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Coup confidence sparks rally on stock market, stabilises baht

Legacy Phuket Gazette

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Coup confidence sparks rally on stock market, stabilises baht | The Thaiger
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PHUKET MEDIA WATCH

– Thailand news selected by Gazette editors for Phuket’s international community

Coup generates confidence, sparks a rally on stock market and stabilises baht
The Nation / Phuket Gazette

PHUKET: Consumers and investors have regained their confidence and banks are seeing a rise in demand for loans just one month after a coup saw the National Council for Peace and Order (NCPO) swiftly end the political conflict that had engulfed the country since late last year, officials said.
The tourism industry, however, is still reeling from a plunge in visitors to the “Land of the Smile”, they said.

Bank of Thailand spokeswoman Roong Mallikamas said the political uncertainty that began late last year had hit the financial market hard. Inflows of foreign funds fell compared to other countries in the region, which weakened the baht, she said.

Domestic investors, however, were quick to regain confidence after last month’s coup, with the turnaround beginning earlier this month, she said. Once they started showing confidence, foreign investors began following suit, Roong added.

Following months of decline against the US dollar, the baht has stabalised, rising slightly over the last month. As of Friday it was trading at 32.46 to the dollar compared to 32.54 on May 20.

Stock Exchange of Thailand (SET) president Kesara Manchusree said post-coup confidence had also sparked a rally on the market.

The SET Index is up 4.5 per cent, or 64.37 points, since the day before the coup. It closed at 1,467.29 on Friday compared to 1,402.92 on May 21.

Bank executives say they are also seeing a rebound in demand for loans from small and medium-sized enterprises.

Major corporations, however, are still a bit shy. They are reviewing investment plans that were shelved during months of political turmoil, which only ended after a military takeover on May 22.

Banking executives say it could still take some time before major corporations resume investing.

Prior to the coup, the banking sector cut its loan-growth target as demand for credit slowed across all sectors.

The property sector is also showing some signs of revival, following a dismal first quarter. The number of new projects launched in the January to March period plunged about 40 per cent from the same period last year. Since the coup, however, there has been a rise in the number of new residential projects launched, and sales of homes are picking up, industry executives say. Demand for new residents is up 10 per cent so far this month, according to Pruksa Real Estate.

Its CEO and president, Thongma Vijitpongpun, pointed to swift action by the coup leaders for the sector’s apparent revival.

“The NCPO is solving all of our problems faster than we expected,” he said. “This is boosting confidence and the market is rebounding quickly.”

— Phuket Gazette Editors

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Thailand

News of American sued over bad Koh Chang hotel review has everyone talking

The Thaiger & The Nation

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News of American sued over bad Koh Chang hotel review has everyone talking | The Thaiger

After news hit of an American being arrested and sued for defamation over leaving a bad review about a Koh Chang hotel on TripAdvisor, many are taking to the internet to voice their opinions on the issue. The Sea View Resort owners say it tried in vain to negotiated with Wesley Barnes after he posted the reviews, but he continued to post completely untrue comments.

The owners released a five-page statement after the news of it suing the American gained widespread attention. You can read their response HERE. Then, Barnes submitted his own response detailing the situation which was also published online.

News of American sued over bad Koh Chang hotel review has everyone talking | News by The ThaigerNews of American sued over bad Koh Chang hotel review has everyone talking | News by The Thaiger

Now, the story has gained even more attention as netizens have begun posting their opinions on the controversial issue of Thailand’s defamation laws. Below, are some of those posts on The Thaiger’s Facebook page.

“Can someone clarify for me Thailand’s position on people leaving honest bad reviews as my girlfriend says it’s fine to leave a bad review of a business and it’s not defamation if honest of course? I have heard people say that you simply can’t leave bad honest reviews at all here but that sounds ridiculous. The thing about many Thais is that they think they’re beyond reproach. They can’t accept criticism because it’s not aligned with their grandiose self-image. Many also have a torrid time when it comes to ownership of their own actions and decision making.”

“OMG! He is arrested for a review.?! I know of an expat in Malaysia that wrote a bad review about a Thai-owned resort in Penang and he was sued as well. Be careful with what you share in that neck of the woods.”

“It’s one thing to leave a bad review but to throw in “modern slavery” remarks escalates to thai defamation law. He shouldn’t be arrested for his comments but you need to respect the country laws no matter how crazy they seem compared to your own country. This press is going to negatively affect the business way more than that review would have done though.”

“The owner should have settled with the review platforms privately and move on. I would hardly hold up Trip Advisor as a beacon of truth, however some people write extremely personal and vindictive comments that go beyond a review, in an attempt to gain product or refunds in return, this is an absolute fact, and hopefully this might make people think before they start writing reviews that are not exactly honest, I have read stories critical of the General Managers because they didn’t contact the guests, some really petty reviews by rather petty people.”

If Barnes is indeed found to be guilty of defamation, he could spend up to 2 years in prison and pay up to a 200,000 baht fine.

SOURCE: Chiang Rai Times

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Phuket police arrest 6 after finding large amounts of methamphetamine in raid

The Thaiger & The Nation

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Phuket police arrest 6 after finding large amounts of methamphetamine in raid | The Thaiger

Phuket Provincial Police have arrested 6 people after finding large amounts of methamphetamine and other drugs during a raid. One suspect alone allegedly had 7.6 kilograms of crystal meth (ya ice) and over 12,500 methamphetamine pills (ya bah). 29 year old Surasak ‘Bank’ Wijit and 27 year old Panida ‘Mei’ Saeyang were arrested at an apartment car park in Soi Lookkaew, Moo 6, Rassada, in eastern Phuket, after they were found in possession of the drugs.

Police also found 2 mobile phones and a red Honda PCX, registered in Phuket, as evidence. Both suspects have been charged with posessing a Category 1 drug with the intent to sell.

Other suspects arrested at the same time include 36 year old from Chiang Rai, 42 year old Sarawut ‘An’ Srichanon, from Ranong and 31 year old Pornthep ‘Iew’ Thepchampa, who were charged with the same crimes in Chalong after police found more drugs in their possession. 33 year old Kamon ‘Kung’ Sae-ngow, was arrested as well after police found kratom juice and leaves at a house in Rassada. He was taken to Phuket City Police station and was charged with a Category 5 drug possession.

SOURCE:The Phuket News

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Phuket Muay Thai fighter is the first Thai national to compete in UFC

The Thaiger

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Phuket Muay Thai fighter is the first Thai national to compete in UFC | The Thaiger

The upcoming Ultimate Fighting Championship Fight Night event in Abu Dhabi will feature Thailand’s only national marking her third fight with the UFC, the world’s largest mixed martial arts competition. 24 year old Loma Lookboonme, from Burirram in northeastern Thailand, will fight in the event on October 3, 2020.

Loma is a Muay Thai fighter who has adapted her MMA skills to fight in the UFC where she currently trains at the Tiger Muay Thai gym in Phuket. Loma qualified for the national team at the age of 19 and has fought in over 12 nations worldwide. She currently trains 6 days a week starting daily at 6:30am with a 3 kilometre run. In the UFC, she will be competing against China’s Angela Lee who is the undisputed champion of the 52 kilogram fist weight category.

Phuket Muay Thai fighter is the first Thai national to compete in UFC | News by The Thaiger

Loma’s parents are former Muay Thai fighters and her 2 sisters currently compete as well. She reportedly started training at 8 years old after being inspired by her father, whom she describes as her “hero.”

Like most Thais in such fighting sports, Muay Thai offers a way to rise out of poverty-and fighting for the UFC can be financially lucrative. But Loma says her only Thai sponsor is the gym where she trains, with the rest of her sponsors being from foreign brands. She says she is trying to get more Thai sponsors but feels that maybe she needs to win the UFC first before Thai brands notice her.

Loma lost her last fight and says her new opponent gives her nothing to lose. She says her goal is to get into the Top 10, but is not sure when it will happen. Loma says for now, it would be good to fight against someone in the Top 10 to help her prepare for her future.

FULL INTERVIEW: Thisrupt.co

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