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Finance: How to meet the right people for success

Legacy Phuket Gazette

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Finance: How to meet the right people for success | The Thaiger

PHUKET: They say you can determine a man’s income simply by taking the average of the four or five people with whom he spends the most time. I am not sure how scientific the study was that has produced this timeless piece of advice, but the general concept is easy to validate if you look closely at the people you know. Success in life is not only a function of absorbing the mindsets of those around you, but opportunities are often determined by those with whom you surround yourself.

It’s common sense that if you have friends who are successful stock traders, they may be able to teach you some basics, or keep you from going too far off track. They may even give you a tip from time to time, although tips can be very dangerous if you don’t have a clear risk control strategy. If you have friends who are real estate investors, they may offer you opportunities to co-invest with them on larger projects, or simply to split up a larger plot so that everyone gets a better deal. Studies have often found that most people find their employment from ‘fuzzy connections’, who are not close friends, but the people they know.

So, if it is so important in life to have friends who are successful, how exactly do you go about becoming friends with these kinds of people? Obviously, the wrong way to do it is to become fake and shallow and judge people by the car they drive and the clothes they wear. Some of the most successful people I know look and play the part of the beach bum, but if you get to know them, the reality is far different. Going to networking functions, handing out business cards to everyone, and trying to sell something to everyone you meet within the first five minutes is another wrong way to go about it.

The saying ‘people who are nice to you, but not nice to waiters, are not nice people’ is one I love. You want to find people with real character.

When I was in business school, we had a networking expert talk to us about how to build a network to find jobs. His advice is not what most people would expect. Rather than look at new people you meet in terms of what they can possibly do for you, always look for ways you can help anyone with whom you come into contact. This is often easiest done by being genuinely interested in people, asking questions, and letting others talk about themselves. People love to talk about themselves, and most people are simply waiting for their turn. Let people talk and you will often find a way of helping them.

Usually it is simply connecting two people who you know, who then mutually benefit from knowing each other. Once you get in the habit of doing this, it becomes natural, and it is a great reward to introduce people and see them hit it off and become friends, or business partners.

So how does all this helping other people impact your own financial future? The trick is that the 80/20 rule applies in every aspect of life. 80 per cent of the nice things you do for people will have no effect on your future, other than giving you the satisfaction of knowing deep down inside you are the kind of person who goes out of his way to help people. However, over a long period of time, those ‘lucky breaks’ that come, are often from those ‘fuzzy connections’ I mentioned earlier.

The more you help others and come across as a nice, genuine, helpful person, the more people will be willing to go out of their way to help you, often without you ever having asked. This is not a tit for tat kind of thing, it is simply human nature. Surround yourself with good people and good things will happen in your future.

David Mayes MBA resides in Phuket and provides wealth management services to expatriates around the globe, focusing on UK pension transfers. He can be reached at david.m@faramond.com or 085-335 8573. Faramond UK is regulated by the FCA and provides advice on pensions and taxation.

— 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.

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Business

Thai Airways under pressure to deliver workable business plan

May Taylor

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Thai Airways under pressure to deliver workable business plan | The Thaiger

Thai Airways is coming under more pressure, after being given 30 days to deliver its new rehabilitation and business plans.

Thaworn Senniam, the Deputy Transport Minister, gave the instruction yesterday while meeting with the executive of the national carrier for an update on its financial status.

He says the business plan must provide clear information on how the fortunes of the airline can be turned around, with a focus on making it profitable once more, while improving customer satisfaction.

The order comes after Thai Airways President, Sumeth Damrongchaitham, denied last week that the airline was experiencing a liquidity crunch, claiming it had sufficient cash flow “for present and future operations”.

Minister Thaworn has previously said he does not believe Thai Airways’ existing rehabilitation plan will help it succeed in a turnaround. He has also ordered a monthly progress report on the carrier’s plans to buy new aircraft.

In September, the directors of Thai Airways asked the Executive Board to review a plan to order 38 additional aircraft, worth a total of 156 billion baht.

According to their second-quarter 2019 filing to the Stock Exchange of Thailand, Thai Airways and its subsidiaries reported a net loss of 6.878 billion baht, compared to a loss of 3.086 billion baht over the same period last year.

SOURCE: The Nation

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Business

World Economic Forum says lack of critical thinking in Thailand affecting competitiveness

May Taylor

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World Economic Forum says lack of critical thinking in Thailand affecting competitiveness | The Thaiger

PHOTO: AFP

Thailand’s competitiveness ranking has dropped two places in the Global Competitiveness Index just released by the World Economic Forum (WEC) in Switzerland. The country has dropped from 38 to 40 out of a total of 141 global economies ranked.

The WEC claims that a lack of critical thinking in teaching in Thailand, along with its failure to dominate in any markets, plus its unsafe drinking water, is affecting the country’s competitiveness.

The Nation reports that Singapore has come top in the ranking, overtaking the U.S. and Vietnam has shot up 10 places to 67.

The deputy secretary general to the PM for political affairs, Kobsak Pootrakool, responded to the findings, saying that as other countries improved their rankings, Thailand needed to work harder to ensure their progress didn’t cause it to slip backwards.

“It’s like a running competition – if our pace is slower, others will overtake us, so we have to run faster.”

The dean of the Chulalongkorn Business School, Assistant Professor Wilert Puriwat believes he knows what the country must do to improve competitiveness.

“The survey found that skills among new university graduates have declined, especially in the area of critical thinking. We’ve failed the exam and it can’t be fixed by simply retaking the test – we need to restart learning.”

Assistant Professor Wilert says Thailand needs to change the way students are taught, adding that the country’s score on critical thinking in the classroom was the world’s lowest at 37 out of 100 points. Finland comes first, with 89 points.

Wilert points out that Thai students routinely perform poorly on tests compared to foreign counterparts, which can be blamed on an old-school reliance on rote learning through memorisation.

The WEF is urging Thailand to adapt a model that encourages creative and critical individual thinking in the classroom instead. It also recommends improvements be made in staff training in Thailand, and more fostering of digital skills.

SOURCE: The Nation

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Business

Samsung Electronics flags 56% fall in third quarter profits

The Thaiger

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Samsung Electronics flags 56% fall in third quarter profits | The Thaiger

“Samsung took advantage of the US trade ban against Chinese rival Huawei.”

PHOTO: CNBC

Samsung Electronics says it expects operating profits to drop more than 50% in Q3 amid a continued slump in the global chip market. Operating profits for July to September was expected to reach 7.7 trillion won (US$6.4 billion), down 56.2% from a year earlier – this from the world’s largest maker of smartphones and memory chips.

It marks the fourth consecutive quarter in which the South Korean tech company has recorded a drop in profits in the face of falling semiconductor prices and weakening demand for its mobile devices. Sales for the third quarter were expected to drop 5.3% from the same period last year.

The South Korean tech titan leads the global smartphone market with a 23% share of the sector, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit.

Samsung withholds net profit and sector-by-sector business performance until it releases its final earnings report, which is expected later this month.

The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 11th-largest economy, and it is crucial to South Korea’s economic health. Analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors – which account for more than half of Samsung’s profit – will help stabilise chip prices after double-digit drops this year.

Sujeong Lim, an analyst at Counterpoint Research, said, that in the mobile business, Samsung took advantage of the US trade ban against Chinese rival Huawei, “replacing a strong competitor in crisis” with its mid-to-low tier Galaxy A handsets.

“The new A series has turned out to be an effective weapon to take share from its Android competitors.”

Samsung appealed to high-end users with the launch of its first foldable smartphone last month after faulty screens forced an embarrassing delay in April. The firm also rolled out its flagship Note 10 devices which analysts say have sold far better than its previous models, giving Samsung a much-needed boost in its mobile sales.

The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has caused people to wait longer before upgrading to new models. Samsung has also been caught up in a trade war between Japan and South Korea stemming from World War II disputes.

The row saw Tokyo impose tough restrictions on exports crucial to South Korean tech giants in July, and Samsung vice chairman Lee Jae-yong – who called the situation a “crisis” – has visited Tokyo to secure materials. Adding to Samsung’s woes, Lee is currently facing retrial over his role in a massive corruption scandal that brought down former president Park Geun-hye.

He was initially jailed for five years in 2017 on multiple convictions including bribery, which was reduced to a suspended sentence on appeal, only for the Supreme Court in August to order a retrial.

SOURCE: Agence France-Presse

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