Word: baht
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...team of economists warned that Asian currency regimes, if not reformed, could be susceptible to Mexico-style meltdowns in two to three years. Two years later, the region plunged into the 1997 Asian crisis, which was triggered by the rapid decline of currencies such as the Thai baht...
...Lebua certainly knows all about hosting lavish feasts. Last year, the hotel organized an event it modestly titled "The Epicurean Masters of the World," a Michelin-starred extravaganza at a cost per head of 1 million baht (around $28,000). Despite the hefty check, the dinner event was fully booked - and it received its share of official criticism, coming at a moment when Thailand's then-ruling military junta was unveiling an economic policy based, in part, on scaling back ostentatious shows of wealth. The dinner also mystified many ordinary Thais, who are used to dining on some...
Cathay's team-building isn't just for the rank and file. At a recent event in Bangkok, top managers, including former CEO Philip Chen, were sent into local Thai grocery stores with 500 baht and the task of planning and cooking new economy- and business-class meals...
Though the plot is the same 10 years later, a different actor is playing the lead. In 1997, Asian countries sent ripples through the global financial system, beginning with Thailand's devaluation of the baht after a collapse of the nation's real estate bubble. In 2007, it is the U.S. and its subprime mortgage borrowers causing the greatest disturbance in credit markets in a decade. At the root of the turmoil is aggressive lending to American home buyers who previously were unable to obtain credit. Financial engineers pooled these loans together and sold off pieces representing different presumed levels...
...gunmen about a mile away. Mayakoh is a short, gray-haired man who looks worried even when he's smiling. But he says he's hopeful. Ban Bukoh's people make a modest living tapping rubber and growing bananas, rice and coconuts, yet parents have already raised 5,400 baht (about $160)-the equivalent of a monthly salary in these parts-to build a temporary classroom. Others have donated wood and roofing, which now lies ready in the schoolyard, or have offered to labor for free. "The parents are very supportive," says Mayakoh. "Some gave 100 baht, some gave...