The Bangkok Riots 2010: Damage assessment one month afterwards
By Jon Fernquest
One
month has passed since riots and arson attacks rocked Bangkok.This last Saturday the Bangkok Post featured an assessment of the situation as it stands.
The article below addresses the business situation.
Today's article begins after the vocabulary below.
assess (verb) -
carefully consider a situation in order to reach a judgement
assessment (noun)
damage assessment - considering damage done, estimating size and extent, planning for recovery
the situation as it stands - the situation as it exists now
assessment (noun)
damage assessment - considering damage done, estimating size and extent, planning for recovery
the situation as it stands - the situation as it exists now
Local News
Businesses still picking up the pieces
19/06/2010Post Reporters
One month on, businesses hit by the red shirt riots on May 19 are still picking up the pieces.
Some report a slow recovery, while others complain of tardy state assistance.
The tourism industry, for instance, is still suffering from poor trade.
picking
up the pieces - trying to recover and get better after
suffering damage
recovery (noun) - when the economy gets better after a recession (more jobs, higher incomes) การฟื้นฟูสภาพ
tardy - slow to do something
state - government รัฐ
assistance - help (given to someone)
suffering - experiencing problems and a difficult painful situation ความทุกข์ทรมาน
trade - the buying and selling of goods การค้าขาย
recovery (noun) - when the economy gets better after a recession (more jobs, higher incomes) การฟื้นฟูสภาพ
tardy - slow to do something
state - government รัฐ
assistance - help (given to someone)
suffering - experiencing problems and a difficult painful situation ความทุกข์ทรมาน
trade - the buying and selling of goods การค้าขาย
Thai Hotels Association (THA) president Prakit Chinamourphong said the industry has yet to recover.
The average occupancy rate is just 10% nationwide.
I just came back from Koh Chang. The occupancy rate there is less than 10%. I haven't seen it this bad in more than 40 years," he said.
The THA has proposed remedial measures but the government has yet to respond.
recover
(verb) - when the economy gets better after a recession (more
jobs, higher incomes) ฟื้นฟูสภาพ
occupancy - when a business or individual is inside and using real estate (living in a home, doing business in a building)
rate - the speed at which something happens or changes อัตรา
occupancy rate - the percentage of a building or real estate development that is being used, has people living in it or businesses operating in it
nationwide - including the whole country ทั่วประเทศ
proposed - suggested (but not yet chosen or decided upon)
measures - actions taken to solve a problem มาตรการ
remedial - improving or correcting something
remedial measures - actions taken to improve or correct something
respond - to say or do something as a reaction to something that has been said or done ตอบสนอง, ตอบรับ
occupancy - when a business or individual is inside and using real estate (living in a home, doing business in a building)
rate - the speed at which something happens or changes อัตรา
occupancy rate - the percentage of a building or real estate development that is being used, has people living in it or businesses operating in it
nationwide - including the whole country ทั่วประเทศ
proposed - suggested (but not yet chosen or decided upon)
measures - actions taken to solve a problem มาตรการ
remedial - improving or correcting something
remedial measures - actions taken to improve or correct something
respond - to say or do something as a reaction to something that has been said or done ตอบสนอง, ตอบรับ
The delays could force mass layoffs in the hotel business, he said.
Big hotels with total assets of more than 200 million baht want longer to pay back their debts.
Association of Thai Travel Agents (Atta) president Surapol Sritrakul said international tourist arrivals have fallen 70% from the same period last year.
force
- strong and violent action กำลัง ความรุนแรง
mass - large numbers จำนวนมหาศาล
layoffs - job cuts, people losing their job because company loses orders and business layoffs การปลดคนงาน, การเลิกจ้าง
assets - things owned, especially property and money สินทรัพย์, ทรัพย์สิน
international - between countries ระหว่างประเทศ
mass - large numbers จำนวนมหาศาล
layoffs - job cuts, people losing their job because company loses orders and business layoffs การปลดคนงาน, การเลิกจ้าง
assets - things owned, especially property and money สินทรัพย์, ทรัพย์สิน
international - between countries ระหว่างประเทศ
We hope the tourism industry will start to recover in December. But we are worried the political situation may flare up again," he said.
The government has promised five billion baht in assistance for small and medium sized enterprises (SMEs). However, Atta believes the government should relax regulations further to make it easier for businesses to borrow.
flare
- when flames jump up and a fire gets bigger ความโกรธที่เพิ่มขึ้น
situation may flare up - situation may get bad (again)
enterprises - companies
SMEs - Small and Medium-sized Enterprises - businesses with employees or revenue below a certain limit, for example 500 employees for a medium-sized business (See Wikipedia)
regulations - rules made by the government to control how some activity is done กฎระเบียบ, ระเบียบปฏิบัติ, ระเบียบ ข้อบังคับ
relax regulations - when government reduces rules governing activities and makes them less strict and controlling
situation may flare up - situation may get bad (again)
enterprises - companies
SMEs - Small and Medium-sized Enterprises - businesses with employees or revenue below a certain limit, for example 500 employees for a medium-sized business (See Wikipedia)
regulations - rules made by the government to control how some activity is done กฎระเบียบ, ระเบียบปฏิบัติ, ระเบียบ ข้อบังคับ
relax regulations - when government reduces rules governing activities and makes them less strict and controlling
At least 50 companies have sought loans from the government. The prime minister has asked operators to present more details about their troubles so the government can consider the information together with their loan requests," said Mr Surapol.
The property sector says consumer confidence is still low following the riots.
operators
- businesses doing some business
loan - an amount of money that a person, business, or country borrows, especially from a bank เงินกู้
loan requests - asking for a loan (here: asking the government for a special loan because of the the recent chaos in Bangkok)
property - land and the buildings and homes built on the land
sector - a part of the economy (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) ภาค (เศรษฐกิจ) (See Wikipedia)
property sector - companies that building buildings and homes, as well as sell them when finished
consumer - someone who buys and uses goods and services ผู้บริโภค
confidence - feel sure about something, that everything will go smoothly in the future, trusting and believing in something ความเชื่อมั่น, ความมั่นใจ
loan - an amount of money that a person, business, or country borrows, especially from a bank เงินกู้
loan requests - asking for a loan (here: asking the government for a special loan because of the the recent chaos in Bangkok)
property - land and the buildings and homes built on the land
sector - a part of the economy (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) ภาค (เศรษฐกิจ) (See Wikipedia)
property sector - companies that building buildings and homes, as well as sell them when finished
consumer - someone who buys and uses goods and services ผู้บริโภค
confidence - feel sure about something, that everything will go smoothly in the future, trusting and believing in something ความเชื่อมั่น, ความมั่นใจ
Property consultant Colliers International Thailand said buildings damaged during the protests included three shopping malls, one cinema, two office buildings, two hotels, various branches of convenience stores, 14 bank branches and two government office buildings.
The most severe damage was incurred by CentralWorld where 95,000 sq m of the Zen shopping complex and some of CentralWorld itself was destroyed.
Reconstruction will take at least a year.
protests
- meetings, sometimes forceful or violent, or public statements by
people who strongly disagree with something ชุมนุมประท้วง
convenience - esy to use, suitable for your purposes and needs ความสะดวกสบาย
convenience stores - small neighborhood stores like 7-11 that are easy to use
bank branches - the actual bank offices in different places (where people do things like withdraw or deposit money)
severe - very serious and worrying ที่รุนแรง ที่น่าเป็นห่วง
complex - an area that has several parts
shopping complex - a big shopping center or shopping mall
convenience - esy to use, suitable for your purposes and needs ความสะดวกสบาย
convenience stores - small neighborhood stores like 7-11 that are easy to use
bank branches - the actual bank offices in different places (where people do things like withdraw or deposit money)
severe - very serious and worrying ที่รุนแรง ที่น่าเป็นห่วง
complex - an area that has several parts
shopping complex - a big shopping center or shopping mall
The other shopping mall to be hit was Center One, where 1,200 sq m was torched. Two years will likely be needed to rebuild.
Reconstruction was also needed at the Siam Theatre, the Metropolitan Electricity Authority in Klong Toey and some branches of Bangkok Bank.
Overall the property market would enter a static period while the country faced up to its deep divisions.
Foreign investment would begin to flow into the market only when these had been addressed, and a more liberal business climate was established.
torched
- set on fire
Metropolitan Electricity Authority - the city government agency that provides electricity to people and businesses in the city
static - not moving, changing or growing (here: no sales are being made, so prices do not rise and perhaps fall)
dynamic - moving changing or growing
property market would enter a static period - prices and sales flat or falling, so no new sales or building
face up to - seriously realize you have a problem and take steps to solve the problem
country faced up to its deep divisions -
investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
foreign investment - when businesses and people in foreign countries invest their money in this countries businesses
address problems - try to solve problems
liberal - giving or allowing a lot of something, generous
liberal business climate - when a place (city, province, country) makes it easier for people to start and run businesses by reducing fees, taxes and/or regulations
established - started, created
Metropolitan Electricity Authority - the city government agency that provides electricity to people and businesses in the city
static - not moving, changing or growing (here: no sales are being made, so prices do not rise and perhaps fall)
dynamic - moving changing or growing
property market would enter a static period - prices and sales flat or falling, so no new sales or building
face up to - seriously realize you have a problem and take steps to solve the problem
country faced up to its deep divisions -
investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
foreign investment - when businesses and people in foreign countries invest their money in this countries businesses
address problems - try to solve problems
liberal - giving or allowing a lot of something, generous
liberal business climate - when a place (city, province, country) makes it easier for people to start and run businesses by reducing fees, taxes and/or regulations
established - started, created
Local insurance firms have agreed to settle fire claims for small businesses affected by the Bangkok riots even if they didn't hold specific coverage for terrorism, said Chantra Purnariksha, secretary-general of the Office of the Insurance Commission.
While insurers were not obliged to pay out for damage caused by terrorism, the Insurance Commission has asked the industry to help small businesses holding policies worth less than 5 million baht.
insurance
- a system of protection against loss, a person pays money every month
(premiums) for a guarantee that the company will pay them money if they
or their property is damaged or lost (See Wikipedia)
การประกันภัย
settle - to reach a decision or an agreement about something, or to end a disagreement แก้ปัญหา
coverage, insurance coverage - what an insurance policy pays for
settle fire claims - determine whether insurance coverage includes fire damage and if it does then pay money to insured person or business
terrorism - the use of violence to achieve political aims การใช้ความรุนแรงเพื่อข้อเรียกร้องทางการเมือง
obliged - required to do something ต้องทำ, ต้องทำตามคำร้อง
settle - to reach a decision or an agreement about something, or to end a disagreement แก้ปัญหา
coverage, insurance coverage - what an insurance policy pays for
settle fire claims - determine whether insurance coverage includes fire damage and if it does then pay money to insured person or business
terrorism - the use of violence to achieve political aims การใช้ความรุนแรงเพื่อข้อเรียกร้องทางการเมือง
obliged - required to do something ต้องทำ, ต้องทำตามคำร้อง
(Source: Businesses still picking up the pieces, 19/06/2010, Post Reporters, list)
