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Korn frets over risk of zero-growth economy

June 27, 2017 01:00
By WICHIT CHAITRONG
THE NATION

FORMER finance minister Korn Chatikavanij is more troubled by the country’s sluggish economic growth rather than the prospects for a repeat of the Asian financial crisis that broke out in 1997.

Korn expressed his concerns about persistently low economic growth at a forum yesterday that marked the 20th anniversary of the crisis.

The economy has been ex-|panding at a rate of about 2-3 |per cent over recent years, compared with the expansion of about 10 per cent seen before the crisis flared up.

Thailand could potentially suffer a sustained period of no growth that had been experienced in some African countries and which entrenched widespread poverty, Korn told the forum, which was hosted by Infinity Global Investors.

Korn, who was finance minister from 2008 to 2011, said the country faced a loss of competitiveness due to factors such as the low skills of the workforce, a poor education system and a squeeze in exports from trade rivals.

While Korn noted that the government’s Thailand 4.0 technology vision is aimed at supporting innovative industries, he said there may not be sufficient people capable of contributing to these sectors. “Has anyone asked farmers if they are ready to switch over?” Korn said.

Only relatively few people will be able to take advantage of the new government policies, he said.

Government investment in infrastructure projects makes up only a part of the whole economy, he told the forum. The former minister cited demographic changes in Thai society as key concerns. The ageing of the population that will coincide with shrinkage in the ranks of those of working age will be a negative factor felt over the next 20 years.

The ratio of working-age people to seniors is 4:1; the ratio will be 2:1 in the next 20 years. Social welfare costs will rise significantly, putting great pressure on the government budget, he said.

Korn also expressed concern over the impact of what he describes as the vast liquidity in the global system.

“How is that Argentina over |the past few weeks could sell government bonds with 100 years of maturity with coupon rate of 8 per cent?” he said. Investors oversubscribed to the bonds to the tune of four or five times the amount of debt issued.

This market response suggests that too much liquidity is available in the market and investors are too willing to take on risks, he noted. Over the past 200 years, Argentina has defaulted on its eight times, he said.

Korn warned that the massive injections of funds into the mar-kets by the central banks in |Japan, Europe and the United States could lead to a global financial crisis. “It might be the most severe crisis the world has ever seen,” he said.

He pointed to what he called a weak spot in Thailand’s financial markets, with the Deposit Protection Agency holding only a small amount of funds to protect bank depositors in the event of an emergency.

Meanwhile, former central bank governor Prasan Trairatvorakul warned that the next crisis could come in a different form to the 1997 crisis, so the country should not be complacent.

 

Source  :  nationmultimedia.com

‘Nong Than’ overcomes adversity to land dream patient-happiness job

June 27, 2017 01:00
By MAYUREE SUKYINGCHAROENWONG
THE NATION

THANKS TO HER positive mindset, Nitcharee “Nong Than” Peneakchanasak has been flying high despite having lost both of her legs in a 2011 accident in Singapore.

Just this month, 21-year-old Nitcharee landed the so-called “Best Job in Thailand”.

The patient-happiness surveyor position at the World Medical Hospital comes with a monthly income of Bt1 million under a six-month contract.

Nitcharee, who is now enrolled in a short course overseas, will start the job on August 16.

“I plan to focus on physically challenged patients,” said the student of Thammasat University’s Faculty of Journalism and Mass Communication.

She will be expected to talk to patients, boost their morale and present findings on the hospital’s social media accounts so that readers can learn how to make patients happy. In recent years, Nitcharee has also been a motivational speaker and TV host.

Prof Dr Adisorn Patradul, director of the World Medical Hospital, said Nitcharee had beaten nearly 1,000 applicants because of her outstanding qualifications.

He added that he appreciated Nitcharee’s resilience. Even though she suffered the loss of her legs in the accident on Singapore’s MRT tracks, she has raised herself up and been going strong since.

“We also take note that she has joined various charity activities over the years,” Adisorn said. “Last but not least, she has a very positive mindset. She is always smiling and cheerful. She’s the kind of person that patients must be happy talking to.”

Despite the loss of her legs, Nitcharee plays badminton, swims and even dives just like able-bodied people.

“It’s possible to turn crises into opportunities, flaws into inspirations,” she said, adding that physical disabilities did not have to be obstacles in life. “If we have enough determination, we can do anything,” she said.

Aware that she will have to divide her time between her job at the hospital and her studies at Thammasat, Nitcharee has already planned ahead. “I will enrol in just a few courses in the upcoming semester so that I have time for my work at the medical centre,” she said.

She said she planned to spend her afternoons at the World Medical Hospital at least three days during the week and all of her weekends there.

Nitcharee added that she appreciated the opportunities that had come her way and promised to keep improving.

The windfall income from the hospital salary, she said, might be used to buy a new pair of artificial legs. “Each pair costs around Bt5 million,” she said.

The artificial limbs that she currently uses were given to her by HRH Princess Maha Chakri Sirindhorn, who said she wished to extend her help and also encouraged Nitcharee “to pay it forward” by helping other people in the future.

 

Source  :  nationmultimedia.com

IS suicide bomber’s belt explodes, kills 12 well-wishing comrades in Diyala

Baqubah (IraqiNews.com) An Islamic State suicide bomber’s belt exploded prematurely, accidently killing the militant and 12 other comrades in Diyala, according to a top police official.

Diyala police chief Jassem al-Saadi said in a statement that twelve IS militants in Mekheisa region, northeast of Baqubah, were bidding farewell to a comrade who was on his way for a suicide attack. Saadi said that the explosive belt on the bomber’s body went off to kill well-wishers instead.

The incident occurred during what the rite which the group dubs “blood party”, according to Saadi.

Islamic State suicide bombers have escalated suicide and gun attacks against security forces and civilians over the past months as Iraqi government forces, backed by a U.S.-led coalition, proceed with a major offensive to drive the group out of its main stronghold in Iraq; Mosul.
Violence and armed conflicts left 824 Iraqis dead and wounded during the month of May, according to a monthly count by the United Nations Assistance Mission in Iraq which excludes security members deaths.

Some security observers believe that even after IS’s main havens across Iraqi provinces are conquered, the group may still constitute a security threat through sleeper cells and lone wolf attacks. They believe attacks outside Mosul are designed to make up for the group’s losses there.

 

Source  :  Iraqi News

Don’t want anyone in that seat next to you? Etihad has the answer

Web Report /Abu Dhabi

Filed on June 26, 2017 | Last updated on June 26, 2017 at 10.59 pm

Say goodbye to crowded airplanes

It’s safe to say every single traveller has experienced being in a crowded aisle. Your seatmate could be unruly, moving around or going to the loo. All of which affects what could be a relaxing flight. That is why one of the best travel perks to have seats on your aisle completely empty.

That perk used to be only available by chance. But Etihad Airways will be offering it starting July 3.

According CNN Money, Etihad Airways has announced plans to sell ‘neighbour-free seats’ in its economy class flights. This will give passengers the chance to buy up to three seats next to their own. If you value some comfort during your flight, this is your chance.

In a statement, Etihad Airways said that guests can ‘bid’ for the additional space at the time of booking online. Successful bids will be confirmed 30 hours prior to departure.

So, say goodbye to stressful flights and say hello to relaxation!

 

Source  :  Khaleej Times

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Good news! Dubai landlords open to bargains

Deepthi Nair /Dubai

Filed on June 26, 2017 | Last updated on June 26, 2017 at 11.55 am

A lot of our landlords are taking our property management service.

Residential landlords in Dubai are getting increasingly flexible in their terms and pricing, going by what leading real estate brokerages in the city have to say.

The burgeoning supply of units in Dubai has given more choice and confidence to tenants to explore more options and cheaper rents upon lease renewal.

Landlords are slowly accepting the new reality and are open to negotiations with their tenants.

“Landlords are flexible when it comes to the number of rental cheques. The norm for the number of cheques is between one to four. However, there are no incentives given by landlords as yet,” says Yash Shah, sales director, Aurum Real Estate.

Although four to six cheques is becoming a more common occurrence, it’s not available on all properties and sometimes a tenant will still have to pay one cheque. Very few globally recognised cities, however, require a tenant to pay an entire year’s rent in advance.

“Multiple rent cheques shouldn’t be looked at as a bad thing from a landlord/investment point of view. It’s how a healthy property market should run and at the moment, it’s how they can get an even greater return on their investment. A lot of our landlords are taking our property management service. This is attractive to tenants as they know that someone will always be on hand in case of any issues. Our managed properties rent more quickly than non-managed units,” explains Lewis Allsopp, CEO, Allsopp & Allsopp.

“To distinguish their property in a competitive environment, some landlords are even prepared to include the first month rent-free,” observes Nick Grassick, managing director, PH Real Estate.

While a tenant in Dubai has always had the opportunity to renegotiate upon renewal, landlords today are more susceptible to those negotiations. With a lot of choice and deals in the market if you are willing to look around, tenants can cite these factors while negotiating with their landlords.

“However, I wouldn’t be disheartened as a landlord. If you are flexible on the amount of cheques you will take, you can still get excellent returns on your properties. I think an important message to get across is that if you have a good tenant, you should be accommodating with them as they are worth a lot more than just the rent,” Allsopp points out.

Landlords who are pragmatic and realistic on pricing and cheques are not facing long void periods on their properties. “Landlords are having a longer gestation period. This is why there is more flexibility in renting terms and prices. After all, every day you rent late, you’ve lost out on your annual return on the property or portfolio,” says Sanjay Chimnani, managing director, Raine & Horne Dubai.

Landlords are also advised not to instruct as many brokerages as possible to find a tenant for their property. It is key for an owner to research the market and listen to sensible marketing advice from an industry specialist.

Despite the one-off instances of families downsizing, most brokerages cite examples of residents moving to more desirable communities, which in recent years they may not have been able to afford. This is possible courtesy a softening in rents over the past 12 months.

“People in Dubai’s freehold areas are more flexible to move locations based on the rents on offer than people who live in Bur Dubai and Deira who would like to stay in their comfort zone,” adds Chimnani.

“More and more tenants are considering areas which have traditionally been looked at as being ‘too far out’. Many people are realising that there are some excellent communities, some fantastic properties and great deals. The road infrastructure has developed so much over the past few years that these ‘far out’ communities are not very far at all,” Allsopp points out.

Several families are using the rent softening to upgrade to townhouses and villas for a better lifestyle and amenities.

“The further you move away from the central hub of Dubai [Sheikh Zayed Road corridor], the more affordable homes become,” suggests Grassick. But, he adds: “As a result of softening of rents, we are finding greater inflows to the more mature, developed communities that line Sheikh Zayed Road, historically the more expensive communities.”

Agents cite Mira, Sports City and Motor City as communities where tenants can currently grab good rental deals.

“You will get more for your money if you are closer to the main areas, namely Downtown or the Marina/JBR. As a result, though, in areas such as Downtown, the Marina, Emirates Living, Arabian Ranches and so on, you can get relative bargains. What I mean by this is relative to what you would have been paying a couple of years ago. It’s all down to what a tenant wants, a relative bargain with the location and established community or more for your money a bit further out,” says Allsopp.

– deepthi@khalejtimes.com

 

Source  :  Khaleej Times

CASA “reboots” consultation with industry

Australia’s Civil Aviation Safety Authority (CASA) plans to set up a new consultative body to better obtain the views of industry.

The Aviation Safety Advisory Panel will comprise representatives from the Australian Airports Association, the Australian Aviation Associations Forum, Recreational Aviation Australia, the Regional Aviation Association of Australia, Qantas Airways and Virgin Australia.

Described as a “reboot” of its consultation processes, CASA said the changes would “streamline consultation and ensure the aviation community is directly involved in the early setting of safety and regulatory objectives and policies”.

The Aviation Safety Advisory Panel will be established from July 1, CASA said in a statement on Friday.

The aviation safety regulator said the new consultation arrangements followed a review of the approach taken by similar bodies globally, advice from a working group of the Standards Consultative Committee and discussions with key aviation representative groups and organisations.

CASA director of aviation safety and chief executive Shane Carmody said the new body would be “the forum through which we seek to agree on the objectives and policy outcomes – before we then call our technical experts to do the detailed work”.

“CASA’s overriding responsibility for aviation safety leadership, however, means that there will always be limits,” Carmody said in a statement.

“We cannot appease everyone, nor meet every request as regulatory activities are inherently challenging and CASA ultimately has to make the call on major safety questions.

“My intention is that once we have settled on a position we will stick to it and deliver on what we have said we will deliver. If we can do this, we will maintain the trust and respect of the aviation community as a whole.”

The new advisory panel replaces existing consultative committees and advisory groups the Standards Consultative Committee, Director’s Advisory Panel, Airspace and Aerodrome Consultative Forum and the Regional Aviation Safety Forum.

Carmody, who was appointed the permanent CASA director of aviation safety and chief executive in early June after serving in an acting capacity following the resignation of Mark Skidmore in August 2016, thanked everyone who had served on consultation panels in the past. However, he said the the current setup was no longer serving the industry or community well.

“We have looked at our various consultation mechanisms and found that there is far too much complexity and duplication,” Carmody said in a statement.

“This often clouded effective and genuine engagement.”

Initial Aviation Safety Advisory Panel members (two-year term):
John Thomas, Group Executive, Virgin Australia
John Gissing, Group Executive, Qantas Group
Caroline Wilkie, Chief Executive, Australian Airports Association
Greg Russell, Honorary Chair, The Australian Aviation Associations Forum (TAAAF)
Jim Davis, Chairman, Regional Aviation Association of Australia and TAAAF member
Michael Monck, Chairman, Recreational Aviation Australia and TAAAF member

*Professor Pat Murray, University of Southern Queensland will be the panel’s independent chair for the first 12 months. Prof Murray is the current chair of the Standards Consultative Committee.

 

Source  :  Australian Aviation