More Thais return from war-torn Israel

By:
On:
In: South-East Asia

25 October 2023 at 17:37 PUBLISHED

More Thais return from war-torn Israel
On Wednesday night, Thai employees who have been ejected from Israel wait to pick up their luggage at the Suvarnabhumi aircraft in Samt Prakan. ( Image: Ministry of Labor)

On Wednesday night, another 320 Vietnamese employees arrived back from Israel, bringing the total number of Thai survivors to 4, 296.

On Wednesday at around 7 a.m., the 26th mass of Thai passengers boarded SpiceJet trip SG 9014 from Tel Aviv and arrived at Suvarnabhumi airport.

Authorities led by Natanthachai Panyasurarit, investigator general of the Labour Ministry, to greet the survivors.

At the airports, everyone underwent cognitive and health examinations. Regarding their eligibility for state aid and loan suspension, officials also offered tips.

The most recent planeload brought the total amount of Thai residents to 4,296.

On Wednesday at 7.50 p.m., another 235 were scheduled to return on EI AI Israel Airlines journey LY081.

8 Thais have registered to return back, and 123 have stated they want to be in Israel, according to labor leaders at the Thai consulate in Tel Aviv. In addition, & nbsp,

30 Thai people have died as a result, along with 19 kidnapped Thais and 18 wounded. There have already been eight repatriated systems.

At 10.35 a.m. on Thursday, seven more Thai employees are scheduled to return from Israel.

On Wednesday, one of the returnees was Phitsanulok resident Veeraphan Jabsaengchan, 39. He claimed that Israel’s border regions were strained and risky, including the labor camp where he had been staying close to Lebanon and Syria. He frequently heard missiles and gunshot flying overhead.

He had spent 8 to 9 decades working in Israel, but Mr. Veeraphan declared that he would never go back.

According to Prime Minister Srettha Thaivisin, officials met on Wednesday around lunchtime to talk about how to assist those who had borrowed money to travel to and function in Israel. & nbsp,

He urged Thai employees who chose to remain in Israel to exercise extreme caution.

Israel’s position was being assessed, and it was dire. Israel had quickly begin a ground assault, he claimed.

In an effort to retain Thai workers it, Israeli employers chose to postpone salary payments and even offered higher pay, according to the prime minister.

He was awaiting the Jewish ambassador’s response on how to put pressure on Israeli companies who hadn’t yet compensated Thai employees.

The topic of mortgages Thais had taken out to give job trading fees as high as 150,000 baht per mind was discussed at today’s meeting. & nbsp,

They would be in problems if they went back home without receiving funds from their employers. According to Mr. Sretha, who also serves as finance secretary, they still had to pay off their debts.

According to Mr. Srettha, Deputy Finance Minister Kritsada Chinavicharana had suggested that the Bank for Agriculture and Agricultural Cooperatives ( BAAC ) might offer loans to this group of workers with an interest rate of just 0.1 % over a 20-year period, or by paying about 600 baht per month. & nbsp,

He chose not to go into more information. The problem needed to be adequately discussed first. He had spoken with the BACC and the Government Savings Bank ( GSB ) about the issue.

Continue Reading

Wealthy won’t get digital handout, says PM

By:
On:
In: South-East Asia

25 October 2023 at 16:14 PUBLISHED

Wealthy won't get digital handout, says PM
On Wednesday, Prime Minister Srettha Thavisin gives a speech on financial stimulation at the Aksra Theatre. Additionally, he discussed the B10,000 electronic flyer plans for his government with reporters. ( Image: Chanat Katanyu)

Prime Minister Srettha Thavisin stated on Wednesday that the government will establish standards to make sure the wealthy are not ready for the 10,000 baht digital currency release when it is launched.

He agreed with suggestions that wealthy people never receive the 10,000 baht release from a variety of individuals, including the government of the Bank of Thailand.

” There will be a fair and accurate description of who is wealthy … According to the prime minister, some organizations that are trouble-free shouldn’t receive it.

On Tuesday, he said, the state team preparing to implement the handout spoke with the governor of the central banks.

The coalition government’s chief executive, the Pheu Thai Party, of the primary minister, made the online transaction. Additionally, Mr. Srettha made the announcement to congress during the administration’s policy statement.

Information that another coalition events did not support the scheme were refuted by the prime minister. He claimed that the alliance supported the strategy.

The flyer would not be delivered in installments, according to Mr. Srettha, and would be paid in full.

He stated that” the government intends to successfully strengthen the national market with a huge amount of money.”

Each Thai person who is at least 16 years old will receive a modern bag with the equivalent of 10,000 ringgit, with restrictions on how and where it can be used. The price is estimated by the government to be 548 billion ringgit.

The country’s gross domestic product had increased by 1.8 % on average annually over the previous ten years, and household debt was already at 91 % of GDP, according to Mr. Srettha, so this level of economic stimulation was required.

Mr. Srettha responded that he was still reviewing the timeframe when asked if the handout andnbsp may be delayed from the anticipated and nfspen date of February 1, 2024. As soon as possible, that is.

When asked where the money was coming from, he replied that it was still being thought about. & nbsp,

Continue Reading

MTL aims to go from strength to strength

By:
On:
In: South-East Asia

The insurance company wants to be the most dependable life and health companion in the nation, according to chief executive Sara Lamsam.

MTL aims to go from strength to strength
Mr. Sara thinks that favorable conditions may help the nation’s life insurance industry grow.

The success of Muang Thai Life Assurance ( MTL ), one of Thailand’s most well-known life insurance companies, is largely due to Sara Lamsam.

  • Best Director in Management and Innovation Excellence
  • Muang Thai Life Assurance Plc’s president and CEO is Sara Lamsam.

The 54-year-old president and chief executive officer has played a crucial role in outlining and putting into practice organization strategies that have fueled MTL’s steady progress for ages, supported by 30 years of experience within the Lamsam home in the life insurance sector.

The company’s delivery of a variety of cutting-edge products and services has been largely responsible for its exceptional performance and ability to garner plaudits.

This time, MTL declared its intention to establish itself as a life insurance company that stands out in terms of its merchandise offerings. It will do this by using online systems to connect with different customer groups and continue to dominate the life insurance sector in the nation.

MTL’s items are now available to consumers through both conventional and new distribution channels. In order to enhance innovations in relation to its goods, services, and management procedures, the company founded the Fuchsia innovation center. The center serves as an illustration of how MTL works with other businesses to create products that appeal to various customer parties, especially those who want something special.

After more than 800,000 people downloaded the app, MTL Click, which was created to give consumers access to all of the company’s service in one place, won the Business Product Innovation Award 2023 in May.

The employer introduced MTL Fit, an app to help create people’s medical hassle-free, two months prior. For discounts of up to 15 % on insurance premiums, it provides dynamic pricing through an” MTL Fit Reward” feature.

The business teamed up with Line BK next month to provide a cutting-edge life insurance product for lower-income customers and consultants. Through Line Pay, these organizations can quickly access information and give a small fee for life insurance protection.

According to Mr. Sara, MTL is able to meet the needs of every type of lifestyle at various stages of life by providing products and services that are simple to understand and equipped with technology for the ease and accessibility of customers. This makes it possible for MTL to connect with customers who are more specifically targeted.

Such a tactic aids the business in growing its clientele while core products like health insurance, critical illness insurance coverage, unit linked-insurance, and pension insurance continue to grow successfully, supporting MTL’s ability to expand regularly and walk out in the life insurance industry.

Under the guise of” MTL Next to You ,” Mr. Sara declared his intention for MTL to emerge as the nation’s most dependable life and health partner and a market leader by providing innovative health insurance coverage and wealth management.

He emphasized the idea of life insurance products that take an” inside in” approach to meeting consumer demands. In order to satisfy the needs of clients who prefer self-service or company with a human contact, the company uses this strategy to provide services with new innovations through both online and non-digital systems.

According to Mr. Sara, the life insurance industry has changed because businesses now need to consider an” in out” aspect when providing comprehensive insurance.

The world of life insurance today is about being” personalized” or” outside in” to serve customers. Big data and technology are essential success tools for now because it’s crucial to find products that satisfy consumer needs.

According to him, using information systems to create insurance plans through online and offline channels is a plan that keeps customers happy, makes MTL profitable, and causes its operating results to increase even in times of crises.

With full coverage rates reaching 300 billion ringgit, up 3.78 % from the corresponding period last year, the life insurance industry as a whole continued to expand in the first half of this year. Premiums are expected to increase by 0 to 2 % year over year, from 613 billion to 624 billion ringgit, for the entire time.

Insurance rates increased by 14.4 % year over year to 29.9 billion baht in the first five weeks, outperforming the market as a whole. In total, new insurance premiums made up 10.5 billion baht, an increase of 13.8 % year over year, and insurance renewal premium numbers increased by 14.8 % to 19.4 billion.

As chairman of the Thai Life Assurance Association, Mr. Sara thinks that as people learn more about the value of life insurance and more health or critical illness insurance policies, positive elements will support the expansion of that sector. The healthcare industry has grown so far this year as a result of rising medical costs and confusion regarding the spread of emerging diseases like Covid-19.

In comparison to the size of the Thai population, life insurance policies have an average of 38 %, and the value of this sector currently makes up about 3.8 % of GDP. Life insurance companies may reach a larger audience in some nations and can add up to 15 % to GDP.

Given that so many people are still not covered by insurance items, Thailand’s life insurance industry also has a lot of room to expand.

Additionally, the life insurance system invests 95 % of its money in stocks, bonds, and debt instruments. This implies a link between the healthcare industry and the national habitat.

Chairman of the Bangkok Post for 2023

Continue Reading

Celebrating visionaries and inspirational leaders

By:
On:
In: South-East Asia
Celebrating visionaries and inspirational leaders

Once again, the halls of the Bangkok Post resonate with the thrill of honouring brilliance and innovation within the corporate sphere. In our steadfast commitment to recognising exceptional leadership, we take immense pride in presenting the “Bangkok Post CEO of the Year 2023” awards.

Building upon our tradition of acknowledging trailblazers who have reshaped industries and ignited change, this year’s awards pay homage and extend applause to chief executive officers and top leaders for their unwavering guidance, transforming ordinary companies into beacons of success, progress and inspiration.

The awards encompass a diverse array of categories, each representing a facet of the dynamic business world. From visionary strategies to transformative leadership, these accolades spotlight not only corporate triumphs but also the remarkable contributions these leaders have made to society and the economy at large.

As we venture into a new era with 14 distinctive awards, each winner’s captivating story will be told, illuminating why they have captured the public’s imagination and admiration. Their narratives, achievements, innovative strategies and contributions that propel their organisations into the future will be spotlighted in the days ahead.

To mark the “CEO of the Year 2023” announcement, the Bangkok Post is from today launching a series about awarded CEOs on every working day, showcasing their achievements, business strategies, and inspirational visions both in the print edition and on our website.

PTTEP LOOKS TO A MORE SUSTAINABLE FUTURE

CEO Montri Rawanchaikul understands the economic necessity for secure sources of energy, but vows that the firm will always keep the environment in mind

Mr Montri has been a driving force at PTTEP, leading initiatives to reduce carbon dioxide emissions and pave the way for sustainable approaches.

Chief Executive Officer Montri Rawanchaikul believes one key mission for PTT Exploration and Production Plc (PTTEP) is to devise ways to reduce the impact of its businesses on the environment, particularly by reducing the company’s carbon dioxide emissions.

Mr Montri said he is aware the company needs to continue to secure enough fuel to support the Thai economy, but this effort should not ignore the cost to the environment.

As someone who sets policies and strategic plans for PTTEP, Mr Montri has helped the company promote projects to cut carbon dioxide emissions, seek new alternative energies and pave the way to operate in a more sustainable manner.

One such project is developing Thailand’s first carbon capture and storage (CCS) facility at the Arthit gas field in the Gulf of Thailand, one of several efforts aimed at helping the government curb carbon dioxide emissions in the country.

The CCS project fits with the company’s campaign against global warming and the environmental, social and corporate governance (ESG) principles, which promote business development and taking better care of the environment and society, said Mr Montri.

ESG refers to a set of standards that are said to be able to lead to business sustainability.

“We expect the CCS project to store up to 1 million tonnes of carbon dioxide during gas production at Arthit within 2027,” said Mr Montri.

The company has already completed the preliminary front-end engineering and design phase of the project. It expects the CCS facility to start operating by 2027.

The Gulf of Thailand offers great potential to store carbon dioxide, amounting to roughly 40 million tonnes a year, because, geographically, the terrain is a sink area, which is suitable for the storage of carbon dioxide.

PTTEP is also cooperating with five companies from France and South Korea to produce green hydrogen in Oman, said Mr Montri.

Green hydrogen, which is used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.

This project shows the company is not solely focused on the exploration and production of petroleum, as it is also seeking new opportunities to develop future energy.

Under a contract made with Hydrom Oman SPC, which operates under the government of Oman, PTTEP and its partners were awarded a 47-year concession to produce green hydrogen at Block Z1-02 in Dugm in eastern Oman.

The production facility, to be run by 5 gigawatts of solar and wind power, is expected to open in 2030, with an estimated 220,000 tonnes of hydrogen produced annually.

These two projects indicate PTTEP is focusing more on the environmental aspects of its businesses, which will, in turn, partly help the government to run a campaign to combat global warming successfully.

At the 26th UN Climate Change Conference held in Glasgow in 2021, Thailand announced it is determined to achieve carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, along with a net-zero target, a balance between greenhouse gas emissions and absorption, by 2065.

PTTEP also has its own plan under — EP Net-Zero 2050 — concept, which aims to achieve a net-zero target by 2050.

“The CCS and green hydrogen projects will support PTTEP’s environmental efforts, driving Thailand and the world at large towards a low-carbon society,” said Mr Montri.

Greater care for the environment will be a crucial part of PTTEP’s work in the future.

“The company will go on expanding its investment in natural gas production, but at the same time, it will also incorporate the greenhouse gas emission issue in the decision-making process of new gas projects,” said Mr Montri.

National energy security is important to fuel the growth of the country’s economy, but its development must be sustainable, which will be achieved through better environmental management, he said.

MTL aims to go from strength to strength

Chief executive Sara Lamsam’s vision is for the insurer to become the country’s most trusted life and health partner

Mr Sara believes positive factors will support the growth of the country’s life insurance industry.

Sara Lamsam is the driving force behind the success of Muang Thai Life Assurance (MTL), one of Thailand’s most prominent life insurance companies.

Backed by 30 years of experience within the Lamsam family in the life insurance industry, the 54-year-old president and chief executive officer has played an integral role in outlining and implementing business strategies that have driven MTL’s steady growth for decades.

A key strategy that led to the company’s outstanding performance and its ability to win accolades has been MTL’s provision of a range of innovative products and services.

MTL this year announced its goal of becoming a life insurer that stands out in terms of its product offerings via online platforms to reach various groups of customers and maintain a leadership position in the country’s life insurance industry.

Consumers can now access MTL’s products via both traditional and new distribution channels. The company established the Fuchsia innovation centre under a “think out of the box” concept to strengthen innovations in relation to its products, services, and management processes. The centre is an example of MTL’s collaborations in the form of business alliances to develop products that serve different groups of customers, particularly those requiring a unique product.

MTL Click, an application developed to allow customers to access all of the company’s services in one location, received the Business+ Product Innovation Award 2023 in May after over 800,000 individuals downloaded the app.

Two months earlier, the insurer launched MTL Fit, an app to help make people’s healthcare hassle-free. It offers dynamic pricing under an “MTL Fit Reward” feature for discounts of up to 15% on insurance premiums.

Last month, the company joined hands with Line BK to offer an innovative life insurance product for lower-income consumers and freelancers. These groups can easily access information and pay a small amount for life insurance protection via Line Pay.

Mr Sara said offering products and services that are easy to understand and equipped with innovation for the convenience and accessibility of customers enables MTL to meet the needs of every kind of lifestyle at different stages of life. That, in turn, enables MTL to be connected with more targeted customers.

Such a strategy helps the company expand its customer base while core products such as health coverage, critical illness coverage, unit linked-insurance, and pension insurance continue to expand well, supporting MTL’s ability to grow continuously and stand out in the life insurance sector.

Mr Sara, early this year, announced his vision for MTL to become the country’s most trusted life and health partner and become a market leader as the “health provider” of innovation in terms of health insurance coverage and wealth management under the concept of “MTL Next to You”.

He emphasised the concept of life insurance products that meet the needs of consumers through an “outside in” perspective. Using this strategy, the company offers services with new innovations through both digital and non-digital systems to meet the needs of customers who prefer either self-service or service with a human touch.

“The life insurance business today has changed the way of thinking as companies cannot only rely on an ‘inside out’ dimension in offering insurance coverage,” said Mr Sara.

“Nowadays, the world of life insurance is about personalised or ‘outside in’ to serve customers. Finding products that meet customer needs is very important, so big data and innovation is a key success tool for today.”

Using information systems to develop insurance plans via online and offline channels is a strategy that keeps customers satisfied, making MTL successful and its operating results grow even in times of crisis, he said.

The life insurance industry overall continued to grow in this year’s first half, with total insurance premiums reaching 300 billion baht, up 3.78% compared to the corresponding period last year. For the entire year, premiums are projected to grow 0-2% year-on-year to 613 billion to 624 billion baht.

In the first five months, MTL recorded higher growth than the overall market, with insurance premiums surging 14.4% year-on-year to 29.9 billion baht. Of the total, new insurance premiums accounted for 10.5 billion baht, up 13.8% year-on-year, and insurance renewal premiums soared 14.8% to 19.4 billion baht.

In his capacity as president of the Thai Life Assurance Association, Mr Sara believes that positive factors will support the growth of the country’s life insurance industry as people become more aware of the importance of life insurance and additional health or critical illness insurance policies. The trend of increasing medical expenses and uncertainty regarding the spread of emerging diseases such as Covid-19 have driven the growth of the insurance industry so far this year.

Life insurance policies, relative to the size of the Thai population, average 38%, while the value of the life insurance industry contributes roughly 3.8% to GDP at present. In some countries, life insurance companies can reach a larger number of people and can contribute up to 15% to GDP.

The life insurance business in Thailand still has plenty of room to grow, as many people are yet to be covered by insurance products.

Moreover, 95% of the funds in the life insurance system are invested in debt instruments, government bonds, and stocks. This suggests that the insurance business is connected to the country’s ecosystem.

HSBC Thailand taps global connectivity

The bank will continue to support its clients in growing and diversifying their investments in offshore markets, said Mr Gamba.

HSBC Thailand is leveraging its global connectivity and investment expertise to help both Thai and international clients grow their businesses worldwide, while maintaining a long-term commitment to expanding the bank’s business in the Thai market.

The bank aims to establish itself as the leading international bank in Thailand for outbound business, supporting the expansion of large Thai corporations regionally and globally.

“Globalisation is the bank’s superpower in connecting our clients to new business opportunities within Asean and beyond,” said HSBC Thailand’s Chief Executive Officer Giorgio Gamba.

In the wealth space, HSBC Thailand has been actively enhancing its capabilities in Thailand to better serve the country’s high-net-worth individuals and their families.

The bank will continue to support its clients in growing and diversifying their investments in offshore markets.

HSBC Thailand launched its onshore asset management business in September 2022 after introducing private banking business to the country in February 2021, and the bank has been able to grow the business segment satisfactorily, he said.

Foreign direct investment (FDI) has been growing in various countries and industries in the region, including Thailand. Japan accounts for one-third of Thailand’s inbound FDI.

China ranked second in terms of FDI last year and will play an increasingly important role in investment as many of that country’s companies are relocating their manufacturing bases to Thailand.

Thailand has attracted FDI in several industries, but especially agriculture, hospitality, healthcare, and manufacturing, particularly EV production and the automotive-related supply chain.

In addition, HSBC Thailand aims to continue to be the leader when it comes to inbound international business in the Thai market.

The bank earned its leadership position based on the growth potential of both the Thai and regional economies.

Meanwhile, Asean continues to be the world’s fastest-growing trade bloc, offering significant wealth and trade opportunities for businesses and investors alike.

“Thailand is a country where we see tremendous potential to grow and expand our business, so we have ambitious growth plans here,” Mr Gamba said.

HSBC Thailand announced an impressive performance in 2022, with revenue growing 28% and profit growing 55% year-on-year, representing a record high over a 10-year period. Strong relationships with customers, employees and the wider community are key to achieving these remarkable rates of growth.

Moreover, the bank will continue to invest in people, digital infrastructure as well as other resources to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.

In response to local business expansion, HSBC Thailand has completed a capital increase, in line with the nation’s economic growth, he said.

HSBC’s country strategy was developed in parallel with Thailand’s national development plan.

With global networks and a high level of investment expertise, international connectivity is the bank’s key business strategy in supporting corporate clients investing and expanding worldwide.

The bank focuses on helping customers expand businesses in the world’s key economic corridors, where HSBC has an active presence, notably in China, the US, Europe, Asean, and the Middle East.

The bank supports Thai clients in growing their businesses in 42 countries.

HSBC Thailand has set out an ambitious plan to prioritise sustainable financing and investment that supports the transition to a net zero global economy, said Mr Gamba.

The bank also encourages Thai clients to strategise their portfolios and raise capital for renewable investment.

The bank committed to providing US$1 trillion of sustainable finance and investments by 2030 after achieving $211 billion in 2022.

Continue Reading

US yield surge cause to dump China tech stocks

By:
On:
In: Asia

Anyone who thinks the plunge in Chinese tech stocks has run its course hasn’t been paying attention to Jerome Powell’s utterances in Washington.

There, the Federal Reserve chair is hinting at additional tightening moves as runaway inflation proves hard to defeat. With US bond yields already at 17-year highs, Asia is bracing for any hints from Fed officials about the timing and magnitude of the next interest rate hike, perhaps as soon as November 1.

None more so than investors in mainland China tech stocks, from which foreign funds are tripping over each other to exit. In September alone, US and European funds dumped a net US$1.6 billion of Chinese shares amid $3.5 billion of capital outflows, says data firm EPFR Global.

A disproportionate amount of sell orders are hitting Alibaba Group, JD.com, Tencent Holdings Ltd and other mainland tech juggernauts. That’s despite better news on China’s economic trajectory, increased stimulus efforts and government steps to stabilize a cratering property market.

After six months of decline, China’s gauge of tech equities as at its lowest in more than three years. The Nasdaq Golden Dragon index of mainland American depository receipts is down 20% since early August. The broader CSI 300 index of mainland shares has plunged more than 13% since early August. Even worse, the losses are more likely to continue than stop.

The good news is that President Xi Jinping and Premier Li Qiang are working to reduce financial leverage to reduce the risks of boom-bust cycles. They’re also getting more serious about fixing a troubled property market and giving the private sector more room to breathe after regulatory clampdowns.

In the meantime, though, foreign investors are tripping over themselves to reduce their exposure to China.

Confidence among investors is “likely to stay fragile, while foreign fund outflow could persist near term without meaningful macro improvement, government stimulus step-up and/or additional sustained market liquidity support,” says strategist Laura Wang at Morgan Stanley.

Thomas Gatley, a China analyst at Gavekal Dragonomics, notes that Xi’s economy and markets “face two problems that defy quick solutions.” One, of course, is the ongoing property crisis. The other is high global yields threatening to shoot even higher. As this later challenge collides with the former, Chinese growth stocks – tech in particular – are caught in the middle.

Tencent is among the stocks foreign investors are no longer playing around with. Photo: Asia Times Files / AFP / Da Ging / Imaginechina

“The upward pressure on US Treasury yields is unlikely to ease anytime soon,” Gatley says. “Tight Fed policy, strict lending standards and elevated inflation all argue there is room for yields to move higher absent a near-term US recession. This is particularly bad news for Chinese tech and other growth stocks.”

The reason, Gatley explains, is that “the most exciting market stories this year have been artificial intelligence and electric vehicles, and Northbound Connect investors loaded up on the policy-favored machinery and electronics sector stocks earlier this year as the artificial intelligence and electric vehicle stories boosted sector sentiment.”

Connect holdings in these sectors, he calculates, “rose by a startling 33%” to 32.6 billion shares from 24.5 billion shares over the course of the first six months. Northbound investors, he reckons, bought 36 billion shares in the battery manufacturer CATL in the first 10 months of 2023, for instance, a 54% increase in their exposure. They also scooped up 8 billion shares in leading electric vehicle manufacturer BYD, a 46% increase.

Gatley notes that outflows from onshore equities in recent months “have primarily been investors paring back holdings in the sectors that benefited from the H1 binge.” He adds that the “selloff in China’s growth stories extended well beyond the onshore market.”

Internet platforms in Hong Kong took blows, too, Gatley says, with Tencent and Alibaba each down 15% through August and September, despite strong earnings growth. And European luxury goods firms, which historically benefitted from affluent Chinese consumption and took a step up on the news of reopening, were also hit hard.

At the same time, China’s property stumble has soured global investors’ demand for the gamut of mainland shares. The ongoing default drama at Country Garden, coming two years after China Evergrande Group reneged on payments, has China Inc in the global headlines for all the wrong reasons.

Until “these problems are resolved, it is tough to see foreign investors adding a lot of China exposure,” Gatley says. “The lack of foreign buying constitutes a material drag on onshore markets, given that Northbound Connect turnover accounts for more than 10% of domestic trading.”

Overcoming the drag on liquidity and sentiment, Gatley concludes, “would likely require a very significant reacceleration of nominal growth which seems hard to manage given the continued drag from property and the uninspiring outlook for external demand in the face of European weakness.”

Then there’s the cumulative effect of the most aggressive Fed tightening since the mid-1990s on the US economy. Fallout from the Hamas-Israel conflict could send global oil prices skyrocketing, resulting in even more aggressive rate hikes.

“Bond vigilantes have reacted to the ‘higher for longer’ narrative and fiscal deficit concerns, while supply cuts and geopolitical tensions in the oil market have put upward pressure on prices,” says Seema Shah, chief global strategist of Principal Asset Management.

As global conditions wobble, says economist Robin Brooks at the Institute of International Finance, “markets are bearish on China and, so far, the bears have been right, with data on domestic demand as well as exports painting a weak picture. We too are concerned given the centrality of the property market for growth.”

Going forward, Brooks says, “there are perhaps some signs that growth is stabilizing. Exports have been weighed down by global consumers shifting back to services, something that will pass as Covid front-loading of goods consumption is worked off.” Looking ahead, he adds, “growth may be stabilizing near-term, though there’s clearly medium-term headwinds.”

Supportive government policies “are therefore critical to ensure sustained growth,” Brooks says.

That’s easier said than done, though, as global headlines intensify from all directions. As it “looks like global risks are emerging” from oil prices to dollar volatility, “we don’t see a market bottom [for Chinese A-shares] this year,” says Zhang Chi, strategist at Sinolink Securities.

Dollar and oil volatility are hanging over markets. Image: Twitter

Goldman Sachs analyst Maggie Wei notes that a sliding yuan and rising dollar only adds to market stability risks. “The unfavorable interest rate spread between China and the US will likely imply persistent depreciation and outflow pressures in coming months,” she explains.

Adding to the sense of disorientation, US 10-year yields are at their highest level since 2007, just before the subprime loan crisis hit.

“The hurdle for a [bond] rally is still high,” write strategists at Barclays. “Despite data continuing to show a resilient economy, the consensus still expects it to slow very sharply over the coming quarters. Repeated misses beg the question whether the consensus has been overly confident about monetary policy being too tight. We argue that policy is barely tight and risks are skewed towards continued upside surprises.”

And how might the People’s Bank of China respond? One risk worth considering, says strategist Chi Lo at BNP Paribas Asset Management, is that the PBOC “normalizes policy prematurely.” If so, mainland growth “could undershoot” this year’s 5% target at a moment when consumer and private sector confidence are “still feeble.”

Political priorities are their own wildcard, says Diana Choyleva at Enodo Economics. “Xi’s priority continues to be to double down on national security, at the expense of growth if necessary,” Choyleva says. “His rigid adherence to his geopolitical and ideological aims, combined with filling his third-term administration with apparatchiks rather than technocrats, is yet another factor that bodes ill for China’s ability to manage” myriad challenges.

China, Choyleva adds, “has reached the end of the road of its debt-fueled growth model and faces a prolonged period of painful adjustment, which we describe as a slow-motion real economy crisis.”

Choyleva concludes that “tech, real estate and consumer sectors are the hardest hit.” Though “we don’t expect the debt work-out to lead to a financial sector meltdown nor a liquidity crunch. But China has a serious solvency problem and can no longer rely on a strong economic expansion to help it outgrow its bad debt problem. Years of wasteful investment have come to haunt it, resulting in serious demand deflation.’’

Foxconn is in China’s crosshairs. Image: Asia Times Files / AFP

That problem is now coming back to undermine stocks. Worries that Xi’s tech crackdown might be entering a new phase hardly help. Recent days generated a number of headlines about an investigation into Foxconn Technology Group, one of the biggest employers in China and a vital Apple Inc partner.

At advertising giant WPP Plc, an executive and two former employees have been detained. Earlier this month, a Beijing court charged an executive at Japanese conglomerate Astellas Pharma Inc with suspected espionage.

It’s a bad look at a moment when Xi and Li are arguing China is open for business after the 2020 crackdown that started with Alibaba founder Jack Ma. So is the exodus out of mainland tech stocks, one that is unlikely to slow until US yields stop rising.

Follow William Pesek on Twitter at @WilliamPesek

Continue Reading

The Thais caught up in the Israel-Gaza war

By:
On:
In: Asia
Golf
written by Jonathan Head
Asia and South East journalist

Weerapon” Golf” Lapchan sits in the middle of a group of Thai mothers as they chant and tie light threads around his forearms. The village is situated close to the Mekong River.

After his narrow escape on October 7 during the Hamas attack on Israel, they are literally calling his” kwan” or spirit back to his body.

The 34-year-old is one of more than 25,000 Thais who were employed in Israel’s fields and trees when Hamas militants stormed on from Gaza. Among the 200 or but foreigners who were killed in the attack were at least 30 Thais.

Thousands of people are currently being assisted by the Thai authorities to gain back.

Nearly all of the international farm labor in Israel is provided by Thailand. Additionally, there have been instructions that if many Thais decide to avoid the country after the Hamas strike, it could have disastrous effects on the agricultural economy of the nation. Many Vietnamese employees had to borrow money in order to travel to Israel, and as a result, they are now unemployed and in debt upon their return.

However, some golfers never want to return.

When Golf and his coworkers witnessed missiles being fired and later intercepted by Israel’s Iron Dome defense system on the morning of October 7, he claims they were certainly overly concerned.

Golf had spent almost a year working at an orange orchard in Yesha, which is only 5 kilometers( three miles ) from the Gaza border. He had previously witnessed missiles flying overhead.

But, when they heard gunshots, they realized it was more severe and spent the majority of the day hiding. According to Golf, the Hamas intruders came back in the evening, hurling bombs and lighting their hiding places on fire. He and 11 other people made a getaway. They fired at us from behind as we leaped over the roof. There is a loud eruption.

He claims that when he dashed to the center of the garden, his only clothing was a pair of dark boxer shorts. In order to prevent the intruders from seeing the light, he and the others knelt down and turned off their devices.

He claims,” We were all stunned and kept calm the entire night, so silent that we could hear the leaves falling.”

On October 13, a government-organized removal journey brought golf up to Thailand. He has made up his mind that he will not return, no matter what is offered to him. That morning, he claims, death was only a few hours away. They have all made the decision to never again experience that.

Hamas are thought to have kidnapped at least 19 Thai personnel, and many more are also missing.

Since the dawn of the invasion, Narissara Chanthasang hasn’t heard anything from her spouse Nattapong in another town to the north. He had called her to inform her that there had been a firing and that he was fleeing.

Narissara

In June of last year, he left her and his six-year-old brother to work on an olive and fruit farm in the Nir Oz community, not far from where Golf was employed.

One of the areas most severely impacted by the invasion was Nir Oz. The insurgents are thought to have killed or abducted one in four of the locals, including some children.

Nattapong may have been kidnapped, but he is not on the government’s record of Vietnamese captives, which is Narissara only hope.

In search of employment, people have often left north-eastern Thailand.

The country’s primarily rural area is one of the poorest, with wheat cultivation providing only a meager subsistence living and few well-paying jobs. In Israel, more than 80 % of Thai staff are from the north-east. In the 1980s, they began traveling to Israel, and in 2011, a deal between the two administrations formalized the agreement.

It has not been without debate. In the past, labor organizations and human rights organizations have complained about the Thais being overworked in unsafe circumstances.

Individuals told the BBC that they must pay up to 120, 000 ringgit, including additional costs and illegal obligations, in addition to the standard charges of about 70,000 and$ 100, respectively, to travel to Israel. However, they even claim that their income is seven to eight times higher than Thailand’s. Some people praised their Jewish employers for taking good care of them and paying them on occasion.

According to archaeologist Poonnatree Jiaviriyaboonya of Nakhon Phanom University,” Part it’s about improving their cultural position.” ” Those who returned from working abroad receive more respect.” They appear to be more knowledgeable and liberal. However, in reality, they are also underprivileged migrant workers and poor corn farmers who have received government neglect. In order to prevent people from having to leave their families and travel abroad, we need to change our plans for developing this area.

Those who returned shortly are concerned about the bills they have accumulated. They typically work in Israel for at least five years in order to pay off what they owe, and they borrow cash against their property or their home.

Last month, Golf’s younger sister secured a product for him to travel. To increase the 200, 000 ringgit required to send Nattapong to Israel, Narissara’s family mortgaged her grain fields.

Anusorn Nakhon

Anusorn Kamang, a 25-year-old whose family even mortgaged her property for him to travel to Israel, is thinking about this.

Before taking out more loans for his journey home, he endured a terrifying several days of nonstop rocket attacks at the organic vegetable farm where his job was located.

Although the Thai government has pledged to cover that expense, his mother also owes money, and he is considering returning once the battle is over.

” My boss treated me well, and I made a lot of money in Israel.” Working these didn’t help me achieve anything. It’s sufficient for meals, but nothing more. A property and a car are what I want. I don’t still have any of that.

Related Subjects

More information about this tale

Continue Reading

Mohamed Muizzu: The Maldives’ new president wants India out

By:
On:
In: Asia
Mohamed Muizzushabby pictures
By Ethirajan Anbarasan
News from BBC

” I made a promise to the Maldives people that we wouldn’t want any foreign military shoes on Yemeni ground, and I’ll keep my word from the beginning.”

Dr. Mohamed Muizzu, who won last month’s presidential election in the Maldives, is wasting no time in requesting that India send its army abroad.

A few days after his victory, the president-elect, who will take office after in November,” told him quite clearly that every one Indian navy personnel here should be removed ,” according to an exclusive interview with the BBC.

Since India has long had control over the Maldives, Mr. Muizzu’s desire is likely to cause diplomatic rifts between Malé and Delhi.

In fact, Mr. Muizzu’s victory in the Maldives national election was seen as a loss for India, especially since his rival Ibrahim Mohamed Solih had drew his nation closer to Delhi since taking office in 2018.

This marriage, which was bolstered by Mr. Solih’s India-first policy, was seen as a threat to the Maldives’ sovereignty and security by the alliance that backed Mr Muizzu.

The bond between Mr. Muizzu and China, which has given the Maldives funding and grants for equipment and development projects totaling hundreds of millions of dollars, favors closer ties.

However, India has also given the nation about$ 2 billion in development support because it wants a foothold in the strategically situated islands to monitor an important portion of the Indian Ocean.

Delhi may suffer if its soldiers are made to leave.

Maldives' President-elect of the Maldives' Mohamed Muizzu (C) attends a gathering of his People's National Congress (PNC) party in Male on 2 October 2023.

shabby pictures

However, the” India out” campaign has benefited greatly from the uproar over” gifts” that Delhi gave the Maldives, including two helicopters in 2010 and 2013 and a small aircraft in 2020.

Delhi stated that the art would be used for medical evacuations and search and rescue operations.

However, the Yemeni defense force claimed that in 2021, about 75 American military personnel were stationed there to run and maintain the Indian aircraft. As some believed the reconnaissance aircraft were being used as an apology to place American boots on the ground, this stoked suspicion and rage.

Additionally, Mr. Muizzu claims that the presence of these forces may endanger the Maldives, particularly given the rising hostilities between China and India along their Himalayan borders.

The Maldives is very little to become involved in this international power struggle. We won’t become involved in this, he declared.

Before the presidential election, the outgoing president Mr. Solih told the BBC that concerns about the presence of American troops were unfounded.

” The Maldives do not have any physically active international personnel.” The Maldives National Defence Force is in charge of the operational supervision of American workers now present in the nation, he said.

But there are other factors as well. All of the new contracts the Maldives and India have signed, according to Mr. Muizzu, need to be reviewed.

” We have no idea what’s on it. Yet in Parliament, some of the MPs admitted during the conversations that they had no idea what was on the agenda. I have no doubt that we will learn the truth, he said.

Observers noticed that the Chinese embassy in Malé was quick to thank Mr. Muizzu shortly after his success.

Chinese President Xi Jinping added his voice, stating that he” attached great importance to the development of diplomatic relations and stands ready to work with President-elect Muizzu to carry on the traditional connection and strengthen useful assistance.”

Mr. Muizzu has also praised Chinese infrastructure projects in the Maldives, claiming that they transformed Malé area and benefited its citizens.

He has, however, denied running as a” pro-China” member as opposed to Mr. Solih, who ran as the pro-India prospect.

I support the Maldives. For me, the Maldives and our democracy come first, he declared. ” I am neither in favor of nor against any nation.”

Despite this, the former leader Abdulla Yameen’s group, which played a key role in bringing the Maldives closer to China, is part of his foe bond.

Yameen, who is already serving an 11-year prison sentence for problem, turned to Beijing when India and Western creditors were unwilling to offer loans to his leadership due to allegations of human rights violations. Beijing then made him an unconditional offer of the funds.

He later joined President Xi’s Belt and Road Initiative, which aims to establish a network of roads, rails, and seas connecting China and the rest of the world.

Mr. Muizzu was viewed as Yameen’s representative, who was prohibited from running for office.

Mr. Muizzu requested that Yameen be transferred from a high-security jail to home incarceration in the capital Male shortly after he won the election.

However, given Yameen’s anxious and uneasy relationship with Delhi, Mr. Muizzu may find it difficult to strike a balance with India through his novel alliance.

Mr. Muizzu seems eager to break free from Yameen’s dark and is prepared to forge a fresh course in both domestic and foreign policy for the nation.

Given his resounding victory, he might not encounter many internal opposition, at least not right away.

Convincing Delhi to withdraw its forces may be his first significant problem, despite the fact that he seems determined to remove the Maldives from India’s circle.

Related Subjects

On this account, more

Continue Reading

Hezbollah holds key to a wider Israel-Hamas war

By:
On:
In: Asia

Lebanon, which is on the verge of economic and political flop, runs the risk of getting caught up in Israel and Hamas’ escalating conflict.

Since Hamas’ surprise attack on October 7, 2023, which resulted in the deaths of almost 1,400 citizens and Israel’s declaration of war the following morning, Hezbollah has been preparing for the possibility of joining the conflict.

The Iranian militant group has repeatedly attacked Zionist targets from Lebanon, drawing fire from the Israeli Defense Forces in retaliation. Over a hundred people have perished, mainly Hezbollah fighters, but there have also been some civilian deaths on both sides of the border, including one who worked for Reuters.

I have concentrated my historical exploration and instruction on the dynamics of Israeli, Palestinian, and Palestinian conflict and assistance.

The now significant violence and destruction in southeastern Israel and Gaza will probably be greatly exacerbated by additional huge casualties in Lebanon, Israel, and possibly other Middle Eastern countries if a war breaks out between Hezbollah and Israel.

Is the well-being of Lebanon or serving as a placeholder for Iran Hezbollah’s decision to completely join the war may provide an answer to the question that has been preoccupying experts of the business for decades.

Hezbollah followers have been gathering in Beirut to aid Palestinians in Gaza. Photo: AP via Bilal Hussein’s The Conversation

A conflict that dates back centuries

Since 1948, the Israeli-Palestinian issue has been escalating into Lebanon as a result of the creation of Israel and the eviction of Palestinians, also known as the Nakba or disaster.

No Arab nation has actually been more impacted by this issue. In 1948, around 100,000 Palestinians sought shelter in Lebanon. They are denied simple right now, and there are approximately 210, 000 of them.

Some Lebanese have expressed resentment toward the Palestinian refugees living in the nation and charge them for the start of the country’s civil war, which lasted from 1975 to 1990, in research. During the battle, an estimated 120, 000 people perished, the marks of which can still be seen in Beirut’s money.

Israel was heavily involved in the civil conflict in Lebanese. It fought against Israeli armies, which used Lebanon as a foundation to start attacks against the Jewish position, and supported Christian militia groups.

Israel invaded Lebanon in 1982 in an effort to overthrow the Palestine Liberation Organization and install a pro-Israeli Religious authorities in Beirut. Neither goal was accomplished.

Hezbollah emerges as the most powerful army in Lebanon.

Lebanon and its politicians have been dominated by a religious program since its founding in 1920, in which government and state jobs are divided among the 18 formally recognized religious groups, most importantly Sunnis, Maronite Christians, Druze, and Shiites. Each faction has a requirement for representation in the state.

Since 1932, no official census has been conducted, making the Shiite population the largest sect in the nation, accounting for between 30 % and 40 % of the total population. However, an exact number is unknown due to the issue’s sensitivity.

Lebanon’s religious system has produced what academics refer to as” cross sovereignty” for decades. Political leaders who speak on behalf of their sects in a segregated method work both inside and outside of the state machinery by offering their constituents services that are typically handled by the government, such as marriage licenses and armed protection.

In order to combat Israel’s intrusion, Hezbollah was established in 1982 with assistance from Iran and Syria. It is by far the most powerful social, socioeconomic, and military power in the nation. This is a result of Iran’s backing and the strong and cohesive inner social structure among Islamist adherents there. Although not all Shiites identify with Hezbollah, there is no doubt that many of them share its triggers.

Hezbollah also functions as a state unto itself while adhering to the variant structure of the religious system. For instance, it offers Shiites social, academic, and economical services and boasts a military force that is significantly more powerful than the official Lebanese army.

In actuality, Hezbollah has benefited more from this religious cross system than any other party.

many protesters march in downtown beirut carrying lebanese flags
In October 2019, anti-government demonstrations started. Hassan Ammar and AP via The Conversation

Lebanon is in unison

Even under the pressure of the 2011-starting Syrian civil war, Lebanon has managed to maintain some stability and vitality despite its poor state and shattered political system.

Years of Ponzi-like economic mismanagement, increased loans, and a sharp drop in foreign remittances caused the Palestinian economy to collapse in October 2019. It is regarded by the World Bank as one of the worst economic crisis to have occurred since the mid-19th decade.

The” October 17 revolution ,” in which the Lebanese demanded social and economic justice, an end to corruption, and the dismantling of the sectarian political system, was sparked by the crisis and spread across the nation. International donors became concerned as a result, international money fled the nation, banks closed their doors to savers, the government defaulted on its debts, and the local coin fell.

The socioeconomic and political situations in the nation were made worse by a massive explosion at the Beirut port in August 2020 that killed 225 people and caused billions of dollars in destruction. Additionally, the Palestinian political structure has been completely dysfunctional since October 2022 due to the political class’s failure to agree on a new leader and government.

Hezbollah has emerged as a steadfast keeper of the social system that supported it and has been least impacted by the country’s national problems among political forces.

Some people now view Lebanon as a failed condition, so joining another conflict is the last thing the nation needs.

smoke from an exploded shell obscures the landscape with a village in the background
On October 16, 2023, an Israeli gun barrel detonates over Dahaira, a Palestinian village that borders Israel. AP via Hussein Malla’s The Conversation

” Return to the Stone Age”?

However, it is not up to the Syrian government to decide whether Lebanon finally joins the war.

Druze and Maronite political figures, who have historically opposed Hezbollah’s military identity in Lebanon, as well as the latest interim prime minister, Najib Mikati, have issued warnings against going to war with Israel.

Mikati acknowledged that he lacks the authority to decide whether Lebanon will go to war, which is a reflection of the contradictions in the Syrian social system, where Hezbollah and, consequently, Iran are responsible for making the most important choice any national leadership could make, namely, whether to declare war.

Hassan Nasrallah, the head of the Hezbollah, has frequently emphasized that the organization’s main responsibility is to uphold the independence of Lebanon.

On the other hand, its primary role in the Syrian civil war, which saved Bashar Assad’s state, has openly shown its dedication to Iran. However, that conflict was primarily fought on Arab earth. A conflict with Israel would be very dissimilar.

If Hezbollah joined the conflict with Israel out of alleged help for Palestinians in Gaza, it would be another dreadful chapter in Lebanon’s history. It might cause Israel to attempt to give Lebanon” up to the Stone Age ,” in the terms of Defense Minister Yoav Gallant. Hezbollah’s secretary-general, Nasrallah, has previously responded.

Additionally, it may probably spark the larger regional conflict that US leaders, including President Joe Biden, have fought valiantly to prevent. Additionally, Lebanon would be on the verge of total and inevitable collapse.

Professor of history and harmony studies at the University of Notre Dame, Asher Kaufman

Under a Creative Commons license, this article is republished from The Conversation. read the article in its entirety.

Continue Reading

Govt readies land gift for farmers

By:
On:
In: South-East Asia

Farmers will be able to convert their Sor Por Kor 4 – 01 documents into title activities on more than 22 million ray of area early next year, the government has promised.

The Agricultural Land Reform Committee ( ALRC ) formally agreed on October 12 that it would amend its rules to permit Sor Por Kor 4 – 01 landowners to convert their land reform papers into title deeds.

The meeting’s chair, Agriculture and Cooperatives Minister Capt Thamanat Prompow, announced that Thai farmers will receive the first sample of property headline works as a New Year gift by January 15.

According to Capt. Thamanat, title deeds are also anticipated to be issued to all producers in all 70 regions within a year by the municipal agricultural land reform practices.

switch of the report

The 1975 Agricultural Land Reform Act, ALRC rules on property allotments for farmers, area transfers, management of farmer assets and debt, rules governing the use of land, and rules regarding farmers applying for loans from the ALR must all be followed in order for the Sor Por Kor papers to be converted into title deeds.

According to the Agricultural Land Reform Office’s [ ARLO ] rules, farmers who possess Sor Por Kor 4 – 01 documents are not permitted to farm for a living.

However, the ARLO will have to look into the matter suddenly if their Sor Por Kor 4 – 01 documents are converted into title deeds and buyers fail to engage in land, according to Capt Thamanat.

1, 628, 520 landowners will be able to convert their Sor Por Kor 4 – 01 documents into headline works totaling more than 22 million ray.

Sor Por Kor 4 – 01 plots, which were first made public nearly 50 years ago in 1975, are open land parcels that are given to underprivileged impoverished farmers for small-scale farming.

Buyers are required to follow numerous laws. For instance, they are only permitted to construct little homes, dig smaller ponds, and make agricultural changes to the land. Land can only be used by buyers as a promise to obtain money from public banks.

Despite these stringent regulations, several landowners continue to live in poverty before improperly selling their plots to investors and land speculators. Sor Por Kor area is frequently abused by wealthy owners who use it to construct sizable hotels or even mining operations.

According to Captain Thamanat, some Sor Por Kor area storylines have now been developed for the construction of hotels, markets, schools, and apartments.

He stated that these narratives will be rented, with the ARLO Fund, which is currently holding about 4 billion baht, receiving the book.

Holiday destinations like Koh Samui and Phuket have a number of Sor Por Kor storylines. According to Capt. Thamanat, the fee collected will be used for the gain of farmers.

The property can then be sold after the switch is finished, which is currently not possible with property with Sor Por Kor standing, he said.

The property may be permitted to legally change hands once it has been converted into title deeds. According to the market’s value mechanism, the land may be bought and sold. This will assist in reducing investor large property purchases.

” Everything will go above board and become clear once Sor Por Kor documents are converted into title works.” Producers and the nation will gain from this, according to Capt. Thamanat.

He continued by saying that before new regulations for the upgrade are released, the provincial agricultural land reform offices have been asked to inform the ALRC of Sor Por Kor farms across the country on Tuesday( Oct 24 ).

The switch is anticipated to increase Sor Por Kor land’s value and improve farmers’ access to loans from both state-run and private businesses.

Move is encouraged

The Foundation for Integration of Water Management( Thailand)’ s head, Hannarong Yaowalers, stated to the Bangkok Post that he agreed the Sor Por Kor regulations, which have been in effect since 1975 with a number of restrictions, needed to be updated.

He expressed his hope that while the Sor Por Kor area switch will guarantee the property will still be used for land, there are still concerns about how much it will be safeguarded from falling into the hands of buyers.

He added that all partners should be given the opportunity to voice their opinions before the new guidelines are made public, and that he was assured the planned improve would be fleshed out with more specifics.

Giving title deeds to landowners is not the only way to address their hunger, according to Mr. Hannarong.

According to Mr. Hannarong,” The ALRO may work with farmers to improve the quality of soil for farming by using modern technologies to improve productivity, planting high-value crops, developing water sources, and promoting the handling of land produce to raise farmers’ incomes.”

The People’s Movement for a Just Society ( P – Move ) advisor Suriyan Tonghnueid also endorsed the action.

He emphasized the need to check the qualifications of fresh landowners to make sure they adhere to the original farming purpose and noted that some Sor Por Kor property plots have passed from farmers to various holders without any scrutiny.

P-MOVE is pleased that the state is investigating the issue, especially Capt. Thamanat, but we urge it to make sure the new regulations have a real impact on farmers’ motivation.

” We don’t want the new policy to make it possible for the property to once again be in the hands of the wealthy. According to Mr. Suriyan, the government may also develop policies to create a sustainable future for farmers and improve their quality of life.

Failure of property transformation

Many of the current regulations will remain in place because the area is just intended for farming, according to Nipon Poapongsakorn, a renowned fellow at the Thailand Development Research Institute Foundation, who told the Bangkok Post.

” The property may also be used as collateral for loans from the Agricultural Cooperatives and Bangkok for Agriculture.” However, the ALRO will need to bargain with various business institutions if it wants them to take the land as collateral for money, he said.

The 1975 Agricultural Land Reform Act, according to Mr. Nipon, was intended to end farmer hunger, but history has shown that this is not the case, as many farmers continue to live in poverty.

The agricultural property reform program was originally intended to develop land for farming, supply water sources, and construct roads to promote the sale of farm products, but over time, farmers have been abandoned and had accrued debts, according to Mr. Nipon.

wishing for a better career

The revised rules may provide Thai farmers a new lease on life because they will have their own farmland and can use it as collateral for loans to further develop their businesses, according to Pramote Charoensilp, leader of the Thai Agriculturist Association.

Nevertheless, he urged the government to implement measures to guarantee that land ownership is only given to farmers and not to others.

He asserted that the government may intensify efforts to deal with the mounting debt and living expenses that affect farmers as well as get fresh ways to lower their production costs.

Continue Reading