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New appointment at Imperial Mae Ping Hotel Chiang Mai

Thai economy to grow less than 4%, says top fund manager

ADVERTORIAL: Sunbelt Business Advisors optimistic about Chiang Mai’s future

Having only just completed the move to new premises, Philip Wylie, newly appointed manager of local consultancy Sunbelt Business Advisors, the largest business brokerage in the world, is optimistic about the future of Chiang Mai. While Sunbelt’s segmentation of businesses show that restaurants, hotels, manufacturing businesses and factories are still on top of their list, he foresees a great future for any IT-related dealings in Chiang Mai, which is in line with the government’s efforts to make Chiang Mai Asia’s IT hub.

Philip Wylie, manager Sunbelt Asia Chiang Mai Office

With an average turnaround time of four to six months, deals are normally closed after about 25 viewings. “Businesses are not sold overnight, especially if private persons are trying to do it alone. They need professional help, and negotiations should only be done through a professional broker such as Sunbelt, with in-house legal consultancy and advisories,” Philip added.

Philip sees his first and foremost task is in identifying serious people and motivated buyers, not withholding the fact that some of his customers see him with a handful of cash, but lacking any idea or concept of what they would like to do with it. “In such cases, it is imperative to ascertain the protection of our listed properties which are for sale from any possible pitfall,” Philip says. “Both parties have not only to agree to the deal, but they should also be satisfied with what they have completed, despite the fact that Chiang Mai is a buyers’ market.”

Philip Wylie, a chartered accountant with a background in financial management and an MBA from London University, sees Sunbelt’s role in the North as part of the educational progress, and wishes to give positive experiences for the future of Chiang Mai. New business ideas such as the offering of secretarial services, virtual offices, and the possibility for smaller companies to hire their meeting room, are a refreshing addition to the local business world, and complete the one-stop service for foreigners to do business in Thailand.

Sunbelt’s new premises are at 179 Mahidol Road (opposite Niyom Phanich) and reached through 0 5328 3845 (Phone) or 0 5328 3873 (Fax).

New appointment at Imperial Mae Ping Hotel Chiang Mai

Somjit Tamboon

The Imperial Mae Ping Hotel Chiang Mai announced the appointment of Somjit Tamboon as their new executive chef. Somjit has over 20 years experience in the hospitality business. Other hotels he has worked in include the Royal Princess Srinakharin, Sofitel Khao Lak, Mercure Bangkok and at the Doha Sheraton in Qatar

Thai economy to grow less than 4%, says top fund manager

The Thai economy will grow less than 4% and the Bank of Thailand will have no choice but to raise the policy interest rate by 0.75-1% this year, a leading fund manager has projected.

Piyasavasdi Amaranand, chairman of Kasikornthai Asset Management Co., said yesterday that many institutions have currently decreased their economic growth estimate for 2005 to no more than 4% upon concern over high fuel prices, current account deficits, upward interest trend, and terrorist attack fears.

He said his company estimated that the Thai economy would expand between a range of 3.2-3.8% for 2005.

On a possible interest hike by the United States’ Federal Reserve, he viewed the US discount rate would increase to 4% this year, from 3.25% at current.

This would compel the Bank of Thailand (BOT) to raise the 14-day repurchase rate by 0.75-1% by this year since Thailand is still facing current account deficit problems. (TNA)