Search Results for: bailout
- Thailand News
6.2 billion baht earmarked by Exim Bank for bailout for airlines
Local airlines are getting a cash injection as the Export-Import Bank of Thailand has given over 6.2 billion baht to keep them afloat and planes in the sky. The financial assistance is aimed to increase liquidity and restructure airline debt to stay solvent through the long-lasting Covid-19 pandemic, according to the Exim Bank president. The bank is starting out by…
- Business News
No government bailout for Thai Airways
A final meeting for a vote on the Thai Airways debt restructure program is set for this Wednesday after being postponed last week. Meanwhile, a source close to those managing Thai Airways’ debt rehab plan, says the state is not obliged to provide a bailout for the national carrier. The Bangkok Post reports that Chansin Treenuchagron, acting president for Thai…
- Covid-19 News
Thai economy won’t need a bailout from the IMF
The Thai economy won’t need a bailout from the International Monetary Fund, although the GDP growth for 2020 may end up being the lowest in the region. The Governor of the Bank of Thailand, Veerathai Santipraphob says the Thai economy is “strong enough”. Speaking at a seminar entitled “Post-Covid Economic Direction”, Veerathai noted that, although Thailand has managed to control…
- Business News
Prayut warns Thai Airways that the latest government bailout will be the last
The Thai PM has issued a stern warning to the executives of Thai Airways that the latest bailout is the last from the government. Last week the Finance Ministry agreed to guarantee a 54 billion baht bailout loan for the ailing airline and a further 80 billion baht recovery loan – both massive amounts of money being given to an…
- World News
Phuket Gazette World News: Putin gambles on Ukraine bailout; White House curbs NSA; South Sudan strife spreads; Tokyo Governor resigns amid money scandal
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community White House review panel proposes curbs on some NSA programs Reuters / Phuket GazettePHUKET: A White House-appointed panel on Wednesday proposed curbs on some key National Security Agency surveillance operations, recommending limits on a program to collect records of billions of telephone calls and new tests before…
- World News
Phuket Gazette World News: Arafat poisoned, say Swiss; Ireland heads for bailout exit; Germany probes new meat scandal; Philippines braces for super typhoon
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community Ireland heads for bailout exit in final review Reuters / Phuket GazettePHUKET: Three years after going cap in hand to international lenders for a bail out, Ireland is set to step out on its own again.The European Union and International Monetary Fund are due to sign off…
- World News
Phuket Gazette World News: No more Greece bailouts; 7.0 quake strikes Peru; Allies probe Kenya mall attack; Hacker mercenaries in Asia
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community Peru to rescue copper miners after 7.0 quake Reuters / Phuket GazettePHUKET: Authorities in Peru rushed to rescue miners reportedly trapped in copper pits on Wednesday after an earthquake shook the coast – causing landslides, injuries and possibly deaths in rural provinces, local officials said.Officials in the…
- World News
Phuket Gazette World News: Cyprus bailout clinched; Israel opens fire on Syria; China’s Xi tells Russia no meddling
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community Revamped Cyprus deal to close bank, force losses Reuters /Phuket GazettePHUKET: Cyprus clinched a last-ditch deal with international lenders today for a 10 billion euro bailout (379.8bn baht) that will shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.The agreement…
- Crime News
3 victims report vehicle theft and conning involving nearly 2 million baht
Three people reported a case of fraud and vehicle theft to the Central Investigation Bureau (CIB) today. The case involved a hustler who claimed to be associated with local law enforcement in the Pak Chong district of the northeast Nakhon Ratchasima province. The accused is alleged to have borrowed vehicles since 2020 under various pretences before running away with the…
- World News
Pakistan welcomes first Russian crude oil shipment amid economic crisis
Pakistan has welcomed its first shipment of Russian crude oil, marking a new chapter in the relationship between the two nations. The cargo, containing 45,000 metric tonnes of crude oil, arrived in Karachi, with an additional 50,000 metric tonnes expected later this week. Prime Minister Shehbaz Sharif hailed the arrival as a “transformative day” for the economically troubled country. As…
- World News
Pakistan targets 6.54% deficit with $50.45bn budget to unlock IMF funds
Pakistan’s finance minister has announced a budget deficit target of 6.54% of economic output for the upcoming fiscal year, starting July 1. This figure is slightly lower than the current year’s revised estimate of 7%. The budget aims to satisfy the International Monetary Fund (IMF) to secure the release of bailout funds for the crisis-stricken country, which is due to…
- World News
Pakistan aims for $50bn budget to tackle economic crisis, unlock IMF funds
Pakistan’s government is set to present its annual budget, focusing on the nation’s precarious economic situation and the upcoming national elections. Finance Minister Ishaq Dar plans to propose a budget exceeding 14 trillion rupees (US$50bn), aiming for a 3.5% growth and a reduction in inflation to 21% from a record 38%. The government also hopes to generate over 9 trillion…
- Business News
Pakistan inflation reaches record high due to soaring food prices
Inflation in Pakistan escalated to a record 36.4% in the year to April, primarily driven by food prices, making it the highest rate in South Asia and marking an increase from March’s 35.4%, according to the country’s statistics bureau. In rural areas, food inflation reached 40.2%, while for both rural and urban regions, it climbed to 48.1% – the highest…
- Economy News
US govt reassure finanical world there’ll be no banking crisis after SVB collapse
The US government moved to reassure the financial world there is no new banking crisis on the horizon after telling customers of the failed Silicon Valley Bank (SVB) that their deposits will be guaranteed. The US government did insist, however, that there will be no taxpayer-funded bailout for the lender. The announcement was made jointly by the US Treasury Department,…
- Events
Too big to fail: Full Moon Party revives Koh Pha Ngan
In the US, the phrase “too big to fail” is applied to financial institutions whose defaulting would cause the national or even global economy to collapse. So these institutions receive bailouts to keep them afloat in times of economic crisis. In Thailand, our too-big-to-fail institution might be the Full Moon Party. The legendary party, running for nearly 40 years on…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- World News
Pakistan: Rampant inflation piles on the pressure
Abid Hussain, 40, a factory worker in Faisalabad city, says he is planning to send his two children to an Islamic madrassa as he cannot afford to pay their fee for a private school. The madrassa offers free education, boarding and meals, he said. “My wife is not in favor of the children’s madrassa education,” he told DW. “But I…
- World News
Pakistan: Citizens reel under high inflation as Khan’s popularity nosedives
Abid Hussain, 40, a factory worker in Faisalabad city, says he is planning to send his two children to an Islamic madrassa as he cannot afford to pay their fee for a private school. The madrassa offers free education, boarding and meals, he said. “My wife is not in favor of the children’s madrassa education,” he told DW. “But I…
- Thailand News
Thai Airways selling 10 properties to raise capital
With deepening debt and the Covid-19 pandemic dragging on and flattening the tourism and travel industry, Thai Airways International is looking to sell off some large assets like buildings and properties to stabilise the struggling airline. The airline has been in the throes of bankruptcy and debt rehabilitation for months now after failing to secure a bailout from the government.…
- Tourism News
Covid-19 delivers another brutal quarter for airlines
As the Covid-19 pandemic drags on, airlines experienced another terrible quarter, with less passengers and less revenue year-on-year. The president of Bangkok Airways reported dismal numbers saying that the airline is adjusting its flight plans to try to match the depressed market. Only 151,900 travellers flew on Bangkok Airways in the first quarter of 2021, an 88.5% drop over last…
- Business News
Thai Airways adds another 21.5 billion baht debt in Q3 report
Thai Airways has accumulated more losses, on top of a decade of annual losses, for the latest quarter. At the moment the national airline’s debt is four times higher than last year’s debt. The airline, already struggling, has been mostly grounded since the end of March. At the end of last week Thai Airways put 34 of its old planes…
- Tourism News
Nearly 5,000 Thai Airways staff to deplane in voluntary resignations
Officially, 4,977 staff at Thai Airways have applied for different stages of its Mutual Separation Plan for the survival of the airline. In other words they’ve been politely asked to resign. The airline employs about 20,000 people. The beleaguered national carrier has endured a decade of substantial losses, endless headlines about systemic corruption, padded senior staff contracts and executive perks.…
- Thailand News
Thailand News Today – Tuesday, May 19
Thailand’s new Covid-19 cases – May 19 Today the Centre for Covid-19 Situation Administration, reported 2 additional cases of Covid-19 bringing the total number of cases in Thailand to 3,033. No further deaths have been confirmed today, leaving the accumulated toll at 56. The 2 new cases were the daughter and son in law of a previously confirmed Covid-19 patient…
- Tourism News
Hotels across Thailand angered by European tour group’s failure to pay up
Around 173 Thai hotels are appealing to the PM for help after a European tour group reneged on up to 2 billion baht in unpaid bills. Daily News reports that the TUI tour group has left hotels in Phuket, Phang Nga, Krabi and Surat Thani struggling with significant cash flow problems after trying to renegotiate its contract so that it would…
- Transport News
Thai Airways ponders bankruptcy as it enters rehab
Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8…
- Economy News
Local markets in Asia retreat as US President Trump talks up revised trade war
Steep losses are the order of the day as local markets follow the lead from a sell off in New York after US President Trump foreshadowed a new round of trade sanctions on China. The US President and his Secretary of State Mike Pompeo have openly accused the Chinese government that the Covid-19 started in a lab in Wuhan, and that…
- Economy News
Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
- Thailand News
Thailand News Today – Thursday, April 30
Thailand Covid-19 update: 7 new cases, no new deaths The CSSA has announced this morning that Thailand had only 7 new cases of the Covid-19 nationwide in the previous 24 hours. 3 of the new cases were imported, meaning that they came from Thai nationals returning to the country from overseas. All were immediately quarantined. Only 4 cases came from…
- Thailand News
Thailand News Today – Tuesday, April 14
Thailand Covid-19 cases rise to 34 (Tuesday), 1 more death Health officials today confirmed 34 new Covid-19 cases from around the country, bringing the total to 2,613. There was one additional death, a Bangkok bus driver, raising the country’s death toll to 41. Today’s number is higher than the 28 recorded yesterday, and comes after five straight days of declines…
- World News
Most of Thomas Cook stranded customers back in UK
PHOTO: The Guardian More than half of of the 150,000 holidaymakers left stranded abroad following the collapse of British travel company Thomas Cook are now back in the UK. The local Civil Aviation Authority says that 76,000 people have now been repatriated in the first six days of ‘Operation Matterhorn’ – Britain’s largest peacetime repatriation of its citizens. 178 year…
