Singapore invests for rise in arrivals

Amid a challenging market environment, the partnership aims to achieve average annual growth of 3-4 per cent in visitor numbers over the next decade, CAG and STB said in a joint release yesterday.

International visitor arrivals totalled 15.1 million last year, a 3.1-per-cent dip from 2013’s 15.6 million, which was a record. Last year was the first time since 2009 that visitor numbers fell.

The present collaboration is the largest strategic partnership between CAG and STB to date. It will comprise joint marketing campaigns in key markets such as Australia, Indonesia, China and India. “This initiative aims to shape and enhance long-term global perceptions of both Singapore and the award-winning Changi Airport as destinations in their own right and thereby driving tourist traffic to and beyond Singapore,” the two bodies said in the statement. – The Straits Times

 

STATE-UNIT REFORM 

The National Reform Council is expected to submit for the Cabinet’s consideration a reform plan for state enterprises within the next seven days. It aims to enhance efficiency of the 56 state companies. 

 Paiboon Nalinthrangkurn, chairman of the NRC’s subcommittee for capital-market reform, said that under the proposal, a state enterprise would have to undergo reform if it failed to stand on its own. 

 

‘NO FEAR’ OF DEFLATION

Although the Consumer Price Index (CPI) has dropped for three consecutive months, the Commerce Ministry insists that Thailand is not yet in a deflationary situation since people are still spending their money.

The ministry reported yesterday that inflation was negative-0.57 per cent year on year last month, the lowest level in five and a half years since September 2009, due to lower fuel prices, though most consumer goods have not gone down in price.

Month-on-month inflation was just 0.17 per cent. The CPI declined by 0.5 per cent in the first quarter of the year.

“Inflation will continue to drop because of lower fuel prices. However, it has not yet reached a deflationary situation as people still spend money, while many countries have also faced dropping inflation along with slowing global economic growth,” said Somkiat Triratpan, inspector-general of the ministry and director of the Policies and Trade Strategies Bureau.

He said Thailand would experience deflation if Thais stop spending while prices drop. However, at the moment, the prices of most goods are still increasing, while people still spend their money.

He added that core inflation, which excludes volatile food and fuel prices, was still in positive territory, reflecting the fact that people were still spending their money on many goods. 

Last month, core inflation was 1.31 per cent year on year, while it was negative-0.06 per cent from February. Core inflation in the first three months was 1.47 per cent year on year.

In the first two months, the CPI in many economies dropped or grew only slightly. Taiwan’s dropped 0.57 per cent, Singapore’s CPI fell 0.3 per cent, Malaysia’s grew by a slight 0.6 per cent, Vietnam’s rose 0.64 per cent, and mainland China’s expanded 1.1 per cent.

With lower oil prices globally and domestically, the ministry predicts that the CPI in the second quarter of the year will drop by 0.5-0.7 per cent. 

However, the ministry projects that inflation will bounce back into positive territory in the second half of the year as fuel prices start rising again.

Thailand’s annualised inflation is targeted at 0.6-1.3 per cent.

 

PREMIERE IN BANGKOK 

TrueVisions Group has joined forces with CP Foods and True Corporation to invest Bt200 million in bringing Cirque du Soleil’s Quidam touring show for a performance in Bangkok. It will be its first show in Asia, featuring more than 100 members. 

The show will be staged from July 29 to August 3 at Impact Arena Muang Thong Thani, with an expected audience draw of more than 70,000.