Monday, November 9, 2009

Thailand's Charoen Pokphand Foods posts record highs

UPDATE 1-Thai CP Foods Q3 net profit at record high

* Lower costs push up Q3 net profit

* Nine-month net profit exceeds full-year forecasts

* Shares up 2.6 pct, results published after the close (Adds details)

BANGKOK, Nov 9 (Reuters) - Charoen Pokphand Foods PCL (CPF.BK), Thailand's biggest chicken exporter, reported record quarterly earnings on Monday thanks to higher exports plus a fall in costs that boosted margins.

July-September net profit was 4.12 billion baht ($123.8 million), or 0.61 baht per share, up from 1.39 billion baht a year before and beating its previous quarterly record of 3.2 billion baht scored in the second quarter.

The result was above the average 3.6 billion baht forecast by three analysts polled by Reuters.

Sales for the quarter were up 1.8 percent at 44 billion baht, with production costs falling 5.3 percent to 35.2 billion baht, its statement showed. Total costs dropped 5.2 percent to 39.8 billion baht, it said.

Analysts expect a record annual profit this year due to higher prices for its products, the falling cost of raw materials, higher gross margins and better returns on investment in overseas businesses.

Net profit for the first nine months rose to 8.1 billion baht, above a full-year net profit forecast of 7.7 billion baht on revenue of 162.5 billion from 11 analysts polled by Thomson Reuters I/B/E/S.

CP Foods shares were up 2.6 percent at 9.8 baht on Monday, when the main Thai stock index .SETI climbed 2.1 percent. The results were published after the market closed. ($1=33.29 Baht) (Reporting by Viparat Jantraprap; Editing by Alan Raybould)

Friday, November 6, 2009

A slow, ponderous journey up the Mekong

With its haunting light and primeval landscapes, the Mother River in Laos takes you on a journey of dark dreams

Sunset on the Mekong at Luang Prabang

(photolibrary.com)

I am standing in the grounds of an elegant French colonial building in the middle of Luang Prabang, Laos. It’s 1pm, the sun is pressing down heavily on my head and the tropical humidity is bringing an unladylike sweat to my upper lip. I’m exchanging pleasantries on the immaculate lawn, but struggling to maintain my composure.

I drop like a stone suddenly, and come to moments later slumped on the grass as a line of white-jacketed staff come dashing across the lawn with water, iced towels and smelling salts. There is much commotion as a bottle is waved under my nose and my forehead delicately dabbed. A man takes my arm and escorts me back inside, mixes me a curing tonic and instructs me to go back to bed. The shutters are closed, soothing but firm words delivered, and I am left alone to convalesce in my cool white room.

I arrived here by boat two days previously; a slow, ponderous journey up the Mekong, during which I heard many stories from the boatmen about spirits. The Laotians are Buddhist, but their religion is infused with something much darker and older: animism — a belief that places and things have spirits that must be placated. I can’t help but think of this, lying on my sickbed in the latest top-notch hotel to open in Luang Prabang, because until recently this was the city hospital.

Amantaka is like all its Aman brethren — lean, thoroughbred, with a monastic-style luxury, but beyond the expensive linen and fine French wines its medicinal “spirit” could not be more alive. It feels like a calm, benign asylum. People sit in its quiet gardens and whisper. Malaria wouldn’t dare show its face in here.

So I lie in my room, cursing the poisoned meal I ate in town the night before, and read about the sadder fate of Henri Mouhot, the 19th-century French explorer who rediscovered the great Angkor Wat temples of Cambodia in 1860, and met a lonely, untimely death of jungle fever only a few kilometres from Luang Prabang a year later.

In Cambodia Mouhot had been indifferent to the Mekong, but by the time he had reached Luang Prabang he had fallen in love with it, describing it sentimentally as “an old friend” who possessed “an excess of grandeur”.

I couldn’t agree more. Even though I’m in a bewitching city full of bicycles, temples, monks and flowers, part of me is still sitting on the careworn boat that brought me here. Less than an hour into the two-day journey from Huay Xai, by the Thai border, with the ink on my Laos visa scarcely dry, the Mekong began to work its stealthy magic on me.

Its history has been eventful and violent, and its 21st-century fortunes may be equally momentous, as Laos, China and Thailand consider building more dams along it. The Thais know the Mekong as “mother river”. The author Colin Thubron, recalling the Vietnam War, referred to it as “this river of evil memory”. At 4,350km (2,700 miles), it is South-East Asia’s longest river, running from Tibet through China, Burma, Laos, Thailand, Cambodia and Vietnam.

As we chugged away from the border we filed through lush tropical countryside. The Thai side was busier and more prosperous, Laos noticeably less cultivated. This is one of the poorest countries in the world, with an average wage of about $1 a day and, with only 7 million people, it is sparsely populated.

At the end of the rainy season the Mekong is full and wide and trembling with treacherous currents. Our boat had a battered steel hull — there’s a good reason for that. Our captain, Thitnat, who has been navigating this part of the Mekong for 15 years, turned a cunning, snakelike path to avoid huge slabs of rock and sandbanks just beneath the surface. Every year he must carefully reconnoitre the same route to check how the sandbanks have shifted as the seasons change.

As we progressed, the landscape grew more dramatic and the atmosphere in the rugged terrain had an unsettling stillness. The river in Apocalypse Now was based on the Mekong and our course felt as though it might be plugged straight into Colonel Kurtz: the mountains were high and covered in impenetrable, tendril-strewn jungle; a mysterious mist settled on their upper reaches.

The weather was like a moody teenager: one minute an oppressive cloud loomed above; an hour later we slid through a bright, hallucinatory light. Then, round a bend in a river, and everything appeared opaque and hazy. A rainstorm hit out of nowhere, lashed the boat furiously, and vanished.

Tourism up this part of the Mekong began to take off in 1995, but, even so, the river was quiet in mid-October. Time slowed; I couldn’t recall life ever being as unhurried as this. There was no mobile phone reception. We felt cut off from the world. I could see no roads or cars, only fishermen in their slender longtails casting their nets, water buffalo basking in the shallows, and the occasional passenger boat.

The waterborne exile was broken by a stop at a typical Mekong village: a collection of wood and bamboo huts built on stilts, with semi-naked children splashing about at the river’s edge, smiling and waving. This one, Gon Dturn, is used to visitors. Our boat, thePak Ou, stops here every week.

The women displayed their handwoven scarves and the children giggled as we photographed them. No one spoke any English, and it seemed, to our eyes, shockingly poor. But for a rural Laotian village it is relatively wealthy, Toua, our first mate, told us. It had electricity and the inevitable satellite dishes have followed. To our astonishment it even had a “corner shop”, run by Chinese, that sold cheap gadgets and plastic household items. “The Chinese are opening shops like this all over Laos,” Toua said.

Laos’s dismal record on public healthcare (there is none) was evident in the badly deformed foot of a boy. Polio? Or unexploded ordnance? Laos is the most bombed country on Earth, thanks to America’s “secret war” in the Sixties and Seventies. Of the two million tonnes of bombs that fell, about a third failed to explode and are still sitting waiting to claim lives and limbs.

On we went, until the day began to fade. In the twilight, we stopped at Luang Say Lodge near Pak Beng, a riverside trading village. The electricity, which powered dim, yellow light, was turned off at 11pm. As night closed in, the darkness was a crescendo of cicadas, other insects and the occasional squawking bird. I sat outside my wood and bamboo hut and stared down at the river, but could see nothing. Everything was lost in a deep supernatural darkness. All around me the jungle throbbed. We were hardly far from civilisation — the village was 1km away — but how easy it was to believe in primeval spirits here.

The Mekong doesn’t permit cool, rational detachment, as Mouhot discovered. Its beauty can be intensely moving, its dense forests mysterious and foreboding, its clouds of mist and shifting light hypnotic and troubling. Your skin seems to get thinner and your emotions rise to the surface. In the sleepy hours after lunch, my mind settled on the past, on people I have lost, and I became aware that some painful knots I carry around with me were unravelling.

By the time we reached Luang Prabang, I felt spaced out by it all. Laos does a lively, illegal trade in opium, but who needs it here? The humid, aromatic air is like an opiate, and so many things are not, at first, what they seem.

As we approached our mooring we didn’t even know that Luang Prabang was there — how often can you say that upon arriving at a new city? This beautiful place, bursting with flowers and greenery, is protected by Unesco and has no high-rises. It lies like a reclining Buddha, hidden by trees. We climbed a broad stone stairway cut into the steep riverbank, and found a road and gently humming city beyond.

The journalist Jon Swain wrote in River of Time, his love letter to Indochina: “There is something about the Mekong which, even years later, makes me want to sit down beside it and watch my whole life go by.”

You don’t need to give up five years of your life, or live through Indochina’s appalling wars and revolutions, as Swain did, to feel that. Two days on a boat and the Mekong will be under your skin for ever.

Need to know

Getting there

Audley Travel (01993 838125, www.audleytravel.com) offers a ten-day itinerary including two nights at the Anantara Golden Triangle in Thailand, a two-day cruise on the Mekong through Laos (including overnight stay at Luang Say Lodge), three nights at Amantaka in Luang Prabang, and two nights in Bangkok at the Ariyasom Villa, from £2,280pp. Flights, transfers and private excursions included.

Further reading

Mekong, Turbulent Past, Uncertain Future, by Milton Osborne (Allen & Unwin). Fluent, page-turning history of the river’s fortunes.

River of Time, by Jon Swain (Vintage, £8.99). Moving memoir of war, revolution and love in Indochina in the 1970s by the award-winning journalist.

Vietnam, Cambodia and Laos (Footprint, £14.99). One of the better guides to Indochina.

Thursday, November 5, 2009

Temple of the Emerald Buddha - Bangkok


It is the Indian connection of the Emerald Buddha that made me put Wat Phra Kaew in the must see list of Bangkok. This temple, considered the Mecca of the Buddhists is housed in the Grand Palace. So beautiful is the architecture with golden spires and glittering mosaics that it is easy to get lost admiring the details in the 98.5 hectares compound.

The idol is 66cm tall and 48.3cms wide at the lap. It is dark green in color and we saw it wrapped in a golden robe, since it was the rainy season. We were told the idol is wrapped in three different costumes at the start of the three seasons the rainy, the winter and the summer. The King of Thailand is the only privileged person in the country to carry out this duty. The actual material is probably jasper quartz or nephrite jade and not emerald.


The history of the idol is interesting. Wiki mentions: The Emerald Buddha was created in India in 43 BC by Nagasena in the city of Pataliputra (today Patna in Bihar, India). The legends state that after remaining in Pataliputra for three hundred years, it was taken to Sri Lanka to save it from a civil war. In 457, King Anuruth of Burma sent a mission to Ceylon to ask for Buddhist scriptures and the Emerald Buddha, in order to support Buddhism in his country. These requests were granted, but the ship lost its way in a storm during the return voyage and landed in Cambodia. When the Thais captured Angkor Wat in 1432 (following the ravage of the bubonic plague), the Emerald Buddha was taken to Ayutthaya, Kamphaeng Phet, Laos and finally Chiang Rai, where the ruler of the city hid it.

This it seems is a legend. The mudra (hand gestures with a religious meaning) of the idol resembles the images of Buddha in Southern India and Sri Lanka; it is only this fact that adds some credibility to the legend.


Historians have a different story. Records mention, the idol is believed to have been carved in Northern Thailand not earlier than fifteenth century. According to reliable chronicles: The Emerald Buddha first appeared in 15th century in Chiang Rai and based on its style it seems to be from the Chiang Saen period. It is said that lightening struck the pagoda of a temple in Chiang Rai in northern Thailand and a Buddha image covered with stucco was found inside the temple. The statue was left with the abbot of the temple who removed the stucco and found the Emerald Buddha under it. Read more here.

At Wat Phra Kaew, the idol was placed high up on a pedestal and photography is not allowed from inside. So one has to position himself/herself outside and zoom in to the image over the heads of the worshippers and visitors. My shots aren’t doing actual justice in capturing the brilliance of the image, nevertheless…

Thailand Recalls Its Envoy to Cambodia as Rift Grows

BANGKOK -- Thailand recalled its ambassador from neighboring Cambodia on Thursday after former Thai Prime Minister Thaksin Shinawatra was named an adviser to the government in Phnom Penh.

Cambodia then called home its its ambassador in Thailand.

Bangkok's move was the harshest diplomatic action thus far in continuing tensions between the two countries, which have had a series of small -- but sometimes deadly -- skirmishes over demarcation of their border.

Associated Press

In this photo taken on Aug. 10, 2006, Cambodian Prime Minister Hun Sen, right, talks with former Thai Prime Minister Thaksin Shinawatra in Phnom Penh, Cambodia.

Thailand also said it would review all of its agreements with Cambodia.

Mr. Thaksin is a hugely divisive figure in Thailand, where his supporters and opponents have repeatedly taken to the streets over the past two years in demonstrations over who has the right to rule the country since his ouster in a 2006 military coup.

Mr. Thaksin has been living mostly in self-imposed exile since the coup, when he was accused of corruption, abuse of power and insulting Thailand's constitutional monarch. He was convicted in absentia last year of violating a conflict of interest law and sentenced to two years in prison, and his Thai passport has been revoked, forcing him to travel on other countries' passports.

A Thai Foreign Ministry statement said Thursday that the Thai ambassador was being recalled in response to the announcement of the appointment a day earlier by Prime Minister Hun Sen's government.

Cambodian state television said Wednesday night that Mr. Thaksin would serve as an adviser on economic affairs to both the government and to the prime minister personally. It also said Cambodia would refuse to extradite Mr. Thaksin to Thailand if asked because Phnom Penh considers him a victim of political persecution, echoing comments Cambodia's prime minister made last month. Mr. Thaksin had substantial business interests in Cambodia.

Thai Prime Minister Abhisit Vejjajiva said Thursday that the Cambodian action was considered interference in Thailand's internal affairs.

Wednesday, November 4, 2009

Cambodia makes Thailand's Thaksin adviser: government

By Suy Se (AFP) –

PHNOM PENH — Cambodia said Wednesday it had appointed fugitive former Thai prime minister Thaksin Shinawatra economic adviser to premier Hun Sen in a move that adds to tensions between the countries.

The appointment was announced on state television almost two weeks after Hun Sen first riled Thailand by offering safe haven to Thaksin, who was ousted in a coup in 2006 and is living abroad to avoid a jail term for corruption.

"Thaksin has already been appointed by royal decree... as personal adviser to Cambodian Prime Minister Hun Sen and the adviser to the Cambodian government in charge of economy," said a government statement read on television.

"Allowing Thaksin to stay in Cambodia is virtuous behaviour...good friends need to help each other in difficult circumstances," it added.

The statement went on to call charges against Thaksin "politically motivated" and vowed not to extradite him if he "decides to stay in Cambodia or travels in and out of Cambodia in order to fulfill his duties".

Ties between Cambodia and Thailand have been difficult since June 2008 amid an ongoing border conflict over land surrounding an 11th century temple, which has claimed several lives.

Hun Sen stoked up tensions with Thailand in late October when he first offered Thaksin refuge in Cambodia and then marred a summit of Asian leaders by saying he had offered him the job as economic adviser.

Thailand said that the appointment was an internal matter for Hun Sen's government but it would push for the extradition of billionaire Thaksin if he sets foot in Cambodia.

"It's a Cambodian matter," Thai Deputy Prime Minister Suthep Thaugsuban told AFP. "We don't have to analyse anything, the appointment is a private relationship between Cambodia and Thaksin. It hasn't had any impact on us."

"It's not a surprise. Cambodia has previously hired other foreigners as advisers and it did not cause us any problems. We don't have to worry too much," added Suthep, who is in charge of national security.

"But if Thaksin happens to be in Cambodia then we have to ask for his extradition."

Thaksin remains an influential figure on Thailand's turbulent political scene, stirring up mass protests from abroad against the government of Prime Minister Abhisit Vejjajiva.

The Thai government announced last month that it would strip Thaksin of his royal awards and his official rank from his time in the police force.

Twice-elected Thaksin fled Thailand last year before he was sentenced to two years in jail in a corruption case. His allies were driven from government in December after anti-Thaksin protesters occupied Bangkok's airports.

Abhisit has said Thaksin, who has several passports and divides his time between a number of countries, must return to Thailand to face justice.

Cambodia Names Thailand’s Thaksin Economic Adviser, Xinhua Says

By Mark Tannenbaum

Nov. 4 (Bloomberg) -- Cambodia’s government has named Thaksin Shinawatra, the exiled former prime minister of Thailand, as an economic adviser, Xinhua News Agency reported, citing a statement today from the Cambodian government.

Thaksin was also appointed to serve as a private adviser to Cambodian Prime Minister Hun Sen, the report said. The appointment was made on Oct. 27, Xinhua said.

Thaksin, ousted in a 2006 coup, is wanted in Thailand after being sentenced to a two-year prison term last year for abuse of power. Thailand and Cambodia are neighbors that have clashed in the past year over border disputes.

Last Updated: November 4, 2009 10:32 EST

Monday, November 2, 2009

Thailand to benefit from India move to import rice

Thailand could benefit immensely from an export windfall when India turns from a world supplier to buyer of rice to maintain stocks of about 10 million tonnes.

"India will take three years to build up their inventories as usual. It is an opportunity for Thai rice to replace Indian rice," Chokiat Ophaswongse, president of the Thai Rice Exporters Association, said yesterday.

Recently, the Indian government said it would open bidding for 30,000 tonnes of 25 per cent white rice, the first lot, next week.

The planned auction in India has shored up the global rice price, Chokiat said.

India used to export an average of 5 million tonnes of rice a year, he said.

India will announce bidding for more lots in the near future to compensate for the loss of 10 million tonnes due to drought this year, he said. Usually, India keeps 30 million tonnes of rice in storage to ensure food security, he said.

Thailand cannot capitalise on the rising world prices because Vietnam and Burma quote lower export prices, he said.

Rice export prices will not likely reach the peak of more than US$1,000 (Bt33,400) per tonne quoted in 2007 during the food crisis, he said. Rice for export at present should not exceed $650 per tonne because prices of other crops have not increased much.

Commerce Minister Porntiva Nakasai said more than 18 mills in 10 provinces have joined with the ministry to purchase rice from farmers under the government's income guarantee initiative.

Current reference prices are Bt8,189 per tonne for 10-per-cent paddy rice and Bt7,789 for 25-per-cent paddy rice. New prices will be released every 15 days. The local rice price is also on the way up, she said. For example, 5-per-cent paddy rice with 15-per-cent moisture is quoted at Bt8,500-Bt9,000 per tonne.

The natural disasters hitting many rice exporting countries have directly damaged their production while world consumption is increasing.

Japan and the Philippines have staged rice auctions and China plans to import more rice.