Thai baht soars to six-month high against US dollar

The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high.

The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week.

The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1% to 1.25% on Wednesday.

Economic growth this year is expected to be at 3.2%, lower than the prior projection of 3.3%, according to the central bank. The BOT also cut its 2023 growth forecast to 3.7% from 3.8%.

Thailand’s currency is facing pressure from the depreciating US dollar, gold sales, and foreign investors possibly buying more Thai bonds amid continuous drops in the US 10-Year bond yields.

Investors might want to sell the baht now as it edges near the support level of 34.75. Once it hits the support level, it could depreciate again.

Although, US labour data coming out this weak could impact the baht’s value. Low employment rates could help the baht but high levels of employment could weaken the baht, so it’s up to investors whether to hold out and see.

Krungthai market specialist Poon Panichpibool advised investors to use hedging tools in the highly-volatile currency market.

Economists have high hopes for the baht in the long run. Capital Market Research Specialist at Kasikorn Bank Kittika Boonsrang predicts…

“I expect the Thai baht to get a high that could be around 33.50 to 34.00 per US dollar by the end of next year.”

The forecast will only be achievable if Thailand pumps up exports and ramps up tourist arrivals, added Kittika.

Other regional currencies have also strengthened against the greenback amid hopes that China will ease up their Covid-19 restrictions.

Currencies have been highly sensitive to the Federal Reserve’s aggressive monetary tightening this year which was designed to fix high inflation rates in the US.

Source - The Thaiger

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Over 10,000 vendors put wares on sale as Thailand's Chatuchak market opens its doors

A senior official of Bangkok Metropolitan Administration (BMA) inspected Chatuchak Weekend Market on Saturday on the first day of its reopening after being closed since March 22 under a government order to prevent the spread of COVID-19.

Wullaya Wattanarat, deputy permanent secretary of the city administration, said: “The BMA will allow the market to open on weekends from 5 a.m. to 6 p.m. in all zones except the watch tower and night market zones due to curfew restrictions,” she said. “There are 10,334 vendors who have expressed their interest to continue opening their shops in the market.”

To prevent the possible spread of COVID-19, BMA has limited access to the market from six locations, which will have screening checkpoints equipped with thermo-scanners at all locations. Vehicles will be allowed to enter/exit via Kamphaengphet Road and Phaholyothin Road only.

“All vendors and customers must wear sanitary or cloth face masks, while restaurants must comply with social distancing measures announced by the Ministry of Public Health,” she added. “Furthermore, all eight public restrooms in the market will be cleaned every two hours and will provide alcohol-based hand gels to visitors.”

Vendors selling items like clothes have been instructed to limit the number of customers to five at a time for small shops and 10 for larger shops. Activities that involve crowds are banned at the market.

“BMA will also help the vendors in Chatuchak Weekend Market by exempting them from paying rent for three months,” added Wullaya.

This article appeared on The Nation newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post

Wellness tourism is on the rise globally

Wellness tourism around the world grew nearly 7% annually between 2015 and 2017 to US$639 billion – more than twice as fast as tourism overall – and is forecast to reach US$919 billion by 2022.

And while Europe may be the most popular destination for wellness travel, at an estimated 292 million trips in 2017, it’s North America that rakes in the big bucks, earning the most in tourism revenue.

Those are among some of the big takeaways from a report released by the Global Wellness Institute and presented at the World Travel Market London, a major trade fair that took place recently.

In the report, wellness tourism is defined as travel for the purpose of maintaining or improving health – not to be conflated with medical tourism, which involves travel to seek a specific medical treatment.

Overall, in 2017 world travellers made 830 million wellness trips – 139 million more than in 2015.

But while Europe and North America may lead the wellness tourism market now, analysts point out that wellness trips in Asia-Pacific have grown 33% in the last two years, making it the fastest growing market.

 Between 2017 and 2022, wellness tourism is also projected to grow 13% in Asia-Pacific to reach US$252 billion in revenue.

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Meanwhile, within the region, China and India are the strongest performers, having added roughly 22 million and 17 million wellness trips respectively from 2015 to 2017.

“Wellness tourism burst into the consumer consciousness just a very few years ago, and it’s hard to grasp the speed of its growth and evolution,” authors note in the report.

“Wellness, hospitality and travel are now converging in unprecedented ways, from the ‘healthy hotel’ concept going utterly mainstream to airports, airlines and cruises injecting so much wellness programming, to the profusion of ever-more-creative wellness destinations, retreats and tours.”

The report also showed that wellness travellers are well-educated, open-minded globetrotters with money to burn, spending on average US$1,528 per trip or 53% more than the typical international tourist.

That’s even higher for domestic wellness tourists, who spend 178% more than the average domestic traveller, at US$609 per trip.

Here are the destinations that made the most money from wellness tourism in 2017:

1. United States
2. Germany
3. China
4. France
5. Japan
6. Austria
7. India
8. Canada
9. Britain
10. Italy

Source - TheJakartaPost

 

Bali regency of Klungkung launches app for #tourists

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To commemorate the 109^th anniversary of Puputan Klungkung, Klungkung regency in Bali has launched a smartphone app for tourists.

The Android-based app, called Klungkung Tourism, features information on tourist destinations, accommodation, places to eat and public services that may help tourists during their trip.

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 On the homepage of the app, users find some listicles on places to go, as well as category options like Beach & Nature, Art & Culture, Temple, Museum and Event & Festival; each accompanied by photos and details about the place and GPS navigation. “Tourists can comment on and give likes to destinations featured on the app, which we will evaluate later,” said Klungkung Regent I Nyoman Suwirta.
The app also acts as a platform for locals to market their businesses, “The local people can use it to promote their businesses, whether they are related to the tourism industry or micro, small and medium enterprises located in Klungkung,” added Suwirta.

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Source - TheJakartapost

 

Cambodia - BigPhone dials into local market

A man browses Facebook on his smartphone in Phnom Penh.

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 Mobile World Investment Corp (MWG) – one of the largest mobile phone and electronic products distribution chains in Vietnam – will open its first store in Cambodia, operating under the name BigPhone.com, according to Vietnamese state media.

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Construction on the first 150- to 200-square-metre store in Phnom Penh is nearly completed and the branch is expected to open this quarter, Vietnam News Agency reported on Wednesday.

The English-language news outlet quoted MWG director-general Tran Kinh Doanh as saying Cambodia was the first market for the company’s regional expansion, which will also see stores opened in Myanmar and Laos.

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“Cambodia was chosen to be the first country for the group to approach in Indochina,” he said.

Established in Ho Chi Minh City in 2014, MWG is a fast-growing retail chain for mobile phones and digital devices, including mobile phones, tablets and accessories. It operates a network of stores as well as an online channel.

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MWG (Cambodia) Co Ltd registered with Cambodia’s Ministry of Commerce last October. The company’s Vietnamese directors could not be reached for comment yesterday.

A study on cellphone and internet use in Cambodia published last year by the Asia Foundation revealed that the Kingdom’s market was already heavily saturated. Over 94 percent of Cambodians claimed to own their own phone handset, with nearly 40 percent of those surveyed claiming to have at least one smartphone.

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Bung Hor, CEO of T-Shop, a Phnom-Penh based electronics products distributor with eight branches, said yesterday that demand for mobile phones and accessories had grown significantly with deepening smartphone penetration. 

He said the rising demand had driven his company’s expansion, and he was confident there was still room in the market for new retailers of mobile phones and their accessories.

“There are more and more competitors while the demand is also higher,” he said.

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Source - PhnomPenhPost

Chinatown Yaowarat, #Bangkok

Chinatown is located in one of the oldest areas of Bangkok.

It represents the resettlement of Chinese on the Western bank of Chao Phraya river

after Rama I moved the capital of the kingdom from Thonburi to Rattanakosin.

From there Chinese traders operated maritime junk trade between (Siam)

and China throughout the Rattanakosin period. By the end of 1891,

 King Rama V had ordered the construction of many roads,

including Yaowarat Road. Chinatown does not consist of only Yaowarat Road,

but also includes others such as: Charoen Krung Road, Mungkorn Road,

Songwat Road, Songsawat Road, Chakkrawat Road, etc.

Yaowarat’s Sam Peng Market is the center of the area.

The path of the road is said to resemble a dragon’s curvy body,

making it an auspicious location for business. There are many shops selling gold,

garments, textiles, stationery, souvenirs, second-hand parts

and equipment, electric goods, computer parts, antiques,

imported musical instruments and local delicacies.

 

 Land prices around Yaowarat Road have always been one of the most expensive

in Bangkok and Thailand due to limited land which is mostly owned

by prominent Thai-Chinese families who are often leaders

in their respective industries.

Yaowarat Road  in Samphanthawong district is home to Bangkok’s Chinatown,

which is centred on Sam Pheng Lane. Chinatown’s Sam Pheng Market

is an old business centre noted for a post-WW II visit

by the young king Ananda Mahidol. Modern Chinatown now covers a large area

around Yaowarat and Charoen Krung Road.

 There are many small streets and alleys full of shops

and vendors selling all types of goods. It has been the main centre for trading

by the Chinese community since they moved from their old

site some 200 years ago to make way for the construction

of Wat Phra Kaew, the Grand Palace.

 

 

Nearby is the Phahurat or Indian market, and the area is bordered

by the Chao Phraya River to the south. Yaowarat Road is also well known for

its sheer variety of food, and at night turns into a large “food street”

that draws tourists and locals from all over the city.

 

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