Business

Thai restaurant rides wave of success as customers flock to dine in floodwaters

Published

9 months ago

October 8, 2021

THN

Thai restaurant rides wave of success as customers flock to dine in floodwaters

The rising Thai Chao Phraya river has proved a unique drawcard as footage of diners dodging the wake of passing boats goes viral

Riverside restaurant owner Titiporn Jutimanon feared that the floods afflicting many parts of Thailand could be the end of a business already struggling from the pandemic.

But with the rising tide of the Chao Phraya river this week came an unexpected opportunity.

Instead of closing for the floods, Titiporn’s eatery is making waves in Thailand, staying open for customers who are revelling in shin-deep dining, and the thrill of avoiding the waves created by passing boats.

“Customers absolutely love the waves,” said Titiporn, who runs the Chao Phraya antique cafe in Nonthaburi, north of Bangkok. “What I thought would be a crisis turned into an opportunity.”

Videos have gone viral on social media of customers sitting on drenched chairs, taking mouthfuls of food as long-tail boats buzz by, then moving out of the way as waves hit.

About 30 northern and central provinces have been hit by flooding in recent weeks, raising levels of the famous river that flows through Bangkok.

Titiporn’s Thai business was forced to close during Covid-19 lockdowns, but she’s glad she decided to brave the floods.

“Not only do they love the atmosphere and the barbecue pork and the view of the sunset … the flood became an additional unique factor,” she said. “I feel so lucky that the customers love it, the flood wasn’t a challenge for them to come.”

Customers cheer and laugh as their wooden stools are knocked over by the water that breaches the restaurant.

It holds two sittings each day for diners to enjoy the experience when the water levels are highest.

“It’s a fun challenge – you don’t know if you’ll get washed away somewhere while eating,” joked customer Jetdanai Boonrod, 30.

Business

Naira depreciates further to N614/$ at parallel market

Published

17 hours ago

June 28, 2022

Harmattan News

Naira depreciates further to N614/$ at parallel market

The Nigerian naira has dropped to N614 against the dollar at the parallel section of the foreign exchange market.

The figure signifies a depreciation of N7 or 1.2 percent compared to the N607 it traded last two weeks.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos on Tuesday, said they purchase the greenback at N608/$, make a gain of N6, and then sell at N614.

At the official market, the naira also depreciated by 0.21 percent to close at N421/$ on Monday, according to information obtained from FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading.

Nigeria operates multiple exchange rate windows ranging from the importers and exporters window (I&E) window, where forex is traded between exporters, investors, and purchasers of forex, the SMEIS window where forex is sold to importers, and others.

International organisations such as the World Bank and the International Monetary Fund (IMF) have constantly advised the Central Bank of Nigeria (CBN) to unify the official and parallel market exchange rates.

But Godwin Emefiele, the CBN governor, had said that despite advice offered by IMF and the World Bank, developing economies such as Nigeria had the liberty of adopting “homegrown solutions” to their economic problems.

According to him, the managed floating exchange rate, which allows the CBN to intervene in the market when there is a supply shock, would be in place as long as supply exceeds demand.

“They want us to free the exchange rate. And you do know that this has some impacts on the exchange rate itself,” he had said.

“When you allow that to happen, you will have an uncontrollable spiral on the naira.

“But what managed float means is that we have some measures in place to help control the spiral.”

Business

FG, states in trouble, as NNPC again fails to remit, despite N470.61bn revenue

Published

18 hours ago

June 28, 2022

Harmattan News

FG, states in trouble, as NNPC again fails to remit, despite N470.61bn revenue

These are challenging times for the federal and state governments as one major source of income to the federation account seems to be totally cut off.

On Monday, The National Petroleum Company Limited (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion.

This is the fifth straight month NNPC has failed to credit the federal account while exporting crude at an average price of $100 per barrel.

Details of the June FAAC report obtained by The Harmattan News showed NNPC since the start of the year made N1.897 trillion, over N234.1 billion more than the expected revenue.

Sadly, however, NNPC said all the revenue had gone into various expenditure which includes petrol subsidy, oil search, Pipeline Security & Maintenance cost, National Domestic Gas Development and Nigeria Morocco Pipeline cost among others.

As expected, the bulk of the expenditure, N1.27 trillion, went toward recovery (also known as petrol subsidy).

In fact, NNPC said it has budgeted another N617 billion for petrol subsidy in June.

The report reads: “The Value Shortfall on the importation of PMS recovered from May 2022 proceeds is N327,065,907,048.06 while the outstanding balance carried forward is N617bn .”

“The estimated Value Shortfall of N845,152,863,012.97bn (consisting of arrears of N617bn plus estimated May 2022

Value Short Fall of N227,721,200,478.23) is to be recovered from June 2022 proceed due for sharing at the July 2022 FAAC Meeting,” it added.

The development means states have a tough road ahead and will have to look inwards to cover for the drop in federal allocations.

Already, some states have announced plans to slash workers’ salaries over dwindling income.

Kano Sate has already announced plans to slash workers’ salaries, following in the foot steps of the Ekiti State government that announced civil servants’ and political appointees’ salaries will be slashed in response to the present economic reality in the country.

Ekiti went further to suspend minimum wage implementation with no date of resumptions.

The Harmattan News had recently reported that pension contribution from governments dropped to a 16-year low in the first quarter of 2022.

From recent developments, it is more likely the figure will tank further.

Business

Nigerian govt to auction N225bn bond as search for funds continues

Published

1 week ago

June 20, 2022

Harmattan News

Nigerian govt to auction N225bn bond as search for funds continues

Federal government bonds worth N225 billion would be auctioned today, Monday, June 20, 2022, by the Debt Management Office (DMO) at the primary market.

The debt instrument is being sold by the central government to raise funds to finance the 2022 budget deficit and in today’s exercise, the DMO is offering the notes in three tenors.

The debt office is anticipated to sell the FGN bonds at double digits to make the asset class more attractive to investors.

In a circular published on its website and obtained by The Harmattan News, all three maturities are re-opening, meaning they are from the previously sold bonds.

The circular noted that N75 billion worth of a 10-year bond with maturity in 2025 would be offered for sale at the auction. Another N75 billion worth of a 10-year note maturing in 2032 is up for grabs and N75 billion worth of a 20-year instrument with maturity in 2042 would be sold.

Intending subscribers would be expected to reach out to primary dealer market makers to buy the bonds for N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

The interest would be paid by the government semi-annually, while the bullet repayment will be done on the maturity date.