STREE WISE
No news is good for business
Prior to the emergence of Temasek Holdings' deal with Shin Corp Plc, businessmen were very bullish about the economic prospects. Compared to last year, this year was to have been a bonanza, given that people had become used to the high oil prices, bird flu seemed to be under control, and no more tsunamis were on the horizon.
A veteran hotelier said then that it was so good that there was no news about Thailand in the international press. "It's sad that whenever there is news about Thailand, it is all bad. Without news, it's good," he said. It remained so only for the first few weeks of the year. The January 23 deal sparked controversy, largely on the tax-avoidance by Prime Minister Thaksin Shinawatra's family and created questions about his legitimacy to remain in office. Moreover, last weekend Thailand was shocked again by a warning that a tsunami could strike again. Business excutives are now uncertain what economic consequences ofthe political conflicts. They are hopeful that the protests will not linger - otherwise more investment could be delayed. That could be a false hope given that protesters have vowed to camp out in front of Government House until Thaksin resigns. With the heightened political atmosphere, The Economist has for two consecutive weeks run articles on Thailand's politics. If the hotelier's comments are right, and it seems they could be, this is a bad omen. The February 23 edition highlighted concerns about democratic development in Thailand. It said Thaksin had never been democracy's champion, but the weekly magazine also blamed the opposition for boycotting the snap election, saying that tactic also looked undemocratic. The March 2 edition continued with a broad picture of the fights between anti-government protesters and Thaksin supporters. "Who will blink first?" was the headline of that article. Read this paragraph: "If the Democrats and their allies do eventually gain power, they can hardly complain if a time comes when violent, unrepresentative mobs one day try to force them out of office." The implication is that the Democrats should come out to tell the protesters to back off and let democratic ways continue. Somehow, it is not only the opposition and protesters - renowned economist Ammar Siamwalla is also displeased with the articles. "I plan to write them a letter. They just don't understand our politics," he said. Whatever, this episode suggests that no one can truly understand others in politics. achara_d@nationgroup.com
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