Good morning,

Gold prices have hit an all-time high and are now at 15,750 baht for a one-baht weight gold bar, which is the slightly confusing way in which these things are measured in Thailand. The reason of course is that people are concerned about the ongoing economic crisis and want to put their money into an asset more or less guaranteed to keep its value. A lot of gold was recently bought on account of Chinese New Year, since it makes an attractive gift. Most of the increases in the cost of gold that have taken place in the last couple of decades has been caused (if my source is correct) by rising prosperity in Asian countries and purchases for women.

I am not really up to the job department: here is Commerce Minister Pornthiwa Nakasai on the export slump: “"Should exports drop considerably as it has been reported," Mrs.Pornthiwa said, "it is worrying and intolerable. However, we need to know why export have plunged."

The minister conceded that exports have been projected to decline since late last year, but no one could know just how much contraction will take place in each month of the second half of this year.

She said the ministry will try its best to locate new markets, and promote exports to lessen the shortfalls that so far seem likely in order to stave off so-called 'negative export growth'.

Mrs. Pornthiwa said it is time for the government to set aside Bt2-3 billion of the budget to stimulate exports to ensure they would not contract this year.

In addition, the government must attempt to expand exports in both existing and new markets including ASEAN, she said.”

I do love that ‘so-called negative export growth’ – in other words, it is probably some mythical thing perhaps invented by the perfidious foreign media.

Thank goodness for meritocracy. Eh? Oh.

GM Thailand is laying off 790 workers (with proper severance payments, apparently), after a plan to keep all workers on 75% salary failed. The plant will also close for a week, after which shifts will be rearranged. Seven hundred staff accepted voluntary redundancy while 90 were forced to leave. Sales are 56% down. Or, according to the Commerce Minister, ‘this so-called negative sales growth may not exist until we see what happens.’  

My article or review entitled ‘Ironman: A Rogue Individual’ has now been published at Cinemaroll.

Back tomorrow.