BEC eyes revenue beyond TV

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http://www.nationmultimedia.com/detail/Corporate/30370011

Ariya
Ariya

BEC eyes revenue beyond TV

Corporate May 27, 2019 01:00

By Asina Pornwasin
The Nation

Media giant wants online revenue contribution to double this year

BEC World aims to become the top provider of content and entertainment, in terms of rating and revenue, by expanding its online operations in the next three to four years, said Ariya Banomyong, the new president and director of BEC World Pcl.

“TV broadcasting, our core business, is just one channel to generate revenue for the company. We are growing our online business and it is time to leverage our strength for sustainable growth,” he said.

To achieve that goal, he said, the company would focus on six areas of activities: TV Plus, integration of TV and online operations, distribution, intellectual property (IP), artists, content, and technology.

For the online channel TV Plus, the key strategy in the short term is to integrate and optimise the company’s online and TV-based businesses. The move would pool viewers under a single platform, which will eventually benefit both brands and audience.

The company will transfer content between the two platforms more effectively. Channel 3 has a big viewer base, the challenge is how to monetise and optimise it online.

Currently, the online platform contributes 5 per cent of the company’s overall revenue, he said, adding that it has the potential to reach 10 per cent this year with the implementation of the new business strategies.

In distribution, it would expand the scope of the company’s content and entertainment business through new types of partners, especially over-the-top (OTT) players.

Ariya sees TV broadcasting as a channel for distributing BEC World’s content and the way forward is to cooperate with OTT partners, both in the local and overseas markets. A plan is being drawn up, but it will not be disclosed to the public at the moment.

For IP and artists, the company will focus on monetising both IP and artists under a new model.

It will further boost revenue contribution from content service, one of its main sources of income, with new programmes. Dramas and news are currently the top draw of the channels.

Regarding the strategy on technology, Ariya said that would take time as it would be closely related to the future direction of BEC World’s business, adding it has the option of working on its own, investing in a developer or forming a partnership for the development.

“We may set up a new platform for the content and entertainment business,” he said.

Ariya, however, would not commit to the size of the platform or the number of staff, saying only that it would be proportionate to the task.

He said the current size of BEC World’s online viewers is ranked close to giant international platforms such as Line, Facebook, and YouTube in Thailand.

“A strategy will be proposed to the board of committees before roll-out. We will commit manpower, time and resources for the right strategy and results,” said Ariya.

He said the future of BEC World’s business will be both online and offline. We will not rely on online platforms. We are not a tech firm, we are a content and entertainment provider.

“The company should see higher contributions from areas of operations other than TV broadcasting, which accounts for 80 to 90 per cent of its total revenue. Income from online business should rise from 5 per cent to 10 per cent this year,” said Ariya.

BEC World has posted losses for four quarters. Ariya said his goal was to turn the company around and set it on a path to sustainable growth, but did not provide a timeline. The move will gather momentum early next year, he said.

“We will seek new business models. We need to go beyond TV but we must tread carefully as broadcasting is still our main source of revenue. The expected rise in contribution from online and new businesses will not be at expense of TV, but will generate extra income.

We do not start from zero, we have huge assets in content and viewers. We will explore new business models and monetise them most effectively,” said Ariya.

Fortunately, he said, Thailand is a market where people favour local content, which is a positive factor for BEC World.

He said he decided to join BEC World as he welcomed the challenge of taking the giant corporate to the top spot in the digital era in the next three to four years.

How to get a tax refund as an expatriate at KTB

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30370085

  • Jiraporn Chongkamanont
  • Natchanond Charoenmechaikul

How to get a tax refund as an expatriate at KTB

Economy May 28, 2019 01:00

By SPECIAL TO THE NATION

THE Revenue Department has revamped the way it gives tax refunds to expatriates. In the past, you could deposit a tax refund cheque at any bank, but not anymore.

Instead, the Revenue Department will send a notification letter (Kor 21) to inform you of your tax refund amount and you or your HR department must contact any Krung Thai Bank (KTB) before the deadline stated in the letter to cash it out.

Most importantly, your documentation must be complete. If you visit the bank without all the documentation requested, KTB would not process the tax refund. For example, some expatriates who have left their initial employer, who had applied for their Tax ID card, failed to keep their Tax ID card. So you’d have to ask your current HR department to get a duplicate copy from the Revenue Department.

If you’re still in Thailand, you can either go in person to the bank or authorise another person to go on your behalf. Going in person is the simplest option as only three documents are needed – your passport, your tax refund notification letter (Kor 21), and your Thai Tax ID card.

If you authorise another person, a power of attorney dated before you permanently leave Thailand must be provided along with a certified true copy of your passport, including the page with your latest immigration stamp. As a measure of security, the company’s authorised director(s) must also sign as a witness that you have signed the power of attorney yourself, and certify that both you and the authorised person are the company’s employees. Also, the director(s) and the authorised person must give their original citizen ID card to present to KTB. If the power of attorney is dated for after you leave, your power of attorney must be notarised, which is a long and tedious process.

If you go in person, the bank will ask you whether you want your tax refund to be deposited via your KTB account or an e-money card. KTB will not deposit your tax refund into your non-KTB bank account. If you don’t have a KTB account, this can be opened on the same day you get your tax refund with only a work permit and passport, so that is not a hassle. However, if you’ve already left Thailand, only the e-money card option is available.

Which option is better? It depends. If you live and work here and you’re responsible for the tax liability yourself, either the KTB account or e-money card are viable options. However, once you have a KTB bank account, the tax refund can only be returned via your bank account in case you authorise another person to contact the bank to return your tax refund. If you choose a KTB account, KTB charges a maintenance fee of Bt50 per month if the balance in the account is less than Bt2,000 and the account has been dormant for one year; each year KTB will charge Bt200 to maintain your ATM card. If insufficient funds are in your account for the bank to deduct such fees, the bank will automatically close your account.

On the other hand, if you’re on assignment and the company pays your tax liability, the e-money card may be a better choice because you can give the card to the company’s representative (eg HR) to take cash out to be returned to the company. The card is valid for five years, and there is not cost for it.

Cash can be withdrawn from the card only at KTB’s ATM machines. The withdrawal limit is Bt20,000 per time and the daily withdrawal threshold is Bt150,000. The ATM machines can disburse money in the smallest denomination of Bt100. If the tax refund is, say, Bt100,957, another Bt43 can be topped up through your e-money card so that the entire tax refund amount could be withdrawn from the ATM machine.

This article is contributed by JIRAPORN CHONGKAMANONT, partner and NATCHANOND CHAROENMECHAIKUL, senior manager, at PwC International Assignment Services.

Customs Dept eyes fresh incentives for EEC investors

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http://www.nationmultimedia.com/detail/Economy/30370093

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Customs Dept eyes fresh incentives for EEC investors

Economy May 28, 2019 01:00

By WICHIT CHAITRONG
THE NATION

THE CUSTOMS Department is ready to offer investors more incentives, should the new government introduce new policies related to the junta-led administration’s Eastern Economic Corridor (EEC) initiative, customs executives said.

The new government, likely to be led by pro-junta Phalang Pracharat Party, is expected to continue the ambitious EEC project. The aim of the initiative was to upgrade the economy.

Kanit Sangsubhan, secretary-general of the EEC Office, said he wants initial investments to be directed towards the expansion of the Laem Chabang Port and U-tapao Airport before the EEC Office calls on the new government to offer more incentives for investors to put money into the project.

On Friday, the Customs Department launched an e-coastal trading system aiming to provide convenient clearance services for businesses moving their goods around the country. Importers and exporters can contact officials via electronic means and settle customs fees and duties via the e-billing system, which will cut down time spent meeting customs officials, director-general of the Customs Department Krisada Chinavicharana said.

The new measures will also help improve Thailand’s rank in the World Bank’s Ease of Doing Business index, he said.

The e-coastal trading system will integrate customs procedures for global trading, such as the pre-arrival processing system which will allow importers to remove their goods out of the port quickly and help them keep their business costs low, Krisada said.

Also, he said, efficient customs clearance at Laem Chabang Port will encourage foreign direct investment in the EEC. The Customs Department is willing to provide new incentives if asked by the EEC Office and government, he added.

The Customs Department is already operating duty-free zones in the EEC, where businesses can import goods for re-export or exhibition purposes without having to seek an import licence, Customs Department spokesman Chaiyut Kumkun said.

The incentives being offered at present aim to make EEC attractive for investment in logistics as it is targeted as a distribution hub in the Asean region. The China-based e-commerce giant Alibaba Group has expressed its intention to spend Bt13.5 billion on setting up a distribution hub in the EEC.

Chaiyut said, however, that the boom in e-commerce has resulted in up to 10 million packages being posted to Thailand, which presents a huge challenge to tax officials in terms of collecting duties and examining the packages for safety reasons. He added that the department plans to introduce artificial intelligence to support customs procedures.

Separately, a consortium led by Charoen Pokphand Holdings won the bid for the construction of a high-speed rail network worth Bt224.5 billion, connecting three international airports, namely Suvarnabhumi and Don Mueang in Bangkok and U-tapao in Rayong. The Cabinet will approve the winning bid today.

Meanwhile, former industry minister Uttama Savanayana, who is now the leader of Phalang Pracharat Party, has projected that investment in the EEC will reach Bt1.3 trillion between 2019 and 2023.

Key infrastructure projects, estimated to cost up to Bt608 billion, will include a high speed rail, the U-tapao airport and aviation city, aircraft maintenance hub in U-tapao, a digital park and an extension of the Map Ta Phut Industrial Port.

Myanmar to boost indoor network coverage

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http://www.nationmultimedia.com/detail/Economy/30370095

  • Win Tint, permanent secretary of the Ministry of Construction
  • Aung Myint, president of the Federation of Myanmar Engineering Societies
  • Soe Naing, deputy director-general of the Posts and Telecommunications Department

Myanmar to boost indoor network coverage

Economy May 28, 2019 01:00

By KHINE KYAW
THE NATION
YANGON

WITH MORE people moving to major cities for better opportunities, Myanmar is planning to improve the quality of its indoor network coverage as part of preparing for the fifth generation of wireless technology (5G), officials say.

Soe Naing, deputy director-general of the Posts and Telecommunications Department, told the recent Myanmar Indoor Coverage Digitalisation Summit 2019 that the country would focus on improving the indoor experience of users, given that more than 70 per cent of the traffic occurs indoors, especially in urban areas.

“As Myanmar has a hot climate and a long rainy season, people usually spend their time mostly in indoor areas,” he said.

“The quality of the indoor network greatly affects the user experience. In the future 5G era, we will need more and more indoor sites, especially in highly intensive areas such as shopping malls and residential buildings.”

The official stressed the need for a reliable and stable solution to meet the requirements of users without causing trauma and destruction to buildings.

“On the one hand, we need real estate developers to reserve some space and a pipeline for communication devices in the buildings,” he said.

“On the other hand, each operator and supplier needs to provide the best solution and high-quality installation services in order not to damage buildings and the environment.”

As networks need to pay more attention to evolvability, the input of communication equipment integrators is much needed to ensure healthy and stable development of the network, he said.

According to the official, as Myanmar rapidly enters the information era, the transmission of information is inseparable from the network.

“The information transmitted by the network is becoming more and more abundant, and the amount of data transmitted is also on the rise,” he said. As the carrier of information, optical fibre plays a critical role in the transmission of information, he added.

“Nowadays, many smart terminals have entered the family unit. The rate of using smartphones now exceeds 85 per cent [of the population],” he said.

“These smart devices have greatly enriched the daily life of Myanmar people, ensuring convenience. Communicating with others anytime and anywhere greatly improves the efficiency and shortens the distance between each other.”

Win Tint, permanent secretary of the Ministry of Construction, echoed Soe Naing’s view.

“We communicate with families and friends through mobile phones, tablets and smart watches. So, the quality of indoor coverage is really important,” he said.

He urged real estate developers to reserve space for the devices and cables during the design phase in order to facilitate the subsequent installation and access of telecom devices.

“This will help avoid repeated drilling and reconstruction, improve the stability and safety of buildings, and reduce the implementation time and related costs for all parties,” he said.

Win Tint said real estate developers and property management companies should cooperate with operators, ensuring support that would improve access to smart devices.

“With the aid of new technologies, we need intelligent equipment to connect hundreds of thousands of households with the rest of the world. Today, smart terminals have become a necessity in people’s daily life,” he said.

He urged the creation of a fair environment for all parties so as to reduce communication costs and improve efficiency.

Aung Myint, president of the Federation of Myanmar Engineering Societies, said the current indoor network in Myanmar is unable to match the demand of people, especially in shopping malls, high-rise buildings, hospitals and large-scale complexes.

Anytime, anywhere

“As Myanmar people wish to enjoy high-quality network services anytime and anywhere, the indoor network becomes extremely important,” he said.

With growing urbanisation, indoor networks now carry a large number of users and heavy traffic. Aung Myint foresees more and more complexity in Yangon’s future.

In order to deploy solutions in different scenarios, every stakeholder should work together to establish a single standard, he urged.

“Each operator needs to provide the best and evolving scenario solution on par with the planning and construction standards of its own network, select high-quality suppliers to complete the integration, and establish an end-to-end service guarantee mechanism,” he said.

He stressed the need for government support to real estate development. “At the beginning of the construction, the developers will incorporate it into the overall planning of the building, reserve equipment installation space, cable and pipelines, etc, in advance,” he said.

He urged all developers to ensure each operator’s access to their properties to facilitate their networks. The suppliers must guarantee a high quality to minimise operating costs and enhance the user experience, he said.

“We hope relevant government functions will provide guidance to regulate the implementation of Myanmar’s indoor network and fibre deployment,” he said.

Aung Myint also underscored the importance of turning Yangon into an environmentally friendly smart city, which requires all parties to work together and contribute.

“Indoor coverage will play a key role in smart cities. Optical fibre will serve as the most important carrier for transmission of information,” he said.

“This will bring a high-end digital experience to thousands of households and quickly respond to people’s needs. To this end, establishing the standard is extremely important.”

Myanmar backs ‘strategic partner’ Huawei despite US ban

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30369984

Liman Zhang, chief executive of Huawei Myanmar, delivers a speech at the Myanmar Indoor Coverage Digitalisation Summit 2019 held in Yangon on May 24 (Photo courtesy of Huawei Myanmar)
Liman Zhang, chief executive of Huawei Myanmar, delivers a speech at the Myanmar Indoor Coverage Digitalisation Summit 2019 held in Yangon on May 24 (Photo courtesy of Huawei Myanmar)

Myanmar backs ‘strategic partner’ Huawei despite US ban

Economy May 25, 2019 14:05

By Khine Kyaw
The Nation, Yangon

3,657 Viewed

Amid the ongoing trade war between the United States and China that recently intensified with Washington’s ban on Huawei Technologies, Myanmar has publicly announced its stance on the issue at the event entitled, “Myanmar Indoor Coverage Digitalisation Summit 2019” on Friday.

Soe Naing, deputy director general of the Posts and Telecommunications Department, said Myanmar considers the Chinese technology giant a “strategic partner”.

He lauded Huawei for its important contribution to the development of Myanmar’s communications industry with its reliable communications solutions and professional services.

“We welcome Huawei to continue to participate in Myanmar’s future communications network construction,” he said.

“As long as equipment suppliers follow the existing laws, rules and regulations of Myanmar, we will not prohibit any of them from fairly participating in the [market] competition.”

Soe Naing stressed that Myanmar is trying to formulate laws relating to cyber security and technical standards to ensure the nation’s network security.

Huawei has been accused by the US government of engaging in activities that are contrary to US national security or foreign policy interest, which the firm has repeatedly denied.

Win Tint, permanent secretary of the Ministry of Construction, said Myanmar aims to provide a fair environment for all parties to reduce communication costs and improve efficiency.

“The development of smart buildings and the economy in Myanmar requires a process in which it is inseparable from all-inclusive efforts. So, we will let everyone participate in our long journey,” he said.

“We hope that all parties can provide their own ideas based on the overall development and give full play to their respective energy. We will ensure everyone works together to build a better Myanmar.”

Aung Myint, president of the Federation of Myanmar Engineering Societies (Fed.MES), said Myanmar is keen on working together with all parties to improve the people’s daily lifestyle and bring digital to every citizen.

“We need technical support in real estate, telecom and other related sectors for digitalisation of indoor coverage and to encourage all relevant parties to work on a single standard,” he said.

“We hope to cooperate with all parties to promote the establishment of standards, and Huawei is one of them. We will also transfer these capabilities to registered engineers of our society. They will implement these standards later on.”

Liman Zhang, chief executive of Huawei Myanmar, said the firm’s cooperation with the government, telecommunications operators and stakeholders continues to grow further, despite the US ban.

“We always negotiate with them to ensure win-win solutions for both sides. We could solve many issues by this way,” he said.

Zhang said the firm would sign a memorandum of understanding with the Fed. MES in the near future to achieve a better, systematic cooperation in the construction industry, based on the requirements of Myanmar’s ICT infrastructure. The partnership will strengthen more collaboration for indoor coverage digitalisation in Myanmar, he said.

At the half-day event, he pledged to transparently cooperate with government agencies, consumers and business partners.

“Huawei has been continuously attacked by the Americans with unfair accusations and legal actions since last year. Notwithstanding, our customers especially from Myanmar not only still believe in Huawei but also support our telecommunication processes,” he said.

Index Living Mall boosts the elegance quotient

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/shopping/30369960

  • Imbra dining table, Bt24,900
  • Trazo TV console, Bt19,900
  • Lonsdale chair, Bt5,990

Index Living Mall boosts the elegance quotient

shopping May 25, 2019 01:00

By The Nation Weekend

Index Living Mall will make your home cosy and relaxing with Nature Living solid wood furniture crafted by renowned designer Morten Georgsen.

Designed around the concept of “Smart Living, Luxury and Stylish of Index Furniture”, the collection boasts a modern European look and first-class Thai craftsmanship for multiple functions.

Perfect for the living room, the Klinsey oak cabinet comes with five drawers and gold legs for give luxurious look.

 

Deezer wall mirror and drawer, Bt7,990 and Bt28,900

Made from American white oak, the Trazo TV cabinet has solid wood-veneer drawers and displays different colours and patterns.

The Imbra console table is fashioned out of acacia wood using techniques that create a smooth surface and refined handcrafted trim. It comes with wooden legs and velvet-lined drawers.

 

Klinsey cabinet shelf, Bt24,900

The bedroom becomes complete with the Makalu bed frame made of oak and inspired by Japanese-style wood connectors.

The Esla dresser cabinet with drawer front trim is made with American oak and decorated with tempered glass in brown and gold in a contemporary design.

Made with American white oak, the Trazo chest night table features basswood veneer drawer and gold-tempered mirror top, while the Deezer wall mirror is made with safety glass and framed with oak that can be hung in three different ways.

Makalu bed, Bt31,900

For the kitchen, the Budae dining table is luxurious with gold legs. It’s made with high-quality walnut veneer imported from America to provide an elegant look and durability.

Available in brown and black, the Lonsdale oak chairs come with firm padding and refined fabric to give extra comfort.

Find out more details at http://www.IndexLivingMall.com.

New land and property tax forces site owners to consider options

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Real_Estate/30369902

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New land and property tax forces site owners to consider options

Real Estate May 24, 2019 04:56

By   SPECIAL TO THE NATION

THE NEW Land and Property Tax that comes into effect in January 2020 will present a new challenge for the Thai property market.

Vacant land is one of the sectors to be impacted, particularly given that many unused sites remain in Bangkok.

The owners of these sites will, for the first time, have to start paying significant taxes once the new land tax is in effect. Many owners can be expected to develop some form of commercial use on these unused sites to generate sufficient income to pay the new tax and so avoid having to sell the land.

The risk for many owners is that in their rush to develop a commercial use, they create an even bigger financial burden for themselves through building inappropriate money-losing developments. Lacking expertise, experience and market knowledge, they risk building something for which there is no demand and so end up owing the bank far more than the cost of the property tax.

Commercial office, retail or residential rental developments will not be feasible on many sites due to either the location or size of the land.

Those owners may also lack the commercial expertise or financial resources to develop the site themselves.

Landowners first need to calculate how much tax they will have to pay and then carefully examine their options to earn income from developing on their sites.

For example, renting parking spots may be the best solution in locations where people own cars but there is insufficient residential parking. In many Japanese cities, it is common to see even small land sites being used for commercial rental parking.

The sites are covered in asphalt and have automatic parking systems usually run by a third party.

Although parking rates are much lower in Thailand than in Japan, developing car parking may be the easiest way to generate income on many sites and requires the lowest level of capital outlay by the owner.

A second alternative for some owners could be leasing out the site to a third party.

Leasing land could be done for either the short term or long term, but again only certain locations offer development potential along with demand from third-party tenants.

For some landowners, finding additional revenue may simply |be too difficult and, faced with |the burden of the new tax, |they may decide to sell.

After 2019, we believe there will be more sites available for sale and the mechanism of supply and demand will reduce the difference between asking prices and what purchasers are actually able and willing to pay.

Another question being raised, but so far without a clear answer, is the definition and interpretation of “land usage”, especially regarding agricultural land, which will be taxed at a lower rate than other land use. We will have to wait for the details to be found in the supplementary laws that are expected in July 2019.

ALIWASSA PATHNADABUTR is the managing director of CBRE Thailand.

GHB wants housing support measures as loans shrink

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Real_Estate/30369894

Chatchai
Chatchai

GHB wants housing support measures as loans shrink

Real Estate May 24, 2019 04:56

By   SOMLUCK SRIMALEE
THE NATION

GOVERNMENT Housing Bank (GHB) is calling on the Finance Ministry to introduce measures to boost the property market in response to loan-tightening measures that came into effect last month.

The bank’s president Chatchai Sirilai said the value of home loans written out by GHB had plunged 35 per cent drop since the introduction of new loan-to-value (LTV) ratios on April 1, highlighting the need to shore up the residential market.

Under the measures, the loan value for buyers of a first home has been reduced to about 90 per cent of the value of the property; for second homes, the loan value has been limited to 80 per cent of the property value; and for third homes, the loan limit has been set at 70 per cent.

In April, the first month of the new measures, the value of home loans extended by the bank has dropped 35 per cent from the same month last year, to only Bt9 billion.

From May 1 to 15, the bank has approved just Bt4.5 billion in loans, also representing a drop of 35 per cent from the same period last year, Chatchai said.

He said the measures had directly impacted the property sector and, for the bank, it meant that GHB would not be able to meet its loan target of Bt203 billion for this year if the government does not bring in market-supporting initiatives or discuss ways to ease the loan rules with the Bank of Thailand.

“We cannot say what we proposed. However, the Finance Ministry has to discuss ways with the Bank of Thailand on how it can revise the measures. If no new measures are introduced to boost the market in the second half of this year, our new loans may end up being lower than our early target,” Chatchai said.

GHB said its new mortgages for the year to May 15 came to Bt57.54 billion. The bank expects its new mortgage loans will reach Bt100 billion in the first half of this year, on expectations of government measures to boost the property market.

The bank had outstanding loans of Bt1.128 trillion at the end of March, up 7.88 per cent from the same period of last year. Its non-performing loans stood at Bt49.295 billion at March 31, or 4.37 per cent of its total outstanding loans. This marks a rise of 0.03 per cent from the end of 2018.

The bank also plans to introduce what it calls a savings lottery, worth Bt107 billion over this year and the next. This is part of efforts to reduce the bank’s financial costs from 2.04 per cent to 1.7 per cent.

“We are issuing the savings lottery as a funding exercise that reduces our financial cost for mortgage loans, which will be offered for lower-income people who buy homes priced below Bt1 million,” Chatchai said.

“They will get an interest rate for the mortgage loan of not over 3 per cent, compared with general customers who will get a loan with interest of 4.5-6 per cent. The loans for the general customers will draw on the capital from our normal business.”

It is planned that the first phase of the three-year saving lottery will be in September; it will be worth Bt27 billion with an interest rate of 1.4 per cent and be offered under a Bt1 million per savings lottery.

Chatchai said that the customers participating in the savings lottery will get the opportunity to win in a lucky draw worth up to Bt200,000 a month. The second phase, worth Bt30 billion, will be sold at Bt10 million per savings lottery and is likely to be issued at the end of this year or in the first quarter of next year. The last phase, worth Bt50 billion, will be offered to customers at a price of Bt500 per savings lottery next year, Chatchai said.

The bank has approved a loan package for lower-income earners totally 6,300 contracts who buy a home priced at under Bt1 million. Under the promotion, one million residential units will be offered to people in this income group under a government policy launched on January 2.

Some 6,300 contracts worth Bt4.3 billion have been signed; 127,000 people had registered to apply for the loans.

The bank plans to invite more customers to register their interest in the campaign in September, with the subsequent loans issued to be covered under the Bt50 billion budget for the scheme.

“The Cabinet has already to approved the extension of the period of this campaign from the end of this year to 2021. This will provide time for lower-income customers to improve their financial situation in order to secure a loan when the bank launches the latest measures to help them,” Chatchai said.

Govt Housing Bank asks government to boost property market

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Real_Estate/30369732

Govt Housing Bank asks government to boost property market

Real Estate May 23, 2019 01:00

By Somluck Srimalee
The Nation

2,072 Viewed

Government Housing Bank (GHB) has asked the government to take action to boost the property market, as the second quarter market has signed to drop by up to 30 per cent due to the BOT’s loan-to-value measure that kicked in on April 1, the bank’s president Chatchai Sirilai said

The Bank of Thailand’s new mortgage rule reduced the amount of permitted loans to about 90 per cent of residential value, 80 per cent for a second home, and 70 per cent for a third home, effective on April 1, 2019.

The bank approved Bt9 billion in new loans in April, a 35-per cent drop from the same month of last year. From May 1-15, approved loans totalled Bt4.5 billion, another drop of about 35 per cent below the same period in 2018, said Chatchai.

The measure has impacted directly on the property sector, Chatchai said. His bank cannot meet its loan-approval target of Bt203 billion this year unless the government takes action to support the market or holds talks with the Bank of Thailand to relax the rule for the government’s bank, he said.

“Commercial banks have other products that can reduce the impact from the loan-to-value rule, such as through providing personal loans together with mortgage loans. But we are the government’s bank and cannot to do like the commercial banks. As a result, our mortgage loans in April and for half of this month are lower than our target,” he said.

GHB has announced new mortgage loans totalling Bt57.54 billion from January till May 15, 2019. The bank also expects new mortgage loans will reach Bt100 billion in the first half of this year, close to its target. But it expects that the government will announce measures to boost the property market starting in the remainder of the second quarter of this year.

“If there are no new measures, our new loans may be lower than our early target,” Chatchai warned.

Keeping cool in a CRISIS

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Corporate/30369946

John Heo, vice president, Southeast Asian operations, Emerson Commercial and Residential Solutions
John Heo, vice president, Southeast Asian operations, Emerson Commercial and Residential Solutions

Keeping cool in a CRISIS

Corporate May 25, 2019 01:00

By PHUWIT LIMVIPHUWAT
THE NATION WEEKEND

INSIGHTS forged in a crisis have proved enduring for John Heo, who took up an executive position in Thailand when the country was gripped by the Asian financial crisis.

He arrived in 1998 to sell airconditioners but, on the economic front, the heat was on. When the market in the cold chain industry collapsed a key decision was made. The employees were kept on as sales plunged.

For Heo, that move demonstrated the importance of fostering a strong relationship with the workers. Together with localisation, these principles are the key factors to managing a successful international business, he says.

“Business is essentially a form of relationship between different people with different interests,” says Heo, in laying out his philosophy for managing the business at Emerson Commercial and Residential Solutions, where he is vice president of the company’s Southeast Asian operations.

“Of course, we have products to sell. However, if we do not have a loyal workforce, a capable sales team and good customer relations with the top management, success will be difficult to achieve,” he told The Nation Weekend.

Heo, originally from South Korea, is a 27-year veteran with Emerson, which is engaged in the cold chain industry, selling products from air conditioners to refrigeration units. The firm targets various businesses within the cold chain, a supply chain of goods that need to be stored under controlled temperatures, such as fruit, meat and vegetables.

When he moved to Thailand in 1998, it was as the regional sales director for Southeast Asia for air conditioning – putting himself on the business front lines of one of the biggest economic disasters that the Kingdom has witnessed.

“Right before the economic crisis, Thailand had the biggest potential for the air conditioning business,” Heo says.

Around that time, Emerson had invested over US$100 million to establish a manufacturing centre on the Eastern Seaboard, the country’s manufacturing hub that has since been redubbed the Eastern Economic Corridor by the current government.

“With a manufacturing base located in Thailand, there was a strong sense that Emerson could grow at a fast pace in this country,” Heo recalls of the period.

However, the unfolding economic crisis sapped demand from the market, damaging Emerson’s prospects in the country.

“At that time, we had already hired roughly 400 workers in one year, but as the crisis occurred, demand for our products plummeted,” he says.

It was at this point that Heo began to put his business philosophy into practice.

“Despite the drastic fall in demand, we kept our employees and avoided making our workers redundant,” he says.

“We kept all our employees despite not having work for them to do. Instead, we used that time to continuously train our employees and give them the financial support that they needed so that they would be ready to work productively when there was a resurgence in demand. This went on for up to six months.”

When the economy started to recover in the early 2000s and new factories started to be established on the Eastern Seaboard, it was common for workers to move around as they tended to be drawn to firms that offered higher worker commissions, he says.

“However, because of what we did for our employees for six months, they became very loyal. They knew that we cared and that we did our best to keep them employed and supported them during an economic crisis,” Heo says. “Hence, our turnover rate was extremely low.”

After the crisis, Emerson’s business in Thailand grew as planned, and Heo was eventually promoted to vice president for the rest of Asia (excluding China) in 2009, and to vice president for Southeast Asia in 2016.

“To become a successful executive in an international business, you must have the flexibility to accept the different cultures,” says Heo, adding that this included both the work culture in the different countries and the local demand of the customers.

“Globalisation and localisation must go hand in hand,” Heo says. “Foreign firms may strive for international success with the vision of globalising their products and services. However, once you settle locally, the most important priority for a firm should be localisation.”

He suggests that firms should make it their top priority to gain a holistic understanding of the local culture, both at a level of the employees and the work culture, and the demands of local customers.

Heo embraces the term “glocalisation”, which combines the words globalisation and localisation.

“My aim is to work successfully in an international business with global success, but do so by localising in the particular country or region that I am responsible for,” Heo says. “To this extent, I believe I have done a good job.”