Word: baht
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...billion and interests in sectors ranging from cell phones to satellites. His confidence is that of a man who has had vast, bankable successes. His election campaign inculcated in Thais the idea that if he could make billions for himself, then surely he could generate a few thousand baht for the bar girls, farmers and noodle sellers. During his campaign, almost every neighborhood seemed festooned with his Thai Rak Thai (Thai Love Thai) party's red, blue and white logo, and the Bangkok taxi drivers and Chiang Mai tuk tuk operators would flash you a grin and a thumbs...
...locals, adhering to Thaksin's One Village, One Product program, are proudly displaying the reams of mulberry paper they have been making, he continuously reminds his constituents of his connection with all things futuristic, shiny and new. He vows to distribute more money without government interference, without a single baht unfairly withheld, without unnecessary delay. He says in his Northern Thai accent that he is one of them, that he knows they can't wait for the money, that they need the Internet, that they need e-commerce. His voice is a nasal tenor, the run of his rambling vowels...
...What is Asia to do? As Taiwan's ill-fated committee showed, there aren't a lot of ideas out there. Taiwan has let the value of its currency slip, while the Thai baht and the Philippine peso are trading at six-month lows against the greenback. This makes their products cheaper overseas, which would normally boost exports. But that hasn't happened. Korea and Malaysia are planning fiscal stimulus packages a la Japan. But as Japan's record shows, pumping cash into public works projects is a somewhat expensive way to keep an economy crippled. For the most part...
...break this dependency on the almighty dollar? For instance, why doesn't the Bank of Thailand encourage state enterprises to issue tax-exempt baht bonds offshore, to attract foreign capital in its own currency? Why don't the Bank of Korea or People's Bank of China or Taiwan's Central Bank of China want to diversify their portfolios by buying debt instruments in Asian currencies, such as the baht, which have acceptable long-term track records? Why wouldn't the region's pension funds want won-denominated Korean corporate debt rather than dollar equivalents with much lower yields...
...related development, Porter is in negotiations with Thailand’s government to undertake a competitiveness study. The Bangkok Post reported on Tuesday that the Thai government was hiring Porter for 50 million baht ($1.3 million...