BANGKOK: -- The long-delayed Airport Rail Link project, providing direct rail service to and from Suvarnabhumi Airport, will start providing free service to the public from this December 5 which coincides with the birthday celebrations of His Majesty the King, said State Railway of Thailand (SRT) Governor Yuthana Tupcharoen.
People interested in free rides on December 5 may apply for tickets beginning October 1 at either the Airport Rail Link office or at SRT headquarters, Mr. Yuthana said.
Test runs of the system have been conducted since February by Siemens, the manufacturer and installer of the rail system, and no problems have been found. However, independent engineers will inspect the safety system for the next three months and if no problems are found, the system will be ready for operation.
The SRT board has also hired Deutsche Bahn International of Germany for Bt85 million to train Airport Rail Link staff. The board exports to launch the system on December 5, Mr Yuttana added.
The 28-km rail link connects Suvarnabhumi International Airport in adjacent Samut Prakan province and the City Air Terminal in Bangkok’s Makkasan area.
The Airport Rail Link is owned and will be operated by SRT, through a subsidiary company, which will administer the overall operations.
According to a preliminary study, the fare for an express trip will be Bt150 per person, while fares for the City Line commuter trips, will vary from Bt30-50 per passenger.
Transport for airport express riders and local commuters will run on the same track with the same equipment, but with a staggered schedule.
Premium-fare express services will run on the hour between Suvarnabhumi Airport and City Air Terminal, while the City Line service will stop at six local stations along the route.
Source: MCOT News
Sunday, September 6, 2009
Thursday, August 27, 2009
Villa Cristal - SOLD
Anatta Property confirmed the sale of Villa Cristal at Siam Royal View this week. Property investors and wealthy expats have voted with their wallets on this successful housing development just off the Sukhumvit Road in Pattaya. Set a huge piece of land overlooking Jomtien and Pattaya bays and boasting a huge salt water infinity edge pool in the centre of the resort its easy to see why so many choose to call Siam Royal View home. Re-sale properties are rare and there are limited land plots still available in Phase 2 for those looking to have a new house built. This is also the village of choice for visiting executives looking for a long term rental in a safe sucrue and quiet compound with easy access the many industrial areas which are within an easy commute.
For more latest availabilty contact Anatta Property anattaproperty@gmail.com
For more latest availabilty contact Anatta Property anattaproperty@gmail.com
Hollywood Coming to Thailand....again
American Gangster. Tomorrow Never Dies. Just two of the many blockbusters shot on location in Thailand in recent years.
Now Peter Wright in ‘The Hollywood Reporter’ tells of a brand new $650,000 media venture in Thailand revealed this week.
“HONG KONG -- Los Angeles-based entertainment property developer Creative Kingdom Inc. is to build a film studio and residential complex near Chiang Mai in northern Thailand
Meanwhile Peter Lloyd writing in Pattaya Today last week noted
''there was a very interesting article in a UK Sunday newspaper which listed Thailand as having the world’s third highest price rises in the first 3 months of this year recording a 2.7% increase”
Now Peter Wright in ‘The Hollywood Reporter’ tells of a brand new $650,000 media venture in Thailand revealed this week.
“HONG KONG -- Los Angeles-based entertainment property developer Creative Kingdom Inc. is to build a film studio and residential complex near Chiang Mai in northern Thailand
Meanwhile Peter Lloyd writing in Pattaya Today last week noted
''there was a very interesting article in a UK Sunday newspaper which listed Thailand as having the world’s third highest price rises in the first 3 months of this year recording a 2.7% increase”
Wednesday, August 26, 2009
Property and Land Ownership in Thailand - News
PHUKET CITY: The governor of Phuket, Wichai Phraisa-ngop, on Tuesday responded to explosive claims by a Thai research body that foreigners own 90 percent of the island’s beach land.
The Thailand Research Foundation announced the results of its research into land ownership at a seminar attended by economics and law scholars last week.
The Bangkok Post quoted Siriporn Sajjanont, a member of the research team from the economics faculty at Sukhothai Thammathirat Open University, as saying foreigners controlled 90 percent of land along the coastline of Phuket through Thai nominees.
The claims have caused a furor in the Thai media, following reports that businessmen in the Middle East were snapping up rice farms in other parts of Thailand using local proxy companies.
Questioned by the media at a ceremony to give out scholarships to students at Phuket City Municipality offices, Gov Wichai refused to confirm or deny the 90 percent claim.
The governor nevertheless conceded that foreigners were exploiting legal loopholes in order to gain control of Phuket’s land.
“One way to own property is through a business registered as a juristic person,” Gov Wichai said.
“As long as Thai people own 51 percent or more of the company and foreigners 49 percent or less, that’s legally permissible.
“The Thais are then transferring their shares to the foreigners after the transaction is complete, so the foreigners get 100 percent control of the land.”
Gov Wichai said the government was drafting new laws to prevent this from happening.
Foreigners were also marrying Thais in order to own businesses to purchase property, he said.
“The law doesn’t allow foreigners to own land and property, except for condos, so they’re finding Thai husbands and wives,” he said.
“Sometimes they even use fake marriage documents,” Gov Wichai added.
The governor said that Phuket authorities were carrying out stringent checks to find out whether the money to buy land was coming from Thais or foreigners.
“If marriage licenses are fake or Thai nominees are used but the money used to buy the property isn’t coming from Thai people, we won’t let them buy property. In the past, many people have been refused permission to buy property in Phuket.” he said.
The governor expressed concern that foreigners were renting farmland in other parts of Thailand.
“Outside Phuket, we have to worry about people from the Middle East leasing our farmland. They can rent it for 30 years and can extend the lease two more times – that’s a very long time,” he said.
From the Phuket Gazette
The Thailand Research Foundation announced the results of its research into land ownership at a seminar attended by economics and law scholars last week.
The Bangkok Post quoted Siriporn Sajjanont, a member of the research team from the economics faculty at Sukhothai Thammathirat Open University, as saying foreigners controlled 90 percent of land along the coastline of Phuket through Thai nominees.
The claims have caused a furor in the Thai media, following reports that businessmen in the Middle East were snapping up rice farms in other parts of Thailand using local proxy companies.
Questioned by the media at a ceremony to give out scholarships to students at Phuket City Municipality offices, Gov Wichai refused to confirm or deny the 90 percent claim.
The governor nevertheless conceded that foreigners were exploiting legal loopholes in order to gain control of Phuket’s land.
“One way to own property is through a business registered as a juristic person,” Gov Wichai said.
“As long as Thai people own 51 percent or more of the company and foreigners 49 percent or less, that’s legally permissible.
“The Thais are then transferring their shares to the foreigners after the transaction is complete, so the foreigners get 100 percent control of the land.”
Gov Wichai said the government was drafting new laws to prevent this from happening.
Foreigners were also marrying Thais in order to own businesses to purchase property, he said.
“The law doesn’t allow foreigners to own land and property, except for condos, so they’re finding Thai husbands and wives,” he said.
“Sometimes they even use fake marriage documents,” Gov Wichai added.
The governor said that Phuket authorities were carrying out stringent checks to find out whether the money to buy land was coming from Thais or foreigners.
“If marriage licenses are fake or Thai nominees are used but the money used to buy the property isn’t coming from Thai people, we won’t let them buy property. In the past, many people have been refused permission to buy property in Phuket.” he said.
The governor expressed concern that foreigners were renting farmland in other parts of Thailand.
“Outside Phuket, we have to worry about people from the Middle East leasing our farmland. They can rent it for 30 years and can extend the lease two more times – that’s a very long time,” he said.
From the Phuket Gazette
Thursday, August 20, 2009
Why Invest... Pattaya
Welcome to the second edition of Why Invest... Pattaya, a publication prepared by Raimon Land's research team. The purpose of this document is to provide the latest facts, figures and trends relating to Thailand's eastern seaboard destination, so investors are equipped with quantifiable tools to use in their decision making.
It is about the destination and its future, containing opinions from property industry experts and investors who provide first-hand intelligence and insight that reveals existing, as well as the longer -term potential of the destination.
With more than six million tourists a year and growing by another million visitors every two years, Pattaya is Thailand's premier tourism destination and one of the top resorts in Southeast Asia.
The profile of tourists has changed over the past few years. The number of keys in five-star hotels has increased significantly, pulling in higher spenders to the city. Better infrastructure, schools, hospitals, golf courses and exciting nightlife are attracting regular visitors from Bangkok over the weekends and public holidays.
The opening of Suvarnabhumi International Airport, located closer to Pattaya, has further played a key role to attract more businesses to the eastern seaboard. The Board of Investment is regularly approving new projects within and around the boundaries of Pattaya, consequently attracting more employees to the city. Pattaya is no longer just a tourist area; it is now an authentic city with permanent residents and communities of foreign retirees, local business owners and workers from nearby industrial estates.
With rising standards in accommodation and resort developments, Pattaya is redefining itself to attract higher-spending tourists and this benefits all in the community. Our Northshore project was the first development to raise luxury standards in Pattaya and now we've moved standards even higher with Northpoint.
Our experience at Northshore and Northpoint combined with extensive research of the Pattaya residential market indicates strong demand for centrally located quality units with views - but limited supply. This is good news for investors.
It is about the destination and its future, containing opinions from property industry experts and investors who provide first-hand intelligence and insight that reveals existing, as well as the longer -term potential of the destination.
With more than six million tourists a year and growing by another million visitors every two years, Pattaya is Thailand's premier tourism destination and one of the top resorts in Southeast Asia.
The profile of tourists has changed over the past few years. The number of keys in five-star hotels has increased significantly, pulling in higher spenders to the city. Better infrastructure, schools, hospitals, golf courses and exciting nightlife are attracting regular visitors from Bangkok over the weekends and public holidays.
The opening of Suvarnabhumi International Airport, located closer to Pattaya, has further played a key role to attract more businesses to the eastern seaboard. The Board of Investment is regularly approving new projects within and around the boundaries of Pattaya, consequently attracting more employees to the city. Pattaya is no longer just a tourist area; it is now an authentic city with permanent residents and communities of foreign retirees, local business owners and workers from nearby industrial estates.
With rising standards in accommodation and resort developments, Pattaya is redefining itself to attract higher-spending tourists and this benefits all in the community. Our Northshore project was the first development to raise luxury standards in Pattaya and now we've moved standards even higher with Northpoint.
Our experience at Northshore and Northpoint combined with extensive research of the Pattaya residential market indicates strong demand for centrally located quality units with views - but limited supply. This is good news for investors.
Northpoint Condo Pattaya
Luxury property developer, Raimon Land, has recorded impressive sales growth for its Northpoint project on prime beachfront land in Pattaya, bucking the trend of Thailand''s overall property sales performance.
As of July, the company has sold 72% of the 376 residential units in the award-winning development on North Pattaya's prestigious Wong-Amat Beach. Due to open in early 2010, Northpoint's two towers of 54 and 46 storeys have achieved sales of THB3.3 billion, with 269 units sold.
Raimon Land Chief Executive Officer, Hubert Viriot, said the positive sales clearly show that property buyers remain confident in Pattaya's luxury real estate market and in a resort destination just 90 minutes' drive from Suvarnabhumi International Airport.
"These results demonstrate a belief amongst investors and ourselves in the destination, which is driven by its location, the increasing number of five-star hotels, new retail developments, and the great outdoors lifestyle available" Mr. Viriot said.
"Buyer movement has been particularly strong among Thai nationals, who see the long-term value of a high-quality investment vehicle that can be rented to executives living and working in the Eastern Seaboard region."
Northpoint is the tallest residential development completed in Pattaya to date and is now a landmark on the Pattaya skyline. Construction continues to make good progress with mechanical, electrical and plumbing installations having reached the penthouse levels of both towers. External decorative paint application works are ongoing while imported floor and wall tiling installations have significantly advanced at both towers, and landscaping and swimming pool works continue to progress at the beachfront.
Recognised as the "Best Condo Development Eastern Seaboard" at the Thailand Property Awards 2008, Northpoint redefines beachfront living in Pattaya with a mix of one, two and three bedroom luxury units, as well as three to four-bedroom duplexes and penthouses, ranging in size from 53-492 sq.m., with tropical modern designs, and every unit enjoying uninterrupted views of the Gulf of Thailand.
Located on 80-metres of beachfront amid tiered horizon pools and specially zoned sun decks, Northpoint also features spectacular Sky Gardens, state-of-the-art fitness facilities, a kids' playground and lush greenery.
For more information, please visit www.northpointpattaya.com
Latest Thailand condominium research by Raimon Land
Publicly-listed Thai condominium developer, Raimon Land PLC recently released their latest condominium research – Condominium Focus Thailand. Focusing primarily on Bangkok and Pattaya, there is no research on resorts markets such as Phuket as there has been in the past, presumably due to Raimon Land´s The Heights Phuket condominium development having been finished.
According to the report:
Thailand´s property sector is showing signs of an early recover, as selective investors return to purchasing real estate stocks and actual property.
The condominium market appears to be recovering, as all major developers reported stronger Q1/09 presales after a dismal Q4/08.
Developers are also enjoying lower construction and material costs alongside a selection of reasonable priced, quality land plots in 2009, but banks remain cautious in releasing new loans for condominium projects.
Condominium development indicators for Q1/09 reveal:
- Presales more than doubled those in Q4/08, signaling the market has already bottomed out.
- Construction costs by gross floor area (GFA) have fallen more than 10% since Q3/08.
- However, the drawdown on new loans tumbled 36.5% to THB1.8 billion from last year´s THB2.9 billion.
A drastic reduction in the condominium launches is taking much of the blame for slumping presales, and cancellations and returns led to negative presales in Q4/08. However, more projects launched in early 2009 are reporting good presales.
Despite the poor market sector performance in 2009, the report notes signs in 2009 remain positive where “Off-plan take is still high at 73%.”
With regards to new supply in the Bangkok market, the report goes on to say:
The latest inner-city Bangkok transfer figures shows:
- The gap between completed and transferred condominiums has widened after a shakeout of unqualified buyers.
- Recent high-end completions drove the average price/sqm. of transferred units to a new high.
- Sukhumvit led the want in transfers, followed by Silom/Sathron, and high-priced Central Lumpini.
Earlier this week Raimon Land reported an increase in IFA´s shareholding in the company, followed by the release of Q2 figures showing a loss of over THB200 million in 2009. This on the back of positive profit postings by many of Thailand´s publicly-listed real estate companies over the same period.
With regards to Pattaya, the report notes mixed results, with completed and resales of completed units showing some positives:
Much like tourist arrivals, condominium launches cooled in 2009 after a record H2/08, while the take-up rate sank to 35.2%, a low not seen in four years. With the gap between supply and demand widening, the average unit price began slipping from its H1/08 peak to below the THB100,000/sqm mark in 2009.
It is fair to say we see more glossy sales brochures and property billboards than actual cranes in Pattaya, and the lack of finished supply continues to guarantee strong annual returns in the range of 5-7%. While resale prices in finished properties are escalating to be more in line with current off-plan prices.
This trend is set to continue, with only a third of the total launches expected to be completed in the next two years, while the remaining units are scheduled to come be transferred to buyers in 2012 and 2013 onward, though it is unlikely that all developers will meet their targeted completion dates.
This is the 8th edition of the Condominium Focus Thailand, published by Raimon Land.
Sunday, August 9, 2009
House for sale in Pattaya
We are looking for the highest quality houses for sale in Pattaya. If you would like to list your property please email us the full details and some pictures and we will place it on our website www.anattaproperty.com
The website is being optimised so that it will appear on the first page of Google worldwide if anyone is looking for a house for sale in Pattaya.
Our commission fees are only 3% of the total sale price. Please email anattaproperty@gmail.com
The website is being optimised so that it will appear on the first page of Google worldwide if anyone is looking for a house for sale in Pattaya.
Our commission fees are only 3% of the total sale price. Please email anattaproperty@gmail.com
Forex News from AC Markets
Wednesday, August 5, 2009
Improvements Villa Cristal
Work on Villa Cristal at Siam Royal View should be complete in 10 days so should be ready for bookings again from the 17th August. Sorry for any convenience this may cause for those bookings we have been unable to accomodate.
Villa Rentals Pattaya will list all the available properties at Siam Royal View in Pattaya for rent
Villa Rentals Pattaya will list all the available properties at Siam Royal View in Pattaya for rent
Monday, August 3, 2009
Villa Cristal at Siam Royal View
The painters are in at Villa Cristal in the Siam Royal View developement in Pattaya. This house will be ready to rent in about 2 weeks and the lucky tenants will have a sparkling new house to call home. Construction was completed in 2008 and potential buyers also have the benefit of renting before purchase with all rent refunded if they decide to buy. They owners are also offering attractive exchange rates to buyers between now and October email siamroyalview@gmail.com for more details and to book a viewing.
Villa Rentals Pattaya
The www.villarentalspattaya.com website is now up and running and a full list of the houses for rent at the exclusive Siam Royal View development in Pattaya will be added soon.
Thai Shares Hit 11 Month High
BANGKOK, Aug 3 (Reuters) - Thai shares rose to an 11-month
high on Monday and most other Southeast Asian stock markets
moved higher as the improving economic outlook bolstered buying
interest in sectors such as cement and property.
Most markets in Asia were higher, helped by signs that
economic activity was picking up speed in China. [nSP23077]
Thailand's SET index .SETI jumped 2.8 percent to 641.43,
its highest level since Sept. 15, 2008, with Siam Cement
(SCC.BK) climbing 3.3 percent after analysts upgraded their
earnings outlook for the country's biggest cement firm.
Outperformers included Siam City Cement SCCC.BK, which
surged 7.7 percent, and Land & Houses LH.BK, the country's
biggest housing developer, which rose 8.7 percent.
The Bank of Thailand said cement sales grew 5.5 percent in
June from a year before, implying an improvement in private
investment and a better property market, dealers said.
Thursday, July 16, 2009
Kuala Lumpur Visa Run
My visa has expired so I am off to KL next week to get a new one from the Thai Embassy. As my wife is Thai this is usually a fairly easy process. I will apply for a 1 year multiple entry non immigrant visa the documents required included copies of marriage certification, wife's ID card, house registration book, passport and photocopy. I will also take my son's birth certificate as he was born in Bangkok and has dual nationality, a Thai and UK passport. I am flying with Air Asia and the total cost return from Bangkok including taxes, selected seat, bus to city and a chicken sandwich comes in at only 3,800 THB.
I've booked into the Tune Hotel in KL city a new budget hotel so will report back on that next week www.tunehotels.com
I've booked into the Tune Hotel in KL city a new budget hotel so will report back on that next week www.tunehotels.com
Fasthosts update
Managed to get hold of fasthosts support and it turns out the sitebuilder is not supported on the latest version of firefox. Once loaded in inernet explorer it works. Slightly annoying when you add content as it appears blank and you have to highlight and change the font colour each time but I've got a feeling there is way round this - time will tell! Added a few pages to the onlinefxtrading.org site and Smart Traffic SEO Company are considering it for their free link partner (FLP) program. If approved then it will benefit from monthly themed links which will increase it's visability in the search engines. If you want to find out more about the FLP program contact David Friend at Smart Traffic via email david.friend@smart-traffic.co.uk
Tuesday, July 14, 2009
Website Hosting & Site builders
In the process of building a new website and have opted to use fasthosts for the hosting and am using their built in sitebuilder for the design you can see the site here www.onlinefxtrading.org
For www.villarentalspattaya.com I bought a domain name and hosting package from GoDaddy which includes a sitebuilder called website tonight. However if you use any of their sitebuilders you will not get ftp access. I have now bought a seperate hosting account from them and will have to use an external sitebuilder so am currently trialing some I found online.
With the anatta property site I use the built in sitebuilder provided by hostgator which I am really impressed with however i'm not sure if you can purchase the software seperatly. It is provided by Parallels and seems to be a product only for hosting companies.
For www.villarentalspattaya.com I bought a domain name and hosting package from GoDaddy which includes a sitebuilder called website tonight. However if you use any of their sitebuilders you will not get ftp access. I have now bought a seperate hosting account from them and will have to use an external sitebuilder so am currently trialing some I found online.
With the anatta property site I use the built in sitebuilder provided by hostgator which I am really impressed with however i'm not sure if you can purchase the software seperatly. It is provided by Parallels and seems to be a product only for hosting companies.
Monday, July 13, 2009
Khao Kheow Open Zoo Chonburi
Had a great trip to the Khao Kheow open zoo on Sunday with the family and will post some pics when I get the time. Now I'm a dad I think I will become an expert on Thai zoos in the years to come!. We were staying at the house in Pattaya for the weekend and and the zoo is only about a 30 minute drive away. It is located in a remote and beautiful part of the country and we took the opportunity to hire a buggy so that we could be nearer to the animals. 2 hours buggy rental costs 300 baht and its pretty easy to pick up if you haven't driven one before. - Highly recommended
Zoos visited this year Chiang Mai, Dusit, Khao Kheow...
You can find some details regarding Thailand's Zoos here http://www.zoothailand.org/en/main.php.
Zoos visited this year Chiang Mai, Dusit, Khao Kheow...
You can find some details regarding Thailand's Zoos here http://www.zoothailand.org/en/main.php.
Saturday, July 11, 2009
Thai Built Toyota Camry Hybrid Launch
Toyota Motor Thailand unvieled the new hybrid Toyota Camry recently at the Dusit Thani hotel. The company has suspended production of the petrol only version in anticipation of the roll out and is hoping to sell 1,000 new cars a month. This locally built enviromentally friendly car is run on both gasoline and electric. The governement is pushing companies to adopt more green technologies and alternative energy sources to reduce the reliance on oil and reduce the impact on the enviroment.
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Happy Birthday HRH Princess Soamsawalee
Anatta Property joins the people of Thailand to humbly wish Her Royal Highness Princess Soamsawalee a very Happy Birthday on Monday 13th July
Swine Flu Update
Pattaya City
The entertainment area has beeen declaired virus-free and no new cases of flu have been reported.
Nationwide
Out of 2272 cases only 35 patients have been hospitalised and none are in critcal condition.
Data correct as of 6th July 2009
The entertainment area has beeen declaired virus-free and no new cases of flu have been reported.
Nationwide
Out of 2272 cases only 35 patients have been hospitalised and none are in critcal condition.
Data correct as of 6th July 2009
Friday, July 10, 2009
Consumer confidence boosts Thai property stocks
Thailand´s second-largest developer Preuksa Real Estate led a surge in stocks yesterday as the Consumer Confidence Index (CCI) rose for the first time since January – an indication that residential sales could be on the upswing.
The company´s shares rose 4.3 percent to Bt8.45m in trade worth about Bt12m.
Land & Houses, the country´s largest developer, also made gains climbing 4.3 percent to Bt4.9 – putting an end to a four-day slide that saw it lose 10 percent of its value.
Asian Property Development also increased its share advancing 2.4 percent to Bt4.30, its biggest increase since June 19.
Property stocks rose following a survey by the University of the Thai Chamber of Commerce (UTCC), which saw the CCI increase to 72.5 points in June from a static 71.5 points in May.
A score below 100 indicates a gloomy outlook, however, it is the first time in five months that the index has moved in a positive direction. Figures are based on a nationwide survey of 2,245 respondents.
CCI figures for the economy (65.4), employment opportunities (64.7) and future income (87.4), all made small gains – edging up from 64.3, 63.8 and 86.8 respectively.
“The rebound is based on hopes that the situation will improve after parliament authorised the government to borrow Bt800m for its [2010-12] stimulus package,” said Saowanee Thairungroj, vice president of UTCC´s research division.
http://www.property-report.com/property-news-printer-version.php?file=aprarchives&id=2669
The company´s shares rose 4.3 percent to Bt8.45m in trade worth about Bt12m.
Land & Houses, the country´s largest developer, also made gains climbing 4.3 percent to Bt4.9 – putting an end to a four-day slide that saw it lose 10 percent of its value.
Asian Property Development also increased its share advancing 2.4 percent to Bt4.30, its biggest increase since June 19.
Property stocks rose following a survey by the University of the Thai Chamber of Commerce (UTCC), which saw the CCI increase to 72.5 points in June from a static 71.5 points in May.
A score below 100 indicates a gloomy outlook, however, it is the first time in five months that the index has moved in a positive direction. Figures are based on a nationwide survey of 2,245 respondents.
CCI figures for the economy (65.4), employment opportunities (64.7) and future income (87.4), all made small gains – edging up from 64.3, 63.8 and 86.8 respectively.
“The rebound is based on hopes that the situation will improve after parliament authorised the government to borrow Bt800m for its [2010-12] stimulus package,” said Saowanee Thairungroj, vice president of UTCC´s research division.
http://www.property-report.com/property-news-printer-version.php?file=aprarchives&id=2669
Interest Rates Announcement - BOE
Bank of England Maintains Bank Rate at 0.5% and continues with £125 Billion Asset Purchase Programme
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £125 billion financed by the issuance of central bank reserves.
http://www.bankofengland.co.uk/publications/news/2009/059.htmCurrency News: Great British Pound
Bloomberg: Britain Currency to Crumble
Tuesday, July 7, 2009 3:33 PM
By: Elaine Barr
Harvard professor Niall Ferguson sees the handwriting on the wall with Britain’s currency, and he doesn’t like what he sees.
“The probability of a real sterling crisis is around one in three, and the probability of major tax hikes and cuts in public spending is roughly one in one,” the British financial historian told Bloomberg Markets.
The deterioration of the U.K.’s public finances already has prompted Standard & Poor’s to warn on May 21 that the country could lose its AAA rating.
Another ominous sign: Chancellor of the Exchequer Alistair Darling said the government’s 2009 deficit would hit 12.4 percent of GDP.
Nigel Lawson, former chancellor of the Exchequer under Margaret Thatcher from 1983 to 1989, agreed with Fergueson’s outlook. He said Britons can expect to face spending cuts in coming years in all areas, including Social Security and healthcare.
“Our public finances are easily the worst we’ve ever had in peacetime. The amount of borrowing the government will have to do as a result of the deficit is very worrying,” Lawson said.
Andrew Bosomworth of Pacific Investment Management Co. goes even further with his prediction. “In a worst-case scenario, there could be a run on the currency.”
To head off a crisis, Lawson urged Britain’s next leaders to make deep cuts in government spending right away.
Ferguson sees no alternative to severe cuts.
“It has to happen. This kind of red ink implies both spending cuts and tax hikes that could make the 1980s look like a teddy bear’s picnic,” he said.
Source: Bloomberg/Moneynews.com
http://moneynews.newsmax.com/financenews/s.../07/232876.html
Tuesday, July 7, 2009 3:33 PM
By: Elaine Barr
Harvard professor Niall Ferguson sees the handwriting on the wall with Britain’s currency, and he doesn’t like what he sees.
“The probability of a real sterling crisis is around one in three, and the probability of major tax hikes and cuts in public spending is roughly one in one,” the British financial historian told Bloomberg Markets.
The deterioration of the U.K.’s public finances already has prompted Standard & Poor’s to warn on May 21 that the country could lose its AAA rating.
Another ominous sign: Chancellor of the Exchequer Alistair Darling said the government’s 2009 deficit would hit 12.4 percent of GDP.
Nigel Lawson, former chancellor of the Exchequer under Margaret Thatcher from 1983 to 1989, agreed with Fergueson’s outlook. He said Britons can expect to face spending cuts in coming years in all areas, including Social Security and healthcare.
“Our public finances are easily the worst we’ve ever had in peacetime. The amount of borrowing the government will have to do as a result of the deficit is very worrying,” Lawson said.
Andrew Bosomworth of Pacific Investment Management Co. goes even further with his prediction. “In a worst-case scenario, there could be a run on the currency.”
To head off a crisis, Lawson urged Britain’s next leaders to make deep cuts in government spending right away.
Ferguson sees no alternative to severe cuts.
“It has to happen. This kind of red ink implies both spending cuts and tax hikes that could make the 1980s look like a teddy bear’s picnic,” he said.
Source: Bloomberg/Moneynews.com
http://moneynews.newsmax.com/financenews/s.../07/232876.html
Thursday, July 2, 2009
BTS Extension - Bangkok
The BTS Extension (skytrain) is coming along well and I see the progress as I drive down the Sukhumvit Road on my way home from work. Investment oppportunites still exist in the areas that will now be covered by the new line and some more details can be found here in the property report.
House for sale in Pattaya
I currently live in Bangkok, Thailand in a 3 bedroom townhouse which was built by Sansiri who are a well regarded property company. Since moving to Bangkok for work we have decided to sell our house in Pattaya but it is also available for rent full details can be found here. It is located in the exclusive Siam Royal View development just of the Sukhumvit Road. You can find all the houses for sale or rent in this development on the website plus details of the remaining land plots.
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