Thai Political Turmoil Shuts Down More Businesses

(Dive Travel Business News - April 27, 2010) -- BANGKOK - Thailand's political turmoil enters its seventh week and the economic toll is spreading. Shopping malls, office buildings, hotels and now the city's financial district have shut down as the "Red Shirt" protesters have occupied various parts of Bangkok since March 12 to demand the government's resignation.

Twenty-five people died in the political violence on April 10, with more than 800 hurt, causing protestors to move, pitch tents and sleep on the sidewalks of the city's Rajprasong district, a luxury shopping and hotel area.  

On Thursday April 23, five grenade explosions blasted holes through the roof of an elevated Skytrain station near the finanical district and shattered cafe windows near the landmark Dusit Thani hotel. Authorities immediately closed the elevated rail line that runs down Silom Road. The night of bloody rioting resulted in one death and more than 80 wounded.

On April 24, the financial district on Silom Road was filled with riot police, and many of its banks, restaurants, offices and a major shopping complex were shut. 

The Red Shirts claim a noble cause, demanding greater equality in Thai society and characterizing their movement as a class struggle pitting the country's vast rural poor against an elite that has traditionally held power. They claim current Prime Miniser Abhisit Vejjajiva gained power illegitimately and should step aside so new elections can be held. Now anti-redshirt protestors are filling the streets, claiming the redshirt fight for democracy is really an act of terrorism.

Cancelations are pouring in from tourists and business travelers. Thailand has already lost more than $31 million (1 billion baht) from event cancellations and is projected to lose several times that in coming months, according to the Thailand Convention and Exhibition Bureau.

The stock market has tumbled 7 percent since just before the violence erupted. The Thai stock exchange says 34 listed companies that had planned annual shareholder meetings in the city have changed their plans because of safety concerns.

Most of Bangkok remains untouched, but the violence has rippled into life beyond the protest zone with several international schools, gyms, shopping malls and clubs closing due to the potential for more violent protests.

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