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Currency investors factor in no-deal Brexit as pound flounders

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Currency investors factor in no-deal Brexit as pound flounders | The Thaiger
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The world’s stock markets and economists think leaving the EU won’t have a sterling outcome. That’s the way the protracted Brexit negotiations are playing out in a slow, drawn out and economically painful rout of the GBP.

The British pound hit a two year low of $1.212 against the USD on Tuesday, just another blow for the currency following several days of decline since Brexit frontliner Boris Johnson became the UK’s next PM, taking over the poisoned chalice from former PM Theresa May.

Currency investors factor in no-deal Brexit as pound flounders | News by The Thaiger

The new PM’s hardline indications that he would take a no-deal Brexit have shaken confidence in the pound and sent its value on a downward trajectory since July 24. The downward spiral is partly world economists and currency traders factoring further drama for the pound if and when the UK crashes out of the EU in October.

The British sterling initially slumped after the Brexit referendum in 2016 and has never fully recovered.

After the pound 2016 trading at nearly $1.50 against the US dollar, two significant drops followed later that year: In June, after the Brexit referendum results were announced, and then in September, after the reelection of Labour leader Jeremy Corbyn, who at the time supported Brexit. Despite a recovery in 2017, the pound slumped again the following year as a deal between the U.K. and the European Union looked less and less likely.

British PM Theresa May surviving a no-confidence vote in December 2018 was followed by a small uptick in the pound’s value. But by the time May announced she would step down on May 24, the pound was back to where it had traded before the no-confidence vote.

The value of currency is determined by several factors, but one conclusion that can be drawn from this chart is that events favoring a hard-line exit from the European Union have usually led to the pound’s depreciation and will likely lead to further drops as investors factor in hard times for the GBP.

At lunchtime today the British Pound had fallen further against the Thai baht.

Currency investors factor in no-deal Brexit as pound flounders | News by The Thaiger

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Tourism

Pattaya springs back to life over the long weekend, more to come

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Pattaya springs back to life over the long weekend, more to come | The Thaiger
PHOTO: The Pattaya News

Pattaya, struggling along for the past 7 months with a handful of domestic tourists and Bangkok weekenders, has had its busiest weekend for a long time, albeit a long weekend created by the public holiday in commemoration of King Chulongkorn. Much of the increased traffic were Thai faces, a big change to the city’s old demographic of international tourists and expats.

Tourists flocked to the city for the long weekend which included the Eastern Colorful Food, Culture and Music festival stretching along the Beach Road foreshore.

The focus of the weekend’s events was the Beach Road which was visibly busy with expats, locals and tourists joining in the foreshore festival, talent shows, music concerts and local food. Central Festival, in the middle of the Beach Road, hosted a range of activities and shows.

Several proprietors with businesses in the city’s red light areas also told The Thaiger that it was the busiest they’d seen areas like Walking Street and Soi 6 since the tourist tap slowed to a dribble after the borders were closed down in late March.

The city, along with the rest of Thailand, might have a few more good weeks ahead with the Loy Krathong and Halloween celebrations. The Central Festival Bikini Beach Run is also being held next week. Around the corner the Fireworks Festival on November 27 and 28, a seafood festival, and not too far away, Christmas and New Year celebrations.

Speaking to a number of participants in the foreshore festival on Friday evening, some people said they’d come down from Bangkok to escape the threat of disruptions from the ongoing government protests. Chad said he needed a Bangkok Break…

“Just had to escape for the weekend and get out of the city. All anyone is talking about now is the protests and I needed a bit of Pattaya pampering.”

Another expat, working in the tourism sector, (who didn’t want to be named) noted that Pattaya’s famous (or infamous) nightlife had sprung back to life.

“It didn’t take long for the bargirls to flood back and the shutters open on the bars again. Most of the faces I’m seeing are Thai. I figure it may be the first visit to Pattaya for many of them. Let’s hope they keep coming.”

“Very happy to see the events and festivals are coming back to Pattaya. We will see more in the last 2 months of the year,” said Sawas Dee.

Beyond the foreshore area there was still much of the city still closed up and hotels were offering excellent rates through the usual OTAs. Pattaya is still in a struggle to keep its businesses open but at least the last 3 days have given a much-need boost to city life.

The Thaiger has a full story about Pattaya’s struggles on our YouTube channel tomorrow.

Watch a quick video from Sawas Dee here…

SOURCE: The Pattaya News

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Coronavirus (Covid-19)

TAT announces update to compulsory Covid-19 insurance for foreign visitors

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TAT announces update to compulsory Covid-19 insurance for foreign visitors | The Thaiger

The Tourism Authority of Thailand has announced today an update about compulsory Covid-19 insurance. They say it’s now “conveniently” available online in a one-stop-shop. Up to now the compulsory Covid-19 insurance, a pre-requisite before foreigners can come to Thailand, under any visa, was through selected insurance providers at their own websites. The Thailand Office of Insurance Commission has allowed the review of its policy, making it easier to find and purchase the compulsory insurance.

“Foreign travellers will enjoy the following advantages of purchasing an OIC-endorsed medical insurance policy, which is available online HERE.”

The update provides additional clarity and ease for people looking to travel to Thailand at this time.

“The Tourism Authority of Thailand is pleased to share the latest announcement that foreign visitors will be able to purchase compulsory Covid-19 insurance policy online prior to visiting the Kingdom.”

TAT Governor, Yuthasak Supasorn says the compulsory insurance is part of any package of documents that will need to be completed by foreigners entering Thailand at this time.

“A medical insurance policy with at least US$100,000 coverage or about 3.16 million baht for possible Covid-19 treatment is among the official documents required from foreign visitors planning to visit Thailand.”

“TAT hopes the Covid-19 insurance protection program, under the regulation of the OIC, offers additional peace-of-mind for foreign visitors and hopefully makes it easier for inbound travellers before departing from their country of origin.”

TAT announces update to compulsory Covid-19 insurance for foreign visitors | News by The Thaiger

The Thai General Association and the Thai Life Assurance Association, plus 16 leading and non-life insurance companies in Thailand are partnering together with the oversight according to regulations from the OIC to offer the Covid-19 insurance protection program to foreign visitors.

  • The insurance policy has been approved by the Thai government and can be used in the Thai visa application process. Coverage begins immediately upon arrival in Thailand.
  • No need for advance payment or out-of-pocket expenses when admitted at private hospitals nationwide. Insurance coverage does not exceed US$100,000 or about 3.16 million Baht.
  • In the case of death from Covid-19 infection, the insurance company will provide a life insurance benefit of USD $100,000 or about 3.16 million Baht to the beneficiary.
  • The insurance premium cost is reasonable, the process is overseen by the OIC, and purchase can be done efficiently online.
  • Thailand’s public health infrastructure and healthcare facilities, as well as healthcare professionals are recognised as some of the best in Asia for treating infectious diseases.

Here’s an example of some of the costs for packages that vary from 30 days to 1 year. The premiums range from 1,600-4,800 Baht for 30 days of coverage; from 2,880-8,640 Baht for 60 days; from 3,840 – 12,160 Baht for 90 days; from 7,680 – 23,040 Baht for 120 days, and from 14,400 – 43,200 Baht for one year.

The Thaiger recommends that, before you make any other travel arrangements about a trip to Thailand, including the booking os flights or ASQ hotels, you should make general enquiries at the Thai Embassy or Consulate-General in your country.

SOURCE: TAT

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Tourism

Bangkok Airways add 3 new local routes to their schedule

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Bangkok Airways add 3 new local routes to their schedule | The Thaiger
PHOTO: Bangkok Airways' ATR72, servicing the re-introduced routes

Some domestic routes are being added as local routes continue to expand. This time Bangkok Airways has announced it’s resuming its Samui-Phuket, Phuket-Hat Yai and Phuket-Pattaya/Rayong (U-Tapao) flights.

The first additions to the schedule will be the Phuket-Samui flights resuming this Sunday, October 25, and the Phuket-Pattaya flights start again next Tuesday, October 27. The Phuket-Samui flights will be operating on Sundays and Wednesdays only on the airlines’ ATR72 turbo prop regional planes, same as before.

A casual search on the Bangkok Airways website, for a return flight from Phuket to Samui on November 1, then back to Phuket on November 8 indicates the cheapest fare (promo) is 2,430 baht. Coming back, the cheapest fare we found, again labelled ‘promo’, was 2,630 baht. Bangkok Airways operate as a “full service” airline and don’t compete with the country’s discount airlines. But they operate these three routes exclusively – like it or leave it.

Bangkok Airways say that the flights will be operated “with the highest preventive measures and standards”. Around the country the Civil Aviation Authority of Thailand have eased a few of the onboard restrictions, including the start of catering services which were originally banned under the initial flight rules when domestic routes started flying again at the start of July.

The daily direct services between Phuket and Hat Yai are also being operated on the ATR72 aircraft. The flight to Ha Yai leaves Phuket at 8.40am and arrives at Hat Yai at 9:.45am. The return flights leave Hat Yai back to Phuket at 10.25am each day. The route was very popular for the airline before the ‘disruption’ when airlines had their fleets grounded in April.

The service between Phuket and U-Tapao, linking the party city with the party island, will operate on Tuesdays, Thursdays and Saturdays, again with the ATR72. Phuket to U-Tapao will leave at 12.10pm and then from U-Tapao to Phuket at 4pm on the three days. U-Tapao is about a 50 minute drive from Pattaya and the airport also serves the greater Rayong area.

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