Thailand tows bitcoin trader’s floating home; owners may face death sentence

The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports. Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News. Thai authorities have revoked Elwartowski’s visa and ch


The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports. Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News. Thai authorities have revoked Elwartowski’s visa and ch
Thailand tows bitcoin trader’s floating home; owners may face death sentence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: shirley tay
Keywords: news, cnbc, companies, according, thai, independence, owners, thailand, bitcoin, jurisdiction, deteriorating, face, sentence, traders, life, death, imprisonment, floating, sky, thailands, tows


Thailand tows bitcoin trader's floating home; owners may face death sentence

The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports.

Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News.

Thai authorities have revoked Elwartowski’s visa and charged the couple for violating Thai sovereignty — an offense punishable by the death penalty or life imprisonment, according to Reuters.

“The couple announced on social media declaring their autonomy beyond the jurisdiction of any courts or law of any countries, including Thailand,” Sky News reported Thai Rear Admiral Vithanarat Kochaseni as saying. “We see such action as deteriorating Thailand’s independence.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: shirley tay
Keywords: news, cnbc, companies, according, thai, independence, owners, thailand, bitcoin, jurisdiction, deteriorating, face, sentence, traders, life, death, imprisonment, floating, sky, thailands, tows


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Look for Thailand’s next government to be a coalition, senior official says

It’s “quite likely” that Thailand’s next government will be formed through a coalition, a senior government official told CNBC on Monday, as initial tallies came following Sunday’s long-awaited election after five years of military rule. Speaking to CNBC’s Sri Jegarajah in Bangkok, Panitan said: “It seems quite likely that the next government will be a coalition party between one big party and maybe two important, medium-sized parties.” An anti-military group that comprises the Pheu Thai Party a


It’s “quite likely” that Thailand’s next government will be formed through a coalition, a senior government official told CNBC on Monday, as initial tallies came following Sunday’s long-awaited election after five years of military rule. Speaking to CNBC’s Sri Jegarajah in Bangkok, Panitan said: “It seems quite likely that the next government will be a coalition party between one big party and maybe two important, medium-sized parties.” An anti-military group that comprises the Pheu Thai Party a
Look for Thailand’s next government to be a coalition, senior official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: weizhen tan, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, vote, look, thailands, official, party, pheu, seats, likely, thai, quite, pracharat, senior, coalition, palang


Look for Thailand's next government to be a coalition, senior official says

It’s “quite likely” that Thailand’s next government will be formed through a coalition, a senior government official told CNBC on Monday, as initial tallies came following Sunday’s long-awaited election after five years of military rule.

Panitan Wattanayagorn, a security advisor to Thai Deputy Prime Minister Prawit Wongsuwan, said that officials in the pro-military Palang Pracharat Party and Pheu Thai Party — linked to self-exiled former premier Thaksin Shinawatra — are in discussions and also “talking to all parties.”

Speaking to CNBC’s Sri Jegarajah in Bangkok, Panitan said: “It seems quite likely that the next government will be a coalition party between one big party and maybe two important, medium-sized parties.”

The vote is shaping up as a contest between three groups:

A pro-military camp that includes the Palang Pracharat Party — led by current cabinet members in the military regime.

An anti-military group that comprises the Pheu Thai Party and the newly founded Future Forward Party.

Parties that are neutral or undecided about how they will align themselves.

The last group includes the Bhumjaithai Party, whose vote is said to be crucial to swinging the election’s final outcome.

Panitan, who is also a professor at the Chulalongkorn University, said: “It seems quite likely that Bhumjaithai will be a decisive force.”

“The final analysis is whoever gains the majority of the seats will form the government,” he added, “so Bhumjaithai will be very hard at work today and over the next few days to make sure that they coordinate and communicate with all supporters.”

His comments come as Thailand’s Election Commission reported the numbers on Monday with 94 percent of votes counted: Palang Pracharat was leading the popular vote with 7.69 million votes, while the Pheu Thai Party was next with 7.23 million votes.

The numbers released were for the popular vote, but those do not reflect parliamentary seats won. Pheu Thai could still take the lion’s share of those, because of its concentrated popularity in the north and northeast of the country.

The ruling junta repeatedly postponed general elections after it overthrew an elected government in 2014.

The Sunday vote will determine 500 members of the House of Representatives, the lower chamber of Thailand’s legislative branch. The junta will appoint the 250-member Senate, or the upper house.

None of the parties are expected to single-handedly win enough seats in the House to form a government. Therefore, the 250 appointed senators will join their colleagues in the House to select the next prime minister to lead the next government.

Based on a Reuters tally of partial results of the 350 constituency seats contested on Sunday, Pheu Thai was on track to win at least 129 and Palang Pracharat at least 102.

— CNBC’s Yen Nee Lee and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: weizhen tan, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, vote, look, thailands, official, party, pheu, seats, likely, thai, quite, pracharat, senior, coalition, palang


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The latest in Thailand’s political drama: Ruling government dismisses #ThaiCoup rumors

Authorities said the military vehicles were being moved for an annual multinational military exercise that begins on Tuesday, multiple reports said. In 2014, the army seized power from a pro-Thaksin government with Prayuth, now a retired general, leading that movement. Another cause for the show of force could be anticipation of political unrest, according to Andrew MacGregor Marshall, lecturer at Edinburgh Napier University and a leading expert on Thai politics. There’s also a risk of Princess


Authorities said the military vehicles were being moved for an annual multinational military exercise that begins on Tuesday, multiple reports said. In 2014, the army seized power from a pro-Thaksin government with Prayuth, now a retired general, leading that movement. Another cause for the show of force could be anticipation of political unrest, according to Andrew MacGregor Marshall, lecturer at Edinburgh Napier University and a leading expert on Thai politics. There’s also a risk of Princess
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Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: nyshka chandran, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, leading, party, political, marshall, electoral, ruling, rumors, military, told, constitution, latest, drama, thaicoup, thailands, dismisses, coup, thai


The latest in Thailand's political drama: Ruling government dismisses #ThaiCoup rumors

On Monday, the ruling government called the coup rumor “fake news” in the wake of the term #ThaiCoup trending on Twitter in the country, according to news wires Deutsche Presse-Agentur and Agence France-Presse. Authorities said the military vehicles were being moved for an annual multinational military exercise that begins on Tuesday, multiple reports said.

It’s not entirely clear why the military would have needed to forcibly take control. In 2014, the army seized power from a pro-Thaksin government with Prayuth, now a retired general, leading that movement. And, in its five years of rule, the military leadership has delayed elections several times. The March 24 vote is seen as a test of the country’s ability to return to democracy.

One reason for the coup rumors could be infighting between factions of the armed forces, Chambers suggested: “There has been a growing divide in the military over the junta government.”

Another cause for the show of force could be anticipation of political unrest, according to Andrew MacGregor Marshall, lecturer at Edinburgh Napier University and a leading expert on Thai politics.

The king, who traditionally commands the allegiance of the military, “may feel that recent events have thrown the election process into chaos, and he does not want political disarray to overshadow his coronation in early May,” Marshall said on Twitter.

There’s also a risk of Princess Ubolratana’s Thai Raksa Party getting kicked out of the electoral race, which could raise tensions. On Sunday, Srisuwan Janya, secretary-general of Thailand’s Association for the Protection of the Constitution, told Reuters that he would file a petition to disqualify the group.

“The royal announcement made it clear that the party violated electoral law,” the activist told the news agency, referring to the king’s Friday statement, which said her action amounted to a violation of the constitution.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: nyshka chandran, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, leading, party, political, marshall, electoral, ruling, rumors, military, told, constitution, latest, drama, thaicoup, thailands, dismisses, coup, thai


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Thailand property: Chinese buying interest has surged in recent years

Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election. Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.” Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases. Chinese buyers make up 70 percent o


Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election. Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.” Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases. Chinese buyers make up 70 percent o
Thailand property: Chinese buying interest has surged in recent years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: huileng tan, prachanart viriyaraks, getty images
Keywords: news, cnbc, companies, property, interest, surged, buyers, international, thailands, thailand, buying, spot, chinese, told, started, growth, recent


Thailand property: Chinese buying interest has surged in recent years

Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election.

That underscores the Southeast Asian nation’s enduring popularity with the Chinese — tourists from Asia’s top economy have for years seen Thailand as a top spot for holidays. According to recent data from online Chinese real estate portal Juwai.com, Thailand was its most popular country when it comes to inquiries from potential real estate buyers in 2018 — climbing up from the sixth spot in 2016.

Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.”

“While the election is momentous for Thailand, most of the buyers we work with are unconcerned about the outcome,” she told CNBC.

Thailand’s economy has been powering ahead since its 2014 coup, reaching 3.9 percent GDP growth in 2017. That was its best in five years, but that growth is expected to slow a bit this year due to weaker global growth, the World Bank projected.

Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases.

In fact, Sansiri — one of Thailand’s biggest developers — set up its international business unit in 2014 after seeing growing interest from foreign buyers, said Nanmanas Jiwattanakul, the company’s assistant executive vice president of international business development.

Chinese buyers make up 70 percent of Sansiri’s international sales, she said.

The development — not spurred by any marketing efforts — prompted the developer to set up showrooms in Thailand and overseas catering to such investors, she told CNBC.

“We started to drive (international sales) and also because we started seeing a number of foreign buyers in Thailand,” said Nanmanas.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: huileng tan, prachanart viriyaraks, getty images
Keywords: news, cnbc, companies, property, interest, surged, buyers, international, thailands, thailand, buying, spot, chinese, told, started, growth, recent


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Thai king’s sister to contest March 24 election as prime ministerial candidate

The sister of Thailand’s King Maha Vajiralongkorn has been declared as a leading prime ministerial candidate for a party loyal to ousted prime minister Thaksin Shinawatra in March 24 elections, registration papers showed on Friday. Princess Ubolratana Rajakanya Sirivadhana Varnavadi, 67, broke the long-standing tradition of Thai royalty staying out of politics by entering the election in an unprecedented move. The king’s eldest sister has registered as a candidate for the Thai Raksa Chart party,


The sister of Thailand’s King Maha Vajiralongkorn has been declared as a leading prime ministerial candidate for a party loyal to ousted prime minister Thaksin Shinawatra in March 24 elections, registration papers showed on Friday. Princess Ubolratana Rajakanya Sirivadhana Varnavadi, 67, broke the long-standing tradition of Thai royalty staying out of politics by entering the election in an unprecedented move. The king’s eldest sister has registered as a candidate for the Thai Raksa Chart party,
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Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: guillaume payen, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, ministerial, prime, contest, candidate, 24, thai, kings, elections, minister, wielded, election, thailands, party, sister


Thai king's sister to contest March 24 election as prime ministerial candidate

The sister of Thailand’s King Maha Vajiralongkorn has been declared as a leading prime ministerial candidate for a party loyal to ousted prime minister Thaksin Shinawatra in March 24 elections, registration papers showed on Friday.

Princess Ubolratana Rajakanya Sirivadhana Varnavadi, 67, broke the long-standing tradition of Thai royalty staying out of politics by entering the election in an unprecedented move.

Thailand has been a constitutional monarchy since 1932 but the royal family has wielded great influence and commanded the devotion of millions.

The king’s eldest sister has registered as a candidate for the Thai Raksa Chart party, an off-shoot of the Thaksin-backed Pheu Thai Party. The election is seen as a battle between Thaksin’s populists and allies and the royalist-military establishment.

Separately, the head of Thailand’s military junta, Prayuth Chan-ocha, said on Friday he will contest the March elections as a candidate for prime minister.

Prayuth, the army chief who seized power from a democratic government in a 2014 coup and made himself prime minister, said in a statement he would run as a candidate for the pro-military Palang Pracharat.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: guillaume payen, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, ministerial, prime, contest, candidate, 24, thai, kings, elections, minister, wielded, election, thailands, party, sister


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A princess makes a surprising run to become Thailand’s next prime minister

In a historic first for Thailand, a senior member of the royal family is running in a general election — a move that some suspect could increase the monarchy’s overall power in the country. The party is closely linked to former Prime Minister Thaksin Shinawatra, who is widely believed to have played a role in Ubolratana’s candidacy. Her decision to run could change the entire outlook for the long-delayed election, which will be the country’s first after nearly five years of military rule. Furthe


In a historic first for Thailand, a senior member of the royal family is running in a general election — a move that some suspect could increase the monarchy’s overall power in the country. The party is closely linked to former Prime Minister Thaksin Shinawatra, who is widely believed to have played a role in Ubolratana’s candidacy. Her decision to run could change the entire outlook for the long-delayed election, which will be the country’s first after nearly five years of military rule. Furthe
A princess makes a surprising run to become Thailand’s next prime minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: nyshka chandran, lawrence k ho los angeles times getty images, yasuhiro sugimoto afp getty images, -benjamin zawacki, independent bangkok-based analyst
Keywords: news, cnbc, companies, party, surprising, king, minister, nearly, thai, prime, run, makes, election, royal, power, princess, thailands


A princess makes a surprising run to become Thailand's next prime minister

In a historic first for Thailand, a senior member of the royal family is running in a general election — a move that some suspect could increase the monarchy’s overall power in the country.

News emerged early on Friday that Princess Ubolratana Rajakanya, the elder sister of King Maha Vajiralongkorn and the oldest child of the late King Bhumibol Adulyadej, will be the prime ministerial candidate for the Thai Raksa Chart Party in the upcoming March 24 election. The party is closely linked to former Prime Minister Thaksin Shinawatra, who is widely believed to have played a role in Ubolratana’s candidacy.

Her decision to run could change the entire outlook for the long-delayed election, which will be the country’s first after nearly five years of military rule. Given how revered the monarchy is in Thai culture — nearly every establishment and household has portraits of the king — it will be hard for other candidates to run against the princess and equally tough for voters to consider other choices, analysts told CNBC.

Further complicating the picture is the fact that Thailand’s current prime minister, Prayut Chan-o-cha, a now-retired army chief who took power in the military’s 2014 coup, also threw his hat into the ring Friday under the pro-military faction Palang Pracharat. The development could potentially result in a showdown between the royal family and the military.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: nyshka chandran, lawrence k ho los angeles times getty images, yasuhiro sugimoto afp getty images, -benjamin zawacki, independent bangkok-based analyst
Keywords: news, cnbc, companies, party, surprising, king, minister, nearly, thai, prime, run, makes, election, royal, power, princess, thailands


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Thailand’s economy surprisingly stalls in the third quarter

Thailand’s economy surprisingly stalled in the third quarter, as exports and tourism softened, and the state planning agency showed less optimism on growth for all of 2018. Gross domestic product showed no growth in the third quarter from the second, on a seasonally adjusted basis, the National Economic and Social Development Board (NESDB) said. That was the worse result since the first quarter of 2014, when the economy shrank 0.4 percent, and compared with a Reuters poll forecast of 0.6 percent


Thailand’s economy surprisingly stalled in the third quarter, as exports and tourism softened, and the state planning agency showed less optimism on growth for all of 2018. Gross domestic product showed no growth in the third quarter from the second, on a seasonally adjusted basis, the National Economic and Social Development Board (NESDB) said. That was the worse result since the first quarter of 2014, when the economy shrank 0.4 percent, and compared with a Reuters poll forecast of 0.6 percent
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Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jewel samad, afp, getty images
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Thailand's economy surprisingly stalls in the third quarter

Thailand’s economy surprisingly stalled in the third quarter, as exports and tourism softened, and the state planning agency showed less optimism on growth for all of 2018.

Gross domestic product showed no growth in the third quarter from the second, on a seasonally adjusted basis, the National Economic and Social Development Board (NESDB) said.

That was the worse result since the first quarter of 2014, when the economy shrank 0.4 percent, and compared with a Reuters poll forecast of 0.6 percent growth. All the economists polled expected some growth.

On an annual basis, third-quarter expansion was 3.3 percent, compared with the poll’s 4.2 percent projection, and the second quarter’s 4.6 percent.

The planning agency on Monday downgraded its 2018 GDP growth forecast to 4.2 percent instead of the previous 4.2-4.7 percent range. It now expects exports to rise 7.2 percent this year, rather than 10.0 percent.

For 2019, it expects GDP growth of 3.5-4.5 percent Capital Economics said Thai growth “is unlikely to rebound much over the coming year.” Its forecast for 2019 is 3.5 percent.

Southeast Asia’s second-largest economy, which is heavily reliant on external demand, earlier this year saw a pick-up in growth, although exports have slowed and tourism took a hit after a boat accident in July killed 47 Chinese visitors.

Thailand’s exports to China, its second-biggest market, slumped 14 percent in September on-year.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jewel samad, afp, getty images
Keywords: news, cnbc, companies, surprisingly, showed, stalls, quarter, gdp, thailands, economy, tourism, planning, growth, exports, forecast, second


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Thailand’s Kasikornbank invests $50 million in ride-hailing firm Grab

Thailand’s Kasikornbank said Thursday it had invested $50 million in Singapore’s Grab, forming a partnership that will help launch the GrabPay electronic wallet in its sixth Southeast Asian market in 2019. GrabPay is one aspect of Grab’s strategy to transform into a technology firm from being purely a ride-hailing business — a business not yet fully regulated in Thailand. Patchara also said Grab’s app will be integrated with Kasikornbank’s K PLUS app, and that the bank will eventually provide lo


Thailand’s Kasikornbank said Thursday it had invested $50 million in Singapore’s Grab, forming a partnership that will help launch the GrabPay electronic wallet in its sixth Southeast Asian market in 2019. GrabPay is one aspect of Grab’s strategy to transform into a technology firm from being purely a ride-hailing business — a business not yet fully regulated in Thailand. Patchara also said Grab’s app will be integrated with Kasikornbank’s K PLUS app, and that the bank will eventually provide lo
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Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, app, statementgrabpay, grab, southeast, thailand, kasikornbank, grabs, wallet, investment, firm, million, thailands, 50, service, ridehailing, invests


Thailand's Kasikornbank invests $50 million in ride-hailing firm Grab

Thailand’s Kasikornbank said Thursday it had invested $50 million in Singapore’s Grab, forming a partnership that will help launch the GrabPay electronic wallet in its sixth Southeast Asian market in 2019.

Thailand’s fourth-largest bank also said the tie-up will allow it to use Grab’s data on merchants and drivers to formulate loan products and minimize non-performing loans.

“Our co-branded mobile wallet and strategic investment in Grab enables us to bring Grab’s scale to our merchant and consumer network in Thailand,” Kasikornbank President Patchara Samalapa said in a statement.

GrabPay is one aspect of Grab’s strategy to transform into a technology firm from being purely a ride-hailing business — a business not yet fully regulated in Thailand. The service is accessible via Grab’s smartphone application, and in Thailand will be branded “GrabPay by KBank.”

Patchara also said Grab’s app will be integrated with Kasikornbank’s K PLUS app, and that the bank will eventually provide loans via apps.

“This also advances our ambition to build an Everyday Super App to serve the daily needs of our consumers,” Grab Thailand chief Tarin Thaniyavarn said in the statement.

GrabPay by KBank will compete with TrueMoney from True Corp as well as Rabbit Line Pay from messaging application LINE – owned by South Korea’s Naver – offered in conjunction with local telecommunications firm Advanced Info Service and mass transit firm BTS Group Holdings.

Kasikornbank is the latest financial institution to form a partnership with Grab as the tech firm expands in the sector, with other partners including Malayan Banking and Mastercard.

The investment, while relatively small, is the first from Southeast Asia’s second-largest economy.

It is part of a funding round in which Grab has so far raised about $2.7 billion from investors such as Booking Holdings, Microsoft, Toyota and Hyundai, as well as financial institutions including OppenheimerFunds, Goldman Sachs Investment Partners and Citi Ventures.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, app, statementgrabpay, grab, southeast, thailand, kasikornbank, grabs, wallet, investment, firm, million, thailands, 50, service, ridehailing, invests


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Thailand’s central bank can afford to wait before hiking rates

Thailand is likely to keep benchmark interest rates on hold this week, according to the consensus view of strategists contacted by CNBC. That exceeded a forecast of 4.5 percent, though growth expanded at a slower pace quarter-on-quarter, and ING economists said investment remains a “missing link” in the economy. The state planning agency kept its 2018 growth forecast at 4.2 to 4.7 percent and raised its projection for export gains despite escalating global trade tensions. “Strong quarterly GDP g


Thailand is likely to keep benchmark interest rates on hold this week, according to the consensus view of strategists contacted by CNBC. That exceeded a forecast of 4.5 percent, though growth expanded at a slower pace quarter-on-quarter, and ING economists said investment remains a “missing link” in the economy. The state planning agency kept its 2018 growth forecast at 4.2 to 4.7 percent and raised its projection for export gains despite escalating global trade tensions. “Strong quarterly GDP g
Thailand’s central bank can afford to wait before hiking rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: sri jegarajah, david silverman, getty images news, getty images
Keywords: news, cnbc, companies, view, 45, week, wait, thailand, growth, forecast, rates, rate, central, afford, hike, hiking, yearonyear, bank, thailands


Thailand's central bank can afford to wait before hiking rates

Thailand is likely to keep benchmark interest rates on hold this week, according to the consensus view of strategists contacted by CNBC.

The country’s central bank, which meets Wednesday to decide on policy, is under pressure to raise the lending rate from a record low of 1.5 percent after the economy grew 4.6 percent in the second quarter from a year ago. That exceeded a forecast of 4.5 percent, though growth expanded at a slower pace quarter-on-quarter, and ING economists said investment remains a “missing link” in the economy.

The state planning agency kept its 2018 growth forecast at 4.2 to 4.7 percent and raised its projection for export gains despite escalating global trade tensions.

“Strong quarterly GDP growth above 4.5 percent year-on-year coupled with full employment is a recipe for the upcoming [Bank of Thailand] rate hike,” Koon How Heng, head of Markets Strategy at UOB, said in an e-mail on Friday. “A rate hike on Wednesday may be a bit premature as we need to see a more pronounced pick up in Thailand’s [consumer price index] towards the mid-point of the BoT’s inflation target range from 1% to 4%. Currently, Thailand headline CPI is 1.6 percent as of August.”


Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: sri jegarajah, david silverman, getty images news, getty images
Keywords: news, cnbc, companies, view, 45, week, wait, thailand, growth, forecast, rates, rate, central, afford, hike, hiking, yearonyear, bank, thailands


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Giving up his US citizenship helped an entrepreneur become one of Thailand’s richest men

Bill Heinecke was 42 when he did something drastic: He walked into the U.S. embassy in Bangkok, handed over his passport and renounced his citizenship. It wasn’t a moment of madness, nor was it strictly necessary: The American-born entrepreneur had by then been living and working in Thailand for almost three decades. “I remember the time very well,” the now-69-year-old self-made billionaire said during a recent episode of CNBC’s “Managing Asia.” I’ve never seen or heard of anyone who wanted to g


Bill Heinecke was 42 when he did something drastic: He walked into the U.S. embassy in Bangkok, handed over his passport and renounced his citizenship. It wasn’t a moment of madness, nor was it strictly necessary: The American-born entrepreneur had by then been living and working in Thailand for almost three decades. “I remember the time very well,” the now-69-year-old self-made billionaire said during a recent episode of CNBC’s “Managing Asia.” I’ve never seen or heard of anyone who wanted to g
Giving up his US citizenship helped an entrepreneur become one of Thailand’s richest men Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-05  Authors: karen gilchrist, managing asia, gonzalo azumendi, getty images, anantara, minor international
Keywords: news, cnbc, companies, men, helped, giving, ive, entrepreneur, thailands, wasnt, business, remember, working, know, heinecke, citizenship, bangkok, minor, hospitality, richest


Giving up his US citizenship helped an entrepreneur become one of Thailand's richest men

Bill Heinecke was 42 when he did something drastic: He walked into the U.S. embassy in Bangkok, handed over his passport and renounced his citizenship.

It wasn’t a moment of madness, nor was it strictly necessary: The American-born entrepreneur had by then been living and working in Thailand for almost three decades. But it did showcase what he says is one of the most important skills in business — commitment — and, as a result, propelled him up the ranks of the country’s rich list.

“I remember the time very well,” the now-69-year-old self-made billionaire said during a recent episode of CNBC’s “Managing Asia.”

“I remember the counselor who said to me: ‘I think you have to rethink this, you know. I’ve never seen or heard of anyone who wanted to give back their citizenship.'”

But Heinecke was resolute: “I said: ‘Well I’ve made up my mind and I, you know, I don’t need to wait.'”

Heinecke is the chairman and CEO of hospitality group Minor International, the company he founded as a cleaning business when he was 17 — still a minor — four years after relocating to Bangkok with his family. Throughout his 20s and 30s, it evolved into one of Thailand’s leading hospitality chains, and Heinecke said he felt he owed it to the country that “adopted” him to show his dedication to doing business there.


Company: cnbc, Activity: cnbc, Date: 2018-09-05  Authors: karen gilchrist, managing asia, gonzalo azumendi, getty images, anantara, minor international
Keywords: news, cnbc, companies, men, helped, giving, ive, entrepreneur, thailands, wasnt, business, remember, working, know, heinecke, citizenship, bangkok, minor, hospitality, richest


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