Published on October 18, 2005
Liberalisation of regulations for foreign companies is an idea whose time has come
Re: “Alarm over changes to Alien Business Law”, News, October 17.
The liberalisation of the Alien Business Law to set up businesses in the financial-services sector is good and within the control of the central bank. It will be beneficial to consumers, as it will bring about competitiveness among players in finance. However, liberalisation should not be without some stringent controls by the central bank, or there is the risk of manipulation and fraud. For local banks, it may be advantageous, too, enabling them to bring in foreign professionals. Frankly, the ethics of banking professionals are questionable at most times. Corruption is rampant. Mike Wee Malaysia --------------------------- Improving the Alien Business Law will boost efficiency Re: “Alarm over changes to Alien Business Law”, News, October 17. I confess to being puzzled by the outrage expressed by opposition politicians in regard to the government’s proposal to liberalise certain aspects of the Alien Business Law relating to financial services. The measures mentioned in your article appear to be more a streamlining of the regulations and elimination of duplications rather than any fundamental change. If the Bank of Thailand no longer has to give specific approval to each foreigner working in a bank, foreign bankers will still need to apply for visas and work permits. The Bank of Thailand quite properly has the right to object to the appointment of any senior executive, whether Thai or foreign, at a Thai bank, and I am sure the central bank is not going to give up this power in the face of the US FTA negotiations, nor would the US expect it to. Similarly, any senior-level appointment in a securities company has to be approved by the SET, regardless of nationality, and all professionals working in the securities and fund-management industries have to pass SEC licensing exams and educational qualifications. Foreigners have been permitted to operate wholly owned bank branches in Thailand for more than 100 years, and following the 1997 financial crisis, they have been allowed to own 100 per cent of a Thai bank. Also since the financial crisis, foreigners have been allowed to own 100 per cent of a securities company. So far, this has not presented much of a threat to Thai financial institutions and doesn’t seem likely to do so in the future. With some limited exceptions, foreign financial firms are only interested in having a presence in Thailand, to serve their multinational clients and blue-chip local corporations that require a sophisticated level of service. No foreign players have made any serious inroads into retail banking, and they have presented very little threat to large Thai banks. In fact, one large foreign bank that bought a Thai bank after the crisis has already sold off that investment, in order to concentrate on its wholesale business through its Bangkok branch. In the securities industry, Kim Eng of Singapore has become the largest Thai broker, through the acquisition and merger of two Thai firms, but other foreign securities firms have largely been content to use their wholly owned operations to service their institutional clients only. By and large, Thai financial institutions benefit a great deal from the presence of foreign firms, which introduce many innovations from abroad and train to international standards large numbers of Thai executives, who later move on to locally owned firms. Even if the situation were different and foreign financial firms were interested in moving into the Thai retail market in force, the ultimate beneficiaries could only be the Thai public, who would eventually be able to choose better-quality financial services at cheaper prices as a result of technically superior and more efficient competition. George Morgan Bangkok --------------------------- Comics, motorcycle coverage leave much to be desired On page 14A of The Nation of October 16, your Today on TV column announces MotoGP at 2.30am Monday, which is wrong. On page 11B, Today on Television includes the Nation Channel, but only a few others. If you are short of space on that page, why not drop the infantile, 10th-rate “Archie” comic strip, which has been passe for the last half century? Who wrote the headline “American puts Rossi in shade” (Sports, October 16)? The article points out that despite Rossi being held up in qualifying by a slower rider, Hayden only bettered his time by 0.106 of a second – hardly “putting him in the shade”. And why pick up motorcycling news from Agence France-Presse, who misidentified Sete Gibernau, a very fast and experienced rider, as a rookie? Yosemite Sam Chon Buri --------------------------- Night Safari cheetahs may not be all that cooperative Re: “Night safari cheetahs arrive”, News, October 16. While I understand the attractions of a night safari, having visited the excellent one in Singapore, I am unsure as to the wisdom of spending a large sum of money on six cheetahs. Cheetahs need a huge amount of space in which to live in a natural manner, though maybe this has been provided; I don’t know. However, cheetahs are diurnal, hence spend the night sleeping, usually in hiding from other predators. If they are allowed to behave naturally, they will not be easily spotted (pardon the pun!). Steve Mitchell Phuket --------------------------- Local skills training can enhance 12/26 anniversary In July and August, the Phang Nga Educational Service Area Office organised an intensive English for Eco-Tourism skills-enhancement retreat for teachers from 55 different schools. The intention to develop environmental-awareness action plans cooperatively, aimed at creating a special project in every focus school, was accomplished successfully. Thereafter, 100 students from the same schools were invited to participate in a most enjoyable four-day English camp to promote eco- and agro-tourism junior-guide leadership abilities while encouraging useful “hands-on” practical knowledge expansion. A September follow-up exhibition demonstrated remarkable project fulfilment, featuring an impressive variety of innovative, ecofriendly achievements. If the government’s plan to invite 5,000 tsunami mourners to help re-energise the lagging southern tourism industry is actualised, who better to serve as goodwill junior ambassadors and ecotourism-guide liaisons than these 100 well-trained affable youngsters? Also, rather than providing four-star hotel accommodation, why not arrange home stays and visits to local schools for those interested in getting to learn firsthand about warm, caring southern hospitality, the proud, ethnically diverse culture heritage and the natural ecoadventure experiences of this beautiful province? For the December 26 commemoration, why not let the resilient survivor youngsters themselves take centre stage with a daytime International Festival of Nations celebration, including such activities as Otop product sales, cooking and fruit-carving demonstrations, an art exhibition, a handicrafts fair, singing, dance and indigenous-games contests? The candlelight evening ceremony should also symbolise unified present revitalisation commitments together with hopeful progressive future aspirations, respectfully putting closure to mournful pasts. Pax vobiscum (Peace be with you). Dr Chanchai Prasertson Bangkok --------------------------- Western governments tend not to slaughter their own Re: “These are hard times for freedom lovers everywhere”, Letters, October 15. “Citizens of the United States, the United Kingdom and Australia do nothing as their governments slaughter thousands of their own citizens ...” I challenge John Francis Lee to tell us when and where the Australian government slaughtered thousands of its own citizens. Or the US and UK governments, for that matter. Rodney Sheaves Sydney, Australia --------------------------- Poll results show lack of respect for law and order Re: “Nation Internet poll”, News, October 15. The Internet poll claims more than half the population of Thailand feel a suspect in a particular rape case should have been lynched. Obviously, Internet polls are not scientifically valid, given the strong possibility of an unrepresentative sample responding. However, even if it were only half-true, such a response is very disturbing and goes a long way towards explaining the easy acceptance of the murders of 2,500 people in the war on drugs and the numerous disappearances of activists and others. Is it true that a majority of Thais feel it is acceptable to kill people suspected of crimes rather than go to the bother of having the truth of the matter decided in a legally constituted court? I certainly hope not, but the evidence seems to belie that hope. Ironically, this particular case was one in which it seems that, in fact, the wrong man, the father of the victim, was nearly lynched, merely because he was wearing a jacket similar to the suspect’s. One would think that this might have made people stop and think. Thomas Hoy Nakhon Pathom --------------------------- Stop the fat cats from freeloading flights Given Thai Airways’ current financial predicament, maybe it is time to end the free flights for politicians and other influential people. Better an empty seat than carrying the excess weight (and wasting fuel) of a non-paying passenger. I understand this was done quite frequently in the past. The only ones who should get free flights or fly at greatly reduced costs are those who have earned that right through their hard work; namely, the employees of the airline. Let there be no more freebies. If politicians and government officials want to fly, let them or their respective agencies foot the bill. Bill Dahm Bangkok
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