BANGKOK: A sleepy Thai town with dreams of reinventing itself as a global sports hub faces its first test this week when it hosts the country's first MotoGP.Tens of thousands of visitors are expected to flock to Buriram, the main settlement of a steamy rice-farming area playing the unlikely host to the Thailand Grand Prix.Organising a MotoGP, the pinnacle of motorcycle racing, is already a victory - but there is speculation that Formula One could be next in the sights of Buriram, whose racetrack is F1-certified.With a population of just 30,000, Buriram has boomed in recent years on the back of multi-million-dollar investment in sports infrastructure.In 2011 came the "Thunder Castle", a 32,600-capacity stadium for Thai Premier League football champions Buriram United.Three years later followed the US$60 million, Hermann Tilke-designed Chang International Circuit, which will now host one of the biggest sports events in Thai history.Buriram got the nod for MotoGP after Bangkok scrapped … [Read more...] about As sleepy Thai town gets MotoGP makeover, is F1 next?
Money thai baht
In theory, Thailand’s coup-installed military regime should be better placed than elected governments to push through unpopular legislation such as tax hikes without the democratic pressure of needing to please voting constituencies. In practice, Prime Minister Prayut Chan-ocha has failed to implement any serious redistributive tax reforms after four years in power. With new polls looming in 2019, his junta government is running out of time to significantly address the kingdom’s yawning wealth gap. The dailyReport Must-reads from across Asia - directly to your inbox When Prayut seized power in a May 2014 coup, one of his professed priorities was to implement tax reforms that guide Thailand towards a more equitable society. That vow was partly a response to mass “Red Shirt” demonstrations that rallied against the huge income gap between urban and rural areas. The “Red Shirts” were mobilized by self-exiled, ex-premier Thaksin Shinawatra, the … [Read more...] about Wealth gap remains under Thai junta rule
The system, which would allow people from either country to rapidly send funds to one another, is aimed at those who travel often for business or tourism. An announcement from the National Bank of Cambodia (NBC) said it would let users bypass the need to use costly exchanges to turn Cambodian riel into Thai baht, or vice versa. The systems will also allow Cambodian workers in Thailand to transfer money to their families at home. The NBC’s director-general of central banking, Chea Serey, said the initiative will receive support from financial institutions in both countries and that leaders would meet up later this year to define rules and procedures. She said the system was set to go public next year. “This is another effort to promote the use of riel. [It] will allow Cambodians to use their own currency abroad and will prove to the public that it is internationally recognised,” she said. The system will only work for users whose bank accounts utilise Cambodian … [Read more...] about Central bank links up for Thai pay system
PETALING JAYA: A female volunteer from the Democratic Action Party (DAP) was charged in the magistrate's court here today with stealing donation money totalling RM35,019.45, which was collected at one of the party's talks last week. Chung Siew Kim, 41, an online trader, however, pleaded not guilty after the charge was read out before magistrate Nurshahirah Abdul Salim. The woman was charged with stealing cash amounting to RM34,428.45, two cheques totalling RM575,100, Thai Baht (RM12) and US$1 (RM4) from DAP Damansara Service Centre at No 55M, Jalan SS21/1A, Damansara Utama, here at 4pm, May 9. She was charged with committing the offence under Section 380 of the Penal Code, which carries a jail term of up to 10 years and a fine upon conviction. Earlier, deputy public prosecutor Abu Arsalnaa Zainal Abidin suggested a bail of RM8,000 in one surety, but Chung's counsel Mohd Syazwan Mohd Hassan sought a lower amount for the accused on the grounds she was self-employed. The court allowed the … [Read more...] about DAP volunteer charged with stealing over RM35k in donation money
More money from the Government Pension Fund (GPF) and Social Security Fund (SSF) should be invested overseas to cool down the strong baht, according to the Finance Ministry. Permanent secretary for finance Somchai Sajjapongse said the appreciating baht results from an inflow of foreign capital. Several approaches can be used to send money out of the country to ease the baht, including supporting Thai business operators to invest overseas as well as funneling more money from the GPF and the SSF to invest abroad.He said some members of the both funds may feel uncomfortable that more of their money is going overseas, so at this stage overseas investments from the funds may be pushed to the ceiling first.The ceiling for overseas investment by the SSF is set at 30%, but only about 26% of the fund's investment coffers had been invested in foreign bonds as of the end of last year, according to the Labour Ministry.As of the end of last year, the SSF had 1.76 trillion baht, of which 1.24 … [Read more...] about Funds urged to invest in OS to curb rising baht