Rally and Protests Harm Thailand Economy and Revenue Collection

Revenue collection in the fiscal 2009 is of concern although the revenue earned for this year exceeded a target, according to the Revenue Department.

Spokesman Sathit Rankasiri revealed the department managed to collect revenue for fiscal 2008 more than targeted by 50 billion baht, boosted by the increased collection from the tourism, export and banking sectors.

However, the revenue collection for the fiscal 2009, which would start in October, appeared worrying because the persistent rally by the People's Alliance for Democracy-led protesters and the State of Emergency declaration had frightened foreign tourists.

He said the hotel, tourism, transport and small- and medium-size businesses in provincial areas had been comprehensively affected by the ongoing political unrest.

So, it is believed the political turmoil would have a direct impact on the department's competence in its revenue collection for the fiscal 2009, he added. - Bangkok Post

Thai Stock Market Declines Due to Rally and Protest

The Thai stock market is likely to move in a narrow range on Monday due to political uncertainty, and the support and resistance values are expected to be 640 and 660 points respectively, according to Asia Plus Securities head researcher Therdsak Thaveeteeratham.

Mr Therdsak said the trade value should be low throughout the day because investors are concerned over the political deadlock, adding that the state of emergency is still being enforced in Bangkok. Investors slow down their investment as political demonstrations have yet to be dispersed while the conflict is prolonging and extending to larger areas.

However, foreign stock markets, especially Japan's Nikkei, surged 3.59 percent after the US government has taken control of mortgage lenders Fannie Mae and Freddie Mac. This could help boost the Thai bourse, allowing the indices to rebound during the day, Mr Therdsak expected.

Prime Minister Guilty For Cooking On TV Shows

The atmosphere at Government House occupied by the supporters of the People's Alliance for Democracy (PAD) was suddenly animated after the Constitution Court ruled that Prime Minister and Defence Minister Samak Sundaravej is guilty of violating the charter by hosting two cooking shows on commercial television.

The court hearing was broadcast at the anti-government stage. The demonstrators at the government compound cheered and clapped their hands following the court's verdict.

"If Samak is named prime minister, or if anyone else from the People Power party is named, we are going to stay here," said Somsak Kosaisuk, one of the leaders of the PAD, a loose alliance of mostly middle-class Bangkokians who opposed the government of former prime minister Thaksin Shinawatra and see Samak and his party as proxies for Thaksin, who is now living in exile with his family. - Bangkok Post Newspaper