Bangkok beckons

Named Krung Thep Mahanakhon Amon Rattanakosin Mahinthara Ayuthaya Mahadilok Phop Noppharat Ratchathani Burirom Udomratchaniwet Mahasathan Amon Piman Awatan Sathit Sakkathattiya Witsanukam Prasit, (a Guinness record for the world’s longest name for a place) or, in short Krung Th ep Maha Nakhon or more popularly – Bangkok. Simply translated, the name means, ‘the city of angels, the great city, the eternal jewel city, the impregnable city of God Indra, the grand capital of the world endowed with nine precious gems, the happy city, abounding in an enormous Royal Palace that resembles the heavenly abode where reigns the reincarnated God, a city given by Indra and built by Vishnukam’!

From being a small trading town, Bangkok has metamorphosed into one of the most happening cities of Asia. During the reign of King Buddha Yodfa Chulaloke, the city was bestowed with its ceremonial name and the official name remained Krung Th ep Maha Nakhon.

Set on the bank of the Chao Phraya River in Thailand, Bangkok holds time – past, present and future – together in its arms. After all, where else can one find skyscrapers kissing the azul skies beside the most ancient temples or wats, where the monks live in harmony with all the glitz and glamour that’s associated with its name!

Counted among the world’s top tourist destinations and ranked third (by Travel + Leisure), Bangkok is host to more than 15 million tourists each year, boasting of its most visited historical venues – the Grand Palace, Wat Pho, Wat Phra Kaew (which houses the emerald Buddha and is considered the most important temple in Thailand), Wat Arun et al.

Besides, the city boasts of an effervescent night life, teeming with Asia’s most premium clubs and bars thriving in its ubercool lifestyle! And, if the floating markets, dinner cruises and bargain shopping don’t amuse you, indulge in some Thai massage and out-of-the-world spa treatments for a quick detox! Bangkok beckons for the sheer ecstasy that ceases to end!

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Source: IIPM Editorial, 2008

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

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There is a marginal softening in the property rates

It all seems so dreamy and beautiful that the deja-vu cannot be ignored, bearing a suspiciously familiar similarity to India’s boastful retail, or the airlines, or the soft drinks, or the car industry story, where almost all companies came in hypnotized by the promise of a huge market; and almost all players (from 70% in retail to 100% in aviation) are suffering pitiable losses as on the current date. Arvind Khanna, COO, Beekman Helix has his own spin, “There is a marginal softening in the property rates – 10-15%, but it is not universally applicable, it holds true for certain pockets only.” Raman Sood, Managing Director, Eros Group, divulges his views to B&E, “Prices in the sector have packed; I expect a correction over the next 3-6 months at 10-15%. There is correction right now, but people will continue to pick up property.” Rahul Todi, MD, Bengal Shrachi Housing wasn’t ready to be left behind, “The real estate boom started in 2001-2002. It has been 4-5 years now. If it sustains for 5-6 years, it is sustainable.” He strongly claims that stability is round the corner.

With due respect to all of the above mentioned executives, the hilarious part of all these comments is the analogy we drew with King Kong earlier. Many head honchos of real estate firms seem to have a memory recall of exactly one day. Irrespective of the government’s extremist efforts to debilitate the growth of this sector, top managers of this sector – rather than on planning their future investments based on interest rates, demand forecasts and costs of capital – are almost blindly positive about the future returns. A mere mention from us that there might be losses, and one sees the motley crew jumping together with fanatical fervour to oppose our impunity.

Of course, the RBI, for the sake of buyers, has decided to reduce the weightage on home loans up to Rs.2 million to 50%, a move which has been well accepted by the small borrowers. So what should an apprentice consumer be doing in such a dynamic situation? B. P. Dhaka of Parsvnath advises, “The time is right to buy a property for an end user. He needs to evaluate his capital and need judiciously.”

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Source: IIPM Editorial, 2008

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

Maintain primacy of peace

The Russian reaction against the CFE results from the NATO’s obduracy to ratify the treaty – citing Russian refusal to remove troops from Georgia & Moldova. Realising the import of the treaty for European stability, the NATO spokesman James Appathurai said, “The Russian position is not fully clear to me, both in terms of suspension or in terms of what they want as a next step. That is exactly why the allies wish to discuss with the Russian Federation in more depth what it is exactly they mean.” Undeniably, a complete abrogation of the treaty may lead to further arms race in the region.

The EU is worried that if this trend of whimsical withdrawal from treaties continues (the US had withdrawn from ABM treaty in 2005), next to follow could be the death of the intermediate-range nuclear forces treaty, leading to a fresh wave of missile race. Th e EU simply cannot afford to let its soil become the battleground for this new wave of chill blowing between the erstwhile Cold War foes.

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Source: IIPM Editorial, 2008

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

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