Presidents Report May 2017

June 2, 2017

Dear Members,

Some of you may know this already, but over the past few months the Chamber has embarked on a significant review of the way in which we account for revenue and expenses and how the details are recorded and reported. We have for many years engaged the services of professional auditors and accounting experts, and recently we  reviewed the way in which we report our income, which has led us to formally apply and register for VAT under the guidelines of the Thai Revenue Department’s revenue code (tax law). This process culminated in the Chamber being formally registered for VAT as of May 2017.

So what does this mean? From this point forward, all NZTCC invoices (for membership, sponsorship etc) will include VAT of 7%. And we will now be able to claim back VAT on payments we make to our suppliers and others. Unfortunately, this will have a minor impact on individual memberships that are not company-related. Although this is regrettable, it is nevertheless a requirement for us to comply with Thai law.

MEMBERSHIP DRIVE

By word of mouth, business connections and our Corporate Knight events and social functions, we continue to attract new members and sponsors who see benefits in joining the NZTCC. This is extremely satisfying as we continue to grow and support the businesses and friends of the Chamber who support us. We are still in discussions with other potential members, corporate sponsors and strategic partners, and we are confident of securing their support over the next month.

EXECUTIVE DIRECTOR

During March, our Executive Director (Khun Antz) resigned after serving the Chamber for approximately 20 months. Since then we have searched for a suitably-qualified replacement who will strengthen the work of our committee and make valuable contributions as we continue to grow.

After a thorough search, I’m delighted to announce the appointment of Khun Laksamee Rujiyothanant to the position of Executive Director, NZTCC. Khun Laksamee is a Thai National, fluent in English and French, who holds holds a Master’s Degree of Communication Arts from the University of Bangkok majoring in Strategic Communications. Although only 35 years of age, since graduating Khun Laksamee has gained considerable experience in the private sector as well as with her current employer, the Institute of Directors, Anti-Corruption Department. Khun Laksamee will join the Chamber on 15th June.  

MEMBERSHIP LOYALTY AND REWARDS PROGRAM

Slowly but surely is the best way to describe this project as it starts to come together. We now have a number of top-line suppliers willing to provide discounts to NZTCC members in various ways across a broad range of products and services. One of the key challenges faced with the variety of discounts being offered is to find a way in which we can bundle these member benefits into a single Membership Loyalty Card. If you have any ideas please contact any of the Chamber’s committee members.

CORPORATE SOCIAL RESPONSIBILITY

NZTCC is now looking for worthy projects for consideration for funding by our committee. For many years we have funded very worthwhile causes that have assisted underprivileged children and local communities. We continue to work with local partners on projects to improve the quality of life in some of Thailand’s most remote locations and needy communities. These include, but are not limited to, children in Bangkok’s slum communities, flood victims nationwide, and school children in rural areas.    

In 2016 /17 we undertook to fund the building of a facility at the Ban Huay Poh School at Mae Sariang in Mae Hong Son Province. Working in conjunction with the Thailand Hill Tribe Education Projects (THEP) organization, the Chamber upgraded and provided more hygienic conditions for the hill-tribe school’s canteen, including water filtration, storage tanks, a retaining wall and a pump house.
School children are able to wash and clean dishes as a result of NZTCC funding for the new facility
 
WINE, CHEESE & CIGARS
                 
A big thank you to our supporters, suppliers, sponsors and our host No Idea Bar for helping make our Wine, Cheese & Cigars night such a success. We not only had our NZ Ambassador and Second Secretary join the fun, we also had members of the Mexican, South African, Australian and Swiss Chambers joins us for this Business Connect event. Wines from NZ, Australia and USA, specialty cheeses from Switzerland and New Zealand, and cigars from Cuba, Nicaragua, etc., all added to a successful event!


NZ BUSINESS CONFIDENCE RISES IN MAY

New Zealand business confidence rose in May and firms saw rising exports, employment, profits, prices and inflation, suggesting the domestic economy continues to enjoy reasonable growth.

A net 15 percent of companies surveyed in the ANZ Business Outlook expect general business conditions to improve over the coming year, up from 11 percent in April. A net 38.3 percent see better times ahead for their own business, edging up from 37.7 percent, but still above the long-run average of 28 percent, and profit expectations rose 1.9 points with a net 27.7 percent seeing an increase in earnings.

The services sector was the most upbeat this month, with 21.1 percent seeing better times ahead for the economy, well ahead of other sectors. Retailing was next with a net 8.7 percent upbeat, followed by agriculture on 8.3 percent and manufacturing on 6.6 percent. By contrast, confidence in the economy among construction firms was at zero, meaning optimists matched pessimists.

Export intentions improved to 38.3 percent from 37.7 percent a month earlier, while investment intentions were unchanged at 23.5 percent. Those expecting to hire more staff rose to 23.6 percent from 21.5 percent, while those seeing higher profits rose to 27.7 percent from 25.8 percent. More companies saw room to raise prices – a net 30.2 percent had positive pricing intentions this month, up from 29.2 percent in April.

Inflation expectations increased to 2 percent – the Reserve Bank's target – from 1.83 percent in the April survey. A net 61.4 percent of those surveyed expect interest rates to rise, down from 64.3 percent in April. ANZ's composite indicator of business and consumer confidence pointed to economic growth of 3.5 percent to 4 percent.

NZ 1ST QUARTER TERMS OF TRADE BEST IN 44 YEARS

New Zealand's terms of trade rose to the highest level in about 44 years in the first quarter as export prices rose more than three times faster than imports, led by dairy and forest products.

The terms of trade rose 5.1 percent in the first quarter, Statistics New Zealand said, beating the 3.9 percent increase forecast by economists in a Reuter's survey. Export prices rose 9 percent in the first three months of the year and import prices gained 2.7 percent. Terms of trade is a measure of the purchasing power of New Zealand's exports abroad. The latest rise means 5.1 percent more goods imports could be funded by a fixed quantity of goods exports than in the December 2016 quarter. The value of exports rose 3.4 percent to $11.8 billion, seasonally adjusted, in the first quarter, while the value of imports rose 6.2 percent to $13.2 billion but export volumes fell 4.2 percent while import volumes rose 1.2 percent. "The terms of trade sit just 0.3 percent below the record high set back in June 1973. And with export prices still very healthy over recent months, we expect it is only a matter time before a new record is set," economists at ASB Bank said in a note.

 
NEW MEMBERS
 
A warm welcome to our new members who have joined NZTCC in May and to our new Corporate Knight Sponsors!
 
CORPORATE SPONSORS
  • Wine Connection
  • 137 Pillars
  • T&G (Turners & Growers)
GENERAL MEMBERS
  • Beervana (Craft Beer)
  • The Soda Company
OUR NEW CORPORATE KNIGHTS
 
HOME & AWAY (the political banter ahead of NZ’s General Election has started) - Interesting analytics??
 
 
SPECIAL EVENTS

Be in quick as tickets are PRE-SALE ONLY & limited to 80 tickets. We have invited the British & Irish Chambers as well as the British, Irish, Scottish and Welsh Societies to join us on the day!  To register visit here

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