BCCT Link Magazine - Issue 6 2014

Magazine of the British Chamber of Commerce Thailand Issue 6 2014

Banking & Finance

Contents BCCT

Board of Directors 2014 Chairman Simon Matthews ManpowerGroup Thailand T: 02 634 7273 matthews@manpower.th.com Vice Chairman & Treasurer John Sim PKF Tax and Consulting Services (Thailand) Ltd. T: 02 679-5100 john.sim@pkfthailand.asia

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Vice Chairmen Viriya (Boyd) Chongphaisal GlaxoSmithKline T: 02 659 3000 viriya.x.chongphaisal@gsk.com Simon Landy Colliers International Thailand T: 02 656 7000 simon.landy@colliers.com Chris Thatcher Anglo-Thai Legal Company Ltd. T: 081 803 7377 christhatcher1@gmail.com

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Directors: David Cumming Onyx Hospitality Group (Amari Watergate Bangkok) T: 02 255 3767 david.cumming@onyx-hospitality.com Michael Farley Harrow International School Bangkok T: 02 503 7222 m_farley@harrowschool.ac.th Stephen Frost Bangkok International Associates T: 02 231 6201/6455 sfrost@bia.co.th Charly Madan charly.madan@hotmail.com

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Andrew McBean Grant Thornton T: 02 205 8222 andrew.mcbean@th.gt.com

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Siew Meng Tan HSBC T: 02 614 4040 siewmengtan@hsbc.com

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Rituraj Mohan Boots Retail (Thailand) T: 02 694 5900 Ritu.Mohan@bootsri.com Thana Thiramanus Property Care Services (Thailand) T: 02 741-8800 thana@pcs.co.th

Banking on AEC success Deputy PM sees clear recovery signs Thai online retail sales to stagnate Dutch disease spreads to Thailand Taxing time for George

Protecting products at Trade Fairs Data protection in the electronic age Learning from fascination Leadership in schools Top tips for drivers in Thailand The Link

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APPLY NOW FOR KIS IB DIPLOMA SCHOLARSHIPS Ririka’s KIS scholarship gave recognition for her outstanding academic performance. She scored 42 on her IB Diploma in May and is now attending the University of Tokyo on a full scholarship.

Earn, class of 2014 was already at KIS when he received his KIS Scholarship. He scored a perfect 45 on his IB Diploma and is now studying Physics at Imperial College London.

Beam received early admission to Medical School at Tulane University in the United States and was granted 100,000 US$ scholarship there.

Students who win KIS International School scholarships get great IB Diploma results and go to excellent universities.

Apply now and create your own success story.

Our scholarships students (both existing KIS students and new students) on average scored 39 points on their IB Diploma, well above the global average of 29 points.

These are just a few examples of the achievements of our scholarship students. Apply now if you would like to be considered for the One Million Baht IB Diploma scholarship or another academic scholarship at KIS. For more information or to apply go to www.kis.ac.th or email admissions@kis.ac.th

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Issue 6/2014

Contents

The Link is published by the British Chamber of Commerce Thailand.

Advertising enquiries: Greg Watkins Email: greg@bccthai.com Editor: Dale Lawrence Email: dalelawrence2008@gmail.com 37

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Front cover design: GSBI Production: Scand-Media Corp., Ltd The views expressed by individual authors are not necessarily those of the British Chamber of Commerce Thailand or of the publisher. Reproduction in whole or in part without written permission from the British Chamber of Commerce Thailand is strictly prohibited.

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Executive Director’s Message

Chamber Events

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Chairman’s Message

British Chamber of Commerce Thailand 7th Floor, 208 Wireless Road Bangkok 10330, Thailand Tel: 02-651 5350/3 Fax: 02-651 5354 Website: www.bccthai.com Email: greg@bccthai.com Greg Watkins, Executive Director

Member News By the Numbers

All the fun of the Fair

Comings and Goings Final Word

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Chairman’s Message

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onsiderable time and effort has been dedicated to our focus upon the Foreign Business Act (FBA). On Monday 10 November we were delighted to meet with Khun Chutima Bunyapraphasara, Permanent Secretary of the Ministry of Commerce and the following day there was a working group session at the BCCT offices that featured representatives from other foreign chambers as well as Britain’s Ambassador to Thailand Mark Kent.

Simon Matthews

Sustaining Partners

The Chamber has also been working closely with the Joint Foreign Chambers of Commerce Thailand as well as the Board of Trade and I express our sincere thanks to Simon Landy who has been leading these discussions and who has done much to represent so ably the Chamber’s views on this very important subject.

The message we are conveying to the government is that whilst Thailand has had great success in developing its manufacturing sector to world leader status in many areas its services sector has, in general, failed to develop at the same pace.

As a result, Thailand is facing difficulty in moving up the value chain and is in serious danger of falling into long-term low growth - known as the ‘middle income trap’. We are, therefore, recommending the opening up of the services sector in a move that we believe will benefit the nation’s citizens, the national economy and, indeed, Thailand’s standing in the region.

We do, however, view with grave concerns any initiatives that would damage investor confidence - including any changes that make the Foreign Business Act more restrictive.

The latest feedback that we have received (but not confirmed) is that there is unlikely to be any change to the FBA. This is disappointing as the Act, intended clearly to be the mechanism to unlock the services sector, has failed in practice.

Looking ahead to 2015 the first major event in our calendar is the Chamber’s Annual General Meeting on 15 January. I do hope that you may find time to attend the AGM as this is an excellent opportunity to become fully acquainted with our activities over the past 12 months and, of course, hear about our plans for 2015. The Treasurer will make a financial report and, most importantly, members will elect a new Board of Directors.

In closing I take this opportunity to thank our members, the Board of Directors, Executive Director Greg Watkins and our outstanding staff for their support throughout 2014.

My thanks, also, to our 2014 Sustaining Partners Tesco Lotus, Salamander Energy, GlaxoSmithKline, Property Care Services, Standard Chartered Bank, HSBC, KIS and Pattana School; to our Airline Partners British Airways and Etihad Airways, and to all our supporting partners.

I wish you all a very Merry Christmas and a Happy New Year.

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Where we operate

www.salamander-energy.com

Salamander Energy is an Asia-focused independent exploration and production company with a number of operated licences throughout Thailand, Indonesia, and Malaysia.

Executive Director’s Message

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y thanks to Project Director Barry Nicholson for updating you in the last issue on the International UK Business Network project where the BCCT is working in conjunction with UK Trade and Investment (UKTI). As I look back on a successful and eventful year the project features prominently.

In addition membership has increased to 580 corporates – with more than 120 new members this year. Our events activity has increased by more than 30 percent due largely to the availability of the British Business Centre as a venue – although we continue to use member hotel facilities as much as possible.

greg watkins executive director Annual Airline Partners

At the beginning of 2014 many more companies took advantage of our annual partnership offer in order to package up and discount the range of benefits offered. The 2015 annual partnership offer has now been released and we hope that many companies will wish to join with us for the coming year.

While BCCT is working well and looking to broaden its horizons we are very keen to receive feedback from members on what is going well and in areas that we must improve.

I am often too close to the operations to see what you as members see.

One area is our social media activity. Sadly, maximising social media potential is not yet at the top of my skillset. We are therefore now meeting companies in order to work with us. If you can recommend anyone please email: greg@bccthai.com.

Supporting Partners

We have released a call for proposals to market research companies in order to conduct a telephone survey (100 members selected by the research company at random) and a concurrent internet survey of members. If you are contacted we hope that you will be able to spend a little time with the interviewer and/or online in order to give us your feedback.

Business conditions have been difficult this year, particularly for BCCT’s SME members and/or those in the services sectors. The political impasse of the first five months resulted in slow or cancelled corporate expenditure on costs not viewed as essential such as advertising, hospitality and chamber memberships.

BCCT has seen higher than normal membership resignations and has had to cancel more memberships due to non-payment (and non-communication) than before. The main reason given is budget cuts due to difficult trading conditions. As mentioned above, our net membership numbers are very good but we are devoting more time and resource to membership retention. Renewal invoices for membership in 2015 have already been issued. If you would like to discuss how you can derive more value from your BCCT membership please contact me and we can arrange a meeting to discuss this.

Although some business confidence has returned since May this has not yet been converted into good economic numbers. The government’s reconsideration of elements of the Foreign Business Act has caused much concern among members.

Indeed, as I write this message, both negative and retrospective changes are being considered. BCCT has been actively involved in lobbying against these changes and advocating meaningful liberalisation, particularly to the greatly restricted services sector.

Accessing knowledge and skills in areas where UK is a world leader can help pull Thailand out of the middle-income trap it now finds itself in.

The Thailand Board of Investment has just published a new structure for investment incentives that takes effect from 1 January 2015. Hopefully, these major changes will see further expansion of incentives offered to companies investing in the services sector.

As the year comes to a close I would like to offer my personal thanks to the BCCT office team of RJ, Kaew, Jina, Gann, Dolly, Fon, Air, Neung, Somphong and Krit, and the BCCT project team of Barry, Laddawan, Ching Li, Pattra and Siriluck for their dedication and hard work in support of members and companies in UK. Thanks also to the BCCT Board of Directors for their time and commitment to working on behalf of members. The Chamber’s Annual General Meeting takes place on Thursday 15th January. If you would like to stand for election and have any questions or queries on what is involved then, please contact me.

W1.5”

H1.75”

100% Yellow

11% Cyan

100% Magenta

65% Black

In closing, a big thank you to all members for engaging with BCCT in 2014 and we look forward to helping you to develop your businesses in 2015. In the meantime I wish you a very Merry Christmas and a happy and prosperous New Year.

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cover story

Banking on AEC success

By Dale Lawrence

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hailand’s banking sector gained a reputation for being robust in the wake of the ‘tom yam gung’ financial crisis of 1997.

Nearly 20 years on and Thailand’s local and international banks are once again operating amid a political climate that presents challenges and uncertainties. We spoke to Lyn Kok, President and CEO, Standard Chartered Bank, Thailand and Greater Mekong, about the prospects for 2015 and beyond.

Q. Has the new military government in Thailand taken positive steps to improve the business climate?

We are optimistic about the longterm economic outlook for Thailand.

We strongly believe that Thailand’s economy is resilient is its underlying fundamentals remain sound. The Kingdom is well-equipped to weather cyclical and political pressures on the economy.

Business sentiment appears to have improved recently. A return of consumer confidence and the expected increase in public spending will also provide a boost to the economy. This should enable Thailand to recapture its growth momentum.

Q Are you witnessing credible signs of more positive sentiment amongst your private sector corporate clients? If so, what are they?

From our discussions with clients, we have found that client sentiment

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in Bangkok has recently rebounded.

Concern remains but the level of pessimism is much lower than at the start of the year. This improvement in sentiment can be attributed to the improvement in political clarity and the expected Baht 2.4 trillion infrastructure investment from the government.

We are also optimistic about Thailand’s growth prospects. We believe growth will accelerate and likely surpass expectations, owing to the improvement in the domestic economy and political clarity. In particular, we expect an investment-led recovery, including a likely increase in foreign direct investment (FDI) and the execution of public infrastructure projects.

Q. As Thailand prepares for the introduction of the ASEAN Economic Community, what is your organisation doing to inform, prepare, educate and advise your clientele about the challenges and opportunities that lie ahead?

As the only international bank to have a presence in all 10 ASEAN markets, we are in a unique position to provide strategic counsel to our clients about the opportunities they can leverage as well the challenges that they need to be mindful of when looking ahead to the establishment of the ASEAN Economic Community in 2015.

We have been engaging closely with our network of clients in Thailand and the wider ASEAN region for the last few years about the potential benefits of the AEC. Aside from the day-to-day business related advice we provide our clients, we have also organised seminars and partnered with other organisations to provide a platform for clients and non-clients to find out more about how the AEC may impact them. For example, we partnered with the Young Presidents Organisation (YPO) in Thailand to organise the YPO Insights ASEAN Summit in Bangkok in September.

Q. Do you expect to see improvements in Thailand’s economic performance in 2015, particularly in terms of government debt, exports and inflation?

Thailand is a net oil importer and

the second-largest oil importer in ASEAN; the sharp trend lower in global oil prices should therefore benefit the economy. Meanwhile, recent domestic demand indicators and export data have been mixed. We have lowered our inflation forecasts for 2014 and 2015 to reflect lowerthan-expected headline CPI inflation in recent months and the downward revision of average oil prices. We now expect average inflation of 2.1 percent this year and 2.3 percent next year.

Despite improving political conditions and a recovery in line with global economy, export recovery has been sluggish. Export momentum will need more time to stabilise as the domestic electronics industry realigning with the technology requirements of smart phone-component production (the key growth sector in the electronics industry) and rice and rubber export prices are still low.

Finally, please share with our readers your New Year predictions for business in Thailand.

We expect Thailand’s GDP to grow by six percent in 2015. While sustained low oil prices next year should boost domestic demand, we believe growth

will accelerate on a likely significant increase in foreign direct investment and the execution of long-delayed public infrastructure projects. Public investment in 2015 is expected to make up 11.6 percent of the country’s GDP, the first time in more than a decade that the percentage would reach double digits.

Foreign investor interest has been increasing, led by Japanese companies, particularly as Thailand provides foreign companies access to untapped demand in the Greater Mekong region. We expect to see more investment-driven growth in 2015.

The formation of the AEC in 2015 will also have a positive impact for the entire region. The AEC opens wider market opportunities for producers in member countries and encourages them to increase the efficiency and quality of their products. Thai consumers will benefit from economic integration by having more choices for higher quality goods and services.

Greater integration will also allow businesses in Thailand to tap into the rise of regional consumption but the challenge here is that Thai producers must be encouraged to boost

Minister of Commerce General Chatchai Sarikulya was welcomed by Standard Chartered Bank’s executives at the opening of the recent ‘Insight ASEAN Summit’. The Minister (centre) was welcomed by Lim Cheng Teck (3rd from right), Regional CEO (ASEAN) and Lyn Kok (right), President and CEO, Standard Chartered Bank, Thailand and Greater Mekong.

This was an impressive gathering of business leaders seeking to leverage potential economic growth under the formation of AEC. The three-day summit was sponsored by Standard Chartered Bank (Thai). Also pictured is former ASEAN Secretary-General Surin Pitsuwan who delivered the keynote address ‘AEC Roadmap: Opportunities and Challenges’.

their competitiveness vis a vis other ASEAN countries by increasing value-added, production efficiency and quality of products.

For Standard Chartered, we will continue to focus upon supporting the sustainable economic growth of the Kingdom by providing innovative financial products and services to our clients. By supporting the growth aspirations of the companies and people that drive investment and create wealth in Thailand, and by contributing to the development of the community, we aim to continue living up to our brand promise which is to be ‘Here for Good’.

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HSBC sees growth opportunities in Thailand H

SBC continues to see upbeat investment sentiment in Thailand with foreign investors pouring money into various sectors such as manufacturing as well as major Thai corporations venturing overseas seeking new cross-regional business opportunities in ASEAN countries and China.

However, the bank believes that economic growth may continue to stay subdued for some time due to a combination of weak global growth and some structural weaknesses in Thailand including household leverage, public investment delays and political disruptions.

HSBC experts are confident that Thailand’s economy ‘bottomed out’ in the first quarter of 2014 and see signs that the domestic economic activity is beginning to rise – albeit gradually.

“Interest rates are low and conducive for investments while low inflation should help to support consumption despite of weaker farm income growth recently.

We currently expect GDP growth to rebound in 2015, from a low one percent growth in 2014. The government’s fiscal measures and public investment plans would provide further support to the recovery momentum, if they can be expedited in a timely manner,” explains HSBC CEO Tan Siew Meng.

“HSBC Thailand raised its capital by 17 percent to THB 18.75billion earlier this year, further strengthening its capacity to support Thai corporates in pursuing overseas investments and also foreign corporate investments into Thailand.”

In the last couple of years, HSBC Thailand has participated in several landmark M&A transactions, including CP All’s US$6 billion acquisition of Siam Makro and ThaiBev’s SG$3 billion acquisition of a stake in F&N in Singapore.

HSBC has also lead-managed key debt capital markets deals such as Thai12

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land’s first Hybrid Bond for PTTEP and Krungthai Bank’s US$700 million Tier 2 Bond - the first capital bond from a Thai issuer to comply with Basel III international rules.

In the wake of these ground-breaking deals HSBC Thailand has won accolades for international publications, being named as ‘Best Debt House in Thailand’ for two consecutive years as well as ‘Best FX House of the Year’ and ‘Number One Bank for Fixed Income Products in Thailand’.

The THB 18.75 billion of registered capital is expected to facilitate lending to customers for a period of some 1218 months. The bank will consider the need for further injections of capital on an annual basis in line with customers’ growth and funding requirements. The bank is recruiting staff to supplement the current 500 strong workforce.

“If the Thai government is able to roll out the infrastructure projects on a timely basis it will give a much needed boost to domestic growth and enhance greatly Thailand’s attractiveness as an investment destination, thereby capturing a major share of FDI flows in the fast growing ASEAN region,” added Miss Tan. As of October 2014, HSBC Thailand had recorded strong capital ratio of 19.25 percent and was also attracting deposits – thanks to positive credit ratings from international agencies such as S&P and Fitch. For every Baht of loans provided, the Bank holds Baht 2.7 in deposits.

“HSBC has a strong commitment to Thailand and we want continue growing our loan portfolio, lending capacity and advisory services to our clients”, said Mrs Tan Siew Meng.

Thailand ranks seventh in expat popularity charts

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witzerland is the best place to live overseas, according to HSBC’s latest Expat Explorer survey. Expats praised the career opportunities, high-quality education and sporting facilities available in the country.

The survey, conducted by YouGov, asked 9,288 people living outside their home country about their experience of expatriate life with questions covering criteria such as pay, quality of life and the local economy. Switzerland was one of only two European countries in the top ten, compared with seven from Asia with Thailand listed in seventh position. Top 10 destinations for expats in 2014: Switzerland; Singapore; China; Germany; Bahrain; New Zealand; Thailand; Taiwan; India and Hong Kong.

Asia was home to the greatest number of high-earning expats with 19 percent earning more than US$200,000 a year. In China, this rose to 38 per cent. The region was also a popular destination for those seeking a new challenge with 44 percent saying that this was their reason for moving there.

Some expats had different priorities. New Zealand was voted the best place to raise a family abroad. It was also rated highly for its climate and scenery (89%), friendly people (75%) and good work/life balance (71%). Canada was a popular destination for retirement: 31 per cent of expats living in the country were no longer working, compared with 11 per cent globally. It was also seen as a place where it was easy to integrate into the local community (76%), as was the US (73%).

Deputy PM sees clear recovery signs T

hailand’s Deputy Prime Minister MR Pridiyathorn Devakula is forecasting economic growth of at least four percent in 2015 in the wake of government investment announcements to stimulate growth.

money under its investment plans.

A survey conducted by the Thai Chamber of Commerce shows that businessmen in every region have a positive outlook for next year as they expect higher government spending, recovery in tourism and strong cross-border trade growth under the ASEAN seamless market.

University of the Thai Chamber of Commerce recent forecasts indicate economic growth of some three to five percent, compared to the average ASEAN growth forecast of 5.4 percent and global growth of four percent.

Concerns remain, however, about low crop prices, high debt liabilities and higher costs of living and production.

He pointed out that the government is amending many laws and regulations to enable Thai enterprises to do business more effectively under regional integration.

Deputy PM Pridiyathorn, (pictured above), told the closing ceremony of the Thai Chamber’s AGM in Chiang Rai that the nation’s economy should show clear recovery signs from January following the launch of many government projects and injection of

Thanavath Phonvichai, Director at the university’s Economic and Business Forecasting Centre, said the economy this year is expected to grow only 0.8 percent because of slow budget disbursement.

Finance Ministry eyes tax revenues increase T

hailand’s Finance Ministry is confident that a boost in tax revenues next year can fund an 18 percent increase in public expenditure. In 2015, an 18-per-cent boost in state spending next fiscal year will be feasible. Thanks to improved tax revenue.

Meanwhile, the Bank of Thailand does not think exports will return to double-digit growth figures any time soon unless the manufacturing sector makes structural upgrades to meet global demand.

Finance Minister Sommai Phasee told the ‘SET in the City’ conference

He added that the government will also seek to boost the level of investments in the budget from the current level of 5.5 percent and try to benefit from the foreign reserves through investment.

in Bangkok that the government could increase spending by as much as 18 per cent in the 2016 fiscal year after its revised tax structures bring in more revenue.

Don Nakornthab, director of the BOT’s Macroeconomic Policy Office, said the ‘new normal’ for annual export growth might be only some to four to five percent. “If world prices of agricultural products improve, that will help, but the Thai manufacturing sector needs to upgrade,” he added, encouraging an acceleration of state funding to aid economic improvement.

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Inspiring Young Learners to Fulfil Their Potential Have you seen our new home?

Key features of the new Year 1 and 2 building include: - Bigger teaching rooms for classes of maximum 20 children - More collaborative learning spaces - Rooftop garden - ICT and robotics suites - New, creative play opportunities

This unique learning environment helps to support each child’s educational and pastoral development.

To find out how our child-centred approach to learning and outstanding teaching staff can help your child fulfil their potential, from 2 1/2 to 18 years of age, please contact admissions@patana.ac.th

www.patana.ac.th | +66 (0) 2785 2200 | admissions@patana.ac.th | 643 Lasalle Road (Sukhumvit 105), Bangkok

LearningEnvironments Environments Learning forthe the21st 21stCentury Century for “Goodfacilities facilitiesdo domore morethan thanteach, teach,they theyinspire. inspire.

“Good Theyaspire aspiretotoshape shapeminds mindsboth bothinside insideand andoutside outsidethe theclassroom.” classroom.”

They PitLiLiPhan Phan Pit goodschool schoolisisa aplace placewhere wherestudents studentsare arestimulated stimulated good learnand andgrow. grow.ItItisisa aplace placethat thatprepares preparesthem themfor for totolearn lifeasaswell-rounded, well-rounded,global globalcitizens citizensinina afuture futureworld worldwe we life cannotyet yetimagine. imagine. cannot Facilitiescertainly certainlydo donot notmake makea aschool; school;ititisisessential essential Facilities howeverthat thatstudents studentslearn learnwithin withina asetting settingthat thatsupports supports however theirindividual individualeducational educationaland andpastoral pastoralneeds. needs.InInmodern modern their pedagogythis thislearning learningenvironment environmentisisknown knownasasthe theThird Third pedagogy Teacher,alongside alongsideadults adultsand andother otherchildren. children.

Teacher, BangkokPatana PatanaSchool Schoolitsitsmission missionofoffulfilling fulfillingthe the AtAtBangkok potentialofofevery everystudent studentisisachieved achievedthrough throughthe theexcelexcelpotential lenceand andexpertise expertiseofofthe theschool’s school’steachers, teachers,curriculum curriculum lence andextra-curricular extra-curricularprogramme. programme.The Theaim aimisistotoensure ensurethat that and studentsaged agedbetween between2 2½½and and1818years yearsconsistently consistently students receivea adiverse diverseand andengaging engagingeducation educationboth bothininand and receive outsidethe theclassroom. classroom.InInkeeping keepingwith withthe thethird thirdteacher teacher outside philosophy,the theBangkok BangkokPatana Patanaenvironment environmentalso alsoplays playsa a philosophy, keyrole roleininachieving achievingtheir theirmission; mission;the therange rangeofoffacilities facilities key arespecially speciallytailored tailoredtotocreate createananatmosphere atmospherethat thatisissafe, safe, are conducivetotolearning learningand andsupportive supportiveofofstudent studentwellbeing. wellbeing. conducive August2014 2014the theschool schoolunveiled unveileditsitsrenovated renovatedYear Year1 1 InInAugust and2 2facilities. facilities.This Thisarea areahas hasbeen beengiven givena acomplete completeupupand gradetotoprovide providea asetting settingthat thatstimulates stimulatesand andencourages encourages grade children’slearning learningand anddevelopment. development.Designed Designedininconsultation consultationwith withthe theteaching teachingstaff, staff,the theremodremodchildren’s elledfacilities facilitiesrecognise recognisethe theimportance importanceofofthe theenvironment environmenton onthe thequality qualityofoflearning. learning.The Thenew new elled buildingincorporates incorporatesmore moreopen, open,collaborative collaborativework workspaces spacesfor forgroup grouplearning learningand andcreative creativeplay playasas building wellasasquiet quietbreakout breakoutspaces. spaces.Other Otherexciting excitingnew newfacilities facilitiesinclude includea aphysical physicaldevelopment developmentroom, room, well wetand anddry dryactivity activityroom, room,ICT ICTlabs labsand anda aone-of-a-kind one-of-a-kindrooftop rooftopgarden. garden. wet Theredesign redesignhas hasprovided providedPrimary Primarystudents studentswith withmore moreoutside outsideplay play The spaceand andgreater greateraccess accesstotoareas areasdesigned designedtotofoster fostersocial, social,behaviourbehaviourspace andproblem problemsolving solvingskills, skills,that thatinspire inspireimaginative imaginativeplay playand andpresent present alaland uniqueopportunities opportunitiesfor forlarger largerscale scalelearning. learning. unique PrimaryPrincipal PrincipalClare ClareSharp Sharpexplains explainsmore. more.“Research “Researchindicates indicates Primary thatexposing exposingchildren childrentotomany manyexperiences experiencescan canhelp helpbuild buildupupa abank bankofof that learningstyles, styles,which whichthey theycan cantap tapinto intodepending dependingononthe theactivity. activity.This This learning alsotrue truefor forbuildings buildingsand andthe thedesign designand andflow flowofofa abuilding buildingcan can isisalso influencehow howwe welearn.” learn.” influence “Weknow knowthat thatthe thechildren childrenininYear Year1 1and and2 2will willbenefit benefitimmensely immensely “We fromtheir theirnew newlearning learningenvironment, environment,specifically specificallydesigned designedtotopromote promote from inquiry,encourage encouragelearning learningthrough throughdoing doingand andtotodevelop developcreativity, creativity, inquiry, collaborationand andindependence.” independence.” collaboration BangkokPatana Patanaisisan anIBIBWorld WorldSchool, School,accredited accreditedbybyCIS CISand andNEASC NEASC Bangkok

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Thai banks in landmark bond switch deal B

angkok Bank, KASIKORNBANK and Standard Chartered Bank (Thai) have joined forces to conduct a THB 76 billion (approx. US$ 2.3 billion) ‘Bond Switching’ liability management exercise. Through this transaction, the Government has effectively switched its outstanding THB denominated source bonds due in May 2015 (LB155A) into multiple THB denominated destination issues. These include bullet bonds: LB176A due in 2017, LB191A due in 2019, LB21DA due in 2021 and amortising bonds (LBA37DA) due in 2037.

This important exercise helped the Thai government to achieve twin objectives of refinancing near maturing bonds and enhancing the liquidity of the destination bonds.

Order books closed at THB 80.7 billion with over 50 accounts. Investor appetite was strong, comprising 95 percent domestic investors and five percent foreign investors. Financial institutions accounted for 63 percent of the demand, long-term investors 32 percent and non-resident investors five percent.

Kritsda Udyanin, Director-General - Public Debt Management Office, said, “This was truly Thailand’s landmark transaction in various aspects. It was the first ever bond switching transaction done in Thailand and by the Kingdom of Thailand. The transaction was also the largest ever undertaken by the government of Thailand and by far, the largest in the market. This innovative transaction allowed the government to refinance near-maturing bonds and extend debt maturity profile, and at the same time

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fort to develop the bond market.

The transaction also demonstrated true capacity and leadership of Thailand’s bond market in the region,” added Khun Kritsda.

Kritsda Udyanin, Public Debt Management Office

set the stage for more such transactions to be done in the Thai debt capital markets in the future.

“The success was made possible by collaboration and partnership of all stakeholders in a relentless ef-

Surabhan Purnagupta, Corporate Finance Department at Bangkok Bank

Nichapat Ark, Head of Financial Markets at Standard Chartered Bank (Thai), said, “Standard Chartered is one of the highest-ranking foreign banks in the Thai Baht bond market. With our international banking heritage, vast network and expertise we continue to introduce innovative products and services that support the needs of our clients. We hope this groundbreaking deal will set the stage for more of such transactions in the future, thereby furthering the development of the bond market in Thailand and bringing more benefits to both domestic and international investors.”

Surabhan Purnagupta, SVP & Manager – Corporate Finance Department at Bangkok Bank, said, “This transaction is considered a very important milestone in Thailand’s debt capital market history.

It was gracefully completed with full efforts of all parties concerned.

Thiti Tantikulanan, Capital Markets Business Division Head at Kasikornbank, said, “One of our missions is to develop capital markets products and services for the Thai markets and we are honoured to be granted this opportunity to offer our attributes for this remarkable transaction.

Along with contributions from PDMO, Joint Lead Managers and great collaboration from all market participants, this pioneering deal exhibits our joint vision for sustainable development of the Thai capital markets”

Thai online retail sales to stagnate O

nline sales in Thailand will continue account for just one percent of the total retail sales until 2018. According to research firm Euromonitor International, online retailers in Thailand will experience stagnating sales over the next four years due to stiff competition from traditional retailers who are fast expanding across the country.

Many Thais prefer to touch products before buying them, a factor against online sales. Lack of confidence in online payment security and delivery services are also a barrier to online retail growth.

Euromonitor says Thailand’s internet penetration, at 28 percent, remains low compared to the global average of 35 percent, making it difficult for online retailers to woo customers.

“Without more efforts by the Thai government to develop the country’s telecommunications network, internet retailing in Thailand is unlikely to grow faster,” said Mylan Nguyen, retail analyst at Euromonitor International.

“For internet retailing to take off, retailers will also need to develop more innovations and services to make it easy for consumers to buy and access products, such as quick deliveries or convenient click-and-collect locations.”

purchase items online, while in Indonesia, Malaysia and Thailand consumers are more likely to go online to browse, finds Nielsen.

The research house says travel services such as airline tickets and tour and hotel reservations are the most commonly purchased items online in Southeast Asia, along with tickets for events such as movies, live performances, exhibitions and sports games.

Consumers across south east Asia are increasingly searching online channels to research and purchase products and services.

Singaporeans have the highest online purchasing intention globally for airline tickets and hotel and tour reservations and the second highest globally for event tickets; around seven in 10 Singaporeans plan to go online to purchase flights (70%) and make hotel and tour reservations (69%) within the next six months.

Digital consumers across Southeast Asia enjoy going online to shop, although Filipinos, Vietnamese and Singaporeans are most inclined to

Malaysians’ online purchase intent is also high, with Malaysia ranking second globally for tours and hotel reservations and third globally for

intention to purchase airline tickets and event tickets online.

Around half of consumers in Indonesia, the Philippines and Vietnam intend to make travel and event purchases online, along with approximately four in 10 consumers in Thailand.

Credit card security remains a key concern for consumers across the region with five of the six south east Asia markets ranking above the global average with respect to their concern around providing credit card information online.

Filipinos are the most cautious when it comes to paying online by credit card (67% do not trust giving their credit card information online), followed by Thais (62%), Indonesians (60%), Vietnamese (55%), Malaysians (52%) and Singaporeans (41%), compared to 49 percent of consumers globally.

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Dutch disease spreads to Thailand

By Paul Gambles

D

utch disease is a term coined

by The Economist in the late 1970s.1 It describes the economic effects which ultimately resulted from the discovery of huge natural gas resources in Dutch waters of the North Sea in 1959. In the years after the gas deposits were discovered, the new found wealth caused the currency (Guilder) to strengthen, making exports of all Dutch products other than oil to become less competitive on world markets. Not only that but also, as a consequence of this new found spending power, the influx of imports into the Netherlands rose dramatically.

A similar pattern occurred in Great Britain a decade later,2 when the price of oil quadrupled and it became commercially viable to drill oil off the coast of Scotland, once again in the North Sea. Suddenly, from being a net importer, Britain became a net exporter of oil. The pound’s value soared and the economy went into recession as British-made products became expensive to buy overseas and there were demands for higher wages at home.

Thailand Thai disease (along with English and American diseases to reflect excessively financialised economies) is a term that I’ve coined recently. It could be argued that Thailand is suffering currently from some kind of economic disease. It may not be totally Dutch in character but its consequences restrict the opportunities for a healthy economy. The details are different; Thailand is the second largest net oil importer in Southeast Asia behind Singapore, for example.3 However, the country has an abundance of natural resources – some-

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thing it has enjoyed throughout history. This has meant that its agricultural sector has traditionally been strong. Added to that is the relatively recent phenomenon of a strong manufacturing sector. In 2013, Thailand was the world’s ninth largest producer of motor vehicles4, for example. In terms of trade, in 2013, machinery represented 42 percent of Thailand’s exports, manufactured good 13 percent and food a further 12 percent.

The upside to Thailand’s specialisation in labour-intensive industries is that, when compared to other countries, it enjoys a constantly low rate of unemployment. At the end of September 2014, Thailand’s unemployment rate stood at just 0.8 percent (see chart).

The downside, however, is that these sectors are highly price-sensitive and low value-added sectors when compared to others, such as services.

Therefore, monthly wages remain low relative to Malaysia, let alone Singapore.

Average Monthly Wages (2014 estimates - US dollars) Singapore 2,759 Malaysia 980 Thailand 503 Vietnam 335 Philippines 331 Indonesia 301

Source: NationMaster

Proof of this is that, in 2013, agriculture employed just over 39 percent of the country’s workers, yet it only produced a little over eight percent of the GDP. Manufacturing fared much better, deploying just under 14 percent of the work force to create 38 percent of the GDP. Yet history has shown us that once wages increase significantly in a country, manufacturing often moves to somewhere cheaper, unless productivity gains can be achieved to offset higher unit labour costs.5

Unemployment, total (%of total labour force)

meekly with the Philippines’ figure of 9.8 percent.

Unemployment, total (% of total labour force)

Sources: ILO & World Bank Sources: ILO & World Bank

This highly-resourced, low-salaried, low unemployment scenario imposes limitations on income and wealth distribution and perpetuates the economic dominance of a horizontally diversified oligarchy of owners of businesses in many different sectors.

Arguably this is a continuation of Thai feudalism whereby the wider population occupy the lowest income band relying on allegiances to and patronage from the narrow employer class.

Whatever the reasons it is curious to see that, unlike other many other nationalities, Thai people do not generally leave their home country in significant numbers in search of a better standard of living. The latest figures6 show that there are 130,500 Thais working overseas; as opposed to 10.5 million Filipinos.

In fact, only 1.5 percent of Thailand’s GDP comes from Thais sending money home and this compares

So the overall picture we see is of Thai people staying at home, content with the chance to work, even though the job may not be well paid. Of course, this is only as accurate as any generalisation can be. A much larger percentage of Thai students go abroad to study than Filipinos, for example. That number is still only 0.07 percent of all students and, judging by the fact that 30 percent of these study in the US and 25 percent in the UK, it appears limited to young people from wealthy families.

Some countries have managed to break out of such a situation through entrepreneurship. In the 17th century, for example, farmers in southern Germany’s Black Forest would supplement their income in the long winter months by making cuckoo clocks, starting an industry that has become world famous.

Not only are there no long, unfruitful winter months in Thailand but there

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Thailand’s GDP and labour force by sector (2013)

Source: Bank Bank of Sources: ofThailand Thailand

is also a lack of entrepreneurship. Despite the World Bank and various governments’ push to improve skills the reality is that the cost and bureaucracy involved in starting a business in Thailand can be off-putting. The International Entrepreneurship website suggests there are several obstacles: ‘Entrepreneurship in Thailand is hampered due to ineffective enterprise education and a lack of qualified management. […] Bureaucratic red tape has prevented some entrepreneurs from starting businesses in Thailand. […] Protection of Intellectual property rights remains an issue in Thailand’.

One entrepreneur is more direct, suggesting that ‘if you want to be a successful start-up, settle in Thailand, but register your company elsewhere’.

Possibilities for change It is clear that for Thailand to achieve its economic potential it must break the cycle. Not only that, it must do so quickly.

In 2013 just under 10 percent of Thailand’s exports went to the EU – about the same percentage as that

1 2 3 4 5 6 7 8 20

destined for the US. However, by the end of 2014, Thailand will no longer be eligible to benefit from the EU’s Generalised System of Preferences (GSP) privileges.

This is because ironically, under EU norms, Thailand is now considered an upper-middle income country.

Thai exports will therefore lose competitiveness to countries that still receive the GSP privileges (e.g. India, Vietnam, Indonesia and the Philippines).

One way out of this would normally be to establish a free-trade agreement with the EU, as Malaysia has done. Negotiations with the EU are ongoing but, with the EU’s critical political stance towards Thailand, these are unlikely to be completed until 2017 with ratification delayed until Thailand once again has an elected government.

Thus Thailand needs to change internally. There are four keys needed to break the cycle: an easier and cheaper process to set up SMEs; access to start-up capital; investment in infrastructure, and empowerment of the education system to produce a skilled workforce.

http://www.economist.com/node/16964094 http://www.imf.org/external/pubs/ft/wp/2010/wp10103.pdf EIA Report (2013) http://www.eia.gov/countries/cab.cfm?fips=TH OICA http://www.oica.net/category/production-statistics/ Bank of Thailand Bank of Thailand (2013) & Commission on Overseas Filipinos (2012) UNESCO Institute of Statistics https://www.thewellmadeclock.com/category/the-black-forest/ The Link

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Since the new government came to power in May 2014 it has put in place an amended version of the previously published infrastructure plan, approving US$3.8 billion for 18 projects. It’s also shown some signs of listening to calls for a simpler business start-up procedure, as well as promoting the use and domestic production of renewable energy.

Assuming a satisfactory resolution of the recent furore over purported amendments to or revised interpretations of the FBA, the question remains whether the current government will find a way to overcome Herculean challenges in order to deliver the changes necessary to cure the Thai disease.

In the words of George Bernard Shaw ‘we learn from history that we learn nothing from history’.

While every effort has been made to ensure that the information contained herein is correct, I cannot be held responsible for any errors that may occur. My views may not necessarily reflect the house view of MBMG Group.

Views and opinions expressed herein may change with market conditions and should not be used in isolation.

Paul Gambles is co-founder of MBMG Group Tel: +66 2665 2536 E-mail: info@mbmg-group.com Linkedin: MBMG Group Twitter: @MBMGIntl Facebook: /MBMGGroup

9 World Bank (2012), Thailand: Innovation and Skills will Generate More Jobs 10 Entrepreneurship in Thailand, International Entrepreneurship, www.internationalentrepreneurship.com/asia/thailand/ 11 Saiyai Sakawee, Tech in Asia, April 18, 2014 12 http://www.eastasiaforum.org/2014/10/24/infrastructurespending-is-the-medicine-thailands-insecure-economy-reallyneeds/

Reducing trade costs key for increasing jobs and reducing poverty T

mon economic growth, as explained

by Mrs Chutima Bunyapraphasara, Permanent Secretary of the Thai Ministry of Commerce. She said that unfavourable trade regulation and inadequate cooperation to harmonise customs are some of the barriers impeding economic and trade development in the Asia Pacific region.

rade facilitation measures as a critical component for ensuring inclusive development in Asia and Pacific, was the key focus of discussions at the Asia Pacific Trade Facilitation Forum (APTFF) in Bangkok.

Organised by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Asian Development Bank (ADB), in partnership with the Thailand Ministry of Commerce, the forum included Asia Pacific policymakers, government officials, trade facilitation service providers, international organisations and development agencies from more than 35 countries.

Dr Ravi Ratnayake

Talks centred upon the WTO trade facilitation agreement and implications for the region as well as sessions on agricultural trade facilitation, small and medium-sized enterprises (SMEs), trade facilitation and inter-agency coordination for trade facilitation.

facilitation performance and pointed out that Thailand was among the top ten Asian countries in terms of international supply chain connectivity and among the top five Asian countries in terms of trade facilitation and paperless trade implementation.

Dr. Ravi Ratnayake, Director of ESCAP’s Trade and Investment Division, explained that whilst many countries in the Asia Pacific region were top performers in terms of connectivity to international supply chains, intra-regional trade remains a challenge due to high trade costs between Asian sub-regions.

Arjun Goswami, Director of ADB’s Office of Economic Regional Integration, noted that the link between trade and economic growth is wellestablished and Asian economies have excelled in applying trade-led economic growth. He said that poverty and widening inequality continue to be key issues within countries and across borders. While trade facilitation has an increasingly important role to play in addressing this, Arjun Goswami stressed the importance of cooperation and collaboration.

“Implementing strategic trade facilitation measures can promote economic growth and inclusive development by improving the access to more actors to international supply chains,” said Dr Ratnayake. He also congratulated Thailand on its trade

Within ASEAN, Thailand has been pushing for new drivers of com-

The forum also saw the launch of a key ADB-ESCAP publication ‘Towards a National Integrated and Sustainable Trade and Transport Facilitation Monitoring Mechanism’. This publication aims to enable countries to establish a sustainable and affordable system to monitor trade facilitation on a regular basis. In this process, the bottlenecks identified would become essential input to formulate and prioritise recommendations for advancing trade facilitation.

Key recommendations developed during the forum included: improving trade facilitation in Asia and the Pacific through simplifying, harmonising, standardising and monitoring trade processes; improving information and communication technologies (ICT), and gaining sustainable commitment from collaborative private and public sector stakeholders. Participants underscored that inclusive and competitive trade relied on the dependability, efficiency and effectiveness of trade networks. Cutting down unproductive and complicated aspects of trade is crucial for the region.

For more information, please see this link: http://www.unescap.org/ resources/towards-national-integrated-and-sustainable-trade-andtransport-facilitation-monitoring

Taxing time for George U

K Chancellor George Osborne is struggling to contain government borrowing and faces a challenge in the wake of a drop in incomer tax receipts.

Additional borrowing by the UK government to balance the public sector’s accounts means that between April and October 2014 the public sector borrowed £64.1 billion, a rise of £3.7 billion compared with the same period in 2013. In the seven month period the government’s income was £340.6 billion, an increase of £3.8 billion on the same period last year, according to figures published by the Office for National Statistics (ONS).

Strong growth in VAT (up £2.2 billion to £71.2 billion) and stamp duty on land & property (up £1.5 billion to £6.8 billion) boosted government receipts but income tax receipts were weak, reports the ONS. Receipts were down £0.3 billion to £81.5 billion, compared to the same period last year - despite a fall in unemployment.

Over the same period, central government spent £398.7 billion, an increase of £9.0 billion. Of this £398.7 billion, £234.4 billion was spent by central government departments (such as health, education and defence), £116.1 billion on social benefits (such as pensions, unemployment payments, child benefit and maternity pay), £30.3 billion

on interest payments (on the government’s outstanding debt) and £17.9 billion on capital investment.

While the deficit in 2013/14 has fallen by a third since its peak in 2009/10, the continued reliance on borrowing has seen public sector net debt reach £1,449.2 billion, or 79.5 percent of GDP in October 2014.

TAT seeks entries for ASEANTA awards T

he Tourism Authority of Thailand (TAT) is encouraging tourism business operators in the country to submit their products, services and marketing campaigns for the 28th ASEANTA Awards for Excellence. The aim of these Awards is to give recognition to individuals or organisations with positive contribution to the growth and development of ASEAN tourism.

Thawatchai Arunyik, TAT Governor, said, “We want to encourage any individual or organisation in Thailand’s 22

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tourism industry that are proud of their products and services to put themselves forward for consideration in these Awards.

“As the region is moving toward the implementation of the ASEAN Economic Community in 2015, the Awards will help to further enhance Thailand’s reputation as a top tourist destination in terms of high-quality products and services, as well as creative and innovative marketing efforts.”

The ASEANTA Awards for Excellence

2014 is divided into nine categories: Best Tourism Photo; Best Tour Package; Best Airline Programme; Best Conservation Effort; Best Tourist Attraction; Best Travel Article; Best Marketing and Promotions; Best Cultural Conservation Effort, and Best Poster.

The Awards presentation ceremony will be held at the ASEAN Tourism Forum 2015, which will take place from 22 to 29 January, 2015, at the Myanmar International Convention Centre in Nay Pyi Taw, Myanmar.

ESCAP report highlights closer links with China T

he saying used to be ‘when America sneezes, the world catches a cold’. Today, it is China’s health that many Asia Pacific countries worry about. The latest Asia-Pacific Trade and Investment Report (APTIR) from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) shows that many Asia Pacific economies have become more integrated with China and more dependent on Chinese demand for their exports over recent years. But, as China restructures its economy, what consequences will this have for growth and employment elsewhere?

China’s strong economic growth over the past decade has drawn in rising volumes of imports from the Asia Pacific region. Some economies, like Indonesia, export mainly commodities to China and have done well from China’s growing demand for raw materials. Others, like Thailand and Malaysia, supply components which are then assembled in Chinese factories into final products, like electronics or household goods, for export elsewhere, such as the European Union and the United States. ESCAP analysis shows that the connection between China’s industrial output and total exports from countries like India, Malaysia and the Republic of Korea was much higher in the past decade than in the 1990s.

But China is now changing: as it rebalances its economy away from export- and investment-led expansion to a model of growth based on innovation and domestic demand, it may be entering a new phase characterized by lower growth rates. While the economy continues to expand, it is unlikely to recapture the doubledigit growth rates seen in the recent past. China’s export growth contin-

which are in growing competition with Chinese companies to supply inputs for China-centric production networks.

Separately, new investment is also slowing as returns diminish, not least in the construction sector. Countries which are mainly commodity exporters will therefore also be affected by the resulting dent in demand for, say, timber or metals.

ues to outperform the region overall; in 2013 China’s merchandise exports grew by 7.8 percent and service exports grew by 7.5 percent compared with figures for the Asia-Pacific of 2.1 percent and 4.9 percent respectively.

However, the first five months of 2014 saw a considerably weaker performance in China: exports dropped by 0.3 percent on a year-on-year basis. This weaker growth will have knock-on effects for many regional economies - meaning slower growth and less employment.

Further, it seems that other Asia-Pacific economies may not be benefitting from Chinese export growth as much as in the past. China’s imports from other regional developing economies fell by 1.4 percent in 2013 even though, as noted, total Chinese exports continued to expand relatively strongly by 7.8 percent.

What is causing this shift? It may be that China is now producing domestically the intermediate inputs for manufacturing that it used to import. If true, this could have serious consequences for firms in countries like Thailand or Republic of Korea,

However, restructuring in China could also mean new opportunities for emerging Asia Pacific economies over the long-term. As China moves into more sophisticated production activities, and wages in China continue to rise, other countries can take over the production and assembly work previously done in China. Vietnam, for instance, could be well positioned to expand its manufacturing sector and has already seen growing exports.

The analysis in APTIR 2014 suggests that growing exports and rising regional economic integration have helped countries to create productive employment and have shared the benefits of growth more widely.

China has been at the center of many of these trends. Yet the patterns of regional trade and integration are evolving and countries, including China, will need to adapt.

So what is the prescription for those Asia-Pacific economies feeling under the weather? While ‘immunisation’ is not possible ESCAP is making a number of recommendations for policy makers and governments; to take steps to support domestic demand, increase competitiveness (with a focus on services) and improve connectivity with the wider region and the world.

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Protecting products at Trade Fairs T

rade secrets are a highly valuable form of intellectual property that nearly all businesses in all industries and sectors possess. However, they are frequently overlooked by businesses, partly because there is confusion about what actually constitutes a trade secret. So what is a trade secret?

According to the World Intellectual Property Organization (WIPO), any confidential business information that is of considerable commercial value to businesses and that provides an enterprise with a competitive edge may be considered a trade secret. In practice, this could be: - - - - - - -

sales methods distribution methods consumer profiles advertising plans pricing strategies lists of suppliers and clients manufacturing processes

In other words, more often than not trade secrets are the ‘knowhow’ your business builds up over time. Typically, the longer you are in business the more valuable your trade secrets will become, and the more your business grows the more your competitors will seek to discover this valuable working knowledge. Therefore, it is increasingly important to take steps to protect your trade secrets.

Unlike some other forms of IP rights, such as patents and copyrights that have a finite term, trade secrets can theoretically enjoy an infinite term of protection so long as the trade secret remains just that - a secret. Furthermore, to be enforceable by law in Thailand it is required that as well as not being 24

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known to the public and providing economic benefits to the holder, the secret should be subjected to reasonable efforts to protect it (and there should be evidence of these efforts). It should satisfy three criteria in order to be enforceable in court: - It must be non-public information - It can offer business advantages to the owner - You must be able to prove that you took measures to protect the confidentiality of the information Trade secrets are not always in tangible form. They may be stored in printed documents, CDs or DVDs, computer files and hard drives, USB drives or even in your head.

Thus it is not always practical or possible to keep trade secrets locked away, so keeping them safe usually involves using a combination of physical, technical, and contractual barriers. Although some businesses

go to great lengths to protect their trade secrets, any business can and should take simple, sensible precautions, keeping in mind the three forms of barrier: • Physical barriers may include simply marking documents ‘CONFIDENTIAL’, keeping sensitive documents in a safe, undisclosed location, and locking files away after business hours. In addition, access to areas where sensitive business documents are stored should be restricted to certain employees.

Limit access and copying rights to the personnel who actually need it. All visitors should be logged, required to sign a nondisclosure agreement before being granted access to sensitive areas of your premises, and should not be left unattended • Technical barriers address the use of information technology (IT). Consulting an IT security specialist can help you to design a cost-effective IT security system. However, even simple,

inexpensive means of IT security measures can be used such as employing the proper use of passwords, commercially available encryption, and logging features. In addition, it is important to have a written technology policy in place and to ensure that your employees abide by it. For example, as it is extremely easy for your employees to email sensitive documents to third parties or to transfer files using USB drives or CD/DVDs, you might want to consider restricting the ability of your employees to use USB drives and burn CD/DVDs. Your employees should be given a copy of your technology policy written in both English and the local language (possibly as an appendix to their employment contract) and be required to sign an agreement stating they received and understand the policy • Contractual barriers generally involve the use of non-disclosure or confidentiality agreements. In fact, such agreements are generally considered as one of the best ways to protect your trade secrets. You should re-

quire every existing employee and all new employees to sign an employment contract with non-disclosure or confidentiality provisions. This should be in both English and the local language to prevent an employee from claiming that he or she did not understand the confidentiality obligations. Such agreements should also be entered into with suppliers, subcontractors, and business partners who are given any level of access to your trade secrets Be sure to document the trade secrets protection measures you take.

It is also essential to maintain suf-

ficient records of the flow of information in and out of your company, including keeping records of meetings, discussions, emails, written correspondence, and the transfer of electronic files so that you can conduct an investigation and have evidence in case you suspect your trade secrets have been misappropriated.

Remember, unlike other forms of intellectual property, there is usually very little a business can do once a trade secret has been disclosed.

Therefore, it is vital that you take preventative measures in advance of making use of your confidential business information.

Â

The ASEAN IPR SME Helpdesk is a European Union co-funded project that provides free, practical, business advice relating to ASEAN IPR to European SMEs. To learn about any aspect of intellectual property rights in Southeast Asia, visit our online portal at www.asean-iprhelpdesk.eu. For free expert advice on ASEAN IPR for your business, e-mail your questions to: question@aseasniprhelpdesk.eu. You will receive a reply from one of the Helpdesk experts within five working days. The ASEAN IPR SME Helpdesk is jointly implemented by DEVELOPMENT Solutions, the European Business Chamber of Commerce Indonesia and the European Business Organisations Worldwide Network.

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Air safety critical to regional aviation growth T

he International Air Transport Association (IATA) identifies continuous safety enhancement, the availability of cost-efficient infrastructure and environmental responsibility as critical factors to ensure that the Asia Pacific region continues to realise the enormous economic and social benefits of air connectivity.

practices into a continuous monitoring programme. By September 2015 all IATA airlines will migrate to the Enhanced IOSA programme.

Tyler also urged greater participation in IATA’s Flight Data Analysis and Flight Data Exchange programs. “Data will drive much of our advancements in safety. The more that we collect and analyse, the better we will become at driving safety forward,” said Tyler.

“It is no understatement to say that air connectivity underpins modern economies. Aviation and aviationenabled tourism accounts for over 24 million jobs and over US$500 billion in economic activity across the Asia-Pacific region. And that contribution has tremendous potential to grow,” said Tony Tyler, IATA’s Director General and CEO in a keynote address to the Association of Asia Pacific Airlines Assembly of Presidents in Tokyo, Japan.

Globally some 3.3 billion passengers are expected to board flights this year, and is expected to grow to 7.3 billion by 2034. Taking into account connecting flights that consists of some 2.8 billion journeys today, growing to 6.1 billion by 2034.

“By 2034 we expect that nearly half of all air travel (some 2.9 billion journeys) will touch the Asia-Pacific region (up from around 40 percent today). Over the next 20 years, AsiaPacific is expected to account for about two-thirds of global growth.

“Aviation is an industry with tremendous potential. Asia-Pacific is leading the industry’s growth. But there will be challenges to become ever safer, to provide cost-efficient infrastructure and to ensure environmental responsibility,” said Tyler.

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Along with encouraging individual participation by airlines, Tyler endorsed an initiative of the Asia-Pacific Regional Aviation Safety Group (which brings together 20 governments and 12 international organizations, including IATA) to use IATA’s Flight Data Exchange platform to share critical safety information.

Safety “Flying is safe but, on very rare occasions, accidents do happen. In 2013 there were 16 fatal accidents among 36.4 million commercial flights.

And the two tragic accidents involving Malaysia Airlines this year are a sad reminder that safety is always a constant and ever-evolving challenge,” said Tyler (pictured above).

The IATA Operational Safety Audit (IOSA) is a good example of the industry’s commitment to continuous improvements. The global standard has been adopted by some 400 airlines globally, including all 240 IATA carriers for which it is a condition of membership. Enhanced IOSA turns this biennial snapshot of an airline’s operational safety

Infrastructure Keeping pace with expected growth will be a challenge for infrastructure. This is being addressed with some US$3 billion earmarked for improvements in air traffic capacity and management. IATA is a strong supporter of the Seamless Asian Sky initiative that will facilitate growth in a very common-sense way—by ensuring inter-operability across the region and with adjacent airspace.

In parallel, IATA is working closely with Chinese authorities to ease airspace congestion. It also supports the redesign of airspace at Tokyo’s Haneda Airport that will increase capacity taking into consideration that modern aircraft are some 70 percent quieter than those of the early jet age.

Asia Pacific is home to many world class hub airports. As governments continue to pursue airport expansion programs across the region, Tyler called for caution when engaging private sector financing.

“Private capital is not a panacea. To be successful it must have a strong governance structure embedded in regulation that keeps the consumer in mind when setting parameters on price and quality. It must set reasonable expectations on returns—in line with airports being public utilities, not hedge fund investments.

There must also be reasonable limits for any royalty or concession-fee collected by the government. And the governance structure must institutionalise robust cost-benefit analysis and user consultation in the evaluation of capital expenditure plans,” said Tyler.

He made special reference to the Philippines, Indonesia and Vietnam which have major challenges to meet even existing demand with the current infrastructure.

At the 2013 IATA Annual General Meeting in Cape Town, IATA members agreed to call on governments to implement a mandatory global carbon offset scheme.

He also noted the need to define a strong regulatory framework as part of discussions on the privatisation the company managing Kansai and Itami airports in Osaka.

“It was not an easy decision. And the details of how such a scheme could operate are being discussed both at the International Civil Aviation Organization and within IATA. There is no perfect solution.

Environment Airlines are making solid progress on targets to achieve carbon neutral growth from 2020 and to cut net emissions to half of 2005 levels by 2050. Along with long-term measures to improve technology, operations and infrastructure, achieving these challenging targets will also require access (at least in the shortterm) to market-based measures.

Every airline is in a unique circumstance. But our experience in the climate change debate so far has demonstrated the value of unity. Our collective mission has to be to find the best compromise. It won’t match everyone’s needs 100 percent but it most certainly will be better than leaving it to governments to develop a patchwork of solutions that will be a nightmare for all,” said Tyler.

Better news for airlines in latest IATA update W

orldwide airline share prices rose six percent in October as the price of crude oil and jet fuel fell. With crude oil prices down some 25 percent since the most recent mid-year peak, reflecting appreciation of the US dollar as well as continued growth in supply particularly in the US, initial Q3 financial results show improvements in the US being partially offset by weakness in other regions.

US passenger yields remained up on a year ago but weakness continues in other regions. Air freight volumes, a reliable indicator of world trade, continue to expand

and the trend in air travel growth remains positive, supported by improving economic conditions in the US and Asia.

Growth in available seats increased at an annualised rate of seven percent, above the pace of growth in demand, but is likely reflecting the normal seasonal increase at this time of year.

Passenger load factors were broadly unchanged in September compared to August, but air freight load factors recorded some improvement as a result of the solid (0.6%) rise in volumes.

Airlines earn a majority of revenues in Q2 and Q3, so the expectation is for solid results at this time of year.

Initial Q3 results are positive so far.

IATA’s sample of 17 airlines shows that the industry has improved its financial performance on the year ago period at the operating level. The improvement was driven by the performance of North American airlines.

By contrast a combination of weakness in cargo revenues, as well as rising cost pressures for Chinese carriers due to a depreciating local currency, weighed on regional financial performance in Asia Pacific.

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Data protection in the electronic age

By Grant Cameron

A

ccording to a PricewaterhouseCoopers survey conducted in 2013 the number of cyber security incidents globally soared to 42.8 million, up 48 percent from 2012, while the average loss for a large company rose from US$3.9 million to US$5.9 million.

Companies that saw major cyber breaches in 2103 and 2104 included Target, Home Depot, Neiman Marcus and JP Morgan Chase & Co. To help you to understand the scale of these breaches the Target incident saw the debit and credit cards of 40 million customers stolen as well as the PIN numbers, emails, and addresses of 70 million people.

A number of class action lawsuits have been brought against Target with some analysts anticipating the Target breach costs to pass US$1 billion, exceeding their insurance limits.

In September 2014 Home Depot announced that a cyber attack that lasted for five months resulted in credit card details for 56 million customers being stolen. In October this year JP Morgan Chase confirmed 76 million households and seven million small businesses were impacted by a cyber attack in June and July.

Price of hacking The costs of being hacked often surpassed the actual cost of remedying the cause or causes of the cyber security breach itself and is illustrated

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accordingly below. Average costs of a date breach are: •

•

•

•

•

Lost business costs: US$ 3,300,000 Post-breach costs: US$1,600,000 Legal defence costs: US$ 574,000 Notification costs: US$ 509,000 Legal settlement costs: US$ 258,000

A Poneman Institute study also found that, on average in the US, a data breach resulted in around 29,000 compromised data records with an approximate cost of about THB 6,400 per record. The study found that the most costly and damaging element of a data breach was the loss of a company’s reputation and the loss of customer loyalty.

The most costly data breaches were malicious and criminal attacks which accounted for 42 percent of all breaches, followed by human error (negligent employee or third party contractor), IT system glitches and business process failures. Worryingly, one fifth of data breaches came about from lost or stolen mobile devices such as laptops, tablets and mobile phones.

It is not only ‘big business’ that is being attacked. SMEs are being attacked to a greater degree as they are potentially easier targets with lower budgets to expend on the various elements of cyber security protection.

The UK’s Financial Mail on Sunday reported that small and medium sized businesses underestimate the threat that cybercrime poses to

their firms. The article revealed that research by PwC found that 60 per cent of small businesses had suffered a malicious breach in the past 12 months with half of those being considered a serious incident.

Cyber security insurance The threat, and now prevalence, of these cyber attacks is so great that many American firms are seeking insurance coverage to protect themselves against the expense of a cyber attack and of losing sensitive and confidential customer information. Insurers are moving quickly to capitalise on this increasing market demand for coverage that has been around since the late nineties and which is becoming increasingly more relevant and essential to a firm’s insurance portfolio.

Insurance against the cyber risk goes by many names such as those that are trademarked like CyberSecurity by Chubb, or generic names like Cyber Insurance, Cyber Liability Insurance, Cyber Crime Insurance, Cyber Risk Insurance and even ERisk Insurance. Our preference is for the phrase cyber security insurance, since insurance should complement a good online and IT security risk management strategy that employs a wide array of techniques in companies’ efforts against the cyber risk and to thwart cyber attacks.

An interesting finding of the recent studies was that companies with good IT security protocol and practices were more likely to purchase insurance against the cyber security threat. This ran contrary to prevailing thinking that having insurance discouraged companies to maintain good security. Thus, cyber security insurance plays an important role not just in mitigating the risk of and managing a data breach but in enhancing the security standing of a company.

The cyber security issue is a serious one for any business with an online presence, and having cyber insurance is fast becoming a necessity.

Cyber security insurance coverage

varies from policy to policy, and insurer to insurer, but the base idea is that the policies will provide insurance protection for companies against lost revenue, lawsuits, damage to reputation and brand and other costs related to a cyber attack or of being hacked.

In the cyber risk world the phraseology ‘first party’ and ‘third party’ are often used to distinguish between the elements of cover being provided.

‘First party’ is designed to protect your business and to meet the costs of the immediate needs of a company resulting from a data breach or cyber attack such as the cost of independent IT services to determine whether a breach has occurred, the costs of notifications to relevant parties such as customers and employees, the costs of PR and crisis management, consequential loss and additional expenses such as staffing costs arising from a covered claim and cyber extortion (ransom) reimbursement.

‘Third Party’ is designed to indemnify your business for any of the legal costs that are associated with a cyber attack, such as defence and liability coverage for lawsuits brought against the business by a customers or third parties, and covering the costs of the defence, judgments, awards or settlements, including breaches of or infringement of copyright.

Businesses that do not offer online services for purchases and payment

systems are unlikely to be interested in ‘third party’ coverage.

In Thailand Thailand is not immune to cyber security attacks. A Bangkok Post report stated that personal data on Thai government websites had been exposed and that Thailand is considered the world’s third most dangerous base for accessing the web.

The insurance market in Thailand does not yet have the understanding, sophistication or availability of coverage that one would find in the UK or the US to bolster a firm’s cyber security armoury.

That being said, there are some insurers locally with the capability of providing basic cover but your broker should have access to international levels of coverage. A good broker will take the time to fully understand your needs and exposures to tailor a cyber security programme suited to your budget and, critically, your risk.

Grant Cameron is CEO of Trafalgar International Ltd. Tel: 02 645 1170 Fax: 02 645 1180 Email: insure@trafalgar-intl.com

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Learning from fascination

By David Jones

I

t is our challenge as educators and parents to give our children the right kind of stimulus, instil the confidence to explore and provide the supported environment where they are encouraged to develop their natural fascination for the world around them.

I recall as a young boy I would be fascinated by many things. I remember being fascinated by wondering how a wrist watch worked, before the times when watches had batteries, and my way to investigate this was to take my recently received Christmas present apart to find out.

I was amazed at the intricacy of the mechanism I discovered and I probed deeper to try to increase my understanding. After my experiments the watch never told the time again but I found that by removing a small part the hands would whirl round at high speed, which caused much amusement when I showed my friends.

While this may not be groundbreaking science, for a nine year old it was inquiry based learning after which I more or less understood how a watch worked and I had found out for myself. The fact that I can remember this many years on shows how effective that learning was at the time. This was learning born from fascination.

In education there is the temptation to lead students through a curriculum that will result in them gaining useful skills and knowledge which will eventually be valued by an employer.

While there is certainly some merit in this idea it shouldn’t be the full story.

Learning for the sake of learning

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should also be the aim of an educational system and a goal for students. Learning something which is useless yet fascinating has a place in education. Many developments in science and technology have occurred because scientists followed their fascination for a particular area of research. The drive to know more has produced many spin-offs.

The material to be used in the next generation of computer and smartphone screens, for example, was invented as a result of a scientist who was just interested in the material, without any concept about its future use. There are many examples of this kind of accidental discovery through fascination.

Professor Andrew Hamilton, Vice Chancellor of Oxford University, in his annual speech to the University’s Congress defended this idea that learning for learning’s sake needs to remain at the centre of the University’s philosophy. This goes back to a long standing argument about the difference between education and training.

For me, education is about developing students’ fascination to ‘find out’ something new where training is about telling them how to do something which has been done before.

Finding out about something that appears to have no practical value today may well turn out to be essential tomorrow.

So it is our challenge as educators and parents to give our children the right kind of stimulus, instil the confidence to explore and provide the supported environment where they are encouraged to develop their natural fascination for the world around them.

David Jones is Secondary Deputy Head at The Regent’s International School Bangkok. www.regents.ac.th/bangkok

Leadership in schools

By Peter Hogan

T

he word ‘leader’ and the methods of developing leadership are everywhere at Regent’s, Bangkok. Before I share with you what is meant by leadership in schools I want to explore and explode a few myths and misunderstandings about what is not in a school’s setting.

Leadership is not about just being older, being bigger or being allowed to tell somebody what to do. This is just dominance and could easily become bullying. A leader is not a leader just because he or she is in a senior position or have a special title. These are just words and names.

Leaders are not born with special gifts or abilities. Somebody might be different, likable or popular but that is their character and this is not the same as being a leader.

I believe leadership is the ability to influence others to do the very best they can to achieve their goals.

We know it when we see it. Leadership is behind the change for good everywhere. It can be national, international or very local. Leadership is about helping everyone involved to be as good as they can be and knowing they are aiming for the same target.

So what does that mean to students in school? Maybe they think leadership doesn’t apply to them until they are older but this is not so. Leadership skills can be introduced and developed in schools so young people are more ready for the challenges and opportunities of later life.

The ten qualities in all successful leaders can be developed and learned in school: 1. Leaders are honest-nothing is gained from making things up.

hiding from the truth or pretending they are not as they are.

2. Leaders communicate and this is a two way process-they find the best way to express what they think and they make sure they listen to what others have to say.

3. Leaders are optimists-they look for the good in others, the best in every situation and do not let setbacks get them down.

4. Leaders are creative-they will use science and logic but always use their imagination to solve problems and think of new ideas.

5. Leaders encourage others-we all feel better about ourselves and what we are doing if we are helped and praised or if we are cheered up when we are finding things difficult.

6. Leaders develop intuition-they try to understand things quickly and sometimes act on instinct.

7. Leaders are committed-they are enthusiastic about what they are doing and this enthusiasm

spreads to others.

8. Leaders are confident-they know what they are doing and it is easy to trust them.

9. Leaders have sense of humourthey enjoy life and don’t take themselves too seriously.

10. Leaders are always learning.

Every one of these qualities is admirable on its own and together they create a firm, formidable foundation for a successful life.

Peter Hogan is Principal at The Regent’s International School, Bangkok. www.regents.ac.th/bangkok

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Top tips for drivers in Thailand

By Pornpot Likidpongpaisarn

I

f you drive in Thailand you will quickly realize that the standard of driving is not as high as you may be used to, and in fact statistics show Thailand to have one of the highest rates of motor accident fatalities in the world. However, don’t let the statistics put you off exploring this wonderful country, just remember to drive carefully and exercise caution at all times.

But accidents happen, and if you are unlucky enough to find yourself in a motor accident there are procedures to follow as in home country, perhaps a little more complicated here by virtue of language and legal differences but as in all things, common sense applies. This article is designed to help you understand what you should do.

The first thing you should do is try not to panic, remain calm and keep safe. Make sure nobody is injured and try to move everyone to a safe location. If there are injured parties, call the emergency services. If you suspect that there are injuries to someone’s back or neck, try not to move them but make them as comfortable as possible until the ambulance arrives.

Whether or not you are or believe you are at fault: • Note down the registration number, make and color of the other vehicle. Almost everyone carries a mobile phone, so it is easier to take a few photos of the scene of accident and the registration number of the other vehicle.

• Ask the other party for their name, address and telephone number. Offer to show them

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• • •

• •

your driving license and ask that they do the same. If possible take a photo of the license.

Write down the name and address of any witness(es).

If the other party admits liability ask him/her to sign a liability note for further recovery action.

If your vehicle is causing an obstruction or endangering other road users, take a few photos of the scene of accident and get agree with the other party to move the vehicles to a safe place.

Call your insurer to notify them of the claim.

Even if you think you may have been at fault do not sign anything admitting liability without the agreement of the insurer.

If there is any doubt in your mind about whose fault it is: • Do not move your vehicle from the scene of accident until a policeman has marked the position and direction of your vehicle on the road and you are instructed to do so.

• Call your insurer to notify the claim.

• Most insurers promise to have one of their surveyors on the scene within 45 minutes. While you are waiting for the surveyor to arrive, take a few photos of the scene of accident and also the registration number of the other vehicle. This may be useful if the police arrive and ask you to move the cars without first marking the road.

How do you notify the claim to your insurer?

• Call the insurer or the surveyor

as soon as possible. Their contact details should be shown on a sticker placed on your windscreen. The sticker is usually issued together with your insurance policy. Make sure you have the sticker when your broker or insurer delivers the policy to you.

• The insurer will usually ask for your car registration number (and possibly your policy number). All companies nowadays should be able to trace your records by just informing them of your car registration number.

They will also ask you for your location, how the accident happened, along with your mobile number so that the surveyor can contact you.

• Remember to ask the name of the person taking your call just in case the surveyor takes too long to arrive and you need to follow up, or in the event you need to go to hospital or police station.

In case the accident has resulted in bodily injury, here’s what you should do: • It does not matter who is at fault in the accident. It does not matter if the surveyor still has not arrived to attend the claim.

If there is a serious injury, it is a priority to take the injured person(s) to the nearest hospital. There should be no need to go to the hospital if the injury is minor and can wait until all is sorted out with the insurer.

• Please do not forget to ask for medical bills and the doctor’s certificate as evidence to submit to your Insurer for reimbursement later. Alternatively, you can claim the medical expenses

• •

•

•

•

under your Compulsory Motor Insurance, a topic we will address in a future article.

Report the accident to the nearest police station as necessary.

Advise your insurer if you are detained by the police for any reason. They should then arrange the proper amount of security to post bail so that you can leave the police station as soon as possible.

It is important to know that the police have no right to hold you at the station unless there has been a serious injury that would result in a lengthy hospital stay.

Be aware that if you flee the scene of the accident, it is likely to be regarded as an admission of guilt. If you did have to leave the scene of the accident you should report to the police station as soon as possible.

Again, even if you think you may have been at fault, do not sign anything admitting liability without the agreement of the insurer.

If you are unable to identify the other party:

In the event your vehicle is not driveable:

If the other party leaves the scene of the accident prematurely you must notify the nearest police station.

Give them as much information as you can about the other party, including the registration number of the vehicle if possible.

You or your insurer will need to co-ordinate the removal of your vehicle to the nearest garage so that your vehicle can be repaired. If you have to make payment, please keep the receipt and send to your broker or insurer for reimbursement under the claim process.

Make sure you obtain a copy of the police report as the insurer will require this.

When your vehicle is retained by police: The Police are entitled to detain the vehicle(s) involved in the accident for further investigation if it is apparent that either or both parties have broken the law. If your vehicle is detained, you should ask the policeman to note down the items of valuable property inside your vehicle, into the police daily report as evidence of your belongings.

Knock for Knock Agreement In certain situations you can take advantage of what is known as “Knock for Knock”, an agreement between insurance companies, whereby each insurer agrees to pay the losses sustained by its own policy-holder regardless of who is responsible for the cause of the accident. This arrangement help save time in the event of motor accidents, make the whole affair of an accident less dramatic and inconvenient for the parties involved, and reduces traffic congestion.

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When can you use “Knock for Knock”?

• There must be a party who accepts the fault.

• Both parties should have valid driving licenses (you should check!).

• If liability is still in doubt, or if neither party accepts fault, then the form cannot be used.

How to use the “Knock for Knock” form.

• Both parties fill in the Knock for Knock agreement form which is enclosed along with your policy documents, and which, hopefully, you have kept in your vehicle’s glove box. Please make sure it is there (or check with your insurance broker if you have misplaced it or do not have one).

• Complete and sign on the form and exchange it with the other party to the accident.

• Then, you are lawfully allowed to leave (not “flee”) the accident scene.

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• Subsequently, when making the claim under your insurance policy, present the other party’s Knock for Knock signed agreement form to your insure.

Some points to note: • The Knock for Knock agreement form can only be used when both parties are covered by comprehensive insurance policies –check that the other party’s insurance policy is comprehensive.

• The Knock for Knock Agreement is only applicable to cars, trucks and vans with 4 wheels, vehicles not exceeding 4 tons gross weight, and not exceeding 20 passengers.

• If a vehicle falls outside the applicability of Knock for Knock, then the insurer of that vehicle will not have issued them the Knock for Knock form and so the driver will not have the form to exchange with you. Therefore, it is not necessary to know whether the other party’s vehicle has gross weight over 4 tons or registered as exceeding 20 passengers.

To recap, please ensure the other party has a valid driving license, has the form to exchange with you, the form shows correct vehicle registration number and the period of insurance as stated on the form is still valid.

We hope you find this article interesting – and useful, should you find yourself in an accident. If you have any questions relating to this article or in regard to motor vehicle insurance we would be glad if you contacted us.

Pornpot Likidpongpaisarn is Managing Director of Trafalgar International Ltd. Tel: 02 645 1170 Fax: 02 645 1180 Email: insure@trafalgar-intl.com

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Member News

JLL issues warning on condo transfer fees A

a financial burden to the juristic person. This could put the condominium at risk in the longer term if bad debts grow,” added Suphin Mechuchep.

llowing ownership transfer before outstanding CAM fees are settled could have negative impact on condominium management. That’s the view of experts at Bangkok-based JLL.

JLL expects the proposed legal change to have limited impact on condominium buildings it manages. The firm predominantly manages condominiums in the high end segment of the market where non-payment of CAM fees is not as much of an issue as other sectors.

“It is more likely to be a threat to the mid-to-low priced condominium segments where there are more owners abandoning their condos and not paying CAM fee.”

The Law Execution Department has proposed an amendment to the Condominium Act suggesting that the legal requirement of outstanding common area management (CAM) fee be settled with the condominium juristic person prior to a used condominium unit being transferred to a new buyer should not be applied to forced condominium sales by the authority.

While the amendment to the law should help facilitate the forced sales of condos that the Law Execution Department auctions off, it could become a threat to the condominium juristic person’s financial status, according to JLL. The Law Execution Department’s objective is to unlock forced sales of condominiums that it auctions off, since many prospective buyers decline to acquire a condominium unit for which they will have to pay for outstanding CAM fees and subsequent surcharge for late payment on behalf of the previous owners.

The authority also suggests that it should be the condominium juristic person’s responsibility to chase outstanding CAM fee from the previous owners.

“The amendment to the law should help facilitate the forced sales of condos by the Law Execution Department. However, it could have a negative impact on the condominium juristic person’s financial status

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as it will be more unlikely that the payment of the outstanding CAM fee could be recovered after the condo unit is transferred to a new owner,” said Suphin Mechuchep, Managing Director of JLL. Generally, when an owner fails to meet CAM fee payment deadlines, the condominium juristic person could impose different measures from issuing a warning and legal notice to restricting services to the owner and not issuing a debt free certificate required for ownership transfer.

“Most of these measures may mean nothing to the owner once the ownership is transferred to a new owner. The juristic person committee could file a lawsuit but this is the least preferred option as it is generally a costly and time-consuming process. At the end of the day, the non-payment will virtually become a bad debt and consequently

She also expects that the condominium juristic person will put a greater emphasis on the efficiency of the property management team if the proposed legislation change is passed.

“The property management team must work diligently on invoicing and collection while enforcing penalty measures on non-payment.

Regular monthly collections could help minimise big debts that could become unaffordable to some coowners in a later phase.

“Any legislation change must be fair to all parties involved. In addition, as some clauses within the Condominium Act remain open to interpretation, it may be a good idea to ask the actual property managers or condominium juristic person managers which items should be clarified or changed as they deal in this area and ultimately could be a good source of feedback for legislators,” she concluded.

Member News

Christmas celebrations at Ramada Plaza T he Ramada Plaza Bangkok Menam Riverside invites all BCCT members to bring their families for a ‘magical Christmas celebration’ beside the legendary Chao Phraya river on 24 December.

“This is a very special time of year and we are pleased to present an festive international dinner buffet on Christmas Eve that is designed to be the ideal celebration with family and friends,” says General Manager Klaus Sennik. “Santa Claus has promised to visit us with gifts for all the children.”

The festive dinner is priced at THB 1,800 net person and children aged 5-12 years pay THB 900 net. Call 02 688 1000.

Hilton Sukhumvit lands top award

H

ilton Sukhumvit Bangkok has received The World Travel Awards 2014 for Thailand’s ‘Leading Lifestyle Hotel’. The award is voted for by travel and tourism professionals worldwide and this accolade recognises the commitment to excellence which the hotel has delivered to all guests over the previous 12 months.

“It is a tremendous honour to receive this award,” said General Manager David Ecija. “With our determination to deliver the best service every member of the Hilton Sukhumvit Bangkok team has made the greatest effort to ensure that guests may enjoy a truly memorable experience.”

Chatrium Hotels & Residences has appointed Tanasak Vanichavit as Hotel Manager of the Maitria Hotel Sukhumvit 18 Bangkok. Prior to joining the Maitria Hotel he worked at the Ascott Group and was most recently Assistant Resident Manager at Ascott Sathorn Bangkok.

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Member News

Asia Pacific commercial real estate investment set to grow in 2015 J

LL is predicting that 2015 transaction volumes will exceed 2014 levels as liquidity conditions improve with an estimated US$200 billion of capital available for investment.

Direct commercial real estate investment across Asia Pacific in 2015 is expected to exceed 2014 levels, according to the latest figures from JLL. While transaction volumes in Q3 2014 were up just one percent on the same period last year, at US$30.3 billion, JLL has identified over US$200 billion worth of capital available for investment in the Asia Pacific real estate market in 2015.

Activity was expected to gather pace throughout the final quarter of 2014, with year-end volumes set to reach US$120 billion. Volumes for the first three quarters of 2014 are down 5 percent on the same period in 2013 – reaching a total of US$85.2 billion.

Stuart Crow, JLL Head of Asia Pacific Capital Markets, said, “There are a considerable number of private equity funds approaching maturity across Asia Pacific. However, the volumes of capital available in the market will easily absorb these disposals. Given the level of capital being allocated to real estate in Asia Pacific, demand continues to outpace the amount of assets available and the biggest challenge facing the market is a shortage of supply of investable product.

“Private equity groups alone have over US$30 billion in uncalled capital ready to be deployed across Asia Pacific so we expect these groups to be ac38

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tive as both buyers and sellers. REITs also continue to sit below their target gearing levels and, teamed with fresh IPOs and POs, these listed groups will also be actively seeking assets.”

Dr Megan Walters, Head of Research for Asia Pacific Capital Markets at JLL, said, “Despite some investors moving up the risk curve, core assets will remain in favour amongst sovereign wealth and pension funds. We estimate that the potential level of capital coming from sources such as private equity funds, pension funds, REITs, insurers, HNWs and developers in 2015 accumulates to around US$200-250 million. That’s almost twice as much as the estimated US$ 130 billion total transaction prediction for the year.

Country focus

• Transaction volumes in Australia in Q3 2014 reached US$6.9 billion, up 40 percent from the same time last year. Domestic groups, particularly REITs and wholesale funds have been very active. Partnering remains a key trend and some foreign investors have deployed capital through joint ventures with a domestic manager.

Core yields continue to tighten, with high quality assets now trading at under six percent, with secondary grade markets also experiencing some compression • Investment activity in Japan remains strong, however volumes have eased slightly during the quarter, down seven percent yo-y to US$8.1 billion. Investors continue to bid aggressively as a

large number of assets come to the market

Corporate expansion continues to outpace supply and the rental growth outlook is easing concerns around entry pricing. Investment activity will recover in the final quarter with a large pipeline of assets in the advanced stages of negotiation.

• Sentiment continues change in China with transaction volumes in the quarter down by 43 percent compared to Q3 2013 to US$ four billion. The demand for commercial assets in China remains strong and once the wider economy stabilises, investment activity will improve at a rapid pace • Investment activity in Singapore improved on last quarter to US$3.3 billion but remains down 21 percent from the same time last year, supported by a SG$1.25 billion (US$ one billion) transaction. Excluding this deal, the market remained quiet due to a lack of available product. Market activity is likely to improve in 2015 as investors look to crystallise profits following recent price growth • Transaction volumes in Hong Kong are stabilising, but remain well below the long-term average. Investment volumes during Q3 2014 reached US$ two billion, up 163 percent on the same time last year. Year to date, volumes in Hong Kong are down 12.6 percent • Investment activity in South Korea continues to improve. Transaction volumes reached US$2.4 (see next page)

Member News

Regent’s School expansion T he Regent’s International School Bangkok continues to expand with a third building nearing completion to cater for the ever growing international student body. Since the Rama 9 Campus opened, leaving the Cultural Centre Campus to serve as the newly refurbished boarding house, the school has gone from strength to strength as it makes yearly improvements to ensure that each child has a learning environment that gives them enough space to grow and develop into a responsible global citizen.

The Rama 9 Campus is home to the Primary and Secondary buildings. The third building will house sports changing rooms, café and other facilities.

Tennis courts are also under construction.

More success for Twintec Thailand

T

wintec Thailand has completed two further ‘jointless’ concrete floor slabs for prestigious clients in Thailand totalling over 40,000m2.

Chamber members purchasing a cuddly Hilton Teddy Bear this Christmas will be helping to support a local charity. The Hilton Sukhumvit Bangkok is displaying the teddies as part of the Christmas tree and festive decorations in the hotel lobby. Each bear is priced at THB 600+ with THB 250 being donated to ARK International, the hotel’s nominated charity.

Email BKKSU_Scalini@hilton.com for more details and an order form.

( from previous page) billion, up 31 percent on the same quarter last year. Volumes are supported by a number of sale and leaseback deals in both office buildings and shopping centres as corporates look to recycle capital • The macro environment is im-

Twintec designed and built floor slabs for a new Tesco building in Surat Thani and a warehouse for Ticon on the Eastern Seaboard. Utilising the twin technologies of concrete and steel fibres, Twintec’s ‘jointless’ floor slabs eliminate the need for saw-cut joints, thereby maximising operational efficiencies and significantly reducing year-on-year maintenance costs.

For speculative developments a ‘jointless’ slab offers flexibility of use, future proofing for the racking requirements of occupiers.

proving in India and interest in the real estate market is up. The recent government legislation allowing the creation of REITs will improve market transparency, liquidity and access to capital • Volumes have improved in Thailand following stabilisation after a prolonged political crises and

the military coup. In Malaysia, more large assets are coming into the market and investment activity is expected to increase in 2015.

In Indonesia, investment activity remains quiet as investors show concern around the newly elected government’s ability to implement reforms The Link

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Member News

Bangkok Patana School hosts FOBISIA conference B angkok Patana School hosted the 2014 FOBISIA Heads’ and Senior Leaders’ Conference in November. FOBISIA, the Federation of British International Schools in Asia, promotes excellence, high achievement and good practice through British-style education. The conference was attended by some 220 delegates including Heads of 47 British international schools based in Asia.

The theme ‘Thinking outside the Box’ was echoed in more than 30 professional development workshops and keynote speeches.

Bangkok Patana students played a significant role at the conference by introducing keynote speakers and sessions as well as escorting delegates on campus tours. “The conference showcased ten very confident students across a number of age groups. They demonstrated leadership by presenting in front of a very senior audience

and being articulate and confident,” said Head of School Matt Mills.

Tania Donoghue, FOBISIA Executive Officer, said, “The highlight of the conference was the supply of high quality

professional development for senior management combined with equally passionate educationally based organisations – a common thread amongst all was empowering and giving the best to our students in Asia.”

Harrow remembers S tudents and staff gathered at Harrow International School Bangkok to commemorate Remembrance Day on 11 November. The school was honoured to welcome General Virod Wichitoe - Commander of Thailand’s General Reserve Affairs Centre.

Headmaster Mick Farley paid tribute to the 642 Harrovians who lost their lives in the First World War and encouraged students to consider the consequences of war as he addressed the school.

“Time and time again, history demonstrates that in war there are no winners, only losers. As leaders for a better world, we all have a responsibility to ensure such catastrophic events never happen again,” he said.

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Member News

Chatrium leads by example

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hatrium Hotels & Residences, led by Managing Director Khun Savitri Ramyarupa and Adrian Brown - General Manager of Chatrium Hotel Riverside Bangkok - gathered with Magic Eyes and the Royal Thai Navy for the ‘Clean up Chao Phraya river campaign’.

Other volunteers include Chatrium associates and local community members.

The clean-up team collected garbage as well as water hyacinth, the main obstacle to river transportation, from the Royal Thai Navy’s pier to Pinklao pier.

Savitri Ramyarupa said, “We believe that everyone has a responsibility to ensure our world is not unnecessarily impacted by our presence. We make sure that positive contributions to local communities and the environment will not be left undone.”

Adrian Brown added, “We trust that our efforts will build more awareness on protecting the Chao Phraya River

Adrian Brown (centre) leads the Chatrium Hotels’ river clean-up project.

as well as promote a trend in reducing the effects of water pollution.”

to preserve a better environment for the public and communities.

The activity was part of Chatrium’s ongoing green project ‘Think First Think Earth’ in which Chatrium staff and volunteers work to improve and

Follow Green Campaign of Chatrium Hotels & Residences on https:// www.facebook.com/Chatrium or visit www.chatrium.com

New Hua Hin school attracts global interest E nquiries for places at the new Hua Hin International School, now under construction, have been received from parents in the USA, China PRC, Russia and many European countries as well from provinces throughout Thailand.

The school’s Board appointed Inzentive Technologies (Thailand) Ltd as the main contractors for the school’s construction and the company is using its prefabricated

construction system to enable the building to be completed well ahead of scheduled opening in August 2015.

Director Roy Barrett said, “We are very pleased with progress to date.

Construction is on track to finish in early June. We have appointed a very experienced and successful International School Head Teacher and we have begun recruiting general teaching and administrative staff.”

Graham Sullivan, Managing Director of Hua Hin International School, with Kenth Fredin, CEO of Inzentive Technologies.

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Member News

Centara expands Krabi portfolio

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entara Hotels & Resorts has announced that it will further expand its presence in Krabi by the addition of a Centra value brand hotel in the province. The Centra Phu Pano Resort is expected to open in mid 2016.

Centara, Thailand’s largest operator of hotels, will be featuring three of its brands in Krabi, and thereby extending its reach across a range of tourism market segments.

The management contract was signed at the Centara head office in Bangkok in October with owning company Chok Dee Suk. “With its location in Ao Nang close to shops and entertainment spaces this resort sits in a unique location for our guests” says Thirayuth Chirathivat, CEO of Centara Hotels & Resorts.

“Since we opened our five star resort in Krabi in 2006 we have built an excellent reputation and have a strong customer base, allowing us to expand and add more resorts – including Pelican Bay earlier this year.”

Suparat Chirathivat, VP - Business Development at Centara International Management; Dr Ronnachit Mahattanapreut, Senior VP - Finance & Administration at Centara Hotels & Resorts; Thirayuth Chirathivat, CEO; Suthikiati Chirathivat; Prawith Deechaisatetha; Kanockwan Deechaisatetha and Watcharaphon Deechaisatetha.

Chris Bailey, Senior VP for Sales and Marketing at Centara Hotels & Resorts, said Centara had a strategic expansion plan for the south of Thailand with three different brands across the region to cater for specific market segments. “Opening a new resort in Krabi gives us extra strength

in the Southern Thailand market, and extends our range in the value sector,” he added.

The Centra Phu Pano Resort will have 158 guest rooms with many designed for the family market.

Magnolia has designs on top property award T he Magnolias Ratchadamri Boulevard project, currently under construction, has won ‘Best Architectural Design’ at the 2014 South East Asia Property Awards. This landmark building in the heart of Bangkok belongs to the Magnolia Quality Development Corporation.

The inspiration of the building’s design is ‘a magnolia flower petal’

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to create a facade that enfolds the structure. By incorporating traditional Thai architecture, this serves as a sunshade as it creates an impressive appearance, while it affords residents spectacular views of the city in all directions. As a new member of the community, the residence features advanced recycling technology to most effectively meet environmental demands.

Surawat Hantawichai and Thanawan Chaiwattana of Magnolia Quality Developmen with the award.

Member News

Traill hosts FOBISIA games in Bangkok T raill International School has hosted its first FOBISIA games. The event took place at Bangkok’s Rajamangala National Stadium with seven schools competing. Garden International won the boys’ athletics and students from St Stephen’s won the girls’ competition.

Garden later enjoyed more success in the pool finishing as champions in both the boys and girls events. Success

for Traill boys came on the basketball court while girls from St Stephen’s finished as football champions.

Schools competing were: Bromsgrove International School, Garden International School (Ban Chang), Kinabalu International School, St Stephens International School (Bangkok), The British School Kathmandu, The Regent’s School (Bangkok) and Traill International School.

Centara Hotels and Resorts has been named as the operators of the ‘Best APAC Hotel and Resort Website’ at a recent awards ceremony. Senior VP - Sales and Marketing Chris Bailey said, “Our website receives the largest number of daily, monthly and annual hits when compared to any other hotel company within Thailand so it is gratifying that although the site is extremely busy we can still manage to be at the forefront of the awards parameters, namely content, layout, ease of navigation and innovation. Members of the company’s senior management team pictured from left to right are Kanokros Sakdanares, Group Director of Marketing Communications; Thirakiati Chirathivat, Vice President for Procurement; Chaiyadej Suwanparisut, Head of Web Development; Chris Bailey; Suthikiati Chirathivat; Thirayuth Chirathivat, Chief Executive Officer, and Markland Blaiklock, Chief Operating Officer.

Marc Bittner (centre), Sommelier at The Okura Prestige Bangkok hotel, welcomes sake experts from breweries in Japan. The hotel hosted an evening of sake tasting, accompanied by food prepared at at the hotel’s signature Japanese restaurant Yamazato for local and international residents.

Tesco Lotus CEO John Christie and senior Tesco Lotus executives hosted a Gala Dinner to celebrate the company’s 20th anniversary. The event was attended by nearly 1,000 business partners. From left to right: Rob Rjinders, Unilever; James Padovan, Tesco Lotus; Jorge Chadzarreta, Thai Pure Drinks; John Christie; Supatra Paopiamsap, Unilever (Thailand); Nick Smart, Tesco Lotus, and Raoul Falcon, P&G Thailand.

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Member News

More firms look beyond the CBD for office space

However, the office market along Bangna-Trad Road is suffering a severe shortage of quality office supply.

This has created new opportunities for property developers that are looking to develop commercial projects in new locations outside the central business areas where land has becoming increasingly scarce and expensive, according to JLL. Suphin Mechuchep, Managing Director of JLL, said, “The BangnaTrad area has been predominantly known as a major manufacturing and logistics hub east of Bangkok.

Over the past few decades, the area has emerged as a major commercial location, with a number of retail and office developments rising along the main road.

“While the number of major retail centres has continued to increase along Bangna-Trad Road to serve the fast growing residential market in the area and customers from downtown Bangkok, the area has seen no growth in new office supply since 1994. As a result, the office market there has been dominated by home offices and aging office buildings, many of which are poorly managed and outdated in terms of specifications and facilities,” she added.

According to JLL’s Thailand Property Intelligence Centre, the office 44

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450

45%

400

40%

350

35%

300

30%

250

25%

200

20%

150

15%

100

10%

50

Average Vacancy Rates

Average Office Rents and Vacancy Rates in Bangna-Trad Area*

Average Rents (THB/s.qm/month)

W

ith office rents in Bangkok’s central business areas rising by 15 percent in 2013 and nearly six percent so far in 2014, more firms are considering the Bangna-Trad area as an alternative business location, thanks to its competitive rents and convenient access to both Bangkok’s central business areas and the Eastern Seaboard.

5%

0

0% 2003

2004

2005

2006

2007

2008

Average Rents Source: Thailand Property Intelligence Centre, JLL

market on Bangna-Trad Road concentrates in the area between the Bangna-Sukhumvit intersection and Bangna-Trad Road km 10 and has a stock of 296,000 sq.m, of which around 30 percent is space of acceptable quality.

Despite the lack of quality supply, demand for high-rise office space in the area has been increasing rapidly as indicated by a declining vacancy rate - currently at 17.4 percent - which has fallen twice as fast as the market average since 2010. Importantly, a number of buildings of better quality are now experiencing single digit vacancy rates.

Yupa Sathienpabayut, Director of Office Leasing at JLL, said “Traditionally, demand for office space in the Bangna-Trad area came largely from companies that needed easy access to Bangkok’s central business areas and the Eastern Seaboard as well as to Suvarnabhumi International Airport. Today the area is attracting companies from a wider variety of industries looking to take advantage of relatively low rents and improved infrastructure, with many of these companies choosing to locate their back office functions in the area.

2009

2010

2011

2012

2013 Oct-14

Average Vacancy Rates *Area between the Bangna-Sukhumvit intersection and Bangna-Trad k.m. 10

“This trend is continuing as rapidly rising office rents and limited available supply in Bangkok’s central business areas are forcing more companies to consider secondary locations. Having said that, the office market on Bangna-Trad Road is not well equipped to meet this new demand. Most of the buildings of acceptable quality are either nearly or fully occupied,” she added. “There has been no new office development in this area over the past 20 years as achievable office rents along BangnaTrad Road have until recently been too low to offer an attractive return for developers.”

Since 2010, office rents along Bangna-Trad Road have increased more rapidly than the market-wide average during the same period due to continued demand and tight supply of quality space, according to JLL. “Average rents along Bangna-Trad have risen from THB 287/sq.m/ month in 2010 to THB 389/sq.m/ month at present, a 35.4 percent increase. When compared to the 23 percent market-wide increase seen during the same period, it is clear that the area is heating up,” explained Yupa Sathienpabayut.

Member News

Regent’s students win D&T challenge

I

nternational Baccalaureate (IB) students from Regent’s School have won the Key Stage 5 FOBISIA Design and Technology Challenge, competing against schools from across south east Asia.

The challenge was to design a mechanism to move three cans from one place to another without touching them by hand. They were given a template of a loading bay mock up where they had to situate the mechanism on the given base.

The students adopted the IB design cycle throughout the whole process and their solution was a hydraulic system to push the cans into a cradle. The cradle was operated using a four-axis pivot with the design comprising 3D printed and laser-cut components.

Students, parnents and staff at Regent’s School celebrated Loy Krathong in the presence of new Principal Peter Hogan. The students demonstrated true talent and a sense of camaraderie with responsibility as they took to the stage to sing, dance and act. Noppamas contestants impressed the audience with their Thai traditional costumes and public speaking skills. Many were on stage for the first time. Peter Hogan paid tribute to the success of event, stating that ‘school events help to define the sort of place we are and create firm memories among students’.

Miss Tipaporn Chearavanont, Chief Executive Officer of DT Group of Companies and Magnolia Quality Development Corporation Limited, was a guest speaker at the recent ‘Forbes Global CEO Conference’ in Singapore. Her talk, entitled ‘Giving: the promise of fresh starts’, was designed to share her inspiration of company CSR projects and activities through the continuous support of underprivileged children. The Forbes event was attended by some 400 delegates.

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Member News

Bangkok Prep announces new scholarships

B

angkok International Preparatory and Secondary School (Bangkok Prep) has launched an ‘A’ level scholarship scheme for students with outstanding achievement for entry to Year 12 in August 2015.

Year 13. Bangkok Prep offers a rigorous IGCSE programme to Year 10 and 11 students as a precursor to the Cambridge-approved ‘A’ levels available for study in Years 12 and 13.

The programme of study at Bangkok Prep is based on the National Curriculum of England, offering a quality education to pupils from Nursery to

The scholarship is open to students of all nationalities aged 16 years with outstanding achievement in academic studies, sports and music. Three scholarships with a total combined

value of more than three million baht are being offered for duration of two years.

The deadline for application is 30 January 2015 with the successful scholarship placements being announced on 16 March.

More details: www.bkkprep.ac.th/ scholarship

Bangkok-based architectural consultants diDESIGNS has landed the Holcim Awards Acknowledgement Prize for its work on the ‘Resurrection of Urban Canal System’ project in Thailand. The project embraces the integration of the canal network to rail and MRT systems - including a development plan for canal-side areas and urban spaces.

Representing the company at the awards ceremony in Jakarta were Pongporn Sudbanthad, Sethawat Srivirote, Santi Sombatwichatorn and Chanikarn Opaspimoltum.

The Rotary Club of Bangkok South and 3M Thailand, together with Dusit Thani Bangkok, organised the ‘17th Annual Coins on Silom’ charity fundraiser. The opening ceremony took place at the entrance to the Dusit Thani hotel. Donations received will help fund various charity projects for the disadvantaged and disabled throughout Thailand. Pictured from left to right: Jesada Siraprapawan, Events and Promotions Manager of Qnet; Michael Doyle, President of the Rotary Club of Bangkok South (third left); Francis Hu, Managing Director of 3M Thailand; Surachat Chuenchoksan, Governor of Rotary District 3350; Sukanya Janchoo, GM of the Dusit Thani Bangkok and Kanokon Phongpisuttinun, GM of Barter Card.

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Member News

Centara set to expand World Masters Golf

T

hailand-based Golfasian and Australia’s Go Golfing are set to expand the Centara World Masters Golf tournament in 2015.

The 2015 Centara World Masters Golf Championship will again see participants play a selection of world class golf resorts in Hua Hin next June with all the trappings of a major professional event. Despite its amateur status the event is Thailand’s richest with US$30,000 in prizes and lucky draws.

The biggest event of its kind in Asia, the tournament has earned a reputa-

tion as Asia’s best week of amateur golf. Some 500 competitors from 23 countries attended the 2014 event.

“At Centara Hotels and Resorts we are delighted about the immense success of the inaugural event and are excited to welcome even more golfers to Hua Hin in June 2015,” said CEO Thirayuth Chirathivat.

The tournament is open to male and female golfers aged 35 and over with 15 divisions based on age and handicap.

More details: http:// www.thailandworldmasters.com

Reasons to work hard K IS International School invites ambitious students to create their own success story by applying for the coveted IB Diploma academic scholarship, also known as the ‘One Million Baht Scholarship’, for the academic year 2015-2016.

KIS scholarships are well respected in the international school community and are awarded in order to recognise academic excellence and open up the world of the International Baccalaureate (IB) to deserving candidates. The IB Diploma scholarship winner will be granted full tuition for the duration of the two-year IB Diploma programme, valued at around 1.5 million baht.

The scholarship is open to applicants of all nationalities who are fluent in English and currently in Grade 10 (Year 11). Applicants

should be academically strong and well-rounded. Candidates may be eligible for a partial scholarship.

Applications are welcome until 17 February 2015. Academic scholar-

ships for other secondary school grades are also available.

Email: admissions@kis.ac.th. More information at: www.kis.ac.th.

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Dataconsult

Chamber Events

best helper that 2015 growth can expect.

By the Numbers

On the broader front of the IMF statistics relating to past performance, projected forward to 2019, quite a few changes have emerged. The Myanmar census came in time to enable the IMF to adjust its own reckoning. In April 2014 the IMF thought Myanmar had 66.2 million people, but, by October 2014, there were only 51.4 million left, with disappearance of nearly 15 million people! Even the new democracyloving generals of Myanmar can hardly be that draconian in population eradication.

Chris Bruton Director, Dataconsult Ltd.

E

conomic forecasters are fortunate.

By the time their forecasts can be matched with realities, most people will have forgotten what their forecasts were, or how wrong they turned out to be. Unfortunately, this time around, forecasts have plunged so rapidly, that previous figures are still on record.

And how enormous these adjustments have turned out to be! As recently as February 2014, when protesters were still on the streets and an election was being held (later aborted) the National Economic and Social Development Board was still boldly predicting GDP growth at 3.0 to 4.0 percent.

In April 2014, the International Monetary Fund was predicting Thailand’s 2.5 percent growth. As of October 2014, forecasts are a little more realistic, with the Fiscal Policy Office now touting 1.4 percent (range of 1.2 to 1.7 percent) and the IMF barely 1.0 percent. For 2015, the general consensus ranges around 4.0 percent, with the Fiscal Policy Office opting for 3.6 to 4.6 percent, and the IMF taking a bold stab at 4.6 percent. But let’s admit that we really don’t have a clue. A slow world recovery, crisis flare-ups in many places, uncertain export performance, will all have their impact. A low base line in 2014 will certainly be the

In terms of per capita GDP, Myanmar fared somewhat better, leaping from US$910 in April to 1,103 in October, thereby leap-frogging over hapless Cambodia, which shed US$3 per capita, during the same timeframe. Such are the vagaries of the statistician’s and forecaster’s magic wands. But the World spins round regardless, and only the statisticians and forecasters actually notice the differences between their forecasts and the realities.

Maybe sometimes the realities are not so real either, although we may have to await Wikileaks to find out the truth.

Economic Projection for 2014 and 2015 2013 Major Assumptions Exogenous Variables Average Economic Growth Rate of Major Trading Partners (percent y-o-y) Dubai Crude Oil Price (U.S. dollar per Barrel)

2014 f (October 2014) Average

Range

2015 f (October 2014) Average

3.7

3.7

3.5-4.0

3.8

3.3-4.3

105.1

101.0

99.0-103.0

100.0

95.0-105.0

Export price in U.S. dollar (percent y-o-y)

-0.5

-1.0

-1.5 to -0.5

-0.5

-1.5 to 0.5

Import price in U.S. dollar (percent y-o-y)

-2.1

-0.9

-1.4 to -0.4

-0.5

-1.5 to 0.5 31.7-33.7

Policy Variables Exchange Rate (Baht per U.S. dollar)

30.7

32.4

32.2-32.6

32.7

Repurchase Rate (Policy Rate) at year-end (percent y-o-y)

2.25

2.00

2.00-2.00

2.00

1.5-2.50

Fiscal-Year Pubic Expenditure (Trillion Baht)

3.03

3.21

3.20-3.22

3.47

3.46-3.48

Number of Tourists (million persons)

26.5

24.7

24.2-25.2

28.0

27.0-29.0

Economic Growth Rate (percent y-o-y)

2.9

1.4

1.2-1.7

4.1

3.6-4.6

Real Consumption Growth (percent y-o-y)

1.1

1.9

1.7-2.2

3.7

3.2-4.2

0.3

1.4

1.2-1.7

3.7

3.2-4.2

4.9 -2.0

4.5 -2.1

4.3-4.8 -2.6 to -1.6

3.6 8.6

3.1-4.1 7.6-9.6

- Real private Investment

-2.8

-3.0

-3.5 to -2.5

8.0

7.0-9.0

- Real Public Investment

1.3

1.0

0.5-1.5

10.7

8.7-12.7

Projections

- Real Private Consumption - Real Public Consumption Real Investment Growth (percent y-o-y)

Export Volume of Goods and Services (percent y-o-y)

4.2

-0.1

-0.6 to 0.4

6.5

5.5-7.5

Import Volume of Goods and Services (percent y-o-y)

2.3

-2.9

-3.4 to -2.4

9.6

8.6-10.6 4.5-10.5

Trade Balance (billion U.S. dollar)

6.7

19.4

18.0-20.2

7.5

- Export Value of Goods in U.S. dollar (percent y-o-y)

-0.2

0.1

-0.2 to 0.4

3.5

1.5-5.5

- Import Value of Goods in U.S. dollar (percent y-o-y)

-0.5

-5.7

-6.0 to -5.5

9.6

7.9-11.6

-2.5

9.0

8.5-9.5

0.3

-0.7 to 1.3

-0.7

2.2

2.1-2.3

0.1

-0.1 to 0.3

Headline Inflation (percent y-o-y)

2.2

2.1

1.9-2.4

2.2

1.7-2.7

Core Inflation (percent y-o-y) Unemployment Rate (percentage of total labor force)

1.0 0.7

1.6 0.9

1.4-1.9 0.8-1.0

1.6 0.8

1.1-2.1 0.7-0.9

Current Account (billion U.S. dollar) - Percentage of GDP

Source: Fiscal Policy Office, Ministry of Finance

Gross Domestic Product at current prices (total value) (countries ranked by 2014 size) Country China India Indonesia Thailand Malaysia Singapore Philippines Vietnam Myanmar Brunei Cambodia Laos

2008 4,547.7 1,223.2 510.5 272.6 231.1 192.2 173.6 98.3 34.6 14.4 10.4 5.3

2009 5,105.8 1,365.3 538.6 263.7 202.3 192.4 168.5 101.6 38.1 10.7 10.4 5.6

2010 5,949.6 1,708.5 709.3 318.9 247.5 236.4 199.6 112.8 49.6 12.4 11.3 6.8

2011 7,314.5 1,880.1 845.6 345.7 289.3 274.1 224.1 134.6 56.2 16.7 12.9 8.1

2012 8,386.7 1,858.7 877.8 366.0 305.0 286.9 250.2 155.6 55.8 17.0 14.1 9.4

(US$ billion) 2013 9,469.1 1,876.8 870.3 387.3 313.2 297.9 272.1 170.6 56.8 16.1 15.5 10.8

2014 10,355.4 2,047.8 856.1 380.5 336.9 307.1 289.7 187.8 65.3 17.4 16.9 11.7

2015 11,285.1 2,247.6 915.0 397.5 375.6 320.2 330.3 204.5 73.6 17.5 18.4 12.8

2016 12,235.1 2,447.3 975.3 417.8 413.4 331.4 369.2 219.4 82.2 17.9 20.1 14.1

2013 8.3 8.0 7.7 7.4 7.2 4.7 5.0 5.4 -1.8 5.8 3.9 2.9

2014 8.5 7.4 7.4 7.2 6.2 5.9 5.6 5.5 5.3 5.2 3.0 1.0

2015 8.5 7.2 7.1 7.3 6.3 5.2 6.4 5.6 3.0 5.5 3.0 4.6

2016 8.3 7.7 6.8 7.3 6.0 5.0 6.5 5.7 3.4 5.8 3.0 4.4

Gross Domestic Product at constant prices (growth) (countries ranked by 2014 size) Country Myanmar Laos China Cambodia Philippines Malaysia India Vietnam Brunei Indonesia Singapore Thailand

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2008 3.6 7.8 9.6 6.7 4.2 4.8 3.9 5.7 -1.9 6.0 1.8 2.5

Issue 6/2014

2009 5.1 7.5 9.2 0.1 1.1 -1.5 8.5 5.4 -1.8 4.6 -0.6 -2.3

2010 5.3 8.1 10.4 6.1 7.6 7.4 10.3 6.4 2.6 6.2 15.2 7.8

Range

2011 5.9 8.0 9.3 7.1 3.7 5.2 6.6 6.2 3.4 6.5 6.1 0.1

2012 7.3 7.9 7.7 7.3 6.8 5.6 4.7 5.2 0.9 6.3 2.5 6.5

2017 13,263.3 2,672.5 1,051.1 441.2 449.7 343.3 412.9 238.8 91.4 18.1 22.0 15.5

2018 14,353.0 2,908.3 1,137.1 466.5 490.6 355.9 462.0 259.0 101.5 19.1 24.0 17.3

2019 15,518.9 3,181.9 1,230.9 493.3 535.8 369.1 517.3 281.4 111.9 19.8 26.3 18.7

(Percentage change year-on-year) 2017 8.0 7.7 6.6 7.5 6.0 5.0 6.6 5.8 5.0 6.0 3.0 4.3

2018 7.8 7.4 6.4 7.5 6.0 5.0 6.7 5.9 5.2 6.0 3.1 4.3

2019 7.6 7.5 6.3 7.5 6.0 5.0 6.7 6.0 3.3 6.0 3.1 4.3

Gross Domestic Product per capita (countries ranked by 2014 size) Country Singapore Brunei Malaysia China Thailand Indonesia Philippines Vietnam Laos India Myanmar Cambodia

2008 39,722.1 38,444.9 8,372.2 3,424.4 4,110.0 2,209.9 1,918.3 1,154.5 862.0 1,052.7 705.3 742.6

2009 38,577.0 28,237.5 7,203.3 3,826.0 3,943.1 2,298.8 1,851.5 1,181.4 890.6 1,158.9 771.6 736.3

2010 46,569.7 31,981.9 8,658.7 4,437.0 4,740.3 2,984.9 2,155.4 1,297.2 1,069.7 1,430.2 998.4 783.5

2011 52,870.5 42,436.0 9,955.8 5,428.8 5,114.7 3,508.2 2,379.4 1,532.3 1,236.2 1,552.5 1,120.9 882.6

(Current prices US$ Dollars) 2012 54,007.3 42,402.4 10,331.3 6,193.8 5,390.4 3,590.7 2,612.1 1,752.6 1,414.5 1,514.6 1,103.3 950.9

2013 55,182.5 39,658.8 10,456.9 6,958.7 5,675.8 3,509.8 2,790.9 1,901.7 1,593.6 1,509.5 1,113.4 1,028.1

2014 56,113.0 42,239.3 11,062.0 7,572.4 5,550.3 3,404.0 2,913.3 2,072.7 1,697.1 1,625.6 1,269.8 1,103.5

2015 58,146.0 41,833.2 12,127.2 8,211.5 5,771.7 3,587.1 3,256.3 2,233.5 1,824.2 1,761.1 1,420.0 1,180.8

2016 59,867.4 41,900.8 13,123.9 8,858.7 6,040.4 3,769.7 3,568.7 2,370.7 1,969.1 1,892.7 1,572.5 1,273.0

2017 61,712.9 41,706.3 14,037.8 9,555.8 6,352.4 4,005.7 3,913.1 2,554.0 2,118.2 2,040.0 1,736.0 1,372.5

2012 75,948.8 75,220.3 22,103.8 13,604.5 10,911.3 9,102.4 6,171.0 5,180.6 5,001.1 4,334.9 3,989.1 2,845.4

2013 78,761.9 73,823.1 23,160.3 14,136.3 11,867.7 9,634.7 6,596.7 5,449.8 5,295.4 4,665.8 4,344.5 3,056.4

2014 81,345.7 77,824.0 24,520.8 14,442.6 12,893.4 10,156.7 6,985.7 5,777.0 5,621.4 4,998.6 4,751.7 3,281.6

2015 84,821.4 80,335.3 25,833.2 15,319.5 13,992.7 10,759.2 7,412.2 6,176.3 5,983.2 5,357.2 5,207.7 3,533.6

2016 88,534.1 83,243.0 27,173.9 16,223.9 15,156.6 11,434.6 7,846.5 6,612.3 6,376.7 5,766.7 5,698.7 3,807.2

2017 92,569.0 87,768.6 28,632.1 17,200.5 16,412.4 12,195.8 8,321.1 7,102.2 6,813.8 6,220.8 6,234.3 4,113.8

2012 10.2 2.8 4.0 4.3 9.1 2.9 3.2 1.7 2.6 3.0 4.6 0.1

2013 9.5 5.7 6.4 6.4 6.6 3.0 2.9 2.1 2.6 2.2 2.4 0.4

2014 7.8 6.6 6.0 5.5 5.2 4.5 4.5 2.9 2.3 2.1 1.4 0.4

2015 7.5 6.3 6.7 5.3 5.2 3.5 3.9 4.1 2.5 2.0 2.5 0.5

2016 6.7 6.6 6.1 5.7 4.9 3.0 3.5 3.5 3.0 2.0 2.7 0.5

2017 6.3 6.3 5.5 5.9 4.7 3.0 3.5 2.9 3.0 2.0 2.3 0.6

2018 6.2 6.1 5.3 6.0 4.6 3.0 3.5 2.9 3.0 2.0 2.4 0.6

2019 6.0 5.8 5.0 6.0 4.5 2.9 3.5 2.9 3.0 2.0 2.3 0.6

2019 97.3 53.7 56.2 51.8 60.7 51.8 44.9 40.6 27.2 27.1 23.2 2.0

GDP Purchasing-power-parity per capita (countries ranked by 2014 size) Country Singapore Brunei Malaysia Thailand China Indonesia Philippines India Vietnam Laos Myanmar Cambodia

2008 63,183.5 71,917.7 18,975.0 11,711.8 7,399.6 7,228.4 5,114.7 3,864.9 3,924.1 3,268.1 3,085.6 2,346.3

2009 61,398.9 70,229.5 18,506.6 11,429.4 8,103.3 7,513.3 5,184.1 4,166.7 4,123.4 3,467.2 3,245.7 2,332.1

2010 70,363.8 71,671.2 19,767.0 12,399.3 9,012.9 7,964.8 5,550.4 4,586.1 4,395.5 3,719.1 3,434.9 2,466.0

2011 74,593.9 74,395.6 20,876.1 12,607.3 10,006.4 8,534.7 5,772.5 4,924.1 4,717.0 4,022.1 3,683.2 2,650.8

2008 9.2 11.5 9.8 7.6 23.1 25.0 8.2 5.4 5.9 5.5 6.6 2.1

2009 10.6 2.2 5.0 0.0 6.7 -0.7 4.2 0.6 -0.7 -0.9 0.6 1.0

2010 9.5 8.2 5.1 6.0 9.2 4.0 3.8 1.7 3.3 3.3 2.8 0.2

2011 9.5 2.8 5.3 7.6 18.7 5.5 4.7 3.2 5.4 3.8 5.2 0.1

2019 65,701.8 44,351.8 16,170.3 11,070.6 7,047.5 4,559.8 4,711.9 2,947.6 2,473.2 2,366.1 2,097.2 1,593.6

(Current International dollar)

Inflation: average consumer prices (countries ranked by 2014 size) Country India Myanmar Indonesia Laos Vietnam Cambodia Philippines Malaysia China Thailand Singapore Brunei

2018 63,677.6 43,483.9 15,056.6 10,289.8 6,690.8 4,272.4 4,292.8 2,741.2 2,322.0 2,191.1 1,913.6 1,479.0 2018 96,938.4 92,765.5 30,186.3 18,241.4 17,747.9 13,015.3 8,830.7 7,638.9 7,292.1 6,695.0 6,811.1 4,450.6

2019 101,476.5 96,230.3 31,809.2 19,339.6 19,166.3 13,883.1 9,368.1 8,212.6 7,807.5 7,207.9 7,429.8 4,812.3

(Percentage change year-on-year)

General Government Gross Debt (percent of GDP) (countries ranked by 2014 size) Country Singapore Laos India Malaysia Vietnam Thailand China Myanmar Philippines Cambodia Indonesia Brunei

2008 95.3 60.3 74.5 41.2 39.4 37.3 31.7 53.1 44.2 27.5 33.2 1.0

2009 99.3 63.2 72.5 52.8 46.9 45.2 35.8 55.1 44.3 28.9 28.6 1.2

2010 97.4 62.1 67.5 53.5 48.4 42.6 36.6 49.6 43.5 29.1 26.1 1.2

(%)

2011 101.8 56.9 66.8 54.2 46.7 41.7 36.5 49.4 41.4 28.5 24.4 2.4

2012 106.6 62.2 66.6 56.2 48.5 45.4 37.4 48.0 40.6 28.7 24.0 2.4

2013 103.5 61.3 61.5 57.7 51.6 45.9 39.4 39.8 39.1 28.4 26.1 2.5

2014 103.1 61.2 60.5 56.6 54.8 47.9 40.7 39.5 36.3 28.9 26.2 2.3

2015 101.0 60.1 59.5 54.9 57.1 48.4 41.8 39.8 33.9 28.9 26.0 2.3

2016 99.3 59.4 58.5 53.6 59.5 49.1 42.9 40.3 32.0 28.5 26.0 2.2

2017 97.6 58.6 57.8 52.8 60.3 49.8 43.8 40.5 30.3 27.9 25.3 2.2

2018 95.9 55.4 57.0 52.2 60.7 50.7 44.5 40.6 28.6 27.4 24.2 2.1

2011 36.4 22.8 11.6 0.2 2.5 2.6 1.9 -4.2 0.2 -1.9 -8.1 -15.5

2012 33.5 17.5 5.8 6.0 2.8 -0.4 2.6 -4.7 -2.8 -4.3 -8.7 -27.7

2013 31.5 18.3 3.9 5.6 3.5 -0.6 1.9 -1.7 -3.3 -5.4 -8.5 -27.7

2014 31.6 17.6 4.3 4.1 3.2 2.9 1.8 -2.1 -3.2 -5.3 -8.7 -25.4

2015 30.1 16.6 4.2 3.4 2.6 2.1 2.0 -2.2 -2.9 -5.1 -7.7 -21.2

2016 28.9 16.2 4.3 2.6 2.1 1.0 2.3 -2.4 -2.8 -5.0 -7.4 -18.2

2017 29.3 15.7 4.3 1.2 1.5 1.2 2.5 -2.4 -2.7 -4.9 -7.0 -16.2

2018 31.5 15.2 4.2 -0.7 1.0 0.9 2.7 -2.5 -2.6 -4.6 -6.7 -16.2

2011 1,347.4 1,211.0 241.0 94.2 87.8 67.6 50.1 29.1 14.6 6.5 5.2 0.4

2012 1,354.0 1,227.2 244.5 95.8 88.8 67.9 50.5 29.5 14.9 6.6 5.3 0.4

2013 1,360.8 1,243.3 248.0 97.5 89.7 68.2 51.0 29.9 15.1 6.8 5.4 0.4

2014 1,367.5 1,259.7 251.5 99.4 90.6 68.6 51.4 30.5 15.3 6.9 5.5 0.4

2015 1,374.3 1,276.3 255.1 101.4 91.6 68.9 51.8 31.0 15.5 7.0 5.5 0.4

2016 1,381.1 1,293.1 258.7 103.5 92.5 69.2 52.3 31.5 15.8 7.2 5.5 0.4

2017 1,388.0 1,310.1 262.4 105.5 93.5 69.5 52.6 32.0 16.0 7.3 5.6 0.4

2018 1,394.9 1,327.3 266.1 107.6 94.5 69.7 53.0 32.6 16.3 7.4 5.6 0.4

Current Account Balance (countries ranked by 2014 size) Country Brunei Singapore Malaysia Vietnam Philippines Thailand China India Indonesia Myanmar Cambodia Laos

2008 48.9 14.4 17.1 -11.0 0.1 0.8 9.2 -2.3 0.0 -4.2 -5.7 -18.5

2009 40.3 16.8 15.5 -6.5 5.0 8.3 4.8 -2.8 2.0 -1.3 -4.5 -21.0

2010 45.5 23.7 10.9 -3.8 3.6 3.1 4.0 -2.7 0.7 -1.2 -3.9 -18.3

(percent of GDP)

Population ASEAN+2 (countries ranked by 2014 size) Country 2008 2009 2010 China 1,328.0 1,334.5 1,340.9 India 1,162.0 1,178.1 1,194.6 Indonesia 231.0 234.3 237.6 Philippines 90.5 91.0 92.6 Vietnam 85.1 86.0 86.9 Thailand 66.3 66.9 67.3 Myanmar 49.0 49.3 49.7 Malaysia 27.6 28.1 28.6 Cambodia 13.9 14.1 14.4 Laos 6.1 6.3 6.4 Singapore 4.8 5.0 5.1 Brunei 0.4 0.4 0.4 Statistical source: International Monetary Fund, October 2014

2019 33.2 14.5 4.1 -1.9 0.5 0.8 3.0 -2.6 -2.5 -4.4 -6.6 -16.1

(million persons)

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2019 1,401.8 1,344.8 269.9 109.8 95.5 70.0 53.4 33.1 16.5 7.6 5.6 0.4

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Ploenchit Fair 2014 The 2014 Ploenchit Fair, one of the major attractions in Bangkok social calendar, attracted many thousands of local and international visitors. The next issue of The Link will feature a full report. For now, please enjoy these snapshots from a really enjoyable and successful day.

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Chamber Events

BCCT/British Council Lunch

BCCT/AMCHAM Joint ICT Briefing

8 October 2014

15 October 2014

Khun Wirat Sirikajornkij, Partner of KPMG Phoomchai Tax Ltd and tax team leader at KPMG Myanmar, was guest speaker at the BCCT/British Council Thai-Language Lunch on Myanmar on Wednesday 8th October.

BCCT joined hands with AMCHAM to host a Joint ICT Briefing on Legal Framework for Proactive Cybersecurity presented by Dr. Yunyong Teng-amnuay on Wednesday 15th October.

- Khun Wirat gave a most interesting presentation.

From left: - AMCHAM ICT Chair John Formichella - BCCT ICT Chair Andrew McBean - Dr. Yunyong Teng-amnuay

Third Thursday Networking Evening

Allied Pickfords Commonwealth Golf Day

16 October 2014

31 October 2014

Holiday Inn Bangkok Sukhumvit kindly hosted the Third Thursday Networking Evening at Maya Restaurant on Thursday 16th October.

On Friday 31st October BCCT hosted the Allied Pickfords Commonwealth Challenge Golf Day at Windsor Park & Golf Club.

This event was kindly sponsored by Allied Pickfords, Bromsgrove International School, LAMP Services and Raja’s Fashions.

From left: - BCCT Vice Chairman Chris Thatcher - Holiday Inn Bangkok Sukhumvit GM Bart Callens - Lloyd Wilson of Berkley International School - Ruairidh Watters of TICON

From left: - Guy Ellis of Allied Pickfords - Jerome Newman of LAMP Services - Susan Glover of Bromsgrove International School - BCCT Executive Director Greg Watkins

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Thank you to our sponsors and partners.

- BCCT ICT committee Vasilijs Mihailovs - AMCHAM ICT committee Peter Fischbach

Chamber Events

BCCT-MBMG Insights

BCCT Phuket Business Dinner

11 November 2014

14 November 2014

BCCT held the third BCCT-MBMG Insights presentation As Safe as Houses on Tuesday 11th November at the Hilton Sukhumvit.

BCCT in cooperation with FTCC, GTCC, and NTCC welcomed Dr. Kirida Bhaopichitr, Senior Economist at The World Bank Bangkok Office, as guest speaker for BCCT’s second Phuket Business Dinner on The ASEAN Economic Community on Friday 14th November.

From left: - Paul Gambles, Co-founder of MBMG Group and Managing Director of MBMG Investment Advisory - Andrew Batt, International Group Editor of Property Guru Group

- BCCT Executive Director Greg Watkins (third from right) welcomes Dr Kirada to the Phuket Business Dinner (centre). Many thanks to sponsors Siam Real Estate, Class Media Act and Amari Phuket.

BCCT Boardroom Briefing

Combined Chambers PWG Evening

17 November 2014

19 November 2014

On Monday 17th November BCCT held the Boardroom Briefing on Recent Developments in Visas and Work Permits in Thailand presented by Chutinun Wannapirun (centre) and John Casella (right), from PKF Tax and Consulting.

On Wednesday 19 November BCCT in cooperation with AustCham, TCCC and SATCC hosted the Professional Women’s Group Networking Evening celebrating Christmas early and learning about beverage preparation. This event was kindly sponsored by Samitivej Hospital and William Grant & Sons.

- BCCT Vice Chairman Chris Thatcher (left) welcomes the guest presenters.

- Shaken, not stirred at the PWG networking evening.

Thank you to our sponsors and partners.

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Chamber Events

BCCT Half-Day Workshop

Third Thursday Networking Evening

20 November 2014

20 November 2014

Aukarachai Taupradist(pictured), Senior Operation Manager at Property Care Services, conducted a Half-Day Workshop on Best In Class-Service Excellence on Thursday 20th November.

Novotel Platinum Pratunam kindly hosted a Third Thursday Networking Evening on Thursday 20 November.

- Khun Aukarachai makes his presentation to BCCT members.

- Novotel Platinum DOSM Maria Karacheva (left) and BCCT Chairman Simon Matthews

Joint Chambers ESB Briefing on AEC

Joint Chambers ESB Networking

21 November 2014

21 November 2014

Members of several foreign chambers and non-members joined the Joint Eastern Seaboard Briefing on AEC on Friday 21st November. Pictured is guest speaker Andrew McBean, Partner at Grant Thornton.

BCCT hosted the Joint Chambers Eastern Seaboard Networking Evening with AMCHAM, AustCham, GTCC, SATCC and BeluThai at Cape Dara Resort Pattaya on Friday 21st November. This event was kindly sponsored by Kingdom Property, MG Sales, Allied Pickfords, Bromsgrove International School and Cape Dara Resort Pattaya.

- Andrew McBean is an acknowledged authority on the ASEAN Economic Community.

- BCCT members attending the Networking Evening in Pattaya included Chairman Simon Matthews (centre).

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Thank you to our sponsors and partners.

Chamber Events

BCCT Boardroom Briefing

BCCT/British Embassy Networking

24 November 2014

24 November 2014

H.E. Philip Malone (left), British Ambassador to Laos, and Dr. Ramon Bruessler (right), Managing Director of European Chamber of Commerce and Industry in Laos, were guest speakers for BCCT’s Boardroom Briefing on Laos: A Business and Economic Update held on Monday 24th November.

On Monday 24th November, ManpowerGroup Thailand and Epicure Catering kindly sponsored the BCCT/British Embassy Networking Evening at the Queen Vic. Pictured are representatives from ManpowerGroup and Epicure Catering.

From left: - Paul Gambles, Co-founder of MBMG Group and Managing Director of MBMG Investment Advisory - Andrew Batt, International Group Editor of Property Guru Group

- Networking events at the Queen Vic are always popular with BCCT members.

BCCT Annual Lecture and Dinner 26 November 2014 On Wednesday 26th November Deputy Prime Minister M.R. Pridiyathorn Devakula was guest speaker at the BCCT Annual Lecture and Dinner sponsored by Standard Chartered Bank(Thai).

From left: - BCCT Chairman Simon Matthews - British Ambassador Mark Kent - IOD Chairman Kirk-Krai Jiraphet - Pridiyathorn Devakula

- Deputy PM Pridiyathorn is pictured during his keynote address.

- Standard Chartered Bank (Thai) Deputy Chairman Pakorn Malakul Na Ayudhya - Standard Chartered Bank (Thai) President & CEO Lyn Kok

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Thank you to our sponsors and partners.

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Chamber Events

BCCT Boardroom Briefing

BCCT/British Embassy Briefing

27 November 2014

15 October 2014

Neill Carruthers, Associate Director of the Institute for Collaborative Working, was guest speaker at the BCCT Boardroom Briefing on Partnering in Rail and Infrastructure Projects on Thursday 27th November.

BCCT members joined H.E. Mark Kent, British Ambassador to Thailand, for the BCCT/British Embassy Breakfast Briefing on Friday 28th November at The Residence, British Embassy.

- Neill Carruthers makes his presentation.

- Ambassador Mark Kent.

BCCT Western Seaboard Networking 28 November 2014 The second Western Seaboard Networking Evening on Friday 28 November at Hilton Hua Hin was a great success. A warm thank you to our sponsors Hot Property Hua Hin and Hilton Hua Hin.

From left: - Hilton Hua Hin GM Richard Erdos - Rob Scarr of Securitas (Thailand) - BCCT Chairman Simon Matthews

From left: - Ian Jones, Red Piano Restaurant & Wine Bar - Neil Heron, Go Kart Hua Hin - Steve James, AWOL - Anthony Kelly, Hot Property Hua Hin

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Thank you to our sponsors and partners.

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Britain in South East Asia (BiSEA) Fax: 603-2163-1781 Email: britcham@bmcc.org.my Website: www.bmcc.org.my Chairman: Dato Larry Gan General Manager: Nik Tasha Nik Kamaruddin Cambodia British Chamber of Commerce in Cambodia British Chamber of Commerce, Cambodia (BritCham) Office: British Embassy, #27-29 Street 75, Phnom Penh, Cambodia Tel: 855-1232-3121 E-mail: executivedirector@ britchamcambodia.org Website: www.britchamcambodia.org Chairman: Darren Conquest Executive Director: Olivia Widen

Indonesia British Chamber of Commerce in Indonesia Wisma Metropolitan 1, 15th Floor, Jl. Jend, Sudirman Kav 29-31 Jakarta, Indonesia 12920 Tel: 62-21-522-9453 Fax: 62-21-527-9135 Email: chriswren@britcham.or.id Website: www.britcham.or.id Chairman: Adrian Short Executive Director: Chris Wren

Malaysia British Malaysian Chamber of Commerce E04C1, 4th Floor East Block Wisma Selangor Dredging 142-B Jalan Ampang 50450 Kuala Lumpur, Malaysia Tel: 603-2163-1784 /1786

MYANMAR British Chamber of Commerce Myanmar Hintha Business Centre Floor 3, 608 Merchant Street (corner of Merchant & 31st) Pabedan Township Yangon, Myanmar Mobile: +95 (0)9250423475 Email: stephanie@ britishchambermyanmar.com President: Antony Picon Executive Director: Stephanie Ashmore

Philippines British Chamber of Commerce of the Philippines c/o The British Embassy Manila 120 Upper McKinley Road McKinley hill, Taguig City 1634 Metro Manila, Philippines Tel: 632-858-2255/858-2372/ 858-2373 Fax: 632-858-2390 Email: chairman@bccphil.com Website: www.bccphil.com Chairman: Roger Lamb General Manager: Chris Boughton

Singapore British Chamber of Commerce in Singapore 138 Cecil Street, #11-01 Cecil Court Singapore 069538 Tel: 65-6222-3552 Fax: 65-6222-3556 Email: info@britcham.org.sg Website: www.britcham.org.sg President: Mr. Hugo Walkinshaw Executive Director: Brigitte Holtschneider

Thailand British Chamber of Commerce Thailand (BCCT) 7th Floor, 208 Wireless Rd., Lumpini Pathumwan, Bangkok 10330 Tel: 66-2651-5350-3 Fax: 66-2651-5354 Email: greg@bccthai.com Website: www.bccthai.com Chairman: Simon Matthews Executive Director: Greg Watkins

Vietnam British Business Group Vietnam Ho Chi Minh City G/F 25 Le Duan Blvd, District 1 Ho Chi Minh City, Vietnam Tel: 84-8-3829-8430 Fax: 84-8-3822-5172 Email: info@bbgv.org Website: www.bbgv.org Hanoi 193B Ba Trien, Hai Ba Trung District Hanoi, Vietnam Tel: 84 4 6674 0945 Chairman: Nick Holder Executive Director: Wai Kit The Link IssueHo 6/2014 57

Comings and Goings The British Chamber of Commerce Thailand welcomes the following new members:

Aava Resort & Spa 28/3 Moo 6, Tambon Khanom Amphur Khanom Nakon Si Thamarat 80210 Tel: +66 (0) 75 300 310 Fax: +66 (0) 75 300 312 Email: aava@aavaresort.com Website: www.aavaresort.com

Representative: Ms. Kati Hakkinen - Owner Mr. Atte Savisalo - Managing Director/ Owner Business Activity: Hotel

AIMS PI (Thailand) Limited 388 Exchange Tower, 29th Floor Sukhumvit Road Klongtoey Subdistrict Klongtoey District Bangkok 10110 Tel: +66 (0) 2104-9271 Fax: +66 (0) 2104-9101 Email: contact@aimspi.com Website: www.aimspi.com

Representative: Mr. Paul Wyatt - Managing Director Mr. Charles Burchhardt - Consultant Business Activity: Financial Services, Health Insurance

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Andrews & Wykeham 10th Floor Jaka Building 6780 Ayala Avenue Makati City 1221, Metro Manila Philippines Tel: +63 2845 0640 Fax: +63 2845 0641 Website: www.andrews-wykeham.co.uk

Representative: Mr. Geoff Webb - Regional Manager Mr. Mark Campion - Projects Manager (representative)

Anek & Associates Co., Ltd. Unit 1001D. 101th/Fl 208 Wireless Road Bldg, No.208 Wireless Rd., Lumpini, Pathumwan Bangkok 10330 Tel: +66 2651 5234-5 Fax: +66 2651 5232-3 Email: info@anekgroup.com Website: www.anekgroup.com

Representative: Ms. Ekdarun Srisanit - Partner Ms. Suteerat Yodyingyuad - Partner Business Activity: Legal Services

Checkinn99 Sukhumvit Rd between Sois 5&7 Directly Opposite Landmark Hotel Bangkok 10110 Tel: +66 081 7357617 Email: checkinn99bkk@gmail.com Website: www.checkinn99bkk.com

Representative: Mr. Chris Catto-Smith - Owner Business Activity: Nightclub, Jazz lounge bar and Restaurant

Conrad Koh Samui 49/8-9 Moo 4, Hillcrest Road Tambon Tailing-Ngam, Amphur Koh Samui Suratthani 84140 Tel: +66 (0) 77915888 Fax: +66 (0) 77915899 Email: conrad_koh_samui@conradhotels.com Website: www.conradkohsamui.com

Representative: Mr. Stefano Ruzza - General Manager Ms. Alisa Boonyasiridechakul - Senior Sales Manager Business Activity: Resort & Spa

Cowan International (South East Asia) 16/10 North Sathorn Road Bangrak, Bangkok 10500 Tel: +66 (0) 2233 3361 Website: www.cowaninternational.com

Representative: Mr. John Holme - General Manager (South East Asia) Ms. Sawitree Jainoi - Senior Recruiter Business Activity: Recruitment, Training and Coaching

Criterion Asia Recruitment (Thailand) Co., Ltd. 208 Wireless Road Building Unit 1104, 11/F, Wireless Road Lumpini, Pathumwan, Bangkok 10330 Tel: +66 2252 5282 Fax: +66 2650 7880 Email: contact@criterionasia.com Website: www.criterionasia.com

Representative: Mr. James Alan Vessey - Director Business Activity: Recruitment

DGS Research & Intelligence Co., Ltd 222/109 Moo 4, Nam Deng Rd, Bang Plee Yai, Bang Plee Samutprakan 10540 Tel: +66 (0) 21361911 Email: intelligence@dgsresearch.info Website: www.dgsresearch.info

Representative: Dr. Guy Sadler - Director Ms. Krongsri Sokklang - Director Business Activity: Security / Fire Services, Corporate Services

Ecotrade Group 99/126, Moo 2, Panthai Norasing Muang Samut Sakhon Samut Sakhon 74000 Tel: +66 (0) 2373-1718 Fax: +66 (0)2373-1720 Email: media@ecotradegroup.com Website: www.ecotradegroup.com

Representative: Mr. Valery Hamelet - CEO Manager Mrs. Artichat Guntrasree - CEO Manager Business Activity: Metals / Minerals, Environmental Services

FM Advance Service Co., Ltd. 15/12 Moo 10, Theparak Road, Tumboon Bangpla, Amphoe Bangplee Samutprakan 10540 Tel: +66 (0) 2730-1600 Fax: +66 (0) 2312-9421 Email: me@fmas.co.th Website: www.fmas.co.th

Representative: Mr. Anawat Kongphan - Managing Director Mr. Keith Ellis - Asia Sales Director Business Activity: Property / Real Estate Services, Property Consultants, Utility

GLAD Enterprises Co., Ltd (DirectRooms.com and Phuket.net) 9/90-91 Moo3, Rasadanusorn Road, Rasada, Muang, Phuket 83000 Tel: +66 7624-1145 Fax: +66 7624-1021 Email: alex@phuket.net Website: www.phuket.net

Representative: Mr. Alex Lotz - Managing Director

Hollywood Movies Co., Ltd. 43 Thai CC Tower, Floor 12 Room 125-128, South Sathorn Road Yannawa, Sathorn, Bangkok 10120 Tel: +66 (0) 2673-9484 Fax: +66 (0) 2673-9483 Email: info@hollywood-hdtv.com Website: www.hollywood-hdtv.com

Representative: Mr. Pipat Amonrungmetham - Managing Director Mr. Gary Sakuma - Marketing Specialist

Hospitality Marketing Concepts (HMC) Bubhajit Bldg. 12/B1, North Sathorn Rd. Silom, Bangrak, Bangkok 10500 Tel: +66 (0) 2235 7605 Fax: +66 (0) 2633 9230 Email: Sharonw@clubhotel.com Website: www.HMCloyalty.com

Representative: Mrs. Sharon Williams Thorp - Director of Operation - Thailand Ms. Nasma Pinyaluck Akarachokvirat - Senior Marketing Account Manager

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Hua Hin International School 565 Moo 7, Hin Lek Fai, Hua Hin, Prachuap Khiri Khan 77116 Tel: +66 9-8824-4135 Email: enquiries@huahinschool.com Website: www.huahinschool.com

Representative: Mr. Graham Sullivan - Managing Director Mr. Roy Barrett - Director Business Activity: Education

Kasemsri Farnworth & Associates 22, Sukhumvit Soi 28 Bangkok 10110 Tel: +66 (0) 88 245 5244 Email: kasemsrifarnworth_associates@ yahoo.com

Representative: Mrs. Vanasobhin Kasemsri - Managing Director Mr. Joel Farnworth - Managing Partner Business Activity: Human Resource Consultancy

klapsons The River Residences Bangkok 110/725 Soi Charoennakorn 13 Charoennakorn Road Klongtonsai, Klong Sarn Bangkok 10600 Tel: +66 2803 8100 Fax: +66 2861 0366 Email: sales1_theriverbkk@klapsons.com Website: www.klapsons.com/bangkok

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Representative: Mr. Alex Loh - Managing Director Ms. Wannasiri Kaewmanee - Director of Sales Business Activity: Mr. Laurence P. Smith 381/37 Jomtien Park Villas Moo 12, Soi 17 Theppasit Road Jomtien, Nongprue, Bargaining Chonburi 10150 M: +66 (0) 91 580 8838 E: lpsmith21@yahoo.com

Marks & Spencer (Thailand) Central Chidlom Tower 12th Floor, 22 Soi Somkid Ploenchit Road, Lumpini Pathumwan, Bangkok 10330 Tel: +66 (0) 2793 7309 Fax: +66 (0) 2256 0283 Email: dipanagiotis@central.co.th

Representative: Mr. Panos Dimitroulopoulos - VP Marks & Spencer Ms. Paweena Sriamdee - Commercial Manager M&S Thailand Business Activity: Retail

Narai Hotel Group 222 Silom Road.,Suriyawong Bangrak, Bangkok 10500 Tel: +66 (0) 2237 0100 Fax: +66 (0) 2237 0140 Email: benoit.sa@naraihotel.co.th Website: www.naraihotel.co.th www.tripletwosilom.com

Representative: Mr. Surath Pachoo - General Manager Mr. Benoit Meier - International Sales Manager Business Activity: Hotel, Food & Beverage, Events / Event Organisation

PQ Chemicals (Thailand) Ltd 26th Fl., Room 02 Times Square Building 246 Sukhumvit Rd., Klongtoey Bangkok 10110 Tel: +66 (0) 2229-4694 Fax: +66 (0) 2229-4689 Email: vikromw@pqthai.com Website: www.pqcorp.com

Representative: Mr. Vikrom Wongnimmarn - Managing Director Mr. Chairat Suwanprasert - Marketing Director Business Activity: Chemical / Petroleum

Rayong Marriott Resort & Spa 99/5 Moo2, Pae-klaeng-Kram Road Chakpong, Klaeng Rayong 21190 Tel: +66 (0) 3899 8000 Fax: +66 (0) 3899 8067 Email: mhrs.bkkrr.reservation.office@ marriotthotels.com Website: www.MarriottRayongResort. com

Representative: Mr. Trevor May - General Manager Ms. Dolruthai Anekayuwat - Executive Secretary Business Activity: Hospitality, Hotel, Travel and Tourism

Repucom 10 Anson Road #36-01A International Plaza Singapore 079903 Tel: +65 62249112 Fax: +65 62234460 Email: efitzpatrick@repucom.net Website: repucom.net

Representative: Mr. Ed Fitzpatrick - Executive Vice President: Asia Business Activity: Market Research, Media / Advertising & PR, Events / Event Organisation

Scarborough International School of English Cheswold Hall, 37 Stepney Road Scarborough,North Yorkshire United Kingdom YO12 5BN Tel: +44 (0) 1723 362879 Fax: +44 (0) 1723 366458 Email: info@english-language.uk.com Website: www.english-language.uk.com

Representative: Mrs. Julie Monsalve - Business Manager Ms. Jenny Rush - Assistant to Business Manager Business Activity: Education

Soneva Kiri Resort Company Limited 142 19/F Two Pacific Place Sukhumvit Road, Kwang Klongton Khet Klongtoey, Bangkok 10110 Tel: +66 2631 9696 Fax: +66 2631 9699 Email: mail.soneva.com Website: www.soneva.com

Representative: Mr. Graham Grant - General Manager Ms. Victoria Frost - Chief Commercial Officer

Sutlet Group 4th Floor, SKV Building 111 Sukhumvit 36 Klongton Klongtoey, Bangkok 10110 Tel: + 2661 2283 Fax: + 2661 2619 Email: enquiries@sutletgroup.com Website: www.sutletgroup.com

Representative: Mr. Colin Bartlett - Managing Director Business Activity: Accounting, Business Services, Legal Services

TAP Trading Co., Ltd. 123 Thai Life Insurance, 20th Floor Ratchadapisek, Dindaeng Bangkok 10400 Tel: +66 (0) 2246-9734 Fax: +66 (0) 2246-9737 Email: david.tulloch@tapt.co.th Website: www.tapb.co.th

Representative: Mr. David Lucas Tulloch - Sales & Marketing Director Business Activity: Food & Beverage, Trading

Virgin Active (Thailand) Limited 195 Empire Tower, 2nd, 6th-9th, 9M and 10th Floor South Sathorn Road, Yanawa Sathorn, Bangkok 10120 Tel: +66 (0) 27709772 Email: empire@virginactive.co.th Website: www.virginactive.co.th

Representative: Mr. Vutravee Charuvatana - Club General Manager Ms. Waraphan Nittayaprapha - Sales Manager Business Activity: Healthcare Services, Hospitality

World Institute for Action Learning (Thailand) Ltd. 41/99-41/100, Soi Sukhumvit 46 Prakanong, Klongtoey, Bangkok 10110 Tel: +66 (0) 819397833 Email: peter@wialthailand.com Website: www.wialthailand.com

Representative: Mr. Peter Cauwelier - Managing Director Business Activity: Coaching, Human resource development

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Xcite Golf Franchise Training Co., Ltd. 90, Marriott Executive Apartments 9 Floor Parking Building Soi Sukhumvit 24, Klongton Klongtoey, Bangkok 10110 Tel: +66 (0) 2260 8818, 2260 8820 Fax: +66 (0) 2260 8819 Email: info@xcitegolf.com Website: www.xcitegolf.com

Representative: Mr. Christopher Gordon Watson - Corporate Sales & Events Manager Mr. Alex Geraint Lee Smith - British PGA Golf Instructor Resignations & Cancellations 1. Asianet Insurance & Reinsurance Brokers Ltd. 2. Bed Buzz Co., Ltd. 3. Connols Engineering (Thailand) Co.Ltd 4. Crestcom International, Ltd. 5. Davinci International Co., Ltd. 6. dwp 7. EAST Furniture & Interiors 8. Jus Laws & Consult Company Limited 9. Piyavate Hospital 10. Royal London 360° 11. Safehouse Habitats (Scotland) Ltd. 12. SDL 13. Sean Thomas Sourcing Ltd. 14. Thairung Group 15. URS (Thailand) Ltd. Change of company representatives 1. Bangkok International Preparatory & Secondary School, changed from Mr. Keith Wecker, to Mrs. Valerie Thomas-Peter 2. Bangkok Marriott Hotel Sukhumvit, changed from Mr. Gerrit Graef, to Mr. Rajat Chatterjee 3. De La Rue (Thailand) Limited,

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changed from Mr. Steven Hong , to Ms. Srisongruk Chaiyasit 4. DST Worldwide Services (Thailand) Limited, changed from Mr. Russell Kevin Hippe, to Ms. Pimchaya Burincharoen 5. Etihad Airways, changed from Mr. Kirk Albrow, to Mr. Craig Thomas 6. Jardine Lloyd Thompson Ltd., changed from Mr. Andrew Gascoyne Minnitt, to Mr. Mark Johnson 7. Pathumwan Princess Hotel, changed from Mr. Supanit Vimooktanon , to Mr. Matthieu Reynaud 8. Phachara Suites Sukhumvit, changed from Ms. Nathalie Post, to Mr. Chris Ow 9. Radisson Blu Plaza Bangkok, changed from Ms. Amita Wongwai, to Mr. Peter Schuler 10. Royal Bank of Scotland N.V. Bangkok Branch, The, changed from Mr. Charly Madan, to Mr. Graham Berry 11. Arcadia (Thailand) Co., Ltd., changed from Ms. Rinnapat Lertsakkongkul, to Mr. Wiriya Pienchob 12. Glow Company Ltd, changed from Mr. Esa Heiskanen, to Mr. Brendan Wauters 13. Linfox M Logistics (Thailand) Ltd., changed from Mr. James Allmand, to Mr. David Ames 14. Novotel Bangkok Platinum Pratunam, changed from Mr. Sagar Naker, to Mr. Alexander S. Parry 15. Ove Arup (Thailand) Limited, changed from Mr. Simon Chung to, Mr. Jason George Simpson 16. Singapore Management University, changed from Mr. Stanley Soh, to Mr. Edwin Lim 17. Unilever Thai Trading Limited, changed from Mr. Bauke Rouwers, to Mrs. Supattra Paopiamsup Change of company 1. Anantara Hotels, Resort & Spas, changed to Minor Hotel Group 2. Danmark Co., Ltd., changed to Flow Inter Co., Ltd. 3. Graham Davies Consulting Ltd., changed to Lions & Tigers Limited 4. Holiday Inn Bangkok Sukhumvit 22, changed to Holiday Inn Bangkok Sukhumvit 5. Lucy Switchgear Eastern Seaboard

Limited, changed to Lucy Electric (Thailand) Limited 6. Mode Sathorn Hotel Managed by Siam@Siam, changed to Mode Sathorn Hotel 7. Reckitt Benckiser Healthcare (Thailand) Limited,changed to Reckitt Benckiser (Thailand) Ltd. 8. Rembrandt Hotel & Towers changed to Rembrandt Hotel Bangkok Change of address 1.

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BP - Castrol (Thailand) Limited 3 Rajanakarn Building, 23rd Floor, South Sathon Road, Yannawa Sathon, Bangkok 10120 Brooke Real Estate Co Ltd. 20th Floor, 128/214 Phayathai Plaza Building, Phayathai Road, Khwang Thung Pyathai, Khet Ratcha Thewi, Bangkok 10400 The Chillington Tool (Thailand) Co., Ltd. 826, 826/1-2, 826/6 Soi 13 Moo4, Bangpoo Industrial Estate, Praekesa, Muang Samutprakarn 10280 Golden Tulip Hospitality Management (Thailand) Ltd. Trendy Building, 11th Floor, Sukhumvit soi 13, Klong Ton Nua, Wattana, Bangkok 10110 Hunter Stoves Limited 8 Emperor Way, Exeter Business Park, Exeter EX1 3QSZ United Kingdom Management and Executive Recruitment Consultants Ltd. 1032/14, Krits Building 4th Floor, Rama IV Road, Kwaeng Thung Maha Mek, Khet Sathon, Bangkok 10120 Robert Marchant (Mr.) Unit No 11/1205, Floor 2, Amanta Ratchada Condominium Soi Ratchadapiesek 5 Ratchadapiesek Road, Dindaeng, Dindaeng, Bangkok 10400 Wissen & Co Limited (Lawyers) 253 Asoke, Level 17 - Suite 1701, Sukhumvit 21 Road, Kwaeng Klongtoey Nua, Khet Wattana, Bangkok 10110 Witch’s Group 18-20 Charoen Krung 38, Bangrak, Bangrak Bangkok 10500

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63

FINAL WORD

Council saves Santa parade

By Dale Lawrence

I

t was only a matter of time. Residents in the pleasant harbour town of Poole in Dorset have been enjoying their annual Christmas Parade for the past 40 years – but plans for this year’s parade looked doomed when the town’s Dolphin Shopping Centre cancelled the event over ‘safety’ concerns.

John Grinnell, Manager of the Dolphin Centre, said the parade had become ‘too popular’, adding that they had failed to find any alternative routes in order to keep it going.

“Our Santa parade has been one of the most popular events in Poole but sadly we’ve become victims of our own success. As we’ve seen the numbers swell every year, we’ve become increasingly concerned about the volume of people in such a confined space.”

Several thousand people normally attend the parade to witness the arrival of Santa Claus at Poole Quay in an RNLI lifeboat.

The decision to cancel prompted

Santa Claus was parading as usual in Poole – thanks to the local council.

cries of outrage from residents and local councillors. A petition to reinstate this traditional parade attracted more than 2,400 signatures.

Stiggants said, “It’s amazing how the council managed to pull this together in such a short period of time and listened to the people of Poole.”

The reaction prompted a positive response from Borough of Poole Council which moved swiftly to organise an alternative event ‘Christmas on the Quay’. Petition organiser Ryan

The event included Christmas carols, a flotilla of lights and an appearance

by Santa Claus in his special lifeboat.

For the residents of Poole it was, after all, a joyful end to 2014.

Ladybird succumbs to PC madness

I

f you have fond memories of your childhood reading the classic ‘Peter and Jane’ stories published by Ladybird, then cling on to them tightly. Because this famous publisher, which celebrates its centenary in 2015, is to cease publication of titles designated ‘for girls’ and ‘for boys’.

The decision, reflecting yet another example of how political correctness undermines traditional family values in Great Britain, apparently follows a campaign ‘to encourage

publishers to stop designating books for certain genders’. Well known Ladybird titles include ‘Favourite Fairy Tales for Girls’ and ‘Favourite Stories for Boys’.

Although the publisher is perhaps best known for its classic Peter and Jane reading scheme, Ladybird said it did not want to be seen to be ‘limiting children in any way’. A press statement added that the company was ‘committed to avoiding gendered titles and will be removing such labelling in reprinted copies’.

Ladybird is part of Penguin Random House - but this is a far cry from the famous criminal court in 1960 when Penguin defended successfully a prosecution under the UK’s Obscene Publications Act regarding the publication of Lady Chatterley’s Lover by famed English author D H Lawrence. The second edition included a dedication to the jury of nine and three women that returned that famous ‘not guilty’ verdict. Times are changing – and not necessarily for the better. Merry Christmas everyone.

The views and opinions expressed on this page by Editor Dale Lawrence are entirely personal and do not reflect official BCCT policy.

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Issue 6/2014