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Finance: Grab the ‘bull’ by the horns

Legacy Phuket Gazette

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PHUKET: Many times in life it can seem like things completely spiral out of your control, and this can leave us feeling helpless. I have seen this happen not only numerous times with decisions my clients have made, but have made the exact same mistakes in my own investments.

One mistake leads to another poor decision and in the end we are left almost paralyzed to make any more for fear of continuing to compound even more mistakes.

It doesn’t need to be this way, however, and usually taking action, even if only re-reading the advice of experts that reinforces our decision to stay on course, can be a very empowering thing. In no area of our life is it more important to feel like we can have control over our destiny than in our financial condition. Education is the very best way to do this.

I have long advocated investors educating themselves and if you have read my column for any length of time you may have read some of my previous suggestions. After having read over 100 books on economics, trading, and investing in my life, I had gotten to a point where anything I read was something rehashing the same old thing. However I recently read a book that absolutely blew me away and is one I would have probably never read to be honest. I only read it because it was given to me by a friend who works for Tony Robbins.

If you don’t know who Tony Robbins is, you may have been living in a bubble for the last 3-4 decades. He is the number one motivational speaker in the world and has advised everyone from President Bill Clinton to Oprah Winfrey. I have read his other books and absolutely loved them. However, when I saw the title “Money: Master the Game”, I figured it was simply all about getting your own psychology right so you can earn money. I doubted he had anything of value to add on the topic of investing.

Sometimes finding out you are dead wrong is an amazing surprise. The book is a wealth of information from the best of the best in the investing world. Because of who he is, Tony is able to interview people who normally require a US$500 million minimum investment, such as Ray Bagio, who generously shares his own asset allocation model that any small investor can replicate with low cost index funds. Ray Bagio runs the world’s largest hedge fund with US$160 billion in assets under management. Tony also interviews John Bogle from Vanguard, Warren Buffet, David Swensen, Paul Tudor Jones, Sir John Templeton and many others who condense lifetimes of experience into one book.

I liked the book so much that I have decided to do a series of articles on some of the main points; however there is no substitute for reading the entire book. It can get a little technical in places but he always explains it in simple terms that anybody can understand. If there is one book that could mean the difference between running out of money when you are too old to re-enter the workforce and living out your golden years in luxury, this is it.

David Mayes, MBA, lives in Phuket and provides health, wealth, and life coaching to expatriates around the globe. He has been involved in financial markets for 15 years and specializes in tax efficiency and UK pension transfers. He can be reached at lifeisamazingthailand@gmail.com

— David Mayes

 

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Business

Thailand’s airlines call for meeting with PM to discuss soft loans

Maya Taylor

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PHOTO: Flickr/Ferry Octavian

The Thai Airlines Association says 7 member airlines are pushing for a meeting with PM Prayut Chan-o-cha to discuss the option of soft loans. The carriers have been seeking this financial aid for some time and have even decreased the amount being asked for, from 24 billion baht last year to 14 billion now.

The Bangkok Post reports that representatives from Thai AirAsia, Thai AirAsia X, Bangkok Airways, Nok Air, Thai Smile Airways, Thai Lion Air, and Thai Vietjet Air want to meet the PM to discuss what progress, if any, has been made on the matter. Wutthipong Prasartthong-osod from the TAA says the loans would give the carriers the support they desperately need at this time, with the association also putting the request in writing.

The airlines previously met with the PM last August to discuss the proposal, with the TAA pointing out the situation has worsened considerably since then. The ongoing third wave of Covid-19 has led to a reduction in flights, which has had a significant impact on revenue.

In addition, carriers are struggling to meet the ongoing costs of operating flights and paying workers. The association says the provision of soft loans would cushion the impact and help domestic tourism. It is also calling on the government to vaccinate airline staff, given that they are frontline workers in the tourism sector.

The Bangkok Post reports that in February, the Finance Minister, Arkhom Termpittayapaisith, was hesitant in his response to the call for soft loans, with the Export-Import Bank of Thailand asked to come up with some form of financial assistance for the airlines. According to Arkhom, providing soft loans or bringing such lending under the Public Service Account would mean his ministry having to take responsibility for the difference between market interest and soft loan interest.

SOURCE: Bangkok Post

 

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Thailand

Thai Airways debt restructuring vote pushed back to next week

Tanutam Thawan

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Photo via Wikimedia

The vote on Thai Airways International’s debt restructuring plan has been postponed and rescheduled for next week. The national airline needs the plan to be approved by more than 50% of creditors to move forward with the bankruptcy proceedings.

The airline’s total liabilities stack up more than 300 billion baht. With flight suspensions over the past year brought on by travel restrictions to prevent the spread of Covid-19, Thai Airways lost 141 billion baht last year.

Thai Airways has proposed a 3-year freeze on the loan repayments as well as a 6-year delay on bond repayments. The airline is also pushing to have unpaid interest on loans waived.

Debtholders discussed the plan during a video conference today and decided to delay the vote, a legal advisor to Thai Airways told reporters. Back in March, Thailand’s Finance Minister, which is the airline’s largest shareholder, had implied that they back the debt restructuring plan. An attorney representing the creditors had also said many favoured the proposed restructuring.

SOURCE: Bloomberg

 

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Business

Thai Airways’ creditors to vote on rehab plan today

Maya Taylor

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PHOTO: Pixabay

Today is D-Day for Thai Airways, with 13,000 creditors voting on whether or not to accept the struggling airline’s rehabilitation plan. According to a Bangkok Post report, a source at the airline has warned that should creditors reject the plan, the carrier will be declared bankrupt and they would only receive 12.9% of what they’re owed.

In the event of a bankruptcy declaration, the airline’s assets will be appraised to decide how much of its debts can be repaid. The estimate of 12.9% is based on the value of assets currently held by the carrier.

The Bangkok Post reports that the rehabilitation plan which was submitted in March covers debts of around 410 billion baht. It’s understood major shareholders own around 180 billion baht of that debt between them. Should the rehab plan be accepted today, it’s likely Thai Airways will be given a certain timeframe in which to turn itself around.

The plan calls for the repayment period of debts arising from unsecured bonds worth 70 billion baht to be extended to 10 years, with a debt moratorium in the early stages of repayment. The airline is also introducing tough cost-cutting measures, including job reductions via early retirement for thousands of its 20,000 workers.

It’s understood the plan does not call for the Ministry of Finance to provide a loan but says anyone can obtain the loan and the ministry can help with cash injection negotiations. The State Enterprise Policy Office has already stated that the government will not re-capitalise the airline.

SOURCE: Bangkok Post

 

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