02 December 2008 09:43 [Source: ICIS news]
By Chow Bee Lin
SINGAPORE (ICIS news)--Thailand’s political turmoil continued to weigh heavily on business confidence, local businesses and an Asian banker said on Tuesday, as the latest ruling by the Constitutional Court forced the resignation of Prime Minister Somchai Wongsawat and the dissolution of his People Power Party (PPP).
“For most Thai people, anything can happen now,” a Bangkok-based polyolefins trader said, referring to the uncertainty in the local political scene. Some protests have turned violent causing several fatalities as small explosions rocked protests in ?xml:namespace>
Deepening concerns that further violence could erupt between the anti-government People's
“My friend has informed me via SMS that the pro-government protesters have blockaded the
“The military is the middleman between the rival factions and it has the power to resolve the dispute because it has guns,” he added.
The tourism industry has already taken a direct hit with the continued shutdown of the country’s two main air-hubs. PAD supporters besieged the country’s two main airports -
Some local businesses were also worried that the protests might spread to other key infrastructures.
"Life will still go on in
Meanwhile, the political crisis has clearly taken a toll on
“If things are put on the negative outlook, there’s quite a significant chance of other things being downgraded, but it depends on what actually transpires in the coming days,” he said.
International rating agency Standard and Poor's has revised
Fitch Ratings also downgraded the credit ratings of nine Thai banks to negative from stable on Tuesday.
“It is still business as usual in
Hong Chou Hui and Steve Tan contributed to this story.
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