With increasingly strident anti government demonstrations in Bangkok yesterday evening, concern is growing that Thailand is once again seeing unrest on a scale that matches the events in 2014 that resulted in a change of government and a coup. At the end of last year Thai Baht (THB) was trading around 30 to USD prior to Covid having weakened to 36 in mid 2015 ; currently standing at 31 THB has so far avoided much of the pain experienced by other emerging markets, but will be vulnerable to weakening as markets assess the likely outcome of this latest call for a change in government.
Nudging 40 to USD markets are watching to see the effect on the all important tourist trade for this beautiful Indian Ocean island of the unfolding drama of the Japanese bulk carrier MV Wakashio that yesterday broke up having struck the reef that surrounds the island. Some estimates put the spillage effects of more than 1000 tons of oil lasting a decade or more and desperate efforts are being made to contain the oil with the use of booms. Last night the waves were growing in height to 5 meters hampering those efforts by the Mauritians who have now been joined by teams from India and France. Operators of the ship, Nagashiki Shipping are owned by Mitsui OSK Lines and with compensation expected to cost the company USD1 billion, Mauritius will at least take some small comfort that that company while only capitalised at Yen 65.4 Billion or USD 617 million is part of the Mitsui Group which has a market cap of USD 25 Billion.
Yesterday marked the acknowledged Queen of Pop’s 62nd birthday-she seems to have been around for ever due to it now being 40 years ago that her first band, Breakfast Club launched her career and her first album, Madonna was released in 1983. Net worth for Madonna is estimated to be USD 850 million from her singing, acting and highly successful business career with her company Maverick. Here is a flavour of how she has sold more than 300 million records and has become the best selling female artist of all time with her 1983 song, Burning Up:
Don’t put me off ’cause I’m on fire
And I can’t quench my desire
Don’t you know that I’m burning up for your love
You’re not convinced that that is enough
I put myself in this position
And I deserve the imposition
But you don’t even know I’m alive
And this pounding in my heart just won’t die
I’m burning up
I’m burning up, burning up for your love
I’m burning up, burning up for your love
I’m burning up, burning up for your love
For your love
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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