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US$150 Million in Foreign Loans Secured for Road Projects

The Finance Ministry is poised to acquire 150 million US dollars in loans from the World Bank and the Asian Development Bank to be used in expanding several major roads, assuring that the projects will not repeat the controversy which has recently halted road extension near Khao Yai National Park. Deputy Finance Minister Pradit Pattaraprasit signed a draft contract for the second-phase expansion of major roads across the nation to four lanes.

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The Finance Ministry is poised to acquire 150 million US dollars in loans from the World Bank and the Asian Development Bank to be used in expanding several major roads, assuring that the projects will not repeat the controversy which has recently halted road extension near Khao Yai National Park. Deputy Finance Minister Pradit Pattaraprasit signed a draft contract for the second-phase expansion of major roads across the nation to four lanes.

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US$150 Million in Foreign Loans Secured for Road Projects

Domestic demand has also shown signs of life, but the severe weather, the withdrawal of consumption-based fiscal stimulus and political uncertainty should be a drag on growth. With a large fraction of the population still occupied in agriculture or working in rural areas, agriculture is a critical variable for the performance of household consumption.
While the Thai government is aware of the need for these reforms, political uncertainties have made it more challenging to pursue them

‘‘In part, the gains in the market are a function of wealth creation. Asian and Middle Eastern household wealth is growing faster than in the United States and Europe,’’. The broadening and deepening of the Asian capital markets has helped draw savings away from traditional asset classes such as bank deposits and mutual funds to equities.
Mr Pathom noted that past a certain level of market capitalization, investors appear to take a different view on valuations.

The modern Thai capital market can essentially be divided into two phases, beginning with “The Bangkok Stock Exchange” which was privately owned, followed by the establishment of “The Securities Exchange of Thailand”.

The inception of the Thai stock market began as far back as July 1962, when a private group established an organized stock exchange as a limited partnership. The group later became a limited company and changed its name to the “Bangkok Stock Exchange Co., Ltd.” (BSE) in 1963.
Despite its well-intended foundation the BSE was rather inactive. Annual turnover value consisted of only 160 million baht in 1968, and 114 million baht in 1969. Trading volumes continued to fall sharply thereafter to 46 million baht in 1970, and then 28 million baht in 1971. The turnover in debentures reached 87 million baht in 1972, but stocks continued to perform poorly, with turnover hitting an all time low of only 26 million baht. The BSE finally ceased operations in the early 1970s.

It is generally accepted that the BSE failed to succeed because of a lack of official government support and a limited investor understanding of the equity market.

Business

Democrat Claims Musk is Undermining Spending Bill Due to China Restrictions – The Hill

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A Democrat claims Elon Musk influenced the reduction of a spending bill due to its restrictions on China, suggesting his actions impacted the legislation’s progress and funding allocation.


Allegations Against Musk

A prominent Democrat has accused Elon Musk of deliberately sabotaging a significant spending bill in response to China-related restrictions. This accusation comes amid ongoing tensions between the U.S. and China, particularly regarding technology and trade policies. The claims suggest that Musk’s influence is affecting critical legislative processes, raising concerns among lawmakers about foreign influence in American politics.

Implications for Legislation

The potential ramifications of Musk’s alleged actions could be significant. As a major player in the tech industry, his decisions can sway public opinion and impact the economy. Lawmakers fear that if influential figures like Musk oppose necessary legislation, it might hinder efforts to address vital issues such as national security and economic stability.

Political Reactions

The controversy has sparked debates among both Democrats and Republicans, highlighting the intersection of technology and politics. Many are demanding greater transparency and accountability from tech giants. As the situation unfolds, lawmakers may need to reassess their strategies to ensure that essential legislation moves forward uninterrupted.

Source : Democrat accuses Musk of tanking spending bill over China restrictions – The Hill

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Business

HSBC Chairman to Head Key UK Business Delegation to China

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HSBC Chairman Mark Tucker will lead a UK business delegation to China next month to boost trade and investment, amid concerns over national security and improving UK-China relations.


HSBC Chairman Leads UK Delegation to China

HSBC Chairman Mark Tucker will lead a pivotal British business delegation to China next month, marking the first significant visit since 2018. The trip aims to enhance Chinese investment in the UK, guided by Chancellor Rachel Reeves. Tucker, a seasoned financier with extensive Asia experience, is regarded as essential in resetting UK-China relations.

Reviving Economic Dialogue

Tucker will accompany senior bankers in seeking to rejuvenate trade, specifically focusing on financial services. Although there are apprehensions among some UK lawmakers regarding national security threats posed by closer ties to Beijing, the UK Treasury spokesperson confirmed Chancellor Reeves’ upcoming discussions on economic cooperation in Beijing.

A Shift in UK-China Relations

Since suspending most dialogues following China’s imposition of a national security law in Hong Kong, UK-China relations have soured. Nevertheless, the Labour government is prioritizing improved ties with China, emphasizing investment opportunities. Reeves asserts the necessity of a pragmatic approach to benefitting national interests amid ongoing concerns voiced by some lawmakers about security risks.

Source : HSBC Chairman to lead pivotal UK business delegation to China

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Business

Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China

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Gordonstoun school severed ties with Hampton Group over espionage allegations against chairman Yang Tengbo. He denies involvement and claims to be a victim of political tensions between the UK and China.


Allegations Lead to School’s Decision

Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.

Public Denial and Legal Action

In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.

Immigration Challenges and Legal Responses

Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.

Source : Gordonstoun cuts ties with business chaired by man accused of spying for China

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