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Currency investors factor in no-deal Brexit as pound flounders

The Thaiger

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

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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Bangkok

Central opens first luxury outlet at Suvarnabhumi on August 31

The Thaiger & The Nation

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Central opens first luxury outlet at Suvarnabhumi on August 31 | The Thaiger

Central Village, “Thailand’s first international luxury outlet”, located near Suvarnabhumi Airport in Bangkok, will officially open on August 31.

The Nation reports that the design of the 5 billion baht facility, owned by the Central Pattana group, will “highlight Thai architecture and cultural identities” and shoppers will find at least 130 well known international luxury and lifestyle brands.

“More than half of the brands are opening their first outlet shop in Thailand, and over 60 have chosen to open their exclusive outlet store only at Central Village, with discounts of 35-70% every day.”

Dr Nattakit Tangpoonsinthana, the executive vice president for marketing at CPN, says that Central Village is pioneering the new segment of ‘Luxury Outlet’ for the first time in Thailand.

“We intend to establish this new retail platform, filling the gap in the market, by making it one of the world’s leading shopping destinations, similar to other popular tourist cities such as Japan, South Korea and Hong Kong, which also have leading outlets in Asia.”

“We are expecting to attract 6-10 million customers per year, which can be divided into 65% domestic, focusing on the young and mass affluent nationwide, and 35% international tourists, focusing on those who fly into Bangkok.”

The facility will also boast restaurants, a Tops Market, a children’s playground and tourist service points.

CPN also plans to promote creative Thai brands at the Thai Pavilion Zone, where Thai products and contemporary art fairs will be held throughout the year, promoted as “Thai Signature Cultural Events”. CPN will join hands with governmental organisations led by the Ministry of Culture and the Department of Internal Trade to hold events in a modern Thai theme presenting gifts and souvenirs, and local handicraft or OTOP items will be on sale.

Central Village will also provide convenient transportion to and from the facility, which located near Suvarnabhumi Airport, using a shuttle-bus service available at three pick-up points: CentralWorld, Udomsuk BTS Station and Novotel Suvarnabhumi Airport Hotel. Tourists will be at ease in dropping by at Central Village on their way to and from the airport, according to a release on Wednesday.

SOURCE: The Nation

Central opens first luxury outlet at Suvarnabhumi on August 31 | News by The Thaiger

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Thailand

Proposal to offer 15 day visa-free travel to Chinese and Indian visitors steam-rolled

The Thaiger

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Proposal to offer 15 day visa-free travel to Chinese and Indian visitors steam-rolled | The Thaiger

The new Thai Tourism and Sports Minister Phiphat Ratchakitprakarn’s proposal to provide 15 day visa-free travel to Chinese and Indian tourists, was steam-rolled yesterday by Cabinet.

The cabinet resolved instead to extend the fee waiver on visas for visitors from China, India and other countries in the program. The program will now be extended beyond October 31 this year to April 30 next year, which covers the 2019 Songkran festivities.

Tourism and Sports Minister Phiphat had been proposing totally visa-free travel to Chinese and Indian tourists, for up to 15 days, as a means to encourage tourists from the two markets. But opposition from the Foreign Minister Don Pramudwinai and deputy PM Prawit Wongsuwan made the proposals success highly unlikely.

Prawit Wongsuwon says the cabinet meeting rejected the visa waiver proposal for security reasons, and instead extended free visas for visitors arriving until at least April 30 next year.

Gen Prawit said he shared the concerns of the Foreign Ministry that people from these two countries would be inspired to abuse the visa waiver to “flee hardships and settle illegally in Thailand”.

The Tourism and Sports Minister says that the 2,000-baht visa fee exemption was for visitors from 18 countries, including China and India.

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Thailand

TAT proposes 4am closing time at nightspots to promote tourism…ummmmm

The Thaiger

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TAT proposes 4am closing time at nightspots to promote tourism…ummmmm | The Thaiger

The Thai government are coming up with new ideas to actually lure people to visit Thailand.

Go figure!?!

Now the Tourism Authority of Thailand is suggesting to the Ministry of Tourism and Sports to extend the closing hours of night entertainment establishments in Thailand’s party zones by another 2 hours, from 2am until 4am.

Of course, in most of the best-known party places around the country, the bars and clubs are open well after the ‘official’ 2am curfew anyway, many until dawn.

TAT Govenror Yutthasak Supasorn met with the Tourism and Sports Minister Pipat Ratchakitprakan to extend the operating hours of night entertainment venues such as bars and nightclubs by adding a few extra hours of party time. He say it would stimulate spending by foreign tourists and would promote tourism industry.

The TAT governor is heading to Pattaya on Saturday to meet with operators of the night entertainment establishments. He says he plans to visit other night hot spots around the country as well.

He added some points of clarification…

• Not every night entertainment establishments would be allowed to operate up to 4 am. Only the night spots which are popular among tourists would be considered.

• He estimates that the extra two-hour would add 25 percent in revenue to operators

• He estimates spending between 5,000-6,000 baht per head

Yutthasak says that most tourists usually start visiting bars at 9 or 10 pm and then stay on until the venues are closed and if the closing hours are extended by two hours, they are likely to drink more and spend more.

(Really?!?)

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