campaign.

According to Mr. Nonarit, natural disasters are getting worse as a result of climate change, and institutions have only a few days to deal with the issue. Moreover, even long-term planning may be outdated because of frequent changes.

The most recent strategy, similar to the” Sponge City” strategy, focuses on designing cities to allow people to live with water rather than try to combat it, he said, noting the state has been slow to take this approach into account.

He argued that local organizations and communities must work together to stop climate change and that the government only don’t stop it.

Mr. Thanaporn claimed that the government’s new megaprojects are in line with the vision of former prime minister Thaksin Shinawatra, who is frequently referred to as the “big manager” of the decision Pheu Thai Party. Thaksin is Ms Paetongtarn’s parents.

Thaksin is known for smuggling big concepts into people’s minds to pique interest and draw attention, but he claimed that more often than not these plans fall short of expectations.

Given prior projects tainted by irregularities, like the Baan Ua-arthorn cover security system and the rice-pledging job, megaprojects today often boost concerns about possible corruption, he said.

” Let’s wait and see how the Land Bridge and casino-entertainment complex projects develop”, he said.

Deal with debt first

Chaiwat Sathawornwichit, a list-MP of the opposition People’s Party, said the government must prioritise tackling household debt as some families are struggling financially and resorting to non-formal loans.

Despite declaring debt to be a national priority, the Srettha Thavisin administration failed to address it, he claimed.

He suggested that the government might consider lowering interest rates and payment obligations as well, and that lowering income and lowering the cost of living may not be sufficient.

He claimed that because there are n’t enough effective measures, the government needs to find solutions to the problem.

” If the government keeps on relying on superficial activities like holding press conferences and hosting]promotional ] events, the problem will persist”, he said.

The digital wallet scheme, according to Mr. Chaiwat, should be put on hold because it is unprofitable. He claimed that the 450 billion baht program funding would be better spent on pressing issues like providing soft loans to those in need.

He also criticised the government’s foreign policy as being rather weak, saying Thailand is the second-largest economy in Asean and should position itself more strategically.

Additionally, he claimed that the government should strengthen cooperation with other countries in light of the rapid rise in call-center scams.

Chaiwat: Downplays ' Baan Pa ' threat

Chaiwat: Downplays ‘ Baan Pa ‘ threat

Potential risks

When asked about the challenges the government faces, Mr. Thanaporn stated that amending the charter is not a pressing issue and that there are indications that the situation may continue. He claimed that the Senate may be dragging its feet with the proposed public referendum.

If the government is determined to rewrite the charter before the next general election, he said, the prime minister will need to talk with the Bhumjaithai Party, which is thought to have ties to the majority of senators.

The political analyst noted that the risk to the government is low despite the legal conflict and intense scrutiny from the Palang Pracharath Party following the removal of a PPRP leader’s faction from the cabinet.

” I do n’t think there are significant risks for the government, which has the overwhelming majority. Legal threats from Baan Pa will likely fall as the political landscape is shifting]to Bhumjaithai]”, he said.

” Baan Pa” refers to the Five Provinces Bordering Forest Preservation Foundation, at the 1st Infantry Regiment in Bangkok’s Phaya Thai district. The foundation is believed to be Gen Prawit’s unofficial office.

According to Mr. Chaiwat, the government has a “family cabinet” mentality, which leaves state officials unsure of who is actually in charge and unsure about policy continuity.

The opposition MP also expressed doubt that the government is interested in rewriting the charter because it is a broad topic. He expressed doubts about the efficacy of the drug control policy as a result of the government’s inconsistent stance on marijuana.

According to Mr. Chaiwat, having several coalition partners does influence the formulation of the government’s policy, which is reflected in the cabinet lineup.

According to him, the stability of the government will likely depend on how interests are divided and divided among the coalition partners.

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Long road ahead for Thai PM Paetongtarn

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In: South-East Asia
Prime Minister Paetongtarn Shinawatra, centre, visits flood-affected Chiang Rai province in northern Thailand on Friday. (Photo: Government House)
Prime Minister Paetongtarn Shinawatra, heart, visits flood-affected Chiang Rai state in northern Thailand on Friday. ( Photo: Government House )

The Paetongtarn Shinawatra administration’s policies have possible, according to economists and political economists, but the government will have to rush and see how they turn out.

Ms Paetongtarn next Thursday delivered her administration’s policy speech to congress, focusing on measures to improve person’s financial well-being and increase the government’s income.

Mr Paetongtarn outlined plans for debt restructuring, especially concerning home and auto loans, alongside assistance for casual debtors. Long-term procedures were also mentioned, such as developing pleasure compounds, which include casinos, and a water management initiative to combat consistent flood and drought.

Before beginning job, the government is required to provide its policy speech to parliament.

Focus on financial comfort

Nonarit Bisonyabut, a senior research fellow at Thailand Development Research Institute ( TDRI), backed the policy statement, although he pointed out that 20–30 % of key elements appeared to be missing.

” We must realize that this is still only a plan news, basically an idea. We’ll have to see whether or not these tips can be put into practice, he said.

Comprehensive debt reform is a wise and essential course of action, particularly given the country’s skyrocketing rates of home debt, he said. The key problem, however, is to find an effective strategy, as previous attempts, including loan suspension and dialogue, have met limited achievement.

He claimed that while it is vital to pay off household debt, the government must figure out a way to avoid delaying the process for generations to come.

Mr Nonarit welcomed the government’s revision of its 10, 000-baht digital budget system, although the plan also requires large spending.

During the first stage, the signal money will be first distributed to 14.5 million susceptible people, or 12.4 million with state security accounts and 2.1 million disabled persons, with each receiving 10, 000 ringgit.

The second phase, which is for registered ready consumers, depends on the preparation of the settlement program itself. In the fiscal year 2025, a budget of 187 billion ringgit has been designated for transmission.

Giving out money to the most vulnerable parties, according to Mr. Nonarit, may have the desired effect. The transition to cash payment, which is expected to be relatively simple, is expected to have a significant effect.

The second phase would assist those who are still in need despite not having any monetary issues.

Nonarit: Handbook for vulnerable groups simply

Nonarit: Handbook for vulnerable groups simply

Thanaporn Sriyakul, chairman of the Political and Public Policy Analysis Institute, said the Paetongtarn state focuses heavily on economic plans, which address the person’s lives.

He urged the government to accelerate its debt restructuring and finish it in 15 days because the issue is immediately under the president’s control, with the release date set for later this month.

Mr. Thanaporn cited as an illustration the success of debt reform initiatives for cover in which cost payments to the Financial Institutions Development Fund were lowered to help consumers from state businesses.

The banks ‘ “principle is sound,” he said, but “improvements may be needed to make sure they use the funds to restructure debts for those in need rather than to fund their regular projects.

” This should not be difficult for the Finance Ministry to handle, given the clear financial parameters involved”, he added.

Thanaporn: Complete debt restructuring now

Thanaporn: Complete debt restructuring now

Megaproject concerns

Mr. Nonarit described legalizing some underground economic activities as part of a casino-entertainment complex as intriguing but difficult. While it could bring economic benefits, there are also social downsides to consider.

” As a concept, it’s intriguing and has potential. The real question is how to make it work”, he said.

Megaprojects like the Land Bridge have significant economic repercussions, and his concern is with the state’s budgetary constraints.

There are financial risks if the government ends up paying a significant portion of the project’s cost, he added, and it is unclear how much investment will be made by the state and the private sector.

” Undoing it, there is talk about a land reclamation project and the construction of nine artificial islands to combat rising sea levels,” he said. None of these topics were covered in the election campaign.

According to Mr. Nonarit, governments have a tight window of time to address the long-term issues that are causing natural disasters to become more severe as a result of climate change. Furthermore, even long-term planning may become obsolete because of constant changes.

The most recent concept, similar to the” Sponge City” concept, focuses on designing cities to allow people to coexist with water rather than try to combat it, he said, noting the government has been slow to take this approach into account.

He argued that local organizations and communities must work together to stop climate change and that the government alone cannot stop it.

Mr. Thanaporn claimed that the government’s new megaprojects are in line with the vision of former prime minister Thaksin Shinawatra, who is frequently referred to as the “big boss” of the ruling Pheu Thai Party. Thaksin is Ms Paetongtarn’s father.

Thaksin is known for smuggling big ideas into people’s minds to pique interest and draw attention, but he claimed that these tactics frequently fall short of expectations.

Given previous projects tainted by irregularities, like the Baan Ua-arthorn housing welfare scheme and the rice-pledging project, megaprojects today often raise concerns about potential corruption, he said.

” Let’s wait and see how the Land Bridge and casino-entertainment complex projects develop”, he said.

Deal with debt first

Chaiwat Sathawornwichit, a list-MP of the opposition People’s Party, said the government must prioritise tackling household debt as some families are struggling financially and resorting to non-formal loans.

Despite declaring it a national agenda item, he claimed, the Srettha Thavisin administration failed to address debt issues.

He suggested that the government might consider lowering interest rates and payment obligations as well, and that lowering income and lowering the cost of living may not be sufficient.

He claimed that because there are n’t enough effective measures, the government needs to find solutions to the problem.

” If the government keeps on relying on superficial activities like holding press conferences and hosting]promotional ] events, the problem will persist”, he said.

The digital wallet scheme, according to Mr. Chaiwat, should be put on hold because it is unprofitable. He claimed that the 450 billion baht program funding would be better spent on pressing issues like providing soft loans to those in need.

He also criticised the government’s foreign policy as being rather weak, saying Thailand is the second-largest economy in Asean and should position itself more strategically.

Additionally, he claimed that the government should increase cooperation with other countries in light of the rapid rise in call-center scams.

Chaiwat: Downplays ' Baan Pa ' threat

Chaiwat: Downplays ‘ Baan Pa ‘ threat

Potential risks

When asked about the challenges the government faces, Mr. Thanaporn stated that amending the charter is not a pressing issue and that there are indications that the situation may continue. He claimed that the Senate may be dragging its feet with the proposed public referendum.

If the government wants to have the charter changed before the next general election, he said, the prime minister will need to talk with the Bhumjaithai Party, which is thought to have ties to the majority of senators.

The political analyst noted that the risk to the government is low despite the legal conflict and intense scrutiny from the Palang Pracharath Party following the removal of a PPRP leader’s faction from the cabinet.

” I do n’t think there are significant risks for the government, which has the overwhelming majority. Legal threats from Baan Pa will likely fall as the political landscape is shifting]to Bhumjaithai]”, he said.

” Baan Pa” refers to the Five Provinces Bordering Forest Preservation Foundation, at the 1st Infantry Regiment in Bangkok’s Phaya Thai district. The foundation is believed to be Gen Prawit’s unofficial office.

According to Mr. Chaiwat, the government has a “family cabinet” mentality, which leaves state officials unsure about who is actually in charge and unsure about policy continuity.

The opposition MP also expressed doubt that the government is interested in rewriting the charter because it is a broad topic. He expressed doubts about the efficacy of the drug control policy as a result of the government’s inconsistent stance on marijuana.

Mr. Chaiwat noted that having several coalition partners does influence the formulation of the government’s policy, and this is evident in the cabinet lineup.

According to him, the stability of the government will likely depend on how interests are divided and divided among the coalition partners.

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Commentary: The Fed Is making Hong Kong’s billionaire landlords anxious

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HONG KONG: Among those looking forward to the US Federal Reserve’s interest rate cuts, some are as anxious as&nbsp, Hong Kong’s home tycoons who are now dealing with slow home sales, unoccupied office buildings, and insubordinate tenants demanding contract renegotiations. &nbsp,

About 60 per share of listed property businesses ‘ loan is&nbsp, borrowed at floating rates. Banks &nbsp, charge New World Development an&nbsp, average 1.1 to 1.2 per cent over Hong Kong Inter-bank Offered Rate ( HIBOR ), whose movements track the fed fund rate&nbsp, because of the Hong Kong dollar peg.

A one percentage-point&nbsp, rate cut is keep chief executive officer Adrian Cheng, a third-generation heir&nbsp, from a billionaire home, HK$ 1.1 billion ( US$ 141 million ) &nbsp, and increase revenue by a third, according to Morgan Stanley quotes.

New World, &nbsp, one of Hong Kong’s most obliged engineers, paid HK$ 2.5 billion in funding costs&nbsp, in the second-half of 2023, &nbsp, eroding 44 per share of the firm’s working income. &nbsp,

But more importantly, the Fed’s easing cycle may begin to support large landowners make an investment case for the goods they try to sell, or use as collateral&nbsp, for institution money. Now, the city’s overall real estate market -&nbsp, from personal to financial to&nbsp, offices -&nbsp, suffers from bad carry, in that the rent an owner may expect to collect is nothing close to paying for financing costs.

Leasing&nbsp, out Grade-A offices, for instance, yields on average only about 3.2 per cent, not enough to cover the one-month HIBOR’s 3.9 per cent. &nbsp,

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Why Trump should bring back the gold standard – Asia Times

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In his campaign for president, past president Donald Trump has talked extensively about prices. Also, his campaign has spoken about the importance of keeping the US dollar as the world’s major reserve currency.

He has not, however, proposed any changes to the US economic system or the Federal Reserve. If he were to be elected president again, his executive power would probably be the most crucial reform, returning the US to the gold standard.

Wrongly, metal has been content to decades of criticism. Under the classic, pre-1914 silver standard, the US became an economic giant.

By the turn of the 20th&nbsp, century, the US market was bigger than the next three markets – Germany, France and Britain –&nbsp, combined. Prices was almost nonexistent, but the economy was growing faster than the economy.

In contrast, the Bretton Woods metal exchange standard, which had significantly higher residual tax rates, saw higher development with lower inflation during the quarter century. If the post-1971 economy had continued to grow at the rate it grew under Bretton Woods, it would be 20 times larger ( about$ 5 trillion ) today.

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The earlier gold techniques broke down due to mishandling. Countries halted the traditional silver conventional during World War I. During the conflict, some financed their wasting by printing money, creating inflation.

After the battle, some suffered inflation. People returned to their pre-war transfer rates, requiring strong deflations. The metal standard’s global character caused regional deflations.

The resulting economic cramps were so intense that almost all nations on gold, including the US ( in 1933, under Franklin Roosevelt ), devalued against it.

Recoveries usually began soon after depreciation. The Hoover and Roosevelt governments’ high tariffs, income increases, and large rules of the US stifled treatment and precipitated the Great Depression.

The Bretton Woods version of the gold standard ( 1945-1971 ) had regulations designed to prevent the extremes of hyperinflation and deflation. However, the US, the crucial state in the program, created inflation at levels inconsistent with the platinum price.

After a decade of such prices, the US government faced a choice: strengthen economic policy, devalue the dollar against metal as Roosevelt had done or leave gold completely.

In the US and around the world, President Richard Nixon abandoned gold, leading to a decade of stagflation, a half-century of higher inflation, slower growth, and more economic volatility.

Both Nixon and Roosevelt used executive orders or assertions to alter or change the economy’s value in gold. A re-elected Trump could do the same. &nbsp,

The US president has the authority to determine the dollar’s transfer charge. The Treasury Department’s Exchange Stabilization Fund provides the president with a means for doing so: Title 31, section 5302 ( b ) of the US Code specifically authorizes dealing in gold.

But, member nations are prohibited from tying their economies to gold by a 1976 amendment to the International Monetary Fund’s articles of agreement, which was approved by the US state and is now in Title 22, part 286e–5 of the US Code.

Legitimate defenses may involve using the gold price as a goal without carrying out a real forgiveness at that price or using gold-denominated stocks until the IMF agreement may be modified.

A re-elected leader, such as Donald Trump, might make the announcement that he will set the price for gold at the sector after a brief period of adjustment, say 45 times, to expel golden speculators. As many investors are likely to sell gold, central banks may buy it up on the way down to get the lowest possible price.

At the current market rate of approximately$ 2, 500 per troy ounce, the value of the US gold reserve of 260 million troy ounces is more than$ 650 billion, about 12 % of the$ 5.6 trillion monetary base.

While adding to the golden stock over time may be healthier, this cover ratio may be appropriate. Any money must be exchanged for gold, no every dollar at when, according to the gold standard.

Money-related government may tighten monetary policy and purchase silver on the global marketplaces as needed if redemptions are great. Markets usually prefer to hold bulky real gold as long as the program is reliable.

Trump might make the announcement in collaboration with the other major international money markets, including China and the Eurozone, to further the plan.

A bilateral gold fix would have the benefit of properly distributing financial responsibility among the three major exchange rates.

No part of the group would be able to quickly defraud or rule the method because all three regions are enormous markets with large gold resources. The rest of the world may be free to mend gold, set one of the trio’s exchange rates, or hold onto their current form of currency management.

Trump’s main concerns would be addressed by a new silver standard. Critically, it would lock in lower prices. Exchange rates would be fixed, meaning there would n’t be any more complaints about currency manipulation.

The US trade deficit would probably drop, as multiple currencies may be” good as gold”, reducing the country’s want to hoard cash. In order to promote business and facilitate trade, it would remove a lot of speculation and volatility from the financial markets and commodity prices.

The next 25 years ‘ economic bubble and statues would disappear. Gold do encourage member governments to reinstate funds discipline. Secondly, such a system may help weak nations become more financially secure, probably reducing migrant outflows. &nbsp,

Basic financial reform is a difficult decision to make when it means a protracted march through the swamps of Washington, DC. Trump might use professional power to create a better program, which would make story.

Sean Rushton is adjunct fellow at the Jack Kemp Foundation, a US-based charitable institution.

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Rice mills group calls for banks to ease lending rules

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PUBLISHED: 14 Sep 2024 at 04: 00

The Thai Northeastern Rice Mills Association is requesting assistance from the government in negotiations to relax their lending restrictions in order to prepare for the upcoming harvest time because corn mill apparently lack financial cash.

The Thai Northeastern Rice Mills Association’s leader, Wichai Srinawakul, stated yesterday that commercial businesses had strict lending laws for corn mill, which affects their ability to purchase corn from producers for the upcoming season, which starts in the Northeast in November.

Mr. Wichai claims that even though the loans were secured, the banks just approved a certain amount of credit for the grain mill operators. The decision had an impact on the profitability of the mills as they prepared to buy rice from growers who have a 7.500 million-tonne harvest of rice in the northern region this year.

” Over 40 % of the 160 corn mill that comprise our agency’s account require funding from state-run business banks, and the sleep applied for loans from private lenders. If the authorities may work with the banks to alleviate lending restrictions that limit borrowing to rice mills, farmers will, thus, benefit greatly from the effort”, he stated.

Mr Wichai’s remarks followed a report Wednesday from Rangsan Sabaimuang, president of Thai Rice Mills Associations, regarding the falling rice prices.

According to Mr Rangsan, the rice mills have had to reduce price offerings to farmers. The price of polished rice dropped from 17, 800 baht to 17, 500 baht per tonne, and the price of unmilled rice dropped from 12, 000 baht to 10, 800–11, 000 baht per tonne.

If their finances do n’t improve, Mr. Rangsan warned that the mills might stop selling rice in a week.

He mentioned that the Phetchabun Farm Plants Association had previously announced the purchase of corn from farmers in a similar way. In response to a lack of funds, the group announced that it would not be purchasing grain from September 13 through September 15.

He said Pichai Naripthaphan, the newly appointed commerce minister, must support farmers and mills by negotiating with banks to offer low-interest loans for mill operators.

Pramote Charoensilp, president of the Thai Agriculturist Association, said he does not believe rice mills will stop buying rice from farmers.

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Chiang Rai grapples with flood disaster

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Northern state’s primary air-port closed, heart of Muang area hard inundated

Lee RAI: The economic center of Thailand’s westernmost state is now inundated, with waters reaching waist-deep ranges and continuing to rise due to the overflowing Kok River.

The closing of Mae Fah Luang Chiang Rai International Airport was caused by a flood on Thursday, with a Thai AirAsia flight leaving at 1.10pm the next trip to go through.

Access to important areas, including Mae Fah Luang Chiang Rai International Airport, the five-way Pho Khun crossing, and the municipal house, was affected by the closing of roads and bridges in the Muang district on Thursday night.

Due to strong currents, emergency started on Wednesday nights, when residents were unable to stay in the ground-floor homes. To help in evacuating those trapped by the rapid-flowing waters, jet skis were used.

Chiangrai Prachanukroh Hospital in the Muang city said on Thursday that it was only handling urgent situations.

Muang area in Chiang Rai is one of the six regions that has experienced flood damage. The others are Chiang Khong, Chiang Saen, Mae Chan, Mae Fah Luang and Mae Sai.

More than 10, 000 homes have been affected, with three incidents reported in Mae Fah Luang. ( Story continues below )

On Thursday, a sea police officer carries a child through the Mae Sai region of Chiang Rai province's deep water. ( Photo supplied/Wassayos Ngamkham )

On Thursday, a sea police officer carries a child through the Mae Sai region of Chiang Rai province’s deep water. ( Photo supplied/Wassayos Ngamkham )

On Thursday, local people in Chiang Rai do their cleaning near the Mae Sai borders station. ( Photo: Hug Mae Sai Facebook )

On Thursday, local people in Chiang Rai do their cleaning near the Mae Sai borders station. ( Photo: Hug Mae Sai Facebook )

Sai River falling

In Mae Sai area, authorities said the level of the Sai River was falling and Phahon Yothin Road, which had been greatly flooded, was back to normal on Thursday.

However, the problems in the Muang district’s center continued to be challenging.

Due to the damage caused by flood and the need to clean up the Mae Sai boundary station, drivers are still able to travel to Myanmar.

On Thursday, Thai authorities had to integrate with Myanmar immigration officials before returning to their country on base after being left stranded on the Thai area during the flood.

On Thursday night, sellers from the border’s Sai Lom Joy business arrived in their stores to begin repairing the damage.

People were now able to enter the Koh Sai group, which was earlier impenetrable. However, some sites were still under waters.

On Thursday, tambon Mae Sai city officials, police, rescue personnel, and Navy officers went to evacuate people who had been stranded in their flooded houses for more than two days.

To assist in the evacuation of flood victims, aquatic officers with flat-bottomed boats were dispatched from three stations in the state. In some places that ships could not accomplish, policeman had to wade through rainwater to remove victims, mainly the elderly, women and children.

After the Kok valley burst its banks, causing significant flooding in many of the city’s downtown areas, rescue team and boats were dispatched to support disaster victims flee their homes. Around 30 centimeters great were the floodwaters at the Phor Khun crossroads.

Some roads that had been overflowed after the Sai River overflowed were once more accessible after the river’s water level decreased by about one meter, or near the standard amount, according to Suttipong Juljarern, the internal ministry’s permanent secretary. ( Story continues below )

After water recedes on Thursday in front of the Mae Sai boundary checkpoint in Chiang Rai's Mae Sai city, a person inspects dust that washed onto the road as a result of the floods. ( Photo: Hug Mae Sai Facebook )

After water recedes on Thursday in front of the Mae Sai boundary checkpoint in Chiang Rai’s Mae Sai city, a person inspects dust that washed onto the road as a result of the floods. ( Photo: Hug Mae Sai Facebook )

40 regions on update

Over 40 counties were on alert for potential flash floods as a fresh tropical depression is anticipated to increase through September 18, according to an article released by the Office of National Water Resources on Thursday.

According to the authorities, at least nine people have died as a result of floods in the northern regions of Chiang Rai and Chiang Mai since Tuesday.

From Friday through the first of the week, the weather department anticipates more heavy rain to arrive early in the nation.

Since Aug 16, floods and landslides have killed 33 citizens across Thailand and affected almost 110, 000 homes, according to the Department of Disaster Prevention and Mitigation.

In Thailand, about 34, 000 families, mostly in the northwestern region, have been affected by Typhoon Yagi, the strongest wind to reach Asia this year. The wind has even wreaked havoc in neighbouring Vietnam, where it left at least 157 people dead and 139 more lost.

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